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): October 25, 1999

SLM FUNDING CORPORATION
-----------------------
formerly known as SALLIE MAE FUNDING CORPORATION
(Exact name of registrant as specified in its charter)
(Originator of the Sallie Mae Student Loan Trust 1995-1,
the Sallie Mae Student Loan Trust 1996-1,
the SLM Student Loan Trust 1996-2,
the SLM Student Loan Trust 1996-3,
the SLM Student Loan Trust 1996-4,
the SLM Student Loan Trust 1997-1,
the SLM Student Loan Trust 1997-2,
the SLM Student Loan Trust 1997-3,
the SLM Student Loan Trust 1997-4,
the SLM Student Loan Trust 1998-1
the SLM Student Loan Trust 1998-2
the SLM Student Loan Trust 1999-1
and the SLM Student Loan Trust 1999-2)

Delaware             33-95474/333-2502/333-24949/333-44465      23-2815650
--------             -------------------------------------      ----------
(State or other          (Commission File Numbers)            (I.R.S. employer
Jurisdiction of                                              Identification No.)
Incorporation)

777 Twin Creek Drive
Killeen, Texas 76543
----------------------------------------
(Address of principal executive offices)

Registrant's telephone number, including area code: (817) 554-4500

Page 1 of 4
Exhibit Index appears on Page 4

Item 5. Other Events

On October 25, 1999, the Sallie Mae Student Loan Trust 1995-1 made
its sixteenth, the Sallie Mae Student Loan Trust 1996-1 made its fifteenth, the
SLM Student Loan Trust 1996-2 made its fourteenth, the SLM Student Loan Trust
1996-3 made its thirteenth, the SLM Student Loan Trust 1996-4 made its twelfth,
the SLM Student Loan Trust 1997-1 made its eleventh, the SLM Student Loan Trust
1997-2 made its tenth, the SLM Student Loan Trust 1997-3 made its ninth, the SLM
Student Loan Trust 1997-4 made its seventh, the SLM Student Loan Trust 1998-1
made its sixth, the SLM Student Loan Trust 1998-2 made its fifth, the SLM
Student Loan Trust 1999-1 made its first, and the SLM Student Loan Trust 1999-2
made its first, regular quarterly distribution of funds to holders of their
respective Floating Rate Student Loan-Backed Notes and distributed their
respective Quarterly Servicing Reports dated as of October 25, 1999, filed
herewith as an Exhibit to this Form 8-K, to Certificateholders and Noteholders
of record.

The Registrant is hereby filing the Quarterly Servicing Reports
reflecting each Trust's activities for the period ended October 25, 1999.

Regulatory Developments

In the fourth quarter of 1999, the Bundesaufsichtsamt Fur Das
Kreditwesen of Germany and the Swiss Federal Banking Commission responded
favorably to the Registrant's request for an interpretation and clarification of
the existing risk-based capital standards governing the institutions they
regulate with respect to the appropriate risk-weighting of the senior student
loan-backed securities issued by the Trusts. Specifically, the banking
regulators agreed that the Registrant's senior student loan-backed securities
may be assigned to the 20 percent and to the 25 percent risk categories,
respectively. Regulated financial institutions in the respective countries can
assign the Registrant's senior asset-backed securities to the more favorable
risk weight categories to the extent that the underlying student loans are
conditionally guaranteed by the U.S. Department of Education. Management
believes that, as a result of these clarifications, regulated depository
institutions in the respective jurisdictions above that hold senior student
loan-backed securities issued by the Trusts may be able to retain less capital
on a regulatory basis.

This Current Report on Form 8-K contains forward-looking statements
that are based on management's current expectations as of the date of this
document. When used herein, the words "anticipate," "believe," "estimate" and
"expect" and similar expressions, as they relate to the Company's management,
are intended to identify forward-looking statements. Such forward-looking
statements are subject to risks, uncertainties, assumptions and other factors
that may cause the actual results of the Registrant to be materially different
from those reflected in such forward-looking statements. Such factors include,
among others, changes in the applicable laws and regulations; changes in the
general interest rate environment and in the securitization markets for student
loans; and interruptions of others' operations resulting from the inability of
computer or other systems to process Year 2000-related information.

Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits

(c) Exhibits

19.1 Quarterly Servicing Reports

Page 2 of 4
Exhibit Index appears on Page 4

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: November 8, 1999

SLM FUNDING CORPORATION

By: /s/ J. Lance Franke
------------------------------
Name: J. Lance Franke
Title: Chief Financial Officer

Page 3 of 4
Exhibit Index appears on Page 4

INDEX TO EXHIBIT
Sequentially
Exhibit                                                              Numbered  
Number                              Exhibit                            Page    

19.1                         Quarterly Servicing Reports.                4

Page 4 of 4
Exhibit Index appears on Page 4

EXHIBIT 19.1

Sallie Mae Student Loan Trust 1995-1
Quarterly Servicing Report
Report Date:            09/30/1999              Reporting Period: 7/1/99-9/30/99

I.         Deal Parameters

--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics             06/30/1999             Activity             09/30/1999
--------------------------------------------------------------------------------------------------------------

A      i     Portfolio Balance                           $ 413,683,905.12     $ (24,120,044.80)     $ 389,563,860.32
ii    Interest to be Capitalized                      1,145,213.69                                 991,638.51
----------------                           -----------------
iii   Total Pool                                  $ 414,829,118.81                           $ 390,555,498.83
================                           =================

B      i     Weighted Average Coupon (WAC)                         8.2983%                                    7.8366%
ii    Weighted Average Remaining Term                        68.16                                      66.98
iii   Number of Loans                                      259,607                                    247,255
iv    Number of Borrowers                                  109,322                                    103,756

--------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
Notes and Certificates                 Spread     Balance 7/26/99    % of Pool      10/25/1999       % of Pool
--------------------------------------------------------------------------------------------------------------

C      i     A-1 Notes    795452AA9           0.575%    $ 164,829,118.81       39.734%   $ 140,555,498.83     35.989%
ii    A-2 Notes    795452AB7           0.750%      215,000,000.00       51.829%     215,000,000.00     55.049%
iii   Certificates 795452AC5           1.000%       35,000,000.00        8.437%      35,000,000.00      8.962%
--------------------------------------------------------------------------------------------------------------
iv    Total Notes and Certificates               $ 414,829,118.81      100.000%   $ 390,555,498.83    100.000%
==============================================================================================================

--------------------------------------------------------------------------------------------------
Reserve Account                                     07/26/1999                       10/25/1999
--------------------------------------------------------------------------------------------------

D      i     Required Reserve Acct Deposit (%)              0.50%                            0.50%
ii    Reserve Acct Initial Deposit ($)
iii   Specified Reserve Acct Balance ($)           $ 2,074,145.59                   $ 1,952,777.49
iv    Reserve Account Floor Balance ($)            $ 1,000,000.00                   $ 1,000,000.00
v     Current Reserve Acct Balance ($)             $ 2,074,145.59                   $ 1,952,777.49
---------------------------------------------------------------------------------------------------------

1

II. 1995-1 Transactions from: 7/01/1999 through: 9/30/1999

A      Student Loan Principal Activity
i        Regular Principal Collections             $23,430,078.23
ii       Principal Collections from Guarantor          705,826.14
iii      Principal Reimbursements                    1,016,387.80
iv       Other System Adjustments                            0.00
--------------
v        Total Principal Collections               $25,152,292.17

B      Student Loan Non-Cash Principal Activity
i        Other Adjustments                            $122,231.67
ii       Capitalized Interest                       (1,154,479.04)
--------------
iii      Total Non-Cash Principal Activity         $(1,032,247.37)

-----------------------------------------------------------------
C      Total Student Loan Principal Activity              $24,120,044.80
-----------------------------------------------------------------

D      Student Loan Interest Activity
i        Regular Interest Collections              $ 6,349,869.87
ii       Interest Claims Received from Guarantors       36,946.65
iii      Late Fee Reimbursements                       164,187.69
iv       Interest Reimbursements                        11,941.14
v        Other System Adjustments                            0.00
vi       Special Allowance Payments                     24,240.82
vii      Subsidy Payments                              680,197.12
--------------
viii     Total Interest Collections                $ 7,267,383.29

E      Student Loan Non-Cash Interest Activity
i        Interest Accrual Adjustment                 $(114,032.28)
ii       Capitalized Interest                        1,154,479.04
--------------
iii      Total Non-Cash Interest Adjustments       $ 1,040,446.76

-----------------------------------------------------------------
F      Total Student Loan Interest Activity               $ 8,307,830.05
-----------------------------------------------------------------

2

III. 1995-1 Collection Account Activity 7/01/1999 through 09/30/1999

A     Principal Collections
i        Principal Payments Received-Cash                                   $ 24,135,904.37
ii       Cash Forwarded by Administrator on behalf of Seller                      33,783.43
iii      Cash Forwarded by Administrator on behalf of Servicer                     3,547.09
iv       Cash Forwarded by Administrator for Consolidation Activity              979,057.28
---------------
v        Total Principal Collections                                        $ 25,152,292.17

B     Interest Collections
i        Interest Payments Received-Cash                                    $  7,091,254.46
ii       Cash Forwarded by Administrator on behalf of Seller                         851.96
iii      Cash Forwarded by Administrator on behalf of Servicer                     1,019.40
iv       Cash Forwarded by Administrator for Consolidation Activity               10,069.78
v        Cash Forwarded by Administrator for Late Fee Activity                   164,187.69
---------------
vi       Total Interest Collections                                         $  7,267,383.29

C     Other Reimbursements                                                        $    258,750.07

D     Administrator Account Investment Income                                     $    243,640.48

E     TOTAL FUNDS RECEIVED                                                        $ 32,922,066.01
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                                  $   (693,638.40)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                               $ 32,228,427.61
-------------------------------------------------------------------------------------------

F     Servicing Fee Calculation-Current Month
i        Unit Charge Calculation                                            $    337,680.00
ii       Percentage of Principal Calculation                                $    499,431.02
iii      Lesser of Unit or Principal Calculation                            $    337,680.00

G     Servicing Fees Due for Current Period                                       $    337,680.00

H     Carryover Servicing Fees Due                                                $    493,949.69
JUL 1999   Servicing Carryover    $170,721.84
AUG 1999   Servicing Carryover    $166,043.32
SEP 1999   Servicing Carryover    $161,751.02
------------ 
$ 498,516.18
Less: Servicing ADJ [A iii + B iii]      ($4,566.49)
------------ 
Carryover Servicing Fee Due      $ 493,949.69
============ 

I     Administration Fees Due                                                     $     20,000.00

-------------------------------------------------------------------------------------------
J     Total Fees Due for Period                                                   $    851,629.69
-------------------------------------------------------------------------------------------

3

IV. 1995-1 Portfolio Characteristics

-----------------------------------------------------------------------------------------------------------
Weighted Avg Coupon          # of Loans                %                        Principal Amount         
------------------------------------------------------------------------------------------------------------------------------------
STATUS                   06/30/1999   09/30/1999  06/30/1999  09/30/1999  06/30/1999  09/30/1999      06/30/1999       09/30/1999   
------------------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                 8.151%       7.767%         112          87       0.043%      0.035%    $    223,521.09   $    181,181.88

Grace                                                                                          
Current                 8.127%       7.745%          53          68       0.020%      0.028%    $    111,700.85   $    114,281.23

------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM              8.143%       7.759%         165         155       0.063%      0.063%    $    335,221.94   $    295,463.11
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT                                                                                        
Active                                                                                           
Current                  8.298%       7.840%     216,288     201,740      83.314%     81.592%    $330,029,676.14   $303,169,866.88
31-60 Days Delinquent    8.315%       7.848%       8,618       8,560       3.320%      3.462%    $ 15,439,627.85   $ 15,051,385.62
61-90 Days Delinquent    8.297%       7.836%       3,608       3,334       1.390%      1.348%    $  7,108,569.80   $  6,416,146.95
91-120 Days Delinquent   8.314%       7.827%       1,199       2,008       0.462%      0.812%    $  2,496,973.74   $  3,681,698.31
> 120 Days Delinquent    8.316%       7.831%       1,733       2,513       0.668%      1.016%    $  3,298,114.10   $  4,632,665.10

Deferment                                                                                        
Current                 8.299%       7.809%      17,776      17,989       6.847%      7.276%    $ 33,442,522.63   $ 32,986,692.90

Forbearance                                                                                      
Current                 8.293%       7.829%       9,944      10,662       3.830%      4.312%    $ 21,142,945.70   $ 22,853,754.42

------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT            8.298%       7.837%     259,166     246,806      99.831%     99.818%    $412,958,429.96   $388,792,210.18
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1)      8.348%       7.842%         275         294       0.106%      0.119%    $    389,617.13   $    476,187.03
Aged Claims Rejected (2)   8.260%       0.000%           1          --       0.000%      0.000%    $        636.09   $            --
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL                8.298%       7.837%     259,607     247,255     100.000%    100.000%    $413,683,905.12   $389,563,860.32
------------------------------------------------------------------------------------------------------------------------------------

----------------------
%
-----------------------------------------------------
STATUS                         06/30/1999  09/30/1999
-----------------------------------------------------

INTERIM:
In School
Current                        0.054%       0.047%

Grace                    
Current                        0.027%       0.029%

-----------------------------------------------------
TOTAL INTERIM                     0.081%       0.076%
-----------------------------------------------------
REPAYMENT                  
Active                     
Current                        79.778%      77.823%
31-60 Days Delinquent           3.732%       3.864%
61-90 Days Delinquent           1.719%       1.647%
91-120 Days Delinquent          0.604%       0.945%
> 120 Days Delinquent           0.797%       1.189%

Deferment                  
Current                        8.084%       8.468%

Forbearance                
Current                        5.111%       5.866%

-----------------------------------------------------
TOTAL REPAYMENT                  99.825%      99.802%
-----------------------------------------------------
Claims in Process (1)             0.094%       0.122%
Aged Claims Rejected (2)          0.000%       0.000%
-----------------------------------------------------
GRAND TOTAL                     100.000%     100.000%
-----------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1995-1 Portfolio Characteristics by School and Program 9/30/99

------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                     TWO YEAR SCHOOLS             
------------------------------------------------------------------------------

------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB   PLUS      SLS     GSL-SUB  GSL-UNSUB   PLUS      SLS    
------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                     0.035%    0.002%    0.000%    0.000%    0.005%    0.001%    0.000%    0.000% 

Grace
Current                    0.021%    0.003%    0.000%    0.000%    0.005%    0.000%    0.000%    0.000% 

-----------------------------------------------------------------------------------------------------------
TOTAL INTERIM                 0.056%    0.005%    0.000%    0.000%    0.010%    0.001%    0.000%    0.000% 
-----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                  51.911%    3.318%    9.546%    0.000%    4.232%    0.291%    0.865%    0.000% 
31-60 Days Delinquent     2.114%    0.123%    0.539%    0.000%    0.403%    0.027%    0.045%    0.000% 
61-90 Days Delinquent     0.902%    0.059%    0.187%    0.000%    0.193%    0.010%    0.025%    0.000% 
91-120 Days Delinquent    0.501%    0.037%    0.078%    0.000%    0.110%    0.008%    0.012%    0.000% 
> 120 Days Delinquent     0.550%    0.040%    0.077%    0.000%    0.162%    0.012%    0.018%    0.000% 

Deferment
Current                   6.278%    0.434%    0.456%    0.000%    0.613%    0.065%    0.045%    0.000% 

Forbearance
Current                   3.250%    0.234%    0.559%    0.000%    0.680%    0.041%    0.046%    0.000% 

-----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT              65.506%    4.245%   11.442%    0.000%    6.393%    0.454%    1.056%    0.000% 
-----------------------------------------------------------------------------------------------------------

Claims in Process (1)         0.060%    0.006%    0.018%    0.000%    0.011%    0.001%    0.001%    0.000% 
Aged Claims Rejected (2)      0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000% 
-----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM     65.622%    4.256%   11.460%    0.000%    6.414%    0.456%    1.057%    0.000% 
-----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                         81.338%                                 7.927%                
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------
TECHNICAL SCHOOLS                             UNKNOWN
-----------------------------------------------------------------------------

-----------------------------------------------------------------------------
GSL-SUB  GSL-UNSUB   PLUS       SLS     GSL-SUB  GSL-UNSUB    PLUS      SLS
-----------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                     0.003%    0.001%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

Grace
Current                    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

----------------------------------------------------------------------------------------------------------
TOTAL INTERIM                 0.003%    0.001%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%
----------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                   5.145%    0.365%    1.870%    0.000%    0.235%    0.004%    0.041%    0.000%
31-60 Days Delinquent     0.465%    0.037%    0.105%    0.000%    0.005%    0.000%    0.001%    0.000%
61-90 Days Delinquent     0.191%    0.015%    0.060%    0.000%    0.005%    0.000%    0.000%    0.000%
91-120 Days Delinquent    0.159%    0.015%    0.021%    0.000%    0.004%    0.000%    0.000%    0.000%
> 120 Days Delinquent     0.283%    0.018%    0.026%    0.000%    0.002%    0.000%    0.001%    0.000%

Deferment
Current                   0.464%    0.040%    0.049%    0.000%    0.021%    0.001%    0.002%    0.000%

Forbearance
Current                   0.830%    0.061%    0.132%    0.000%    0.025%    0.004%    0.004%    0.000%

----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT               7.537%    0.551%    2.263%    0.000%    0.297%    0.009%    0.049%    0.000%
----------------------------------------------------------------------------------------------------------

Claims in Process (1)         0.017%    0.001%    0.007%    0.000%    0.000%    0.000%    0.000%    0.000%
Aged Claims Rejected (2)      0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%
----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM      7.557%    0.553%    2.270%    0.000%    0.297%    0.009%    0.049%    0.000%
----------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                         10.380%                                  0.355%
----------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

----------------------------------------------------------------------------------------
FOUR YEAR   TWO YEAR   TECHNICAL
STATUS                               SCHOOLS    SCHOOLS     SCHOOLS   UNKNOWN     TOTAL
----------------------------------------------------------------------------------------

INTERIM:
In School
Current                    0.037%     0.006%     0.004%     0.000%     0.047%

Grace
Current                    0.024%     0.005%     0.000%     0.000%     0.029%

----------------------------------------------------------------------------------------
TOTAL INTERIM                         0.061%     0.011%     0.004%     0.000%     0.076%
----------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                   64.775%     5.388%     7.380%     0.280%    77.823%
31-60 Days Delinquent      2.776%     0.475%     0.607%     0.006%     3.864%
61-90 Days Delinquent      1.148%     0.228%     0.266%     0.005%     1.647%
91-120 Days Delinquent     0.616%     0.130%     0.195%     0.004%     0.945%
> 120 Days Delinquent      0.667%     0.192%     0.327%     0.003%     1.189%

Deferment
Current                    7.168%     0.723%     0.553%     0.024%     8.468%

Forbearance
Current                    4.043%     0.767%     1.023%     0.033%     5.866%

----------------------------------------------------------------------------------------
TOTAL REPAYMENT                      81.193%     7.903%    10.351%     0.355%    99.802%
----------------------------------------------------------------------------------------

Claims in Process (1)                 0.084%     0.013%     0.025%     0.000%     0.122%
Aged Claims Rejected (2)              0.000%     0.000%     0.000%     0.000%     0.000%

----------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                 81.338%     7.927%    10.380%     0.355%   100.000%
----------------------------------------------------------------------------------------

5

VI. 1995-1 Interest Calculation

A      Borrower Interest Accrued During Collection Period                                       $  7,077,743.78
B      Interest Subsidy Payments Accrued During Collection Period                                    573,136.23
C      SAP Payments Accrued During Collection Period                                                 186,383.71
D      INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                        42,051.08
E      Investment Earnings (ADMINISTRATOR  ACT)                                                      243,640.48
F      Net Expected Interest Collections                                                        $  8,122,955.28

G      Student Loan Rate
i          Days in Collection Period (7/1/99-9/30/99)                                                 92
ii         Days in Year                                                                              365
iii        Net Expected Interest Collections                                             $  8,122,955.28
iv         Primary Servicing Fee                                                         $  1,031,318.40
v          Administration Fee                                                            $     20,000.00
vi         Total Pool Balance at Beginning of Collection Period                          $414,829,118.81
vii        Student Loan Rate                                                                     6.76325%

Accrued
Int Factor          Accrual Period
----------          --------------

H      Class A-1 T-Bill Based Interest Rate                                                             5.43882%
I      Class A-1 Interest Rate                      0.013559808        (7/26/99-10/25/99)               5.43882%
J      Class A-2 T-Bill Based Interest Rate                                                             5.61382%
K      Class A-2 Interest Rate                      0.013996110        (7/26/99-10/25/99)               5.61382%
L      Certificate T-Bill Based Rate of Return                                                          5.86382%
M      Certificate Rate of Return                   0.014619397        (7/26/99-10/25/99)               5.86382%

6

VII. 1995-1 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A      Total Student Loan Pool Outstanding
i       Current Pool Balance                              $413,683,905.12
ii      Interest To Be Capitalized                        $  1,145,213.69
---------------
iii     Total Student Loan Pool Outstanding               $414,829,118.81
===============

B      Total Note and Certificate Factor                           0.41482911881
C      Total Note and Certificate Balance                        $414,829,118.81

----------------------------------------------------------------------------------------------------------------
D      Note Balance           07/26/1999                           Class A-1           Class A-2          Certificates
----------------------------------------------------------------------------------------------------------------
i       Current Factor-7/26/99                               0.2197721584        1.0000000000       1.0000000000
ii      Note Principal Shortfall                          $          0.00     $          0.00     $         0.00
iii     Expected Note Balance                             $164,829,118.81     $215,000,000.00     $35,000,000.00
------------------------------------------------------
iv      Note Balance                                      $164,829,118.81     $215,000,000.00     $35,000,000.00
E      Interest Shortfall                                        $          0.00     $          0.00     $         0.00
F      Interest Carryover                                        $          0.00     $          0.00     $         0.00
----------------------------------------------------------------------------------------------------------------

G      Reserve Account Balance                                   $  2,074,145.59
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

7

VIII. 1995-1 Waterfall for Distributions

Remaining
Funds Balance
-------------

A      Total Available Funds (Section III E + Section VI-D)   $32,270,478.69   $32,270,478.69

B      Primary Servicing Fees-Current Month                   $   337,680.00   $31,932,798.69
C      Administration Fee-Quarterly                           $    20,000.00   $31,912,798.69

D      Noteholder's Interest Distribution Amount
i     Class A-1                                        $ 2,235,051.20   $29,677,747.49
ii    Class A-2                                        $ 3,009,163.65   $26,668,583.84
--------------
iii   Total Noteholder's Interest Distribution         $ 5,244,214.85

E      Certificateholder's Return Distribution Amount         $   511,678.90   $26,156,904.94

F      Noteholder's Principal Distribution Amount
i     Class A-1                                        $24,273,619.98   $ 1,883,284.96
ii    Class A-2                                        $         0.00   $ 1,883,284.96
--------------
iii   Total Noteholder's Principal Distribution        $24,273,619.98

G      Certificateholder's Balance Distribution Amount        $         0.00   $ 1,883,284.96

H      Increase to the Specified Reserve Account Balance      $         0.00   $ 1,883,284.96

I      Carryover Servicing Fees                               $   493,949.69   $ 1,389,335.27

J      Noteholder's Interest Carryover
i     Class A-1                                        $         0.00   $ 1,389,335.27
i     Class A-2                                        $         0.00   $ 1,389,335.27
--------------
iii   Total Noteholder's Interest Carryover            $         0.00

K      Certificateholder's Return Carryover                   $         0.00   $ 1,389,335.27

L      Excess to Reserve Account                              $ 1,389,335.27   $         0.00

8

IX. 1995-1 Distributions

------------------------------------------------------------------------------------------------------------
A       Distribution Amounts                                        Class A-1         Class A-2       Certificates
------------------------------------------------------------------------------------------------------------

i     Quarterly Interest Due                             $  2,235,051.20   $  3,009,163.65   $    511,678.90
ii    Quarterly Interest Paid                            $  2,235,051.20   $  3,009,163.65   $    511,678.90
---------------   ---------------   ---------------
iii   Interest Shortfall                                 $          0.00   $          0.00   $          0.00

iv    Interest Carryover Due                             $          0.00   $          0.00   $          0.00
v     Interest Carryover Paid                            $          0.00   $          0.00   $          0.00
---------------   ---------------   ---------------
vi    Interest Carryover                                 $          0.00   $          0.00   $          0.00

vii   Quarterly Principal Due                            $ 24,273,619.98   $          0.00   $          0.00
viii  Quarterly Principal Paid                           $ 24,273,619.98   $          0.00   $          0.00
---------------   ---------------   ---------------
ix    Quarterly Principal Shortfall                      $          0.00   $          0.00   $          0.00
------------------------------------------------------------------------------------------------------------
x     Total Distribution Amount                          $ 26,508,671.18   $  3,009,163.65   $    511,678.90
------------------------------------------------------------------------------------------------------------

B       Principal Distribution Reconciliation
i     Notes and Certificates Principal Balance 9/30/99   $414,829,118.81
ii    Pool Balance 9/30/99                               $390,555,498.83
---------------
iii   Principal Distribution Amount                      $ 24,273,619.98
===============

C       Total Principal Distribution                             $ 24,273,619.98
D       Total Interest Distribution                              $  5,755,893.75
---------------
E       Total Cash Distributions-Note and Certificates           $ 30,029,513.73

------------------------------------------------------------------------
F       Note & Certificate Balances              07/26/1999        10/25/1999
------------------------------------------------------------------------

i     A-1 Note Balance                 $164,829,118.81   $140,555,498.83
A-1 Note Pool Factor                0.2197721584      0.1874073318

ii    A-2 Note Balance                 $215,000,000.00   $215,000,000.00
A-2 Note Pool Factor                1.0000000000      1.0000000000

iii   Certificate Balance              $ 35,000,000.00   $ 35,000,000.00
Certificate Pool Factor             1.0000000000      1.0000000000
-----------------------------------------------------------------------

G       Reserve Account Reconciliation
i     Beginning of Period Balance                        $  2,074,145.59
ii    Deposits to correct Shortfall                      $            --
iii   Deposits from Excess Servicing                     $  1,389,335.27
---------------
iv    Total Reserve Account Balance Available            $  3,463,480.86
v     Required Reserve Account Balance                   $  1,952,777.49

vi    Shortfall Carried to Next Period                   $            --
vii   Excess Reserve - Release to SLM Funding Corp       $  1,510,703.37
viii  Ending Reserve Account Balance                     $  1,952,777.49

9

X. 1995-1 Historical Pool Information

---------------------------------------------------------
7/1/99-9/30/99     4/1/99-6/30/99     1/1/99-3/31/99    
------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance            $413,683,905.12    $441,621,205.38    $471,259,562.73   
------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i   Regular Principal Collections              $ 23,430,078.23    $ 25,514,750.59    $ 28,092,108.27   
ii  Principal Collections from Guarantor            705,826.14       1,506,608.02       1,901,189.89   
iii Principal Reimbursements                      1,016,387.80       1,803,419.45         363,295.08   
iv  Other System Adjustments                                --                 --                 --   
--------------------------------------------------------
v   Total Principal Collections                $ 25,152,292.17    $ 28,824,778.06    $ 30,356,593.24   

Student Loan Non-Cash Principal Activity
i   Other Adjustments                          $    122,231.67    $    111,238.00    $    230,123.43   
ii  Capitalized Interest                         (1,154,479.04)       (998,715.80)       (948,359.32)  
--------------------------------------------------------
iii Total Non-Cash Principal Activity          $ (1,032,247.37)   $   (887,477.80)   $   (718,235.89)  

------------------------------------------------------------------------------------------------------------
(-)  Total Student Loan Principal Activity          $ 24,120,044.80    $ 27,937,300.26    $ 29,638,357.35   
------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i   Regular Interest Collections               $  6,349,869.87    $  7,015,510.14    $  7,676,717.37   
ii  Interest Claims Received from Guarantors         36,946.65          83,251.95         117,586.73   
iii Late Fee Reimbursements                         164,187.69         163,385.17         190,542.28   
iv  Interest Reimbursements                          11,941.14          19,637.84           5,230.95   
v   Other System Adjustments                                --                 --                 --   
vi  Special Allowance Payments                       24,240.82          23,140.49          22,759.71   
vii Subsidy Payments                                680,197.12         818,762.28         727,040.86   
--------------------------------------------------------
viiiTotal Interest Collections                 $  7,267,383.29    $  8,123,687.87    $  8,739,877.90   

Student Loan Non-Cash Interest Activity
i   Interest Accrual Adjustment                $   (114,032.28)   $    (83,383.81)   $   (199,112.47)  
ii  Capitalized Interest                          1,154,479.04         998,715.80         948,359.32   

--------------------------------------------------------
iii Total Non-Cash Interest Adjustments        $  1,040,446.76    $    915,331.99    $    749,246.85   
--------------------------------------------------------
Total Student Loan Interest Activity           $  8,307,830.05    $  9,039,019.86    $  9,489,124.75   

(=)  Ending Student Loan Portfolio Balance          $389,563,860.32    $413,683,905.12    $441,621,205.38   
------------------------------------------------------------------------------------------------------------
(+)  Interest to be Capitalized                     $    991,638.51    $  1,145,213.69    $  1,244,891.78   
------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------
(=)  TOTAL POOL                                     $390,555,498.83    $414,829,118.81    $442,866,097.16   
------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------
1998              1997                1996              1995
-------------------------------------------------------------------------
1/1/98-12/31/98     1/1/97-12/31/97   1/1/96-12/31/96  9/29/95 - 12/31/95
---------------------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance           $598,939,825.14    $758,640,244.14    $954,345,726.48    $1,000,126,078.04
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity                                                                        
i   Regular Principal Collections             $117,840,096.63    $135,776,407.88    $164,406,654.75    $   42,875,612.89
ii  Principal Collections from Guarantor        12,773,024.09      19,577,395.65      21,487,892.73            92,046.91
iii Principal Reimbursements                       272,004.87       7,736,614.83      13,375,144.98         2,775,561.40
iv  Other System Adjustments                               --                 --            (494.35)           39,190.77
---------------------------------------------------------------------------
v   Total Principal Collections               $130,885,125.59    $163,090,418.36    $199,269,198.11    $   45,782,411.97

Student Loan Non-Cash Principal Activity                                                                
i   Other Adjustments                         $    581,385.00    $    767,419.67    $    776,676.12    $      233,926.53
ii  Capitalized Interest                        (3,786,248.18)     (4,157,419.03)     (4,340,391.89)         (235,986.94)
---------------------------------------------------------------------------
iii Total Non-Cash Principal Activity         $ (3,204,863.18)   $ (3,389,999.36)   $ (3,563,715.77)   $       (2,060.41)

-----------------------------------------------------------------------------------------------------------------------------
(-)  Total Student Loan Principal Activity         $127,680,262.41    $159,700,419.00    $195,705,482.34    $   45,780,351.56
-----------------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity                                                                          
i   Regular Interest Collections              $ 37,295,397.70    $ 47,980,015.48    $ 63,474,115.95    $   18,633,508.65
ii  Interest Claims Received from Guarantors       731,593.31       1,135,185.32       1,321,509.26             3,259.20
iii Late Fee Reimbursements                        169,864.06               2.61                 --                   --
iv  Interest Reimbursements                         42,202.76         108,937.72         136,064.30            17,871.78
v   Other System Adjustments                               --                 --            (893.43)                7.70
vi  Special Allowance Payments                   1,109,268.84       2,210,441.84       3,001,742.09            43,719.37
vii Subsidy Payments                             2,756,739.81       2,939,604.07       3,052,587.81             5,919.00
---------------------------------------------------------------------------
viiiTotal Interest Collections                $ 42,105,066.48    $ 54,374,187.04    $ 70,985,125.98    $   18,704,285.70

Student Loan Non-Cash Interest Activity                                                                 
i   Interest Accrual Adjustment               $   (463,028.25)   $   (542,140.95)   $   (527,092.37)   $     (227,131.25)
ii  Capitalized Interest                         3,786,248.18       4,157,419.03       4,340,391.89           235,986.94
---------------------------------------------------------------------------
iii Total Non-Cash Interest Adjustments       $  3,323,219.93    $  3,615,278.08    $  3,813,299.52    $        8,855.69
---------------------------------------------------------------------------
Total Student Loan Interest Activity          $ 45,428,286.41    $ 57,989,465.12    $ 74,798,425.50    $   18,713,141.39

(=)  Ending Student Loan Portfolio Balance         $471,259,562.73    $598,939,825.14    $758,640,244.14    $  954,345,726.48
-----------------------------------------------------------------------------------------------------------------------------
(+)  Interest to be Capitalized                    $  1,124,605.86    $    787,352.25    $    691,772.32    $      639,070.92
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
(=)  TOTAL POOL                                    $472,384,168.59    $599,727,177.39    $759,332,016.46    $  954,984,797.40
-----------------------------------------------------------------------------------------------------------------------------

10

XI. 1995-1 Payment History and CPRs

Distribution           Actual          Since Issued
Date           Pool Balances          CPR *
----           -------------          -----

Oct-95          $ 1,000,126,078          --

Jan-96            $ 954,984,797        4.87%

Apr-96            $ 905,977,805        4.96%

Jul-96            $ 854,435,365        5.71%

Oct-96            $ 803,595,297        6.25%

Jan-97            $ 759,332,016        6.10%

Apr-97            $ 714,981,787        6.00%

Jul-97            $ 673,097,616        5.80%

Oct-97            $ 635,177,985        5.32%

Jan-98            $ 599,727,177        4.90%

Apr-98            $ 564,961,652        4.48%

Jul-98            $ 532,091,330        3.95%

Oct-98            $ 501,511,192        3.39%

Jan-99            $ 472,384,169        2.55%

Apr-99            $ 442,866,097        2.76%

Jul-99            $ 414,829,119        3.03%

Oct-99            $ 390,555,499        3.06%

* "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.

11

Sallie Mae Student Loan Trust 1996-1
Quarterly Servicing Report
Report Date: 09/30/1999           Reporting Period: 7/1/99-9/30/99

I. Deal Parameters

-------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics             06/30/1999              Activity             09/30/1999
-------------------------------------------------------------------------------------------------------------

A      i     Portfolio Balance                           $ 819,111,922.06     $ (34,529,238.89)     $ 784,582,683.17
ii    Interest to be Capitalized                      7,010,958.32                               6,285,198.89
----------------                           ----------------
iii   Total Pool                                  $ 826,122,880.38                           $ 790,867,882.06
================                           ================

B      i     Weighted Average Coupon (WAC)                         8.2527%                                    7.8318%
ii    Weighted Average Remaining Term                        89.11                                      88.33
iii   Number of Loans                                      366,949                                    352,554
iv    Number of Borrowers                                  137,426                                    131,842

-------------------------------------------------------------------------------------------------------------------------
Notes and Certificates                       Spread     Balance 7/26/99     % of Pool        Balance 10/25/99  % of Pool
-------------------------------------------------------------------------------------------------------------------------

C      i     A-1 Notes   795452AD3                   0.56%    $ 300,122,880.38        36.329%       $ 264,867,882.06     33.491%
ii    A-2 Notes   795452AE1                   0.75%      473,500,000.00        57.316%         473,500,000.00     59.871%
iii   Certificates795452AF8                   0.98%       52,500,000.00         6.355%          52,500,000.00      6.638%
-------------------------------------------------------------------------------------------------------------------------
iv    Total Notes and Certificates                     $ 826,122,880.38       100.000%       $ 790,867,882.06    100.000%
=========================================================================================================================

-------------------------------------------------------------------------------------------------------------
Reserve Account                                             07/26/1999                           10/25/1999
-------------------------------------------------------------------------------------------------------------
D      i     Required Reserve Acct Deposit (%)                    0.25%                                 0.25%
ii    Reserve Acct Initial Deposit ($)
iii   Specified Reserve Acct Balance ($)                 $ 2,065,307.20                        $ 1,977,169.71
iv    Reserve Account Floor Balance ($)                  $ 1,500,000.00                        $ 1,500,000.00
v     Current Reserve Acct Balance ($)                   $ 2,065,307.20                        $ 1,977,169.71

1

II. 1996-1 Transactions from: 7/01/1999 through: 09/30/1999

A       Student Loan Principal Activity
i        Regular Principal Collections            $ 31,329,668.28
ii       Principal Collections from Guarantor        1,647,806.66
iii      Principal Reimbursements                    5,518,012.96
iv       Other System Adjustments                            0.00
---------------
v        Total Principal Collections              $ 38,495,487.90

B       Student Loan Non-Cash Principal Activity
i        Other Adjustments                           $ 616,715.43
ii       Capitalized Interest                       (4,582,964.44)
---------------
iii      Total Non-Cash Principal Activity        $ (3,966,249.01)

-----------------------------------------------------------------
C       Total Student Loan Principal Activity             $ 34,529,238.89
-----------------------------------------------------------------

D       Student Loan Interest Activity
i        Regular Interest Collections             $ 10,633,854.03
ii       Interest Claims Received from Guarantors       86,425.89
iii      Late Fee Reimbursements                       251,140.78
iv       Interest Reimbursements                        97,086.09
v        Other System Adjustments                            0.00
vi       Special Allowance Payments                     42,719.99
vii      Subsidy Payments                            2,133,434.25
---------------
viii     Total Interest Collections               $ 13,244,661.03

E       Student Loan Non-Cash Interest Activity
i        Interest Accrual Adjustment                $ (598,585.03)
ii       Capitalized Interest                        4,582,964.44
---------------
iii      Total Non-Cash Interest Adjustments      $  3,984,379.41

-----------------------------------------------------------------
F       Total Student Loan Interest Activity              $ 17,229,040.44
-----------------------------------------------------------------

2

III. 1996-1 Collection Account Activity 7/01/1999 through 09/30/1999

A       Principal Collections
i        Principal Payments Received-Cash                                $ 32,977,474.94
ii       Cash Forwarded by Administrator on behalf of Seller                  204,680.54
iii      Cash Forwarded by Administrator on behalf of Servicer                   (860.78)
iv       Cash Forwarded by Administrator for Consolidation Activity         5,314,193.20
---------------
v        Total Principal Collections                                     $ 38,495,487.90

B       Interest Collections
i        Interest Payments Received-Cash                                 $ 12,896,434.16
ii       Cash Forwarded by Administrator on behalf of Seller                   10,072.40
iii      Cash Forwarded by Administrator on behalf of Servicer                  2,461.28
iv       Cash Forwarded by Administrator for Consolidation Activity            84,552.41
v        Cash Forwarded by Administrator for Late Fee Activity                251,140.78
---------------
vi       Total Interest Collections                                       $13,244,661.03

C       Other Reimbursements                                                         $173,693.55

D       Administrator Account Investment Income                                      $406,942.73

E       TOTAL FUNDS RECEIVED                                                     $ 52,320,785.21
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                               $ (1,050,514.85)
----------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                            $ 51,270,270.36
----------------------------------------------------------------------------------------

F       Servicing Fee Calculation-Current Month
i        Unit Charge Calculation                                         $    514,236.80
ii       Percentage of Principal Calculation                             $    728,034.63
iii      Lesser of Unit or Principal Calculation                         $    514,236.80

G       Servicing Fees Due for Current Period                                    $    514,236.80

H       Carryover Servicing Fees Due                                             $    651,802.36
JUL 1999   Servicing Carryover  $ 221,762.49
AUG 1999   Servicing Carryover  $ 217,842.54
SEP 1999   Servicing Carryover  $ 213,797.83
------------
$ 653,402.86
Less: Servicing ADJ [A iii + B iii]     ($1,600.50)
============ 
TOTAL Carryover Servicing Fee Due     $ 651,802.36
============ 

I       Administration Fees Due                                                  $     20,000.00

----------------------------------------------------------------------------------------
J       Total Fees Due for Period                                                $  1,186,039.16
----------------------------------------------------------------------------------------

4

IV. 1996-1 Portfolio Characteristics

--------------------------------------------------------------------------------------------------------
Weighted Avg Coupon          # of Loans                 %                     Principal Amount        
------------------------------------------------------------------------------------------------------------------------------------
STATUS                      06/30/1999  09/30/1999  06/30/1999  09/30/1999  06/30/1999  09/30/1999     06/30/1999      09/30/1999   
------------------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                     8.133%    7.746%      5,290      4,561        1.442%      1.294%    $ 15,781,866.85  $ 13,595,591.93

Grace
Current                     8.141%    7.748%      3,025      3,414        0.824%      0.968%    $  8,441,529.67  $  9,734,953.64

------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                   8.136%    7.747%      8,315      7,975        2.266%      2.262%    $ 24,223,396.52  $ 23,330,545.57
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                     8.250%    7.834%    270,654    253,439       73.758%     71.887%    $560,854,676.30  $517,942,626.64
31-60 Days Delinquent       8.272%    7.846%     14,437     13,310        3.934%      3.775%    $ 33,579,611.77  $ 30,808,952.94
61-90 Days Delinquent       8.291%    7.844%      6,686      6,718        1.822%      1.906%    $ 16,606,916.76  $ 17,864,047.49
91-120 Days Delinquent      8.266%    7.832%      2,801      3,686        0.763%      1.046%    $  7,234,025.84  $  9,650,388.61
> 120 Days Delinquent       8.294%    7.835%      3,364      4,765        0.917%      1.352%    $  8,534,496.66  $ 12,459,111.67

Deferment
Current                     8.264%    7.825%     36,881     37,065       10.051%     10.513%    $ 96,797,766.82  $ 96,282,815.89

Forbearance
Current                     8.276%    7.843%     23,238     24,924        6.333%      7.069%    $ 70,071,552.18  $ 74,683,936.42

TOTAL REPAYMENT                 8.256%    7.834%    358,061    343,907       97.578%     97.548%    $793,679,046.33  $759,691,879.66
Claims in Process (1)          8.337%    7.834%        557        660        0.152%      0.187%    $  1,160,603.15  $  1,533,696.55
Aged Claims Rejected (2)       8.406%    7.768%         16         12        0.004%      0.003%    $     48,876.06  $     26,561.39
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL      8.253%    7.832%    366,949    352,554      100.000%    100.000%    $819,111,922.06  $784,582,683.17
------------------------------------------------------------------------------------------------------------------------------------

----------------------
%
---------------------------------------------------
STATUS                       06/30/1999  09/30/1999
---------------------------------------------------

INTERIM:
In School
Current                      1.927%      1.733%

Grace
Current                      1.030%      1.241%

--------------------------------------------------
TOTAL INTERIM                    2.957%      2.974%
--------------------------------------------------
REPAYMENT
Active
Current                     68.471%     66.015%
31-60 Days Delinquent        4.100%      3.927%
61-90 Days Delinquent        2.027%      2.277%
91-120 Days Delinquent       0.883%      1.230%
> 120 Days Delinquent        1.042%      1.588%

Deferment
Current                     11.817%     12.272%

Forbearance
Current                      8.555%      9.519%

TOTAL REPAYMENT                 96.895%     96.828%
Claims in Process (1)           0.142%      0.195%
Aged Claims Rejected (2)        0.006%      0.003%
--------------------------------------------------
GRAND TOTAL     100.000%    100.000%
--------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

V. 1996-1 Portfolio Characteristics by School and Program 9/30/99

-------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                    TWO YEAR SCHOOLS                
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
GSL-SUB  GSL-UNSUB    PLUS      SLS     GSL-SUB   GSL-UNSUB   PLUS      SLS     
-------------------------------------------------------------------------------

STATUS  
INTERIM:
In School
Current                      1.325%    0.197%    0.000%    0.000%    0.136%    0.031%    0.000%    0.000%  

Grace
Current                      0.958%    0.141%    0.000%    0.000%    0.095%    0.026%    0.000%    0.000%  
---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                    2.283%    0.338%    0.000%    0.000%    0.231%    0.057%    0.000%    0.000%  
---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                  42.114%    5.915%    3.761%    4.168%    3.480%    0.682%    0.205%    0.520%  
31-60 Days Delinquent     2.133%    0.302%    0.252%    0.254%    0.338%    0.053%    0.019%    0.048%  
61-90 Days Delinquent     1.176%    0.165%    0.093%    0.188%    0.218%    0.033%    0.006%    0.039%  
91-120 Days Delinquent    0.651%    0.087%    0.048%    0.082%    0.127%    0.025%    0.002%    0.026%  
> 120 Days Delinquent     0.731%    0.108%    0.057%    0.110%    0.219%    0.035%    0.001%    0.036%  

Deferment
Current                   7.714%    1.091%    0.543%    0.952%    0.805%    0.159%    0.023%    0.131%  

Forbearance
Current                   4.928%    0.750%    0.394%    0.969%    0.881%    0.136%    0.021%    0.148%  

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                 59.447%    8.418%    5.148%    6.723%    6.068%    1.123%    0.277%    0.948%  
---------------------------------------------------------------------------------------------------------------
Claims in Process (1)            0.078%    0.016%    0.006%    0.018%    0.021%    0.001%    0.000%    0.003%  
Aged Claims Rejected (2)         0.001%    0.000%    0.000%    0.000%    0.001%    0.000%    0.000%    0.000%  

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM        61.809%    8.772%    5.154%    6.741%    6.321%    1.181%    0.277%    0.951%  
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                            82.476%                                  8.730%                
---------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TECHNICAL SCHOOLS                      UNKNOWN
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB    PLUS     SLS     GSL-SUB   GSL-UNSUB    PLUS     SLS
--------------------------------------------------------------------------------

STATUS  
INTERIM:
In School
Current                        0.021%    0.007%    0.000%    0.000%    0.012%    0.004%    0.000%    0.000%

Grace
Current                        0.012%    0.002%    0.000%    0.000%    0.006%    0.001%    0.000%    0.000%
--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                      0.033%    0.009%    0.000%    0.000%    0.018%    0.005%    0.000%    0.000%
--------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                     2.613%    0.638%    0.477%    1.048%    0.275%    0.023%    0.020%    0.076%
31-60 Days Delinquent       0.292%    0.062%    0.036%    0.115%    0.012%    0.000%    0.006%    0.005%
61-90 Days Delinquent       0.186%    0.037%    0.019%    0.082%    0.020%    0.005%    0.001%    0.009%
91-120 Days Delinquent      0.106%    0.021%    0.011%    0.036%    0.006%    0.000%    0.000%    0.002%
> 120 Days Delinquent       0.178%    0.034%    0.006%    0.064%    0.006%    0.000%    0.000%    0.003%

Deferment
Current                     0.422%    0.089%    0.036%    0.173%    0.078%    0.017%    0.003%    0.036%

Forbearance
Current                     0.649%    0.139%    0.043%    0.292%    0.089%    0.024%    0.004%    0.052%

--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                    4.446%    1.020%    0.628%    1.810%    0.486%    0.069%    0.034%    0.183%
--------------------------------------------------------------------------------------------------------------
Claims in Process (1)              0.031%    0.009%    0.002%    0.010%    0.000%    0.000%    0.000%    0.000%
Aged Claims Rejected (2)           0.001%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM           4.511%    1.038%    0.630%    1.820%    0.504%    0.074%    0.034%    0.183%
--------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                               7.999%                                 0.795%
--------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

--------------------------------------------------
FOUR YEAR   TWO YEAR  TECHNICAL
STATUS                              SCHOOLS    SCHOOLS    SCHOOLS    UNKNOWN    TOTAL
--------------------------------------------------

INTERIM:
In School
Current                    1.522%     0.167%     0.028%     0.016%     1.733%

Grace
Current                    1.099%     0.121%     0.014%     0.007%     1.241%

-------------------------------------------------------------------------------------
TOTAL INTERIM                       2.621%     0.288%     0.042%     0.023%     2.974%
-------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                   55.958%     4.887%     4.776%     0.394%    66.015%
31-60 Days Delinquent      2.941%     0.458%     0.505%     0.023%     3.927%
61-90 Days Delinquent      1.622%     0.296%     0.324%     0.035%     2.277%
91-120 Days Delinquent     0.868%     0.180%     0.174%     0.008%     1.230%
> 120 Days Delinquent      1.006%     0.291%     0.282%     0.009%     1.588%

Deferment
Current                   10.300%     1.118%     0.720%     0.134%    12.272%

Forbearance
Current                    7.041%     1.186%     1.123%     0.169%     9.519%

-------------------------------------------------------------------------------------
TOTAL REPAYMENT                    79.736%     8.416%     7.904%     0.772%    96.828%
-------------------------------------------------------------------------------------

Claims in Process (1)               0.118%     0.025%     0.052%     0.000%     0.195%
Aged Claims Rejected (2)            0.001%     0.001%     0.001%     0.000%     0.003%

-------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE               82.476%     8.730%     7.999%     0.795%   100.000%
-------------------------------------------------------------------------------------

6

VI. 1996-1 Interest Calculation

A      Borrower Interest Accrued During Collection Period                        $  13,805,268.26
B      Interest Subsidy Payments Accrued During Collection Period                    1,796,500.16
C      SAP Payments Accrued During Collection Period                                   358,302.60
D      INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)          53,433.38
E      Investment Earnings (ADMINISTRATOR  ACT)                                        406,942.73
----------------
F      Net Expected Interest Collections                                         $  16,420,447.13

G      Student Loan Rate
i     Days in Collection Period (7/1/99-9/30/99)                                        92
ii    Days in Year                                                                     365
iii   Net Expected Interest Collections                                   $  16,420,447.13
iv    Primary Servicing Fee                                               $   1,564,751.65
v     Administration Fee                                                  $      20,000.00
vi    Total Pool Balance at Beginning of Collection Period                $ 826,122,880.38
vii   Student Loan Rate                                                            7.12473%

Accrued
Int Factor    Accrual Period
----------    --------------

H      Class A-1 T-Bill Based Interest Rate                                               5.42382%
I      Class A-1 Interest Rate                     0.013522411   (7/26/99-10/25/99)       5.42382%
J      Class A-2 T-Bill Based Interest Rate                                               5.61382%
K      Class A-2 Interest Rate                     0.013996110   (7/26/99-10/25/99)       5.61382%
L      Certificate T-Bill Based Rate of Return                                            5.84382%
M      Certificate Rate of Return                  0.014569534   (7/26/99-10/25/99)       5.84382%

7

VII. 1996-1 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A       Total Student Loan Pool Outstanding
i     Current Pool Balance                              $ 819,111,922.06
ii    Interest To Be Capitalized                        $   7,010,958.32
----------------
iii   Total Student Loan Pool Outstanding               $ 826,122,880.38
================

B       Total Note and Certificate Factor                          0.55074858692
C       Total Note and Certificate Balance                      $ 826,122,880.38

--------------------------------------------------------------------------------------------------------------
D       Note Balance     07/26/1999                                 Class A-1         Class A-2         Certificates
--------------------------------------------------------------------------------------------------------------

i     Current Factor-7/26/99                                0.3081343741       1.0000000000       1.0000000000
ii    Note Principal Shortfall                          $           0.00   $           0.00   $           0.00
iii   Expected Note Balance                             $ 300,122,880.38   $ 473,500,000.00   $  52,500,000.00
----------------   ----------------   ----------------
iv    Note Balance                                      $ 300,122,880.38   $ 473,500,000.00   $  52,500,000.00
E       Interest Shortfall                                      $           0.00   $           0.00   $           0.00
F       Interest Carryover                                      $           0.00   $           0.00   $           0.00
--------------------------------------------------------------------------------------------------------------

G       Reserve Account Balance                                 $   2,065,307.20                                      
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

VIII. 1996-1 Waterfall for Distributions

Remaining
Funds Balance
-------------

A      Total Available Funds (Section III E + Section VI-D)   $51,323,703.74   $51,323,703.74

B      Primary Servicing Fees-Current Month                   $   514,236.80   $50,809,466.94
C      Administration Fee                                     $    20,000.00   $50,789,466.94

D      Noteholder's Interest Distribution Amount
i        Class A-1                                     $ 4,058,384.94   $46,731,082.00
ii       Class A-2                                     $ 6,627,158.09   $40,103,923.91
--------------
iii      Total Noteholder's Interest Distribution      $10,685,543.03

E      Certificateholder's Return Distribution Amount         $   764,900.54   $39,339,023.37

F      Noteholder's Principal Distribution Amount
i        Class A-1                                     $35,254,998.32   $ 4,084,025.05
ii       Class A-2                                     $         0.00   $ 4,084,025.05
--------------
iii      Total Noteholder's Principal Distribution     $35,254,998.32

G      Certificateholder's Balance Distribution Amount        $         0.00   $ 4,084,025.05

H      Increase to the Specified Reserve Account Balance      $         0.00   $ 4,084,025.05

I      Carryover Servicing Fees                               $   651,802.36   $ 3,432,222.69

J      Noteholder's Interest Carryover
i        Class A-1                                     $         0.00   $ 3,432,222.69
i        Class A-2                                     $         0.00   $ 3,432,222.69
--------------
iii      Total Noteholder's Interest Carryover         $         0.00

K      Certificateholder's Return Carryover                   $         0.00   $ 3,432,222.69

L      Excess to Reserve Account                              $ 3,432,222.69   $         0.00

9

IX. 1996-1 Distributions

--------------------------------------------------------------------------------------------------------------
A     Distribution Amounts                                         Class A-1         Class A-2        Certificates
--------------------------------------------------------------------------------------------------------------

i    Quarterly Interest Due                                $  4,058,384.94   $  6,627,158.09   $    764,900.54
ii   Quarterly Interest Paid                               $  4,058,384.94   $  6,627,158.09   $    764,900.54
---------------   ---------------   ---------------
iii  Interest Shortfall                                    $          0.00   $          0.00   $          0.00

iv   Interest Carryover Due                                $          0.00   $          0.00   $          0.00
v    Interest Carryover Paid                               $          0.00   $          0.00   $          0.00
---------------   ---------------   ---------------
vi   Interest Carryover                                    $          0.00   $          0.00   $          0.00

vii  Quarterly Principal Due                               $ 35,254,998.32   $          0.00   $          0.00
viii Quarterly Principal Paid                              $ 35,254,998.32   $          0.00   $          0.00
---------------   ---------------   ---------------
ix   Quarterly Principal Shortfall                         $          0.00   $          0.00   $          0.00

--------------------------------------------------------------------------------------------------------------
x    Total Distribution Amount                             $ 39,313,383.26   $  6,627,158.09   $    764,900.54
--------------------------------------------------------------------------------------------------------------

B     Principal Distribution Reconciliation
i    Notes and Certificates Principal Balance  9/30/99     $826,122,880.38
ii   Pool Balance  9/30/99                                 $790,867,882.06
---------------
iii  Pool Exceeding Notes and Certificate Balance (i-ii)   $ 35,254,998.32
---------------
iv   Principal  Distribution Amount                        $ 35,254,998.32
===============

C     Total Principal Distribution                               $ 35,254,998.32
D     Total Interest Distribution                                $ 11,450,443.57
---------------
E     Total Cash Distributions-Note and Certificates             $ 46,705,441.89

--------------------------------------------------------------------------
F     Note & Certificate Balances               07/26/1999        10/25/1999
--------------------------------------------------------------------------

i    A-1 Note Balance  (795452AD3)       $300,122,880.38   $264,867,882.06
A-1 Note Pool Factor                   0.3081343741      0.2719382773

ii   A-2 Note Balance  (795452AE1)       $473,500,000.00   $473,500,000.00
A-2 Note Pool Factor                   1.0000000000      1.0000000000

iii  Certificate Balance  (795452AF8)    $ 52,500,000.00   $ 52,500,000.00
Certificate Pool Factor                1.0000000000      1.0000000000
--------------------------------------------------------------------------

G     Reserve Account Reconciliation
i    Beginning of Period Balance                           $  2,065,307.20
ii   Deposits to correct Shortfall                         $            --
iii  Deposits from Excess Servicing                        $  3,432,222.69
---------------
iv   Total Reserve Account Balance Available               $  5,497,529.89
v    Required Reserve Account Balance                      $  1,977,169.71

vi   Shortfall Carried to Next Period                      $            --
vii  Excess Reserve - Release to SLM Funding Corp          $  3,520,360.18
viii Ending Reserve Account Balance                        $  1,977,169.71

X. 1996-1 Historical Pool Information

-----------------
1998        
--------------------------------------------------------------------------
7/1/99-9/30/99     4/1/99-6/30/99     1/1/99-3/31/99     1/1/98-12/31/98  
-----------------------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance           $819,111,922.06    $865,913,534.97    $909,715,422.93    $1,076,337,722.21
-----------------------------------------------------------------------------------------------------------------------------

Student Loan Principal Activity                                                                             
i    Regular Principal Collections              $ 31,329,668.28    $ 36,698,097.40    $ 39,443,775.06    $  147,964,334.46  
ii   Principal Collections from Guarantor          1,647,806.66       4,132,698.83       5,350,052.79        32,566,460.78  
iii  Principal Reimbursements                      5,518,012.96       9,829,827.50       1,980,234.80         1,333,102.89  
iv   Other System Adjustments                                --                 --                 --                   --  
--------------------------------------------------------------------------
v    Total Principal Collections                $ 38,495,487.90    $ 50,660,623.73    $ 46,774,062.65    $  181,863,898.13  

Student Loan Non-Cash Principal Activity                                                                                    
i    Other Adjustments                          $    616,715.43    $    542,860.16    $    898,616.99    $    2,907,289.96  
ii   Capitalized Interest                         (4,582,964.44)     (4,401,870.98)     (3,870,791.68)      (18,148,888.81) 
--------------------------------------------------------------------------
iii  Total Non-Cash Principal Activity          $ (3,966,249.01)   $ (3,859,010.82)   $ (2,972,174.69)   $  (15,241,598.85) 

-----------------------------------------------------------------------------------------------------------------------------
(-)Total Student Loan Principal Activity           $ 34,529,238.89    $ 46,801,612.91    $ 43,801,887.96    $  166,622,299.28  
-----------------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity                                                                                              
i    Regular Interest Collections               $ 10,633,854.03    $ 11,523,168.36    $ 12,383,811.54    $   54,894,488.37  
ii   Interest Claims Received from Guarantors         86,425.89         245,838.88         317,687.55         1,986,953.92  
iii  Late Fee Reimbursements                         251,140.78         247,285.91         284,836.96           277,552.36  
iv   Interest Reimbursements                          97,086.09         144,702.79          35,156.56           110,524.88  
v    Other System Adjustments                                --                 --                 --                   --  
vi   Special Allowance Payments                       42,719.99          45,568.63          42,732.32         1,722,657.22  
vii  Interest Subsidy Payments                     2,133,434.25       2,443,943.86       2,454,629.18        11,651,607.43  
--------------------------------------------------------------------------
viii Total Interest Collections                 $ 13,244,661.03    $ 14,650,508.43    $ 15,518,854.11    $   70,643,784.18  

Student Loan Non-Cash Interest Activity                                                                                     
i    Interest Accrual Adjustment                $   (598,585.03)   $   (484,576.16)   $   (834,789.09)   $   (2,481,449.06) 
ii   Capitalized Interest                          4,582,964.44       4,401,870.98       3,870,791.68        18,148,888.81  
--------------------------------------------------------------------------
iii  Total Non-Cash Interest Adjustments        $  3,984,379.41    $  3,917,294.82    $  3,036,002.59    $   15,667,439.75  
--------------------------------------------------------------------------

Total Student Loan Interest Activity            $ 17,229,040.44    $ 18,567,803.25    $ 18,554,856.70    $   86,311,223.93  

(=)Ending Student Loan Portfolio Balance           $784,582,683.17    $819,111,922.06    $865,913,534.97    $  909,715,422.93  
-----------------------------------------------------------------------------------------------------------------------------
(+)Interest to be Capitalized                      $  6,285,198.89    $  7,010,958.32    $  7,758,791.84    $    7,360,402.45  
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
(=)TOTAL POOL                                      $790,867,882.06    $826,122,880.38    $873,672,326.81    $  917,075,825.38  
-----------------------------------------------------------------------------------------------------------------------------

-------------------------------------     
1997                1996           
-------------------------------------     
1/1/97-12/31/97    2/5/96-12/31/96      
---------------------------------------------------------------------------------------     

Beginning Student Loan Portfolio Balance         $1,287,751,841.38    $1,489,927,280.77     
---------------------------------------------------------------------------------------     
Student Loan Principal Activity                                                          
i    Regular Principal Collections            $  152,706,153.19    $  147,874,732.04     
ii   Principal Collections from Guarantor         46,996,163.24        29,847,763.18     
iii  Principal Reimbursements                     29,266,752.77        42,577,857.53     
iv   Other System Adjustments                                --           (17,470.68)    
-------------------------------------     
v    Total Principal Collections              $  228,969,069.20    $  220,282,882.07     

Student Loan Non-Cash Principal Activity                                                 
i    Other Adjustments                        $    3,748,261.52    $    4,242,528.79     
ii   Capitalized Interest                        (21,303,211.55)      (22,349,971.47)    
-------------------------------------     
iii  Total Non-Cash Principal Activity        $  (17,554,950.03)   $  (18,107,442.68)    

---------------------------------------------------------------------------------------     
(-)Total Student Loan Principal Activity         $  211,414,119.17    $  202,175,439.39     
---------------------------------------------------------------------------------------     

Student Loan Interest Activity                                                           
i    Regular Interest Collections             $   61,888,095.43    $   61,347,900.36     
ii   Interest Claims Received from Guarantors      2,897,580.06         1,815,321.58     
iii  Late Fee Reimbursements                                 --                   --     
iv   Interest Reimbursements                         436,782.68           501,291.36     
v    Other System Adjustments                                --             8,773.93     
vi   Special Allowance Payments                    2,573,916.66         2,111,104.86     
vii  Interest Subsidy Payments                    18,055,179.16        17,549,626.88     
-------------------------------------     
viii Total Interest Collections               $   85,851,553.99    $   83,334,018.97     

Student Loan Non-Cash Interest Activity                                                  
i    Interest Accrual Adjustment              $   (3,154,064.14)   $   (3,876,816.64)    
ii   Capitalized Interest                         21,303,211.55        22,349,971.47     
-------------------------------------     
iii  Total Non-Cash Interest Adjustments      $   18,149,147.41    $   18,473,154.83     
-------------------------------------     
Total Student Loan Interest Activity          $  104,000,701.40    $  101,807,173.80     

(=)Ending Student Loan Portfolio Balance         $1,076,337,722.21    $1,287,751,841.38     
---------------------------------------------------------------------------------------     
(+)Interest to be Capitalized                    $    8,040,248.28    $    9,711,152.12     
---------------------------------------------------------------------------------------     

---------------------------------------------------------------------------------------     
(=)TOTAL POOL                                    $1,084,377,970.49    $1,297,462,993.50     
---------------------------------------------------------------------------------------     

10

XI. 1996-1 Payment History and CPRs

Distribution       Actual         Since Issued
Date          Pool Balances         CPR *

Feb-96        $ 1,502,106,411          -

Apr-96        $ 1,471,870,726        5.14%

Jul-96        $ 1,421,949,915        5.64%

Oct-96        $ 1,360,374,604        7.09%

Jan-97        $ 1,297,462,994        7.90%

Apr-97        $ 1,238,786,263        8.30%

Jul-97        $ 1,183,793,430        8.30%

Oct-97        $ 1,134,200,621        7.79%

Jan-98        $ 1,084,377,970        7.38%

Apr-98        $ 1,039,977,316        6.84%

Jul-98         $ 996,886,487         6.35%

Oct-98         $ 955,927,174         5.87%

Jan-99         $ 917,075,825         5.36%

Apr-99         $ 873,672,327         5.06%

Jul-99         $ 826,122,880         4.91%

Oct-99         $ 790,867,882         4.43%

* "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.

11

SLM Student Loan Trust 1996-2
Quarterly Servicing Report
Report Date: 9/30/1999          Reporting Period: 7/1/99- 9/30/99

I. Deal Parameters

----------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics     06/30/1999        Activity           09/30/1999
----------------------------------------------------------------------------------------------

A      i    Portfolio Balance                 $ 891,639,751.22    $ (34,906,178.07)  $ 856,733,573.15
ii   Interest to be Capitalized            9,646,061.44                           8,922,079.03
----------------                       ----------------
iii  Total Pool                        $ 901,285,812.66                       $ 865,655,652.18
================                       ================

B      i    Weighted Average Coupon (WAC)               8.2313%                                7.7876%
ii   Weighted Average Remaining Term              92.58                                  91.92
iii  Number of Loans                            414,417                                399,258
iv   Number of Borrowers                        169,748                                163,220

----------------------------------------------------------------------------------------------------------------
Notes and Certificates                   Spread    Balance 7/26/99     % of Pool     Balance 10/25/99  % of Pool
----------------------------------------------------------------------------------------------------------------

C      i    A-1 Notes   78442GAA4                 0.51%    $ 361,255,812.66        40.082%   $ 325,625,652.18    37.616%
ii   A-2 Notes   78442GAB2                 0.71%      487,000,000.00        54.034%     487,000,000.00    56.258%
iii  Certificates78442GAC0                 0.96%       53,030,000.00         5.884%      53,030,000.00     6.126%
----------------------------------------------------------------------------------------------------------------
iv   Total Notes and Certificates                   $ 901,285,812.66       100.000%   $ 865,655,652.18   100.000%
================================================================================================================

--------------------------------------------------------------------------------------------------
Reserve Account                                      07/26/1999                         10/25/1999
--------------------------------------------------------------------------------------------------

D      i    Required Reserve Acct Deposit (%)                  0.25%                             0.25%
ii   Reserve Acct Initial Deposit ($)
iii  Specified Reserve Acct Balance ($)               $ 2,253,214.53                    $ 2,164,139.13
iv   Reserve Account Floor Balance ($)                $ 1,515,030.00                    $ 1,515,030.00
v    Current Reserve Acct Balance ($)                 $ 2,253,214.53                    $ 2,164,139.13

1

II. 1996-2 Transactions from: 07/01/1999 through: 09/30/1999

A       Student Loan Principal Activity
i       Regular Principal Collections              $31,416,730.70
ii      Principal Collections from Guarantor         1,970,654.74
iii     Principal Reimbursements                     6,135,071.37
iv      Other System Adjustments                             0.00
--------------
v       Total Principal Collections                $39,522,456.81

B       Student Loan Non-Cash Principal Activity
i       Other Adjustments                          $   703,626.43
ii      Capitalized Interest                        (5,319,905.17)
--------------
iii     Total Non-Cash Principal Activity          $(4,616,278.74)

-----------------------------------------------------------------
C       Total Student Loan Principal Activity              $34,906,178.07
-----------------------------------------------------------------

D       Student Loan Interest Activity
i       Regular Interest Collections               $10,905,485.37
ii      Interest Claims Received from Guarantors       113,202.39
iii     Late Fee Reimbursements                        261,286.57
iv      Interest Reimbursements                        115,898.42
v       Other System Adjustments                             0.00
vi      Special Allowance Payments                      11,744.08
vii     Subsidy Payments                             2,642,629.88
--------------
viii    Total Interest Collections                 $14,050,246.71

E       Student Loan Non-Cash Interest Activity
i       Interest Accrual Adjustment                $  (665,465.09)
ii      Capitalized Interest                         5,319,905.17
--------------
iii     Total Non-Cash Interest Adjustments        $ 4,654,440.08

-----------------------------------------------------------------
F       Total Student Loan Interest Activity               $18,704,686.79
-----------------------------------------------------------------

2

III. 1996-2 Collection Account Activity 7/01/1999 through 09/30/1999

A       Principal Collections
i       Principal Payments Received-Cash                             $33,387,385.44
ii      Cash Forwarded by Administrator on behalf of Seller              148,483.45
iii     Cash Forwarded by Administrator on behalf of Servicer              1,651.85
iv      Cash Forwarded by Administrator for Consolidation Activity     5,984,936.07
--------------
v       Total Principal Collections                                  $39,522,456.81

B       Interest Collections
i       Interest Payments Received-Cash                              $13,673,061.72
ii      Cash Forwarded by Administrator on behalf of Seller                4,993.94
iii     Cash Forwarded by Administrator on behalf of Servicer              5,144.26
iv      Cash Forwarded by Administrator for Consolidation Activity       105,760.22
v       Cash Forwarded by Administrator for Late Fee Activity            261,286.57
--------------
vi      Total Interest Collections                                   $14,050,246.71

C       Other Reimbursements                                                 $   120,662.16

D       Administrator Account Investment Income                              $   416,004.00

E       TOTAL FUNDS RECEIVED                                                 $54,109,369.68
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                           $(1,524,266.04)
-----------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                        $52,585,103.64
-----------------------------------------------------------------------------------

F       Servicing Fee Calculation-Current Month
i       Unit Charge Calculation                                      $   747,052.04
ii      Percentage of Principal Calculation                          $   989,317.86
iii     Lesser of Unit or Principal Calculation                      $   747,052.04

G       Servicing Fees Due for Current Period                                $   747,052.04

H       Carryover Servicing Fees Due                                         $   732,035.58
JUL 1999   Servicing Carryover      $ 250,694.42  
AUG 1999   Servicing Carryover      $ 245,871.45  
SEP 1999   Servicing Carryover      $ 242,265.82  
------------ 
$ 738,831.69  
Less: Servicing ADJ [A iii + B iii]         ($6,796.11) 
------------  
TOTAL: Carryover Servicing Fee Due         $ 732,035.58  
============  

I       Administration Fees Due                                              $    20,000.00

-----------------------------------------------------------------------------------
J       Total Fees Due for Period                                            $ 1,499,087.62
-----------------------------------------------------------------------------------

3

IV. 1996-2 Portfolio Characteristics

---------------------------------------------------------------------------------------------------------
Weighted Avg Coupon         # of Loans                  %                   Principal Amount          
------------------------------------------------------------------------------------------------------------------------------------
STATUS                     06/30/1999  09/30/1999  06/30/1999  09/30/1999  06/30/1999  09/30/1999    06/30/1999       09/30/1999    
------------------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                   8.146%       7.680%    10,989        9,170       2.652%     2.297%   $ 30,445,602.68   $ 25,332,081.81

Grace
Current                   8.146%       7.664%     6,280        7,166       1.515%     1.795%   $ 17,092,377.76   $ 19,737,158.10

------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                 8.146%       7.673%    17,269       16,336       4.167%     4.092%   $ 47,537,980.44   $ 45,069,239.91
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                   8.233%       7.802%   293,672      273,968      70.864%    68.619%   $577,760,757.29   $530,927,276.24
31-60 Days Delinquent     8.254%       7.802%    16,580       15,650       4.001%     3.920%   $ 37,705,066.25   $ 35,260,025.46
61-90 Days Delinquent     8.269%       7.793%     8,228        7,739       1.986%     1.938%   $ 20,107,470.57   $ 19,494,028.40
91-120 Days Delinquent    8.261%       7.801%     3,661        4,432       0.883%     1.110%   $  9,119,539.55   $ 10,868,214.62
> 120 Days Delinquent     8.261%       7.778%     4,866        6,556       1.174%     1.642%   $ 12,461,003.68   $ 17,034,644.06

Deferment
Current                   8.228%       7.762%    40,974       42,082       9.887%    10.540%   $104,107,109.87   $105,695,959.81

Forbearance
Current                   8.249%       7.790%    28,469       31,556       6.870%     7.904%   $ 81,523,207.12   $ 90,179,633.05

------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT               8.236%       7.795%   396,450      381,983      95.665%    95.673%   $842,784,154.33   $809,459,781.64
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1)        8.247%       7.776%       672          920       0.162%     0.230%   $  1,262,212.63   $  2,162,749.69
Aged Claims Rejected (2)     8.253%       7.733%        26           19       0.006%     0.005%   $     55,403.82   $     41,801.91
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL    8.231%       7.788%   414,417      399,258     100.000%   100.000%   $891,639,751.22   $856,733,573.15
------------------------------------------------------------------------------------------------------------------------------------

---------------------
%
-----------------------------------------------------
STATUS                          06/30/1999  09/30/1999
-----------------------------------------------------

INTERIM:
In School
Current                        3.415%      2.957%

Grace
Current                        1.917%      2.304%

-----------------------------------------------------
TOTAL INTERIM                      5.332%      5.261%
-----------------------------------------------------
REPAYMENT
Active
Current                       64.798%     61.971%
31-60 Days Delinquent          4.229%      4.116%
61-90 Days Delinquent          2.255%      2.275%
91-120 Days Delinquent         1.023%      1.269%
> 120 Days Delinquent          1.397%      1.988%

Deferment
Current                       11.676%     12.337%

Forbearance
Current                        9.143%     10.526%

-----------------------------------------------------
TOTAL REPAYMENT                   94.521%     94.482%
-----------------------------------------------------
Claims in Process (1)             0.141%      0.252%
Aged Claims Rejected (2)          0.006%      0.005%
-----------------------------------------------------
GRAND TOTAL       100.000%    100.000%
-----------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V.  1996-2   Portfolio Characteristics by School and Program   9/30/99

------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                      TWO YEAR SCHOOLS          
------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB   PLUS      SLS     GSL-SUB   GSL-UNSUB   PLUS      SLS   

STATUS
INTERIM:
In School
Current                      1.947%    0.513%    0.000%    0.000%    0.277%    0.080%    0.000%    0.000% 

Grace 
Current                      1.511%    0.413%    0.000%    0.000%    0.212%    0.060%    0.000%    0.000% 

----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                      3.458%    0.926%    0.000%    0.000%    0.489%    0.140%    0.000%    0.000% 
----------------------------------------------------------------------------------------------------------------
REPAYMENT: 
Active
Current                  39.199%    7.603%    1.814%    2.005%    4.047%    1.015%    0.138%    0.214% 
31-60 Days Delinquent     2.111%    0.413%    0.140%    0.165%    0.430%    0.102%    0.009%    0.025% 
61-90 Days Delinquent     1.180%    0.242%    0.057%    0.079%    0.241%    0.056%    0.003%    0.014% 
91-120 Days Delinquent    0.581%    0.118%    0.029%    0.050%    0.174%    0.043%    0.002%    0.015% 
> 120 Days Delinquent     0.885%    0.191%    0.024%    0.086%    0.256%    0.069%    0.002%    0.014% 

Deferment
Current                   7.325%    1.545%    0.262%    0.652%    1.023%    0.254%    0.017%    0.097% 

Forbearance
Current                   5.247%    1.321%    0.194%    0.576%    1.132%    0.285%    0.016%    0.079% 

----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                   56.528%   11.433%    2.520%    3.613%    7.303%    1.824%    0.187%    0.458% 
----------------------------------------------------------------------------------------------------------------

Claims in Process (1)              0.117%    0.034%    0.003%    0.011%    0.031%    0.008%    0.000%    0.002% 
Aged Claims Rejected (2)           0.001%    0.002%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000% 

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM          60.104%   12.395%    2.523%    3.624%    7.823%    1.972%    0.187%    0.460% 
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                              78.646%                               10.442%                 
----------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TECHNICAL SCHOOLS                            UNKNOWN
--------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB   PLUS       SLS     GSL-SUB   GSL-UNSUB  PLUS       SLS

STATUS
INTERIM:
In School
Current                       0.069%    0.037%    0.000%    0.000%    0.020%    0.014%    0.000%    0.000%

Grace 
Current                       0.036%    0.014%    0.000%    0.000%    0.030%    0.028%    0.000%    0.000%

-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       0.105%    0.051%    0.000%    0.000%    0.050%    0.042%    0.000%    0.000%
-----------------------------------------------------------------------------------------------------------------
REPAYMENT: 
Active
Current                    3.241%    1.445%    0.348%    0.487%    0.268%    0.074%    0.007%    0.066%
31-60 Days Delinquent      0.422%    0.171%    0.039%    0.059%    0.020%    0.005%    0.001%    0.004%
61-90 Days Delinquent      0.226%    0.098%    0.009%    0.036%    0.016%    0.014%    0.000%    0.004%
91-120 Days Delinquent     0.155%    0.060%    0.003%    0.027%    0.010%    0.000%    0.000%    0.002%
> 120 Days Delinquent      0.269%    0.119%    0.014%    0.039%    0.010%    0.008%    0.000%    0.002%

Deferment
Current                    0.534%    0.212%    0.013%    0.112%    0.144%    0.106%    0.002%    0.039%

Forbearance
Current                    0.900%    0.370%    0.023%    0.183%    0.100%    0.061%    0.001%    0.038%

-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                     5.747%    2.475%    0.449%    0.943%    0.568%    0.268%    0.011%    0.155%
-----------------------------------------------------------------------------------------------------------------

Claims in Process (1)               0.022%    0.009%    0.001%    0.004%    0.005%    0.005%    0.000%    0.000%
Aged Claims Rejected (2)            0.001%    0.001%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM            5.875%    2.536%    0.450%    0.947%    0.623%    0.315%    0.011%    0.155%
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                               9.808%                                  1.104%
-----------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

---------------------------------------------------------------------------------------
FOUR YEAR   TWO YEAR  TECHNICAL
STATUS                               SCHOOLS    SCHOOLS    SCHOOLS    UNKNOWN     TOTAL
---------------------------------------------------------------------------------------

INTERIM:
In School
Current                    2.460%     0.357%     0.106%     0.034%     2.957%

Grace
Current                    1.924%     0.272%     0.050%     0.058%     2.304%

---------------------------------------------------------------------------------------
TOTAL INTERIM                         4.384%     0.629%     0.156%     0.092%     5.261%
---------------------------------------------------------------------------------------
REPAYMENT:  
Active
Current                   50.621%     5.414%     5.521%     0.415%    61.971%
31-60 Days Delinquent      2.829%     0.566%     0.691%     0.030%     4.116%
61-90 Days Delinquent      1.558%     0.314%     0.369%     0.034%     2.275%
91-120 Days Delinquent     0.778%     0.234%     0.245%     0.012%     1.269%
> 120 Days Delinquent      1.186%     0.341%     0.441%     0.020%     1.988%

Deferment
Current                    9.784%     1.391%     0.871%     0.291%    12.337%

Forbearance
Current                    7.338%     1.512%     1.476%     0.200%    10.526%

---------------------------------------------------------------------------------------
TOTAL REPAYMENT                      74.094%     9.772%     9.614%     1.002%    94.482%
---------------------------------------------------------------------------------------

Claims in Process (1)                 0.165%     0.041%     0.036%     0.010%     0.252%
Aged Claims Rejected (2)              0.003%     0.000%     0.002%     0.000%     0.005%

---------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                 78.646%    10.442%     9.808%     1.104%   100.000%
---------------------------------------------------------------------------------------

5

VI. 1996-2 Interest Calculation

A       Borrower Interest Accrued During Collection Period                                 $  14,772,932.96     
B       Interest Subsidy Payments Accrued During Collection Period                             2,212,651.73     
C       SAP Payments Accrued During Collection Period                                            383,891.09     
D       INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                   56,637.68     
E       Investment Earnings (ADMINISTRATOR  ACT)                                                 416,004.00     
----------------
F       Net Expected Interest Collections                                                  $  17,842,117.46     

G       Student Loan Rate                                                                                       
i       Days in Collection Period (7/1/99 - 9/30/99)                                             92     
ii      Days in Year                                                                            365     
iii     Net Expected Interest Collections                                          $  17,842,117.46     
iv      Primary Servicing Fee                                                      $   2,271,318.08     
v       Administration Fee                                                         $      20,000.00     
vi      Total Pool Balance at Beginning of Collection Period                       $ 901,285,812.66     
vii     Student Loan Rate                                                                   6.84534%    

Accrued 
Int Factor     Accrual Period
----------     --------------

H       Class A-1 T-Bill Based Interest Rate                                                        5.37382%
I       Class A-1 Interest Rate                      0.013397753   (7/26/99-10/25/99)               5.37382%
J       Class A-2 T-Bill Based Interest Rate                                                        5.57382%
K       Class A-2 Interest Rate                      0.013896384   (7/26/99-10/25/99)               5.57382%
L       Certificate T-Bill Based Rate of Return                                                     5.82382%
M       Certificate Rate of Return                   0.014519671   (7/26/99-10/25/99)               5.82382%

6

VII. 1996-2 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A       Total Student Loan Pool Outstanding
i       Current Pool Balance                            $ 891,639,751.22                                      
ii      Interest To Be Capitalized                      $   9,646,061.44                                      
----------------                                      
iii     Total Student Loan Pool Outstanding             $ 901,285,812.66                                      
================                                      

B       Total Note and Certificate Factor                          0.59489634704                                      
C       Total Note and Certificate Balance                      $ 901,285,812.66                                      

--------------------------------------------------------------------------------------------------------------
D       Note Balance         07/26/1999                                Class A-1          Class A-2       Certificates
--------------------------------------------------------------------------------------------------------------

i       Current Factor-7/26/99                              0.3705187822       1.0000000000       1.0000000000
ii      Note Principal Shortfall                        $           0.00   $           0.00   $           0.00
iii     Expected Note Balance                           $ 361,255,812.66   $ 487,000,000.00   $  53,030,000.00
----------------   ----------------   ----------------
iv      Note Balance                                    $ 361,255,812.66   $ 487,000,000.00   $  53,030,000.00
E       Interest Shortfall                                      $           0.00   $           0.00   $           0.00
F       Interest Carryover                                      $           0.00   $           0.00   $           0.00
--------------------------------------------------------------------------------------------------------------

G       Reserve Account Balance                                 $   2,253,214.53                                      
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                                      
K       Interest Due on Unpaid Carryover Servicing Fees         $           0.00                                      

7

VIII. 1996-2 Waterfall for Distributions

Remaining
Funds Balance
-------------

A        Total Available Funds (Sections III -E + VI-D)      $52,641,741.32   $52,641,741.32

B        Primary Servicing Fees-Current Month                $   747,052.04   $51,894,689.28
C        Administration Fee                                  $    20,000.00   $51,874,689.28

D        Noteholder's Interest Distribution Amount
i      Class A-1                                    $ 4,840,016.15   $47,034,673.13
ii     Class A-2                                    $ 6,767,539.01   $40,267,134.12
--------------
iii    Total Noteholder's Interest Distribution     $11,607,555.16

E        Certificateholder's Return Distribution Amount      $   769,978.15   $39,497,155.97

F        Noteholder's Principal Distribution Amount
i      Class A-1                                    $35,630,160.48   $ 3,866,995.49
ii     Class A-2                                    $         0.00   $ 3,866,995.49
--------------
iii    Total Noteholder's Principal Distribution    $35,630,160.48

G        Certificateholder's Balance Distribution Amount     $         0.00   $ 3,866,995.49

H        Increase to the Specified Reserve Account Balance   $         0.00   $ 3,866,995.49

I        Carryover Servicing Fees                            $   732,035.58   $ 3,134,959.91

J        Noteholder's Interest Carryover
i      Class A-1                                    $         0.00   $ 3,134,959.91
i      Class A-2                                    $         0.00   $ 3,134,959.91
--------------
iii    Total Noteholder's Interest Carryover        $         0.00

K        Certificateholder's Return Carryover                $         0.00   $ 3,134,959.91

L        Excess to Reserve Account                           $ 3,134,959.91   $         0.00

8

IX. 1996-2 Distributions

---------------------------------------------------------------------------------------------------------------
A      Distribution Amounts                                         Class A-1           Class A-2        Certificates
---------------------------------------------------------------------------------------------------------------

i     Quarterly Interest Due                                $  4,840,016.15   $  6,767,539.01   $    769,978.15
ii    Quarterly Interest Paid                               $  4,840,016.15   $  6,767,539.01   $    769,978.15
iii   Interest Shortfall                                    $          0.00   $          0.00   $          0.00

iv    Interest Carryover Due                                $          0.00   $          0.00   $          0.00
v     Interest Carryover Paid                               $          0.00   $          0.00   $          0.00
---------------   ---------------   ---------------
vi    Interest Carryover                                    $          0.00   $          0.00   $          0.00

vii   Quarterly Principal Due                               $ 35,630,160.48   $          0.00   $          0.00
viii  Quarterly Principal Paid                              $ 35,630,160.48   $          0.00   $          0.00
---------------   ---------------   ---------------
ix    Quarterly Principal Shortfall                         $          0.00   $          0.00   $          0.00

---------------------------------------------------------------------------------------------------------------
x     Total Distribution Amount                             $ 40,470,176.63   $  6,767,539.01   $    769,978.15
---------------------------------------------------------------------------------------------------------------

B      Principal Distribution Reconciliation
i     Notes and Certificates Principal Balance  9/30/99     $901,285,812.66                                    
ii    Pool Balance 9/30/99                                  $865,655,652.18                                    
---------------
iii   Pool Exceeding Notes and Certificate Balance (i-ii)   $ 35,630,160.48                                    
===============                                    
iv    Principal  Distribution Amount                        $ 35,630,160.48                                    
===============                                    

C      Total Principal Distribution                                $ 35,630,160.48                                    
D      Total Interest Distribution                                 $ 12,377,533.31                                    
---------------
E      Total Cash Distributions-Note and Certificates              $ 48,007,693.79                                    

---------------------------------------------------------------------------
F      Note & Certificate Balances                  07/26/1999          10/25/1999
---------------------------------------------------------------------------

i     A-1 Note Balance (78442GAA4)       $ 361,255,812.66  $ 325,625,652.18
A-1 Note Pool Factor                   0.3705187822      0.3339750279

ii    A-2 Note Balance (78442GAB2)       $ 487,000,000.00  $ 487,000,000.00
A-2 Note Pool Factor                   1.0000000000      1.0000000000

iii   Certificate Balance (78442GAC0)    $  53,030,000.00  $  53,030,000.00
Certificate Pool Factor                1.0000000000      1.0000000000
---------------------------------------------------------------------------

G      Reserve Account Reconciliation
i     Beginning of Period Balance                                             $  2,253,214.53                  
ii    Deposits to correct Shortfall                                           $            --                  
iii   Deposits from Excess Servicing                                          $  3,134,959.91                  
---------------                  
iv    Total Reserve Account Balance Available                                 $  5,388,174.44                  
v     Required Reserve Account Balance                                        $  2,164,139.13                  

vi    Shortfall Carried to Next Period                                        $            --                  
vii   Excess Reserve - Release to SLM Funding Corp.                           $  3,224,035.31                  
viii  Ending Reserve Account Balance                                          $  2,164,139.13                  

9

X. 1996-2 Historical Pool Information

1998         
----------------------------------------------------------------------------
7/1/99-9/30/99     4/1/99-6/30/99      1/1/99-3/31/99     1/1/98-12/31/98   
---------------------------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance             $891,639,751.22    $938,993,513.68    $983,303,642.95    $1,157,119,554.57  
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity                                                                                              
i     Regular Principal Collections              $ 31,416,730.70    $ 37,626,144.26    $ 39,259,855.76    $  149,949,538.87  
ii    Principal Collections from Guarantor          1,970,654.74       5,021,480.25       6,811,368.00        40,352,210.15  
iii   Principal Reimbursements                      6,135,071.37       9,379,936.73       1,952,828.03         1,797,228.48  
iv    Other System Adjustments                                --                 --                 --                   --  
----------------------------------------------------------------------------
v     Total Principal Collections                $ 39,522,456.81    $ 52,027,561.24    $ 48,024,051.79    $  192,098,977.50  
Student Loan Non-Cash Principal Activity                                                                                     
i     Other Adjustments                          $    703,626.43    $    595,950.28    $    921,649.52    $    3,182,463.99  
ii    Capitalized Interest                         (5,319,905.17)     (5,269,749.06)     (4,635,572.04)      (21,465,529.87) 
----------------------------------------------------------------------------
iii   Total Non-Cash Principal Activity          $ (4,616,278.74)   $ (4,673,798.78)   $ (3,713,922.52)   $  (18,283,065.88) 

---------------------------------------------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity            $ 34,906,178.07    $ 47,353,762.46    $ 44,310,129.27    $  173,815,911.62  
---------------------------------------------------------------------------------------------------------------------------------
Student Loan Interest Activity                                                                                               
i     Regular Interest Collections               $ 10,905,485.37    $ 11,817,873.34    $ 12,526,354.42    $   54,432,803.82  
ii    Interest Claims Received from Guarantors        113,202.39         299,501.31         397,961.26         2,490,544.07  
iii   Late Fee Reimbursements                         261,286.57         255,264.17         288,493.20           307,279.69  
iv    Interest Reimbursements                         115,898.42         135,407.31          23,599.94           128,279.84  
v     Other System Adjustments                                --                 --                 --                   --  
vi    Special Allowance Payments                       11,744.08           9,750.19           4,793.14         1,384,583.73  
vii   Subsidy Payments                              2,642,629.88       2,939,430.63       3,133,420.84        15,657,130.90  
----------------------------------------------------------------------------
viii  Total Interest Collections                 $ 14,050,246.71    $ 15,457,226.95    $ 16,374,622.80    $   74,400,622.05  

Student Loan Non-Cash Interest Activity                                                                                      
i     Interest Accrual Adjustment                $   (665,465.09)   $   (509,203.89)   $   (805,748.99)   $   (2,504,011.63) 
ii    Capitalized Interest                          5,319,905.17       5,269,749.06       4,635,572.04        21,465,529.87  
----------------------------------------------------------------------------
iii   Total Non-Cash Interest Adjustments        $  4,654,440.08    $  4,760,545.17    $  3,829,823.05    $   18,961,518.24  
----------------------------------------------------------------------------
Total Student Loan Interest Activity             $ 18,704,686.79    $ 20,217,772.12    $ 20,204,445.85    $   93,362,140.29  

(=) Ending Student Loan Portfolio Balance            $856,733,573.15    $891,639,751.22    $938,993,513.68    $  983,303,642.95  
---------------------------------------------------------------------------------------------------------------------------------
(+) Interest to be Capitalized                       $  8,922,079.03    $  9,646,061.44    $ 10,670,401.42    $   10,283,328.75  
---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------------
(=) TOTAL POOL                                       $865,655,652.18    $901,285,812.66    $949,663,915.10    $  993,586,971.70  
---------------------------------------------------------------------------------------------------------------------------------

---------------------------------------
1997                 1996
---------------------------------------
1/1/97-12/31/97      4/8/96-12/31/96
-------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance             $1,368,940,609.46    $1,499,948,797.64
-------------------------------------------------------------------------------------------
Student Loan Principal Activity                                          
i     Regular Principal Collections              $  145,473,007.92    $  104,817,308.47
ii    Principal Collections from Guarantor           54,514,426.98        14,273,213.40
iii   Principal Reimbursements                       32,082,819.65        30,227,142.04
iv    Other System Adjustments                               (0.00)           (7,802.11)
---------------------------------------
v     Total Principal Collections                $  232,070,254.55    $  149,309,861.80
Student Loan Non-Cash Principal Activity                                 
i     Other Adjustments                          $    3,855,960.11    $    2,791,175.23
ii    Capitalized Interest                          (24,105,159.77)      (21,092,848.85)
---------------------------------------
iii   Total Non-Cash Principal Activity          $  (20,249,199.66)   $  (18,301,673.62)

-------------------------------------------------------------------------------------------
(-) Total Student Loan Principal Activity            $  211,821,054.89    $  131,008,188.18
-------------------------------------------------------------------------------------------
Student Loan Interest Activity                                           
i     Regular Interest Collections               $   59,086,651.06    $   43,848,689.58
ii    Interest Claims Received from Guarantors        3,409,775.51           844,828.73
iii   Late Fee Reimbursements                                 1.27                   --
iv    Interest Reimbursements                           569,993.65           418,023.61
v     Other System Adjustments                                  --            (2,057.69)
vi    Special Allowance Payments                      2,071,430.41         1,356,833.19
vii   Subsidy Payments                               24,308,423.57        16,922,688.94
---------------------------------------
viii  Total Interest Collections                 $   89,446,275.47    $   63,389,006.36

Student Loan Non-Cash Interest Activity                                  
i     Interest Accrual Adjustment                $   (2,963,405.97)   $   (2,588,185.48)
ii    Capitalized Interest                           24,105,159.77        21,092,848.85
---------------------------------------
iii   Total Non-Cash Interest Adjustments        $   21,141,753.80    $   18,504,663.37
---------------------------------------
Total Student Loan Interest Activity             $  110,588,029.27    $   81,893,669.73

(=) Ending Student Loan Portfolio Balance            $  1,157,119,554.57  $1,368,940,609.46
-------------------------------------------------------------------------------------------
(+) Interest to be Capitalized                       $   11,609,569.57    $   13,686,568.72
-------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------
(=) TOTAL POOL                                       $1,168,729,124.14    $1,382,627,178.18
-------------------------------------------------------------------------------------------

10

XI. 1996-2 Payment History and CPRs

Distribution       Actual        Since Issued
Date        Pool Balances       CPR *
----        -------------       -----

Apr-96       $ 1,517,607,923       --

Jul-96       $ 1,483,611,074     4.11%

Oct-96       $ 1,435,808,978     5.25%

Jan-97       $ 1,382,627,178     6.20%

Apr-97       $ 1,326,256,378     6.80%

Jul-97       $ 1,270,438,672     7.10%

Oct-97       $ 1,221,695,246     7.02%

Jan-98       $ 1,168,729,124     7.15%

Apr-98       $ 1,123,009,294     6.83%

Jul-98       $ 1,078,803,107     6.44%

Oct-98       $ 1,035,727,586     6.07%

Jan-99         $ 993,586,972     5.72%

Apr-99         $ 949,663,915     5.47%

Jul-99         $ 901,285,813     5.41%

Oct-99         $ 865,655,652     4.97%

* "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.

11

SLM Student Loan Trust 1996-3
Quarterly Servicing Report
Report Date: 9/30/1999              Reporting Period: 7/1/99-9/30/99

I. Deal Parameters

--------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics           06/30/1999            Activity         09/30/1999
--------------------------------------------------------------------------------------------------

A      i      Portfolio Balance                  $  998,311,775.44    $ (32,553,179.54)  $ 965,758,595.90
ii     Interest to be Capitalized             12,965,524.53                          12,280,448.19
-----------------                       ----------------
iii    Total Pool                         $1,011,277,299.97                       $ 978,039,044.09
iv     Specified Reserve Account Balance       2,528,193.25                           2,445,097.61
-----------------                       ----------------
v      Total Adjusted Pool                $1,013,805,493.22                       $ 980,484,141.70
=================                       ================

B      i      Weighted Average Coupon (WAC)                 8.2392%                                7.7615%
ii     Weighted Average Remaining Term                97.41                                  96.28
iii    Number of Loans                              381,687                                372,129
iv     Number of Borrowers                          149,077                                144,986

----------------------------------------------------------------------------------------------------------------------
Notes and Certificates               Spread       Balance 7/26/99         % of Pool     Balance 10/25/99     % of Pool
----------------------------------------------------------------------------------------------------------------------

C      i      A-1 Notes      78442GAD8          0.49%      $  408,055,493.22       40.250%     $ 374,734,141.70        38.219%
ii     A-2 Notes      78442GAE6          0.68%         553,000,000.00       54.547%       553,000,000.00        56.401%
iii    Certificates   78442GAF3          0.95%          52,750,000.00        5.203%        52,750,000.00         5.380%
----------------------------------------------------------------------------------------------------------------------
iv     Total Notes and Certificates                 $1,013,805,493.22      100.000%     $ 980,484,141.70       100.000%
======================================================================================================================

--------------------------------------------------------------------------------------------------------
Reserve Account                                          07/26/1999                         10/25/1999
--------------------------------------------------------------------------------------------------------

D      i      Required Reserve Acct Deposit (%)                0.25%                              0.25%
ii     Reserve Acct Initial Deposit ($)
iii    Specified Reserve Acct Balance ($)              $ 2,528,193.25                     $ 2,445,097.61
iv     Reserve Account Floor Balance ($)               $ 1,502,704.00                     $ 1,502,704.00
v      Current Reserve Acct Balance ($)                $ 2,528,193.25                     $ 2,445,097.61

1

II. 1996-3 Transactions from: 07/01/1999 through: 09/30/1999

A       Student Loan Principal Activity
i        Regular Principal Collections             $28,051,166.72
ii       Principal Collections from Guarantor        2,513,694.90
iii      Principal Reimbursements                    7,196,467.48
iv       Other System Adjustments                              --
--------------
v        Total Principal Collections               $37,761,329.10

B       Student Loan Non-Cash Principal Activity
i        Other Adjustments                         $   692,829.81
ii       Capitalized Interest                       (5,900,979.37)
--------------
iii      Total Non-Cash Principal Activity         $(5,208,149.56)

-----------------------------------------------------------------
C       Total Student Loan Principal Activity              $32,553,179.54
-----------------------------------------------------------------

D       Student Loan Interest Activity
i        Regular Interest Collections              $11,864,718.05
ii       Interest Claims Received from Guarantors      125,363.81
iii      Late Fee Reimbursements                       238,728.10
iv       Interest Reimbursements                       138,341.50
v        Other System Adjustments                              --
vi       Special Allowance Payments                     10,439.94
vii      Subsidy Payments                            2,973,312.09
--------------
viii     Total Interest Collections                $15,350,903.49

E       Student Loan Non-Cash Interest Activity
i        Interest Accrual Adjustment               $  (665,119.02)
ii       Capitalized Interest                        5,900,979.37
--------------
iii      Total Non-Cash Interest Adjustments       $ 5,235,860.35

-----------------------------------------------------------------
F       Total Student Loan Interest Activity               $20,586,763.84
-----------------------------------------------------------------

2

III. 1996-3 Collection Account Activity 07/01/1999 through 09/30/1999

A       Principal Collections
i     Principal Payments Received-Cash                             $30,564,861.62
ii    Cash Forwarded by Administrator on behalf of Seller              149,638.37
iii   Cash Forwarded by Administrator on behalf of Servicer                597.45
iv    Cash Forwarded by Administrator for Consolidation Activity     7,046,231.66
--------------
v     Total Principal Collections                                  $37,761,329.10

B       Interest Collections
i     Interest Payments Received-Cash                              $14,973,833.89
ii    Cash Forwarded by Administrator on behalf of Seller                5,263.70
iii   Cash Forwarded by Administrator on behalf of Servicer              4,349.87
iv    Cash Forwarded by Administrator for Consolidation Activity       128,727.93
v     Cash Forwarded by Administrator for Late Fee Activity            238,728.10
--------------
vi    Total Interest Collections                                   $15,350,903.49

C       Other Reimbursements                                               $   211,273.69

D       Administrator Account Investment Income                            $   416,667.48

E       Funds borrowed from next Collection Period                         $         0.00

F       TOTAL FUNDS RECEIVED                                               $53,740,173.76
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                         $(1,397,353.38)
---------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                      $52,342,820.38
---------------------------------------------------------------------------------

G       Servicing Fee Calculation-Current Month
i     Unit Charge Calculation                                      $   688,719.75
ii    Percentage of Principal Calculation                          $   950,131.88
iii   Lesser of Unit or Principal Calculation                      $   688,719.75

H       Servicing Fees Due for Current Period                              $   688,719.75

I       Carryover Servicing Fees Due                                       $   794,086.56

JUL 1999     Servicing Carryover       $ 271,201.31
AUG 1999     Servicing Carryover       $ 266,420.44
SEP 1999     Servicing Carryover       $ 261,412.13
------------
$ 799,033.88
Less: Servicing ADJ [A iii + B iii]        ($4,947.32)
============
TOTAL: Carryover Servicing Fee Due         $ 794,086.56
============

J       Administration Fees Due                                            $    20,000.00

---------------------------------------------------------------------------------
K       Total Fees Due for Period                                          $ 1,502,806.31
---------------------------------------------------------------------------------

3

IV. 1996-3 Portfolio Characteristics

--------------------------------------------------------------------------------------------------------
Weighted Avg Coupon         # of Loans                  %                    Principal Amount        
--------------------------------------------------------------------------------------------------------
STATUS                      06/30/1999  09/30/1999  06/30/1999  09/30/1999  06/30/1999  09/30/1999    06/30/1999    09/30/1999      
------------------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                    7.896%     7.384%      15,479    13,227         4.055%      3.554%   $ 46,255,118.35  $ 38,771,200.22

Grace                                                                                            
Current                    7.847%     7.331%      10,924    12,082         2.862%      3.247%   $ 32,590,492.03  $ 36,880,488.56

------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                  7.875%     7.358%      26,403    25,309         6.917%      6.801%   $ 78,845,610.38  $ 75,651,688.78
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT                                                                                          
Active                                                                                           
Current                    8.286%     7.818%     256,197   241,109        67.122%     64.792%   $633,746,276.82  $585,515,731.24
31-60 Days Delinquent      8.305%     7.830%      15,611    15,289         4.090%      4.108%   $ 40,456,144.88  $ 39,056,785.45
61-90 Days Delinquent      8.296%     7.818%       8,048     8,216         2.109%      2.208%   $ 21,723,038.90  $ 23,434,373.28
91-120 Days Delinquent     8.300%     7.816%       3,300     4,487         0.865%      1.206%   $  8,969,443.49  $ 12,832,890.50
> 120 Days Delinquent      8.285%     7.809%       4,303     5,798         1.127%      1.558%   $ 11,795,916.06  $ 16,297,231.33

Deferment                                                                                         
Current                    8.163%     7.670%      38,587    39,732        10.110%     10.677%   $108,583,941.19  $110,056,872.51

Forbearance                                                                                       
Current                    8.288%     7.806%      28,594    31,362         7.491%      8.428%   $ 92,715,671.38  $100,870,011.42

------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                8.273%     7.798%     354,640   345,993        92.914%     92.977%   $917,990,432.72  $888,063,895.73
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1)         8.311%     7.804%         621       803         0.163%      0.216%   $  1,435,410.73  $  1,998,029.37
Aged Claims Rejected (2)      8.264%     7.739%          23        24         0.006%      0.006%   $     40,321.61  $     44,982.02
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL     8.239%     7.761%     381,687   372,129       100.000%    100.000%   $998,311,775.44  $965,758,595.90
------------------------------------------------------------------------------------------------------------------------------------

----------------------
%
----------------------
STATUS                        06/30/1999  09/30/1999
----------------------------------------------------

INTERIM:
In School
Current                      4.633%        4.014%

Grace                     
Current                      3.265%        3.819%

----------------------------------------------------
TOTAL INTERIM                    7.898%        7.833%
----------------------------------------------------
REPAYMENT                   
Active                    
Current                     63.482%       60.628%
31-60 Days Delinquent        4.052%        4.044%
61-90 Days Delinquent        2.176%        2.426%
91-120 Days Delinquent       0.898%        1.329%
> 120 Days Delinquent        1.182%        1.687%

Deferment                  
Current                     10.877%       11.396%

Forbearance                
Current                      9.287%       10.445%

----------------------------------------------------
TOTAL REPAYMENT                 91.954%       91.955%
----------------------------------------------------
Claims in Process (1)           0.144%        0.207%
Aged Claims Rejected (2)        0.004%        0.005%
----------------------------------------------------
GRAND TOTAL     100.000%      100.000%
----------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1996-3 Portfolio Characteristics by School and Program 9/30/99

-------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                    TWO YEAR SCHOOLS              
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB   PLUS      SLS     GSL-SUB  GSL-UNSUB    PLUS     SLS     
-------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                      2.599%    0.914%    0.000%    0.000%    0.279%    0.095%    0.000%    0.000%  

Grace
Current                      2.523%    0.926%    0.000%    0.000%    0.190%    0.073%    0.000%    0.000%  

-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                      5.122%    1.840%    0.000%    0.000%    0.469%    0.168%    0.000%    0.000%  
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                  34.662%    7.722%    6.170%    2.680%    3.154%    0.757%    0.278%    0.344%  
31-60 Days Delinquent     1.974%    0.422%    0.395%    0.183%    0.397%    0.067%    0.020%    0.048%  
61-90 Days Delinquent     1.144%    0.288%    0.171%    0.141%    0.244%    0.053%    0.006%    0.028%  
91-120 Days Delinquent    0.649%    0.155%    0.082%    0.061%    0.130%    0.022%    0.003%    0.016%  
> 120 Days Delinquent     0.730%    0.173%    0.065%    0.094%    0.213%    0.041%    0.005%    0.022%  

Deferment
Current                   6.593%    1.691%    0.571%    0.636%    0.788%    0.193%    0.037%    0.089%  

Forbearance
Current                   4.940%    1.465%    0.635%    0.658%    0.928%    0.237%    0.034%    0.113%  

-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                   50.692%   11.916%    8.089%    4.453%    5.854%    1.370%    0.383%    0.660%  
-----------------------------------------------------------------------------------------------------------------

Claims in Process (1)              0.082%    0.020%    0.019%    0.007%    0.033%    0.009%    0.000%    0.002%  
Aged Claims Rejected (2)           0.002%    0.001%    0.000%    0.000%    0.002%    0.000%    0.000%    0.000%  

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM          55.898%   13.777%    8.108%    4.460%    6.358%    1.547%    0.383%    0.662%  
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                              82.243%                                 8.950%                 
-----------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------
TECHNICAL SCHOOLS                            UNKNOWN
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB    PLUS      SLS     GSL-SUB  GSL-UNSUB    PLUS      SLS
-------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                         0.032%    0.026%    0.000%    0.000%    0.039%    0.030%    0.000%    0.000%

Grace
Current                         0.026%    0.018%    0.000%    0.000%    0.031%    0.032%    0.000%    0.000%

-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                         0.058%    0.044%    0.000%    0.000%    0.070%    0.062%    0.000%    0.000%
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                      2.309%    0.825%    0.372%    0.705%    0.343%    0.180%    0.013%    0.114%
31-60 Days Delinquent        0.306%    0.085%    0.032%    0.088%    0.018%    0.003%    0.001%    0.005%
61-90 Days Delinquent        0.198%    0.058%    0.018%    0.057%    0.009%    0.009%    0.000%    0.002%
91-120 Days Delinquent       0.120%    0.030%    0.012%    0.036%    0.007%    0.003%    0.000%    0.003%
> 120 Days Delinquent        0.182%    0.064%    0.013%    0.060%    0.015%    0.008%    0.000%    0.002%

Deferment
Current                      0.350%    0.110%    0.016%    0.118%    0.097%    0.084%    0.002%    0.021%

Forbearance
Current                      0.698%    0.228%    0.057%    0.222%    0.116%    0.087%    0.001%    0.026%

-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                       4.163%    1.400%    0.520%    1.286%    0.605%    0.374%    0.017%    0.173%
-----------------------------------------------------------------------------------------------------------------

Claims in Process (1)                 0.023%    0.005%    0.001%    0.003%    0.002%    0.001%    0.000%    0.000%
Aged Claims Rejected (2)              0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM              4.244%    1.449%    0.521%    1.289%    0.677%    0.437%    0.017%    0.173%
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                 7.503%                                  1.304%
-----------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

-------------------------------------------------------------------------------
FOUR YEAR  TWO YEAR  TECHNICAL
STATUS                          SCHOOLS    SCHOOLS    SCHOOLS  UNKNOWN   TOTAL
-------------------------------------------------------------------------------
INTERIM:
In School
Current                  3.513%     0.374%     0.058%   0.069%    4.014%

Grace
Current                  3.449%     0.263%     0.044%   0.063%    3.819%

-------------------------------------------------------------------------------
TOTAL INTERIM                    6.962%     0.637%     0.102%   0.132%    7.833%
-------------------------------------------------------------------------------
REPAYMENT:
Active
Current                 51.234%     4.533%     4.211%   0.650%   60.628%
31-60 Days Delinquent    2.974%     0.532%     0.511%   0.027%    4.044%
61-90 Days Delinquent    1.744%     0.331%     0.331%   0.020%    2.426%
91-120 Days Delinquent   0.947%     0.171%     0.198%   0.013%    1.329%
> 120 Days Delinquent    1.062%     0.281%     0.319%   0.025%    1.687%

Deferment
Current                  9.491%     1.107%     0.594%   0.204%   11.396%

Forbearance
Current                  7.698%     1.312%     1.205%   0.230%   10.445%

-------------------------------------------------------------------------------
TOTAL REPAYMENT                 75.150%     8.267%     7.369%   1.169%   91.955%
-------------------------------------------------------------------------------

Claims in Process (1)            0.128%     0.044%     0.032%   0.003%    0.207%
Aged Claims Rejected (2)         0.003%     0.002%     0.000%   0.000%    0.005%

-------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE            82.243%     8.950%     7.503%   1.304%  100.000%
-------------------------------------------------------------------------------

5

VI. 1996-3 Interest Calculation

A       Borrower Interest Accrued During Collection Period                                 $   16,450,828.05
B       Interest Subsidy Payments Accrued During Collection Period                              2,511,229.48
C       SAP Payments Accrued During Collection Period                                             408,004.98
D       INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                    60,381.38
E       Investment Earnings (ADMINISTRATOR  ACT)                                                  416,667.48
F       Net Expected Interest Collections                                                  $   19,847,111.37

G       Student Loan Rate
i     Days in Collection Period (7/1/99-9/30/99)                                                  92
ii    Days in Year                                                                               365
iii   Net Expected Interest Collections                                            $   19,847,111.37
iv    Primary Servicing Fee                                                        $    2,086,073.13
v     Administration Fee                                                           $       20,000.00
vi    Total Pool Balance at Beginning of Collection Period                         $1,011,277,299.97
vii   Student Loan Rate                                                                      6.96007%
Accrued                                   
Int Factor     Accrual Period              
----------     --------------              
H       Class A-1 T-Bill Based Interest Rate                                                         5.35382%
I       Class A-1 Interest Rate                      0.013347890   (7/26/99-10/25/99)                5.35382%
J       Class A-2 T-Bill Based Interest Rate                                                         5.54382%
K       Class A-2 Interest Rate                      0.013821589   (7/26/99-10/25/99)                5.54382%
L       Certificate T-Bill Based Rate of Return                                                      5.81382%
M       Certificate Rate of Return                   0.014494740   (7/26/99-10/25/99)                5.81382%

6

VII. 1996-3 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A       Total Student Loan Pool Outstanding
i      Portfolio Balance                                $   998,311,775.44
ii     Interest To Be Capitalized                            12,965,524.53
-----------------
iii    Total Pool                                        $1,011,277,299.97
iv     Specified Reserve Account Balance                      2,528,193.25
-----------------
v      Total Adjusted Pool Balance                       $1,013,805,493.22
=================

B       Total Note and Certificate Factor                            0.67284253740
C       Total Note and Certificate Balance                       $1,013,805,493.22

----------------------------------------------------------------------------------------------------------------
D       Note Balance  07/26/1999                                     Class A-1          Class A-2         Certificates       
----------------------------------------------------------------------------------------------------------------

i      Current Factor-7/26/99                                 0.4528917794       1.0000000000       1.0000000000
ii     Note Principal Shortfall                         $             0.00   $           0.00   $           0.00
iii    Expected Note Balance                            $   408,055,493.22   $ 553,000,000.00   $  52,750,000.00
------------------   ----------------   ----------------
iv     Note Balance                                     $   408,055,493.22   $ 553,000,000.00   $  52,750,000.00
E       Interest Shortfall                                      $             0.00   $           0.00   $           0.00
F       Interest Carryover                                      $             0.00   $           0.00   $           0.00
----------------------------------------------------------------------------------------------------------------

G       Reserve Account Balance                                 $     2,528,193.25
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
K       Interest Due on Unpaid Carryover Servicing Fees         $             0.00

7

VIII. 1996-3 Waterfall for Distributions

Remaining
Funds Balance
-------------

A      Total Available Funds ( Sections III -F + VI-D)     $52,403,201.76   $52,403,201.76

B      Primary Servicing Fees-Current Month                $   688,719.75   $51,714,482.01
C      Administration Fee                                  $    20,000.00   $51,694,482.01

D      Noteholder's Interest Distribution Amount
i     Class A-1                                     $ 5,446,679.84   $46,247,802.17
ii    Class A-2                                     $ 7,643,338.72   $38,604,463.45
--------------
iii   Total Noteholder's Interest Distribution      $13,090,018.56

E      Certificateholder's Return Distribution Amount      $   764,597.54   $37,839,865.91

F      Noteholder's Principal Distribution Amount Paid
i     Class A-1                                     $33,321,351.52   $ 4,518,514.39
ii    Class A-2                                     $         0.00   $ 4,518,514.39
--------------
iii   Total Noteholder's Principal Distribution     $33,321,351.52

G      Certificateholder's Balance Distribution Amount     $         0.00   $ 4,518,514.39

H      Increase to the Specified Reserve Account Balance   $         0.00   $ 4,518,514.39

I      Carryover Servicing Fees                            $   794,086.56   $ 3,724,427.83

J      Noteholder's Interest Carryover
i     Class A-1                                     $         0.00   $ 3,724,427.83
ii    Class A-2                                     $         0.00   $ 3,724,427.83
--------------
iii   Total Noteholder's Interest Carryover         $         0.00

K      Certificateholder's Return Carryover                $         0.00   $ 3,724,427.83

L      Excess to Reserve Account                           $ 3,724,427.83   $         0.00

8

IX. 1996-3 Distributions

--------------------------------------------------------------------------------------------------------------------
A      Distribution Amounts                                                    Class A-1          Class A-2    Certificates
--------------------------------------------------------------------------------------------------------------------

i     Quarterly Interest Due                                         $    5,446,679.84   $7,643,338.72   $764,597.54
ii    Quarterly Interest Paid                                             5,446,679.84    7,643,338.72    764,597.54
-----------------   -------------   -----------
iii   Interest Shortfall                                             $            0.00   $        0.00   $      0.00

iv    Interest Carryover Due                                         $            0.00   $        0.00   $      0.00
v     Interest Carryover Paid                                                     0.00            0.00          0.00
vi    Interest Carryover                                             $            0.00   $        0.00   $      0.00

vii   Quarterly Principal Due                                        $   33,321,351.52   $        0.00   $      0.00
viii  Quarterly Principal Paid                                           33,321,351.52            0.00          0.00
ix    Quarterly Principal Shortfall                                  $            0.00   $        0.00   $      0.00

--------------------------------------------------------------------------------------------------------------------
x     Total Distribution Amount                                      $   38,768,031.36   $7,643,338.72   $764,597.54
--------------------------------------------------------------------------------------------------------------------

B      Principal Distribution Reconciliation
i     Notes and Certificates Principal Balance  9/30/99              $1,013,805,493.22
ii     Adjusted Pool Balance  9/30/99                                   980,484,141.70
-----------------
iii   Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)   $   33,321,351.52
=================

iv    Adjusted Pool Balance 6/30/99                                  $1,013,805,493.22
v     Adjusted Pool Balance 9/30/99                                     980,484,141.70
-----------------
vi    Current Principal Due (iv-v)                                   $   33,321,351.52
vii   Principal Shortfall from Previous Collection Period                           --
-----------------
viii  Principal Distribution Amount (vi + vii)                       $   33,321,351.52
=================

ix    Principal Distribution Amount Paid                             $   33,321,351.52

x     Principal Shortfall (viii - ix)                                $              --

C            Total Principal Distribution                                   $   33,321,351.52
D            Total Interest Distribution                                        13,854,616.10
-----------------
E            Total Cash Distributions-Note and Certificates                 $   47,175,967.62

--------------------------------------------------------------------------------------
F      Note & Certificate Balances                         07/26/1999          10/25/1999
--------------------------------------------------------------------------------------

i     A-1 Note Balance     (78442GAD8)           $408,055,493.22     $  374,734,141.70
A-1 Note Pool Factor                          0.4528917794          0.4159091473

ii    A-2 Note Balance     (78442GAE6)           $553,000,000.00     $  553,000,000.00
A-2 Note Pool Factor                          1.0000000000          1.0000000000

iii   Certificate Balance  (78442GAF3)           $ 52,750,000.00     $   52,750,000.00
Certificate Pool Factor                       1.0000000000          1.0000000000
--------------------------------------------------------------------------------------

G      Reserve Account Reconciliation
i     Beginning of Period Balance                                    $    2,528,193.25
ii    Deposits to correct Shortfall                                  $              --
iii   Deposits from Excess Servicing                                 $    3,724,427.83
-----------------
iv    Total Reserve Account Balance Available                        $    6,252,621.08
v     Required Reserve Account Balance                               $    2,445,097.61

vi    Shortfall Carried to Next Period                               $              --
vii   Excess Reserve - Release to SLM Funding Corp                   $    3,807,523.47
viii  Ending Reserve Account Balance                                 $    2,445,097.61

9

X. 1996-3 Historical Pool Information

---------------------------------------------------------------
7/1/99-9/30/99      4/1/99-6/30/99        1/1/99-3/31/99     
-----------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                $  998,311,775.44    $1,044,121,155.14    $1,083,954,845.53    
-----------------------------------------------------------------------------------------------------------------------

Student Loan Principal Activity
i     Regular Principal Collections               $   28,051,166.72    $   33,236,782.82    $   34,580,443.93    
ii    Principal Collections from Guarantor             2,513,694.90         4,852,237.71         6,962,455.98    
iii   Principal reimbursements                         7,196,467.48        13,184,604.14         2,422,860.10    
iv    Other System Adjustments                                   --                   --                   --    
---------------------------------------------------------------
v     Total Principal Collections                 $   37,761,329.10    $   51,273,624.67    $   43,965,760.01    

Student Loan Non-Cash Principal Activity
i     Other Adjustments                           $      692,829.81    $      632,127.83    $      986,851.63    
ii    Capitalized Interest                            (5,900,979.37)       (6,096,372.80)       (5,118,921.25)   
---------------------------------------------------------------
iii   Total Non-Cash Principal Activity           $   (5,208,149.56)   $   (5,464,244.97)   $   (4,132,069.62)   
-----------------------------------------------------------------------------------------------------------------------
(-)   Total Student Loan Principal Activity             $   32,553,179.54    $   45,809,379.70    $   39,833,690.39    
-----------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections                $   11,864,718.05    $   12,714,216.88    $   13,363,504.80    
ii    Interest Claims Received from Guarantors           125,363.81           289,850.39           420,619.68    
iii   Late Fee Reimbursements                            238,728.10           232,312.74           259,215.91    
iv    Interest Reimbursements                            138,341.50           224,015.30            39,260.85    
v     Other System Adjustments                                   --                   --                   --    
vi    Special Allowance Payments                          10,439.94             7,789.18             4,951.40    
vii   Subsidy Payments                                 2,973,312.09         3,251,050.27         3,652,134.80    
---------------------------------------------------------------
viii  Total Interest Collections                  $   15,350,903.49    $   16,719,234.76    $   17,739,687.44    

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                 $     (665,119.02)   $     (560,383.59)   $     (895,332.14)   
ii    Capitalized Interest                             5,900,979.37         6,096,372.80         5,118,921.25    
---------------------------------------------------------------
iii   Total Non-Cash Interest Adjustments         $    5,235,860.35    $    5,535,989.21    $    4,223,589.11    
---------------------------------------------------------------
Total Student Loan Interest Activity              $   20,586,763.84    $   22,255,223.97    $   21,963,276.55    

(=)   Ending Student Loan Portfolio Balance             $  965,758,595.90    $  998,311,775.44    $1,044,121,155.14    
-----------------------------------------------------------------------------------------------------------------------
(+)   Interest to be Capitalized                        $   12,280,448.19    $   12,965,524.53    $   14,011,587.78    
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(=)   TOTAL POOL                                        $  978,039,044.09    $1,011,277,299.97    $1,058,132,742.92    
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(+)   Reserve Account Balance                           $    2,445,097.61    $    2,528,193.25    $    2,645,331.86    
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(=)   TOTAL ADJUSTED POOL                               $  980,484,141.70    $1,013,805,493.22    $1,060,778,074.78    
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------
1998                  1997                   1996
-----------------------------------------------------------
1/1/98-12/31/98      1/1/97-12/31/97      6/17/96-12/31/96
-------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                $1,228,714,371.63    $1,413,647,896.61    $1,485,028,174.57
-------------------------------------------------------------------------------------------------------------------

Student Loan Principal Activity
i     Regular Principal Collections               $  122,504,044.52    $  109,020,540.61    $   56,058,587.17
ii    Principal Collections from Guarantor            41,298,428.76        56,780,983.13         4,102,484.47
iii   Principal reimbursements                         2,546,996.03        41,704,153.21        25,574,172.87
iv    Other System Adjustments                                   --                   --            (2,160.08)
-----------------------------------------------------------
v     Total Principal Collections                 $  166,349,469.31    $  207,505,676.95    $   85,733,084.43

Student Loan Non-Cash Principal Activity
i     Other Adjustments                           $    3,047,079.72    $    3,675,838.55    $    2,226,545.19
ii    Capitalized Interest                           (24,637,022.93)      (26,247,990.52)      (16,579,351.66)
-----------------------------------------------------------
iii   Total Non-Cash Principal Activity           $  (21,589,943.21)   $  (22,572,151.97)   $  (14,352,806.47)
-----------------------------------------------------------------------------------------------------------------------
(-)   Total Student Loan Principal Activity             $  144,759,526.10    $  184,933,524.98    $   71,380,277.96
-------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections                $   56,008,898.70    $   56,916,994.63    $   29,251,514.62
ii    Interest Claims Received from Guarantors         2,555,312.40         3,556,475.39           195,989.28
iii   Late Fee Reimbursements                            271,571.86                   --                   --
iv    Interest Reimbursements                            129,824.10           640,157.64           403,805.13
v     Other System Adjustments                                   --                   --              (385.55)
vi    Special Allowance Payments                       1,215,231.25         1,886,637.13         1,296,691.10
vii   Subsidy Payments                                18,157,524.99        27,499,868.72        19,346,491.31
-----------------------------------------------------------
viii  Total Interest Collections                  $   78,338,363.30    $   90,500,133.51    $   50,494,105.89

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                 $   (2,440,884.70)   $   (2,985,922.64)   $   (2,174,688.01)
ii    Capitalized Interest                            24,637,022.93        26,247,990.52        16,579,351.66
-----------------------------------------------------------
iii   Total Non-Cash Interest Adjustments         $   22,196,138.23    $   23,262,067.88    $   14,404,663.65
-----------------------------------------------------------
Total Student Loan Interest Activity              $  100,534,501.53    $  113,762,201.39    $   64,898,769.54

(=)   Ending Student Loan Portfolio Balance             $1,083,954,845.53    $1,228,714,371.63    $1,413,647,896.61
-------------------------------------------------------------------------------------------------------------------
(+)   Interest to be Capitalized                        $   13,191,211.43    $   14,946,382.97    $   15,933,644.48
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
(=)   TOTAL POOL                                        $1,097,146,056.96    $1,243,660,754.60    $1,429,581,541.09
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
(+)   Reserve Account Balance                           $    2,742,865.14    $    3,222,987.71    $    3,674,921.48
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
(=)   TOTAL ADJUSTED POOL                               $1,099,888,922.10    $1,246,883,742.31    $1,433,256,462.57
-------------------------------------------------------------------------------------------------------------------

10

XI. 1996-3 Payment History and CPRs

Distribution       Actual         Since Issued
Date        Pool Balances        CPR *
----        -------------        -----

Jun-96       $ 1,502,704,078        --

Oct-96       $ 1,466,211,474      6.31%

Jan-97       $ 1,429,581,541      5.60%

Apr-97       $ 1,379,654,678      6.30%

Jul-97       $ 1,331,618,519      6.60%

Oct-97       $ 1,289,195,084      6.48%

Jan-98       $ 1,243,660,755      6.53%

Apr-98       $ 1,205,728,980      6.14%

Jul-98       $ 1,167,972,431      5.82%

Oct-98       $ 1,132,576,891      5.50%

Jan-99       $ 1,097,146,057      5.22%

Apr-99       $ 1,058,132,743      5.06%

Jul-99       $ 1,011,277,300      5.16%

Oct-99         $ 978,039,044      4.86%

* "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.

11

SLM Student Loan Trust 1996-4
Quarterly Servicing Report
Report Date: 9/30/1999                  Reporting Period: 7/1/99-9/30/99

I. Deal Parameters

-----------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics         06/30/1999           Activity            09/30/1999
-----------------------------------------------------------------------------------------------------

A      i      Portfolio Balance                    $ 940,379,349.80    $  (35,626,638.10)   $ 904,752,711.70
ii     Interest to be Capitalized              12,547,679.20                            11,469,977.72
----------------                         ----------------
iii    Total Pool                           $ 952,927,029.00                         $ 916,222,689.42

iv     Specified Reserve Account Balance        2,382,317.57                             2,290,556.72
----------------                         ----------------
v      Total Adjusted Pool                  $ 955,309,346.57                         $ 918,513,246.14
================                         ================

B      i      Weighted Average Coupon (WAC)                  8.2195%                                  7.7603%
ii     Weighted Average Remaining Term                 96.88                                    96.42
iii    Number of Loans                               416,441                                  400,363
iv     Number of Borrowers                           156,748                                  150,550

---------------------------------------------------------------------------------------------------------------------
Notes and Certificates                      Spread      Balance 7/26/99     % of Pool     Balance 10/25/99   % of Pool
---------------------------------------------------------------------------------------------------------------------

C      i      A-1 Notes      78442GAG1              0.48%      $ 407,609,346.57      42.668%    $ 370,813,246.14      40.371%
ii     A-2 Notes      78442GAH9              0.64%        495,000,000.00      51.816%      495,000,000.00      53.891%
iii    Certificates   78442GAJ5              0.93%         52,700,000.00       5.516%       52,700,000.00       5.738%
---------------------------------------------------------------------------------------------------------------------
iv     Total Notes and Certificates                     $ 955,309,346.57     100.000%    $ 918,513,246.14     100.000%
=====================================================================================================================

-----------------------------------------------------------------------------------------------------
Reserve Account                                 07/26/1999                              10/25/1999
-----------------------------------------------------------------------------------------------------

D      i      Required Reserve Acct Deposit (%)        0.25%                                    0.25%
ii     Reserve Acct Initial Deposit ($)
iii    Specified Reserve Acct Balance ($)     $ 2,382,317.57                           $ 2,290,556.72
iv     Reserve Account Floor Balance ($)      $ 1,501,183.00                           $ 1,501,183.00
v      Current Reserve Acct Balance ($)       $ 2,382,317.57                           $ 2,290,556.72

1

II. 1996-4 Transactions from: 07/01/1999 through: 09/30/1999

A       Student Loan Principal Activity
i      Regular Principal Collections              $31,769,522.26
ii     Principal Collections from Guarantor         2,336,608.14
iii    Principal Reimbursements                     7,106,146.91
iv     Other System Adjustments                             0.00
--------------
v      Total Principal Collections                $41,212,277.31

B       Student Loan Non-Cash Principal Activity
i      Other Adjustments                          $   776,605.13
ii     Capitalized Interest                        (6,362,244.34)
--------------
iii    Total Non-Cash Principal Activity          $(5,585,639.21)

----------------------------------------------------------------
C       Total Student Loan Principal Activity             $35,626,638.10
----------------------------------------------------------------

D       Student Loan Interest Activity
i      Regular Interest Collections               $10,850,168.85
ii     Interest Claims Received from Guarantors       126,029.25
iii    Late Fee Reimbursements                        262,478.36
iv     Interest Reimbursements                        102,605.51
v      Other System Adjustments                             0.00
vi     Special Allowance Payments                      12,335.71
vii    Subsidy Payments                             2,888,848.29
--------------
viii   Total Interest Collections                 $14,242,465.97

E       Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                ($  714,694.70)
ii     Capitalized Interest                         6,362,244.34
--------------
iii    Total Non-Cash Interest Adjustments        $ 5,647,549.64

----------------------------------------------------------------
F       Total Student Loan Interest Activity              $19,890,015.61
----------------------------------------------------------------

2

III. 1996-4 Collection Account Activity 07/01/1999 through 09/30/1999

A        Principal Collections
i      Principal Payments Received-Cash                             $34,106,130.40
ii     Cash Forwarded by Administrator on behalf of Seller              140,801.98
iii    Cash Forwarded by Administrator on behalf of Servicer             19,729.49
iv     Cash Forwarded by Administrator for Consolidation Activity     6,945,615.44
--------------
v      Total Principal Collections                                  $41,212,277.31

B        Interest Collections
i      Interest Payments Received-Cash                              $13,877,382.10
ii     Cash Forwarded by Administrator on behalf of Seller               (1,103.53)
iii    Cash Forwarded by Administrator on behalf of Servicer              6,999.47
iv     Cash Forwarded by Administrator for Consolidation Activity        96,709.57
v      Cash Forwarded by Administrator for Late Fee Activity            262,478.36
--------------
vi     Total Interest Collections                                   $14,242,465.97

C        Other Reimbursements                                                $   107,169.41

D        Administrator Account Investment Income                             $   433,493.79

E        Return funds borrowed for previous distribution                     $         0.00

F        TOTAL FUNDS RECEIVED                                                $55,995,406.48
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                          ($1,468,802.64)
----------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                       $54,526,603.84
----------------------------------------------------------------------------------

G        Servicing Fee Calculation-Current Month
i            Unit Charge Calculation                                $   719,299.68
ii           Percentage of Principal Calculation                    $   960,769.29
iii          Lesser of Unit or Principal Calculation                $   719,299.68

H        Servicing Fees Due for Current Period                               $   719,299.68

I        Carryover Servicing Fees Due                 $ 706,645.57

JUL 1999    Servicing Carryover       $ 247,547.75
AUG 1999    Servicing Carryover       $ 244,357.17
SEP 1999    Servicing Carryover       $ 241,469.61
------------
$ 733,374.53
Less: Servicing ADJ [A iii + B iii]   ($ 26,728.96)
------------
TOTAL: Carryover Servicing Fee Due     $ 706,645.57
============

J        Administration Fees Due                                             $    20,000.00

----------------------------------------------------------------------------------
K        Total Fees Due for Period                                           $ 1,445,945.25
----------------------------------------------------------------------------------

3

IV. 1996-4 Portfolio Characteristics

---------------------------------------------------------------------------------------------------------
Weighted Avg Coupon          # of Loans                   %                   Principal Amount         
---------------------------------------------------------------------------------------------------------
STATUS                     06/30/1999  09/30/1999  06/30/1999   09/30/1999  06/30/1999  09/30/1999    06/30/1999        09/30/1999  
------------------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                  7.955%     7.453%       15,292        13,197     3.672%      3.296%   $ 43,837,826.72   $ 37,680,151.59

Grace
Current                  7.935%     7.425%        9,466         9,833     2.273%      2.456%   $ 27,012,207.94   $ 28,443,734.11

------------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                7.947%     7.441%       24,758        23,030     5.945%      5.752%   $ 70,850,034.66   $ 66,123,885.70
------------------------------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                  8.254%     7.811%      286,733       266,099    68.853%     66.465%   $580,159,403.72   $531,361,183.69
31-60 Days Delinquent    8.274%     7.817%       16,714        16,253     4.014%      4.060%   $ 38,791,488.75   $ 37,719,365.49
61-90 Days Delinquent    8.282%     7.804%        8,255         8,602     1.982%      2.149%   $ 20,658,700.30   $ 22,278,413.41
91-120 Days Delinquent   8.274%     7.805%        3,715         4,371     0.892%      1.092%   $  9,199,236.47   $ 11,441,868.68
> 120 Days Delinquent    8.262%     7.787%        4,838         6,523     1.162%      1.629%   $ 12,353,839.31   $ 16,956,718.89

Deferment
Current                  8.138%     7.649%       39,835        41,206     9.566%     10.292%   $108,416,934.68   $112,381,648.42

Forbearance
Current                  8.268%     7.800%       30,809        33,364     7.398%      8.333%   $ 98,261,848.45   $104,348,539.22

------------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT              8.243%     7.788%      390,899       376,418    93.867%     94.020%   $867,841,451.68   $836,487,737.80
------------------------------------------------------------------------------------------------------------------------------------
Claims in Process (1)       8.224%     7.806%          758           890     0.182%      0.222%   $  1,643,613.23   $  2,081,225.02
Aged Claims Rejected (2)    8.243%     7.797%           26            25     0.006%      0.006%   $     44,250.23   $     59,863.18
------------------------------------------------------------------------------------------------------------------------------------
GRAND TOTAL  8.219%     7.760%      416,441       400,363   100.000%    100.000%   $940,379,349.80   $904,752,711.70
------------------------------------------------------------------------------------------------------------------------------------

---------------------------
%
---------------------------
STATUS                       06/30/1999       09/30/1999
--------------------------------------------------------

INTERIM:
In School
Current                     4.662%             4.165%

Grace
Current                     2.872%             3.144%

--------------------------------------------------------
TOTAL INTERIM                   7.534%             7.309%
--------------------------------------------------------
REPAYMENT
Active
Current                    61.694%            58.730%
31-60 Days Delinquent       4.125%             4.169%
61-90 Days Delinquent       2.197%             2.462%
91-120 Days Delinquent      0.978%             1.265%
> 120 Days Delinquent       1.314%             1.874%

Deferment
Current                    11.529%            12.421%

Forbearance
Current                    10.449%            11.533%

--------------------------------------------------------
TOTAL REPAYMENT                92.286%            92.454%
--------------------------------------------------------
Claims in Process (1)          0.175%             0.230%
Aged Claims Rejected (2)       0.005%             0.007%
--------------------------------------------------------
GRAND TOTAL   100.000%           100.000%
--------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1996-4 Portfolio Characteristics by School and Program 9/30/99

------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                     TWO YEAR SCHOOLS              
------------------------------------------------------------------------------
GSL-SUB  GSL-UNSUB   PLUS      SLS      GSL-SUB  GSL-UNSUB   PLUS      SLS    
------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                      2.575%    0.845%    0.000%    0.000%    0.383%    0.158%    0.000%    0.000% 

Grace
Current                      1.943%    0.687%    0.000%    0.000%    0.287%    0.108%    0.000%    0.000% 

-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       4.518%    1.532%    0.000%    0.000%    0.670%    0.266%    0.000%    0.000% 
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                  34.820%    8.300%    2.950%    2.389%    3.410%    1.153%    0.161%    0.231% 
31-60 Days Delinquent     2.045%    0.495%    0.205%    0.220%    0.372%    0.087%    0.014%    0.027% 
61-90 Days Delinquent     1.201%    0.295%    0.086%    0.125%    0.244%    0.072%    0.003%    0.019% 
91-120 Days Delinquent    0.572%    0.141%    0.036%    0.077%    0.138%    0.037%    0.002%    0.009% 
> 120 Days Delinquent     0.833%    0.208%    0.039%    0.076%    0.235%    0.064%    0.003%    0.017% 

Deferment
Current                   7.112%    1.860%    0.462%    0.696%    0.950%    0.290%    0.024%    0.072% 

Forbearance
Current                   5.518%    1.674%    0.351%    0.865%    1.016%    0.286%    0.021%    0.086% 

-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                    52.101%   12.973%    4.129%    4.448%    6.365%    1.989%    0.228%    0.461% 
-----------------------------------------------------------------------------------------------------------------

Claims in Process (1)               0.093%    0.032%    0.010%    0.010%    0.027%    0.006%    0.000%    0.001% 
Aged Claims Rejected (2)            0.002%    0.000%    0.000%    0.001%    0.001%    0.000%    0.000%    0.001% 

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM           56.714%   14.537%    4.139%    4.459%    7.063%    2.261%    0.228%    0.463% 
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                               79.849%                                 10.015%               
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------
TECHNICAL SCHOOLS                              UNKNOWN
-----------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB    PLUS     SLS     GSL-SUB    GSL-UNSUB    PLUS     SLS
-----------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                       0.094%    0.074%    0.000%    0.000%    0.020%    0.016%    0.000%    0.000%

Grace
Current                       0.044%    0.025%    0.000%    0.000%    0.023%    0.027%    0.000%    0.000%

----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                        0.138%    0.099%    0.000%    0.000%    0.043%    0.043%    0.000%    0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                    2.743%    1.212%    0.400%    0.619%    0.196%    0.083%    0.006%    0.057%
31-60 Days Delinquent      0.374%    0.143%    0.040%    0.105%    0.023%    0.004%    0.000%    0.015%
61-90 Days Delinquent      0.227%    0.092%    0.014%    0.047%    0.020%    0.009%    0.000%    0.008%
91-120 Days Delinquent     0.139%    0.055%    0.006%    0.030%    0.011%    0.007%    0.000%    0.005%
> 120 Days Delinquent      0.228%    0.110%    0.015%    0.036%    0.006%    0.002%    0.000%    0.002%

Deferment
Current                    0.426%    0.176%    0.025%    0.112%    0.108%    0.067%    0.000%    0.041%

Forbearance
Current                    0.841%    0.406%    0.055%    0.187%    0.110%    0.075%    0.001%    0.041%

----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                      4.978%    2.194%    0.555%    1.136%    0.474%    0.247%    0.007%    0.169%
----------------------------------------------------------------------------------------------------------------

Claims in Process (1)                0.027%    0.015%    0.002%    0.007%    0.000%    0.000%    0.000%    0.000%
Aged Claims Rejected (2)             0.001%    0.001%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM             5.144%    2.309%    0.557%    1.143%    0.517%    0.290%    0.007%    0.169%
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                9.153%                                   0.983%
----------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

-------------------------------------------------------------------------------
FOUR YEAR  TWO YEAR  TECHNICAL
STATUS                          SCHOOLS   SCHOOLS    SCHOOLS   UNKNOWN   TOTAL
-------------------------------------------------------------------------------
INTERIM:
In School
Current                  3.420%    0.541%    0.168%     0.036%    4.165%

Grace
Current                  2.630%    0.395%    0.069%     0.050%    3.144%

TOTAL INTERIM                    6.050%    0.936%    0.237%     0.086%    7.309%
REPAYMENT:
Active
Current                 48.459%    4.955%    4.974%     0.342%   58.730%
31-60 Days Delinquent    2.965%    0.500%    0.662%     0.042%    4.169%
61-90 Days Delinquent    1.707%    0.338%    0.380%     0.037%    2.462%
91-120 Days Delinquent   0.826%    0.186%    0.230%     0.023%    1.265%
> 120 Days Delinquent    1.156%    0.319%    0.389%     0.010%    1.874%

Deferment
Current                 10.130%    1.336%    0.739%     0.216%   12.421%

Forbearance
Current                  8.408%    1.409%    1.489%     0.227%   11.533%

-------------------------------------------------------------------------------
TOTAL REPAYMENT                 73.651%    9.043%    8.863%     0.897%   92.454%
-------------------------------------------------------------------------------

Claims in Process (1)            0.145%    0.034%    0.051%     0.000%    0.230%
Aged Claims Rejected (2)         0.003%    0.002%    0.002%     0.000%    0.007%

-------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE            79.849%   10.015%    9.153%     0.983%  100.000%
-------------------------------------------------------------------------------

5

VI. 1996-4 Interest Calculation

A      Borrower Interest Accrued During Collection Period                        $  15,432,898.40
B      Interest Subsidy Payments Accrued During Collection Period                    2,456,439.09
C      SAP Payments Accrued During Collection Period                                   394,550.13
D      INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)          59,579.08
E      Investment Earnings (ADMINISTRATOR  ACT)                                        433,493.79
----------------
F      Net Expected Interest Collections                                         $  18,776,960.49

G      Student Loan Rate
i     Days in Collection Period (7/1/99-9/30/99)                                        92
ii    Days in Year                                                                     365
iii   Net Expected Interest Collections                                   $  18,776,960.49
iv    Primary Servicing Fee                                               $   2,188,102.32
v     Administration Fee                                                  $      20,000.00
vi    Total Pool Balance at Beginning of Collection Period                $ 952,927,029.00
vii   Student Loan Rate                                                            6.89823%
Accrued
Int Factor     Accrual Period
----------     --------------
H      Class A-1 T-Bill Based Interest Rate                                               5.34382%
I      Class A-1 Interest Rate                  0.013322959  (7/26/99-10/25/99)           5.34382%
J      Class A-2 T-Bill Based Interest Rate                                               5.50382%
K      Class A-2 Interest Rate                  0.013721863  (7/26/99-10/25/99)           5.50382%
L      Certificate T-Bill Based Rate of Return                                            5.79382%
M      Certificate Rate of Return               0.014444877  (7/26/99-10/25/99)           5.79382%

6

VII. 1996-4 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A       Total Student Loan Pool Outstanding
i       Portfolio Balance                               $940,379,349.80
ii      Interest To Be Capitalized                      $ 12,547,679.20
---------------
iii     Total Pool                                      $952,927,029.00
iv      Specified Reserve Account Balance               $  2,382,317.57
---------------
v       Total Adjusted Pool                             $955,309,346.57
===============

B       Total Note and Certificate Factor                         0.63475704091
C       Total Note and Certificate Balance                      $955,309,346.57

----------------------------------------------------------------------------------------------------------
D       Note Balance            07/26/1999                         Class A-1          Class A-2      Certificates
----------------------------------------------------------------------------------------------------------

i       Current Factor-7/26/99                             0.4257906054      1.0000000000     1.0000000000
ii      Note Principal Shortfall                        $          0.00   $          0.00   $         0.00
iii     Expected Note Balance                           $407,609,346.57   $495,000,000.00   $52,700,000.00
---------------   ---------------   --------------
iv      Note Balance                                    $407,609,346.57   $495,000,000.00   $52,700,000.00
E       Interest Shortfall                                      $          0.00   $          0.00   $         0.00
F       Interest Carryover                                      $          0.00   $          0.00   $         0.00
----------------------------------------------------------------------------------------------------------

G       Reserve Account Balance                                 $  2,382,317.57
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
K       Interest Due on Unpaid Carryover Servicing Fees         $          0.00

7

VIII. 1996-4 Waterfall for Distributions

Remaining
Funds Balance

A       Total Available Funds (Sections III -F + VI-D)      $54,586,182.92     $54,586,182.92

B       Primary Servicing Fees-Current Month                $   719,299.68     $53,866,883.24
C       Administration Fee                                  $    20,000.00     $53,846,883.24

D       Noteholder's Interest Distribution Amount                             
i      Class A-1                                    $ 5,430,562.61     $48,416,320.63
ii     Class A-2                                    $ 6,792,322.19     $41,623,998.44
--------------
iii    Total Noteholder's Interest Distribution     $12,222,884.80    

E       Certificateholder's Return Distribution Amount      $   761,245.02     $40,862,753.42

F       Noteholder's Principal Distribution Amount Paid                       
i      Class A-1                                    $36,796,100.43     $ 4,066,652.99
ii     Class A-2                                    $         0.00     $ 4,066,652.99
--------------
iii    Total Noteholder's Principal Distribution    $36,796,100.43    

G       Certificateholder's Balance Distribution Amount     $         0.00     $ 4,066,652.99

H       Increase to the Specified Reserve Account Balance   $         0.00     $ 4,066,652.99

I       Carryover Servicing Fees                            $   706,645.57     $ 3,360,007.42

J       Noteholder's Interest Carryover                                       
i      Class A-1                                    $         0.00     $ 3,360,007.42
i      Class A-2                                    $         0.00     $ 3,360,007.42
--------------
iii    Total Noteholder's Interest Carryover        $         0.00    

K       Certificateholder's Return Carryover                $         0.00     $ 3,360,007.42

L       Excess to Reserve Account                           $ 3,360,007.42     $         0.00

IX. 1996-4 Distributions

--------------------------------------------------------------------------------------------------------------
A      Distribution Amounts                                           Class A-1        Class A-2       Certificates
--------------------------------------------------------------------------------------------------------------

i    Quarterly Interest Due                                $  5,430,562.61   $  6,792,322.19   $    761,245.02
ii   Quarterly Interest Paid                                  5,430,562.61      6,792,322.19        761,245.02
---------------   ---------------   ---------------
iii  Interest Shortfall                                    $          0.00   $          0.00   $          0.00

iv   Interest Carryover Due                                $          0.00   $          0.00   $          0.00
v    Interest Carryover Paid                                          0.00              0.00              0.00
vi   Interest Carryover                                    $          0.00   $          0.00   $          0.00

vii  Quarterly Principal Due                               $ 36,796,100.43   $          0.00   $          0.00
viii Quarterly Principal Paid                                36,796,100.43              0.00              0.00
---------------   ---------------   ---------------
ix   Quarterly Principal Shortfall                         $          0.00   $          0.00   $          0.00

--------------------------------------------------------------------------------------------------------------
x    Total Distribution Amount                             $ 42,226,663.04   $  6,792,322.19   $    761,245.02
--------------------------------------------------------------------------------------------------------------

B      Principal Distribution Reconciliation
i    Notes and Certificates Principal 
Balance 9/30/99                                       $955,309,346.57 
ii   Adjusted Pool Balance 9/30/99                          918,513,246.14 
--------------- 
iii  Adjusted Pool Exceeding Notes and
Certificate Balance (i-ii)                            $ 36,796,100.43
=============== 
iv   Adjusted Pool Balance 6/30/99                         $955,309,346.57 
v    Adjusted Pool Balance 9/30/99                         $918,513,246.14 
--------------- 
vi   Current Principal Due (iv-v)                          $ 36,796,100.43 
=============== 
vii  Principal Shortfall from Previous Collection Period   $            -- 
--------------- 

viii Principal Distribution Amount(vi + vii)               $ 36,796,100.43 
=============== 

ix   Principal Distribution Amount Paid                    $ 36,796,100.43 

x    Principal Shortfall (viii - ix)                       $            -- 

C           Total Principal Distribution                          $ 36,796,100.43 
D           Total Interest Distribution                             12,984,129.82 
--------------- 
E           Total Cash Distributions-Note and Certificates        $ 49,780,230.25 

---------------------------------------------------------------------------
F      Note & Certificate Balances                 07/26/1999       10/25/1999
---------------------------------------------------------------------------

i    A-1 Note Balance       (78442GAG1)  $407,609,346.57  $ 370,813,246.14
A-1 Note Pool Factor                   0.4257906054      0.3873532290

ii   A-2 Note Balance       (78442GAH9)  $495,000,000.00  $ 495,000,000.00
A-2 Note Pool Factor                   1.0000000000      1.0000000000

iii  Certificate Balance    (78442GAJ5)  $ 52,700,000.00  $  52,700,000.00
Certificate Pool Factor                1.0000000000      1.0000000000
---------------------------------------------------------------------------

G      Reserve Account Reconciliation

i    Beginning of Period Balance                           $  2,382,317.57 
ii   Deposits to correct Shortfall                         $            -- 
iii  Deposits from Excess Servicing                        $  3,360,007.42 
--------------- 
iv   Total Reserve Account Balance Available               $  5,742,324.99 
v    Required Reserve Account Balance                      $  2,290,556.72 

vi   Shortfall Carried to Next Period                      $            -- 
vii  Excess Reserve - Release to SLM Funding Corp.         $  3,451,768.27 
viii Ending Reserve Account Balance                        $  2,290,556.72 

8

X. 1996-4 Historical Pool Information

---------------------------------------------------------------
7/1/99-9/30/99      4/1/99-6/30/99      1/1/99-3/31/99      
-------------------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                  $  940,379,349.80    $  989,896,510.20    $1,035,285,864.26    
-------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i      Regular Principal Collections              $   31,769,522.26    $   37,587,044.10    $   40,081,368.10    
ii     Principal Collections from Guarantor            2,336,608.14         6,061,847.97         7,220,781.26    
iii    Principal Reimbursements                        7,106,146.91        11,238,460.46         2,041,504.14    
iv     Other System Adjustments                                  --                   --                   --    
---------------------------------------------------------------
v      Total Principal Collections                $   41,212,277.31    $   54,887,352.53    $   49,343,653.50    
Student Loan Non-Cash Principal Activity
i      Other Adjustments                          $      776,605.13    $      646,166.88    $      942,879.56    
ii     Capitalized Interest                           (6,362,244.34)       (6,016,359.01)       (4,897,179.00)   
---------------------------------------------------------------
iii    Total Non-Cash Principal Activity          $   (5,585,639.21)   $   (5,370,192.13)   $   (3,954,299.44)   

-------------------------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity             $   35,626,638.10    $   49,517,160.40    $   45,389,354.06    
-------------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i      Regular Interest Collections               $   10,850,168.85    $   11,713,431.73    $   12,454,690.30    
ii     Interest Claims Received from Guarantors          126,029.25           374,895.24           433,267.77    
iii    Late Fee Reimbursements                           262,478.36           259,028.67           288,358.43    
iv     Interest Reimbursements                           102,605.51           195,922.82            39,031.17    
v      Other System Adjustments                                  --                   --                   --    
vi     Special Allowance Payments                         12,335.71            10,943.45             7,621.07    
vii    Subsidy Payments                                2,888,848.29         3,159,498.51         3,521,618.20    
---------------------------------------------------------------
viii   Total Interest Collections                 $   14,242,465.97    $   15,713,720.42    $   16,744,586.94    

Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                $     (714,694.70)   $     (537,422.80)   $     (796,719.56)   
ii     Capitalized Interest                            6,362,244.34         6,016,359.01         4,897,179.00    
---------------------------------------------------------------
iii    Total Non-Cash Interest Adjustments        $    5,647,549.64    $    5,478,936.21    $    4,100,459.44    
---------------------------------------------------------------
Total Student Loan Interest Activity              $   19,890,015.61    $   21,192,656.63    $   20,845,046.38    

(=)     Ending Student Loan Portfolio Balance             $  904,752,711.70    $  940,379,349.80    $  989,896,510.20    
-------------------------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                        $   11,469,977.72    $   12,547,679.20    $   13,445,234.50    
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                        $  916,222,689.42    $  952,927,029.00    $1,003,341,744.70    
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                           $    2,290,556.72    $    2,382,317.57    $    2,508,354.36    
-------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                               $  918,513,246.14    $  955,309,346.57    $1,005,850,099.06    
-------------------------------------------------------------------------------------------------------------------------

1998                 1997                 1996
-------------------------------------------------------------
1/1/98-12/31/98      1/1/97-12/31/97      9/3/96-12/31/96
-----------------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                    $1,207,834,554.65    $1,429,671,216.95    $1,478,535,335.85
-----------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i      Regular Principal Collections                $  148,950,202.58    $  150,239,015.41    $   47,792,030.07
ii     Principal Collections from Guarantor             43,325,114.59        47,800,739.56           651,773.25
iii    Principal Reimbursements                          2,347,438.60        46,963,233.81        14,902,506.96
iv     Other System Adjustments                                    --                   --              (713.51)
-------------------------------------------------------------
v      Total Principal Collections                  $  194,622,755.77    $  245,002,988.78    $   63,345,596.77
Student Loan Non-Cash Principal Activity
i      Other Adjustments                            $    3,338,919.10    $    3,929,552.20    $    1,431,259.68
ii     Capitalized Interest                            (25,412,984.48)      (27,095,878.68)      (15,912,737.55)
-------------------------------------------------------------
iii    Total Non-Cash Principal Activity            $  (22,074,065.38)   $  (23,166,326.48)   $  (14,481,477.87)

-----------------------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity               $  172,548,690.39    $  221,836,662.30    $   48,864,118.90
-----------------------------------------------------------------------------------------------------------------------
-----------------
Student Loan Interest Activity
i      Regular Interest Collections                 $   53,198,257.71    $   56,301,281.76    $   15,484,377.46
ii     Interest Claims Received from Guarantors          2,698,296.08         2,921,282.00            13,446.63
iii    Late Fee Reimbursements                             307,848.97                   --                   --
iv     Interest Reimbursements                             114,449.84           723,149.71           282,181.00
v      Other System Adjustments                                    --                   --              (287.62)
vi     Special Allowance Payments                        1,315,559.80         1,981,421.00           257,877.96
vii    Subsidy Payments                                 17,635,547.74        28,812,210.76         3,637,851.32
-------------------------------------------------------------
viii   Total Interest Collections                   $   75,269,960.14    $   90,739,345.23    $   19,675,446.75

Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                  $   (2,677,336.29)   $   (3,293,910.82)   $   (1,407,772.50)
ii     Capitalized Interest                             25,412,984.48        27,095,878.68        15,912,737.55
-------------------------------------------------------------
iii    Total Non-Cash Interest Adjustments          $   22,735,648.19    $   23,801,967.86    $   14,504,965.05
-------------------------------------------------------------
Total Student Loan Interest Activity                $   98,005,608.33    $  114,541,313.09    $   34,180,411.80

(=)     Ending Student Loan Portfolio Balance               $1,035,285,864.26    $1,207,834,554.65    $1,429,671,216.95
-----------------------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                          $   12,585,073.13    $   14,614,638.32    $   15,760,176.45
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                          $1,047,870,937.39    $1,222,449,192.97    $1,445,431,393.40
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                             $    2,619,677.34    $    3,197,361.80    $    3,752,958.00
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                                 $1,050,490,614.73    $1,225,646,554.77    $1,449,184,351.40
-----------------------------------------------------------------------------------------------------------------------

9

XI. 1996-4 Payment History and CPRs

Distribution        Actual         Since Issued
Date        Pool Balances         CPR *
----        -------------         -----

Oct-96        $ 1,501,183,283        --

Jan-97        $ 1,445,431,393      5.70%

Apr-97        $ 1,393,348,336      5.80%

Jul-97        $ 1,335,564,804      6.30%

Oct-97        $ 1,278,944,721      6.57%

Jan-98        $ 1,222,449,193      6.82%

Apr-98        $ 1,176,016,497      6.44%

Jul-98        $ 1,130,616,448      6.11%

Oct-98        $ 1,088,632,931      5.70%

Jan-99        $ 1,047,870,937      5.32%

Apr-99        $ 1,003,341,745      5.09%

Jul-99          $ 952,927,029      5.11%

Oct-99          $ 916,222,689      4.68%

* "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.

10

SLM Student Loan Trust 1997-1
Quarterly Servicing Report
Report Date: 09/30/1999          Reporting Period: 7/1/99-9/30/99

I. Deal Parameters

----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                   06/30/1999           Activity             09/30/1999
----------------------------------------------------------------------------------------------------------------

A      i     Portfolio Balance                               $1,458,383,638.11    $  (44,597,714.32)  $1,413,785,923.79
ii    Interest to be Capitalized                          17,635,600.06                            16,179,229.97
-----------------                        -----------------
iii   Total Pool                                      $1,476,019,238.17                        $1,429,965,153.76
iv    Specified Reserve Account Balance                    3,690,048.10                             3,574,912.88
-----------------                        -----------------
v     Total Adjusted Pool                             $1,479,709,286.27                        $1,433,540,066.64
=================                        =================

B      i     Weighted Average Coupon (WAC)                              8.2217%                                  7.7275%
ii    Weighted Average Remaining Term                            100.84                                    99.76
iii   Number of Loans                                           524,252                                  511,475
iv    Number of Borrowers                                       219,778                                  213,883

----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates                     Spread      Balance 7/26/99      % of Pool           Balance 10/25/99   % of Pool
----------------------------------------------------------------------------------------------------------------------------

C      i     A-1 Notes    78442GAK2                   0.46%    $620,509,286.27         41.935%         $ 574,340,066.64      40.064%
ii    A-2 Notes    78442GAL0                   0.57%     787,400,000.00         53.213%           787,400,000.00      54.927%
iii   Certificates 78442GAM8                   0.85%      71,800,000.00          4.852%            71,800,000.00       5.009%
----------------------------------------------------------------------------------------------------------------------------
iv    Total Notes and Certificates                    $1,479,709,286.27        100.000%        $1,433,540,066.64     100.000%
============================================================================================================================

-------------------------------------------------------------------------------------------------------------------------
Reserve Account                                           07/26/1999                          10/25/1999
-------------------------------------------------------------------------------------------------------------------------

D      i     Required Reserve Acct Deposit (%)                    0.25%                              0.25%
ii    Reserve Acct Initial Deposit ($)
iii   Specified Reserve Acct Balance ($)                 $ 3,690,048.10                     $ 3,574,912.88
iv    Reserve Account Floor Balance ($)                  $ 2,004,092.00                     $ 2,004,092.00
v     Current Reserve Acct Balance ($)                   $ 3,690,048.10                     $ 3,574,912.88

1

II. 1997-1 Transactions from: 07/01/1999 through: 09/30/1999

A       Student Loan Principal Activity
i        Regular Principal Collections              $38,406,893.01
ii       Principal Collections from Guarantor         3,876,279.36
iii      Principal Reimbursements                    10,540,385.37
iv       Other System Adjustments                             0.00
--------------
v        Total Principal Collections                $52,823,557.74

B       Student Loan Non-Cash Principal Activity
i        Other Adjustments                          $ 1,051,217.25
ii       Capitalized Interest                        (9,277,060.67)
--------------
iii      Total Non-Cash Principal Activity          $(8,225,843.42)

------------------------------------------------------------------
C       Total Student Loan Principal Activity               $44,597,714.32
------------------------------------------------------------------

D       Student Loan Interest Activity
i        Regular Interest Collections               $16,859,002.58
ii       Interest Claims Received from Guarantors       218,623.49
iii      Late Fee Reimbursements                        366,981.66
iv       Interest Reimbursements                        156,422.74
v        Other System Adjustments                             0.00
vi       Special Allowance Payments                       6,774.83
vii      Subsidy Payments                             4,599,986.04
--------------
viii     Total Interest Collections                 $22,207,791.34

E       Student Loan Non-Cash Interest Activity
i        Interest Accrual Adjustment                $  (964,115.51)
ii       Capitalized Interest                         9,277,060.67
--------------
iii      Total Non-Cash Interest Adjustments        $ 8,312,945.16

------------------------------------------------------------------
F       Total Student Loan Interest Activity                $30,520,736.50
------------------------------------------------------------------

2

III. 1997-1 Collection Account Activity 07/01/1999 through 09/30/1999

A       Principal Collections
i        Principal Payments Received-Cash                             $42,283,172.37
ii       Cash Forwarded by Administrator on behalf of Seller              267,576.42
iii      Cash Forwarded by Administrator on behalf of Servicer              7,373.02
iv       Cash Forwarded by Administrator for Consolidation Activity    10,265,435.93
--------------
v        Total Principal Collections                                  $52,823,557.74

B       Interest Collections
i        Interest Payments Received-Cash                              $21,684,386.94
ii       Cash Forwarded by Administrator on behalf of Seller                8,529.68
iii      Cash Forwarded by Administrator on behalf of Servicer              9,938.20
iv       Cash Forwarded by Administrator for Consolidation Activity       137,954.86
v        Cash Forwarded by Administrator for Late Fee Activity            366,981.66
--------------
vi       Total Interest Collections                                   $22,207,791.34

C       Other Reimbursements                                                  $   200,834.26

D       Administrator Account Investment Income                               $   588,009.04

E       Return funds borrowed for previous distribution                       $           --

F       TOTAL FUNDS RECEIVED                                                  $75,820,192.38
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                            $(1,899,053.80)
------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                         $73,921,138.58
------------------------------------------------------------------------------------

G       Servicing Fee Calculation-Current Month
i        Unit Charge Calculation                                      $   936,138.00
ii       Percentage of Principal Calculation                          $ 1,366,460.54
iii      Lesser of Unit or Principal Calculation                      $   936,138.00

H       Servicing Fees Due for Current Period                                 $   936,138.00

I       Carryover Servicing Fees Due                                          $ 1,293,802.23
JUL 1999   Servicing Carryover   $  443,781.13
AUG 1999   Servicing Carryover   $  437,009.78
SEP 1999   Servicing Carryover   $  430,322.54
-------------
$1,311,113.45
Less: Servicing ADJ [A iii + B iii]    ($  17,311.22)
-------------
TOTAL: Carryover Servicing Fee Due      $1,293,802.23
=============

J       Administration Fees Due                                               $    20,000.00

------------------------------------------------------------------------------------
K       Total Fees Due for Period                                             $ 2,249,940.23
------------------------------------------------------------------------------------

3

IV. 1997-1 Portfolio Characteristics

---------------------------------------------------------------------------
Weighted Avg Coupon           # of Loans                  %             
---------------------------------------------------------------------------
STATUS                      06/30/1999   09/30/1999  06/30/1999   09/30/1999  06/30/1999  09/30/1999   
-------------------------------------------------------------------------------------------------------

INTERIM:                                                                                              
In School                                                                                           
Current                    7.974%    7.488%         22,178      19,277       4.230%      3.769%    

Grace                                                                                               
Current                    7.981%    7.472%         12,342      13,267       2.354%      2.594%    

-------------------------------------------------------------------------------------------------------
TOTAL INTERIM                  7.977%    7.482%         34,520      32,544       6.584%      6.363%    
-------------------------------------------------------------------------------------------------------
REPAYMENT                                                                                             
Active                                                                                              
Current                    8.262%    7.770%        336,237     316,590      64.137%     61.898%    
31-60 Days Delinquent      8.271%    7.769%         21,181      20,548       4.040%      4.017%    
61-90 Days Delinquent      8.267%    7.770%         11,316      11,774       2.159%      2.302%    
91-120 Days Delinquent     8.261%    7.762%          5,218       6,394       0.995%      1.250%    
> 120 Days Delinquent      8.263%    7.755%          8,029      10,047       1.532%      1.964%    

Deferment                                                                                            
Current                    8.106%    7.607%         61,520      63,281      11.735%     12.373%    

Forbearance                                                                                          
Current                    8.257%    7.770%         45,114      48,749       8.605%      9.531%    

-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                8.241%    7.747%        488,615     477,383      93.203%     93.335%    
-------------------------------------------------------------------------------------------------------
Claims in Process (1)         8.258%    7.748%           1086       1,525       0.207%      0.298%    
Aged Claims Rejected (2)      8.275%    7.734%             31          23       0.006%      0.004%    
-------------------------------------------------------------------------------------------------------
GRAND TOTAL    8.222%    7.728%        524,252     511,475     100.000%    100.000%    
-------------------------------------------------------------------------------------------------------

----------------------------------------------------------------
Principal Amount                        %
----------------------------------------------------------------
STATUS                          06/30/1999          09/30/1999       06/30/1999  09/30/1999
--------------------------------------------------------------------------------------------

INTERIM:                    
In School                 
Current                 $   66,343,155.92   $   57,115,382.62       4.549%         4.040%

Grace                     
Current                 $   35,263,063.25   $   38,968,577.03       2.418%         2.756%

--------------------------------------------------------------------------------------------
TOTAL INTERIM               $  101,606,219.17   $   96,083,959.65       6.967%         6.796%
--------------------------------------------------------------------------------------------
REPAYMENT                   
Active                    
Current                 $  902,674,910.86   $  839,054,958.64      61.896%        59.348%
31-60 Days Delinquent   $   57,448,105.84   $   56,125,636.88       3.939%         3.970%
61-90 Days Delinquent   $   31,348,031.49   $   34,076,263.50       2.150%         2.410%
91-120 Days Delinquent  $   14,190,934.91   $   17,927,045.86       0.973%         1.268%
> 120 Days Delinquent   $   21,558,853.67   $   26,690,882.28       1.478%         1.888%

Deferment                  
Current                 $  175,856,946.35   $  180,474,115.24      12.058%        12.765%

Forbearance                
Current                 $  151,340,492.93   $  159,872,443.59      10.377%        11.308%

--------------------------------------------------------------------------------------------
TOTAL REPAYMENT             $1,354,418,276.05   $1,314,221,345.99      92.871%        92.957%
--------------------------------------------------------------------------------------------
Claims in Process (1)      $    2,278,338.61   $    3,428,780.50       0.156%         0.243%
Aged Claims Rejected (2)   $       80,804.28   $       51,837.65       0.006%         0.004%
--------------------------------------------------------------------------------------------
GRAND TOTAL $1,458,383,638.11   $1,413,785,923.79     100.000%       100.000%
--------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1997-1 Portfolio Characteristics by School and Program 9/30/99

--------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                     TWO YEAR SCHOOLS              
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
GSL-SUB  GSL-UNSUB   PLUS     SLS      GSL-SUB  GSL-UNSUB   PLUS       SLS     

STATUS
INTERIM:
In School
Current                      2.548%    0.686%    0.000%    0.000%    0.380%    0.135%    0.000%    0.000%   

Grace
Current                      1.684%    0.478%    0.000%    0.000%    0.276%    0.091%    0.000%    0.000%   

------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                      4.232%    1.164%    0.000%    0.000%    0.656%    0.226%    0.000%    0.000%   
------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                  31.691%    9.684%    3.347%    1.884%    3.592%    1.334%    0.174%    0.236%   
31-60 Days Delinquent     1.773%    0.503%    0.185%    0.128%    0.395%    0.128%    0.016%    0.022%   
61-90 Days Delinquent     1.080%    0.298%    0.086%    0.104%    0.244%    0.080%    0.005%    0.015%   
91-120 Days Delinquent    0.565%    0.140%    0.022%    0.052%    0.140%    0.050%    0.002%    0.008%   
> 120 Days Delinquent     0.702%    0.194%    0.043%    0.050%    0.252%    0.069%    0.001%    0.011%   

Deferment
Current                   7.418%    1.943%    0.183%    0.574%    0.954%    0.311%    0.007%    0.068%   

Forbearance
Current                   5.118%    1.696%    0.289%    0.660%    0.989%    0.359%    0.018%    0.060%   

------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                   48.347%   14.458%    4.155%    3.452%    6.566%    2.331%    0.223%    0.420%   
------------------------------------------------------------------------------------------------------------------

Claims in Process (1)              0.091%    0.024%    0.006%    0.006%    0.032%    0.010%    0.000%    0.001%   
Aged Claims Rejected (2)           0.002%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%   

------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM          52.672%   15.646%    4.161%    3.458%    7.254%    2.567%    0.223%    0.421%   
------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                              75.937%                                 10.465%
------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------
TECHNICAL SCHOOLS                           UNKNOWN
-----------------------------------------------------------------------------

-----------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB   PLUS     SLS      GSL-SUB   GSL-UNSUB   PLUS     SLS

STATUS
INTERIM:
In School
Current                       0.071%    0.053%    0.000%    0.000%    0.090%    0.077%    0.000%    0.000%

Grace
Current                       0.045%    0.029%    0.000%    0.000%    0.074%    0.079%    0.000%    0.000%

---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       0.116%    0.082%    0.000%    0.000%    0.164%    0.156%    0.000%    0.000%
---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                    3.494%    2.218%    0.716%    0.613%    0.204%    0.113%    0.011%    0.037%
31-60 Days Delinquent      0.427%    0.250%    0.050%    0.073%    0.010%    0.006%    0.000%    0.004%
61-90 Days Delinquent      0.256%    0.160%    0.015%    0.039%    0.014%    0.011%    0.000%    0.003%
91-120 Days Delinquent     0.158%    0.097%    0.007%    0.019%    0.004%    0.002%    0.000%    0.002%
> 120 Days Delinquent      0.314%    0.197%    0.012%    0.040%    0.001%    0.001%    0.000%    0.001%

Deferment
Current                    0.539%    0.310%    0.011%    0.089%    0.167%    0.144%    0.001%    0.046%

Forbearance
Current                    0.999%    0.651%    0.046%    0.151%    0.117%    0.120%    0.002%    0.033%

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                     6.187%    3.883%    0.857%    1.024%    0.517%    0.397%    0.014%    0.126%
---------------------------------------------------------------------------------------------------------------

Claims in Process (1)               0.038%    0.030%    0.002%    0.003%    0.000%    0.000%    0.000%    0.000%
Aged Claims Rejected (2)            0.002%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM            6.343%    3.995%    0.859%    1.027%    0.681%    0.553%    0.014%    0.126%
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                12.224%                                1.374%
---------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

------------------------------------------------------------------------------
FOUR YEAR   TWO YEAR  TECHNICAL
STATUS                       SCHOOLS    SCHOOLS    SCHOOLS   UNKNOWN     TOTAL
------------------------------------------------------------------------------
INTERIM:
In School
Current                 3.234%     0.515%     0.124%     0.167%     4.040%

Grace
Current                 2.162%     0.367%     0.074%     0.153%     2.756%

------------------------------------------------------------------------------
TOTAL INTERIM                5.396%     0.882%     0.198%     0.320%     6.796%
------------------------------------------------------------------------------
REPAYMENT:
Active
Current                46.606%     5.336%     7.041%     0.365%    59.348%
31-60 Days Delinquent   2.589%     0.561%     0.800%     0.020%     3.970%
61-90 Days Delinquent   1.568%     0.344%     0.470%     0.028%     2.410%
91-120 Days Delinquent  0.779%     0.200%     0.281%     0.008%     1.268%
> 120 Days Delinquent   0.989%     0.333%     0.563%     0.003%     1.888%

Deferment
Current                10.118%     1.340%     0.949%     0.358%    12.765%

Forbearance
Current                 7.763%     1.426%     1.847%     0.272%    11.308%

------------------------------------------------------------------------------
TOTAL REPAYMENT             70.412%     9.540%    11.951%     1.054%    92.957%
------------------------------------------------------------------------------

Claims in Process (1)        0.127%     0.043%     0.073%     0.000%     0.243%
Aged Claims Rejected (2)     0.002%     0.000%     0.002%     0.000%     0.004%

------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE        75.937%    10.465%    12.224%     1.374%   100.000%
------------------------------------------------------------------------------

5

VI. 1997-1 Interest Calculation

A      Borrower Interest Accrued During Collection Period                        $   23,800,903.70   
B      Interest Subsidy Payments Accrued During Collection Period                     3,907,137.51   
C      SAP Payments Accrued During Collection Period                                    641,865.49   
D      INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)           87,318.43   
E      Investment Earnings (ADMINISTRATOR ACT)                                          588,009.04   
-----------------
F      Net Expected Interest Collections                                         $   29,025,234.17   

G      Student Loan Rate                                                                             
i        Days in Collection Period  (7/1/99-9/30/99)                                     92   
ii       Days in Year                                                                   365   
iii      Net Expected Interest Collections                                $   29,025,234.17   
iv       Primary Servicing Fee                                            $    2,835,191.80   
v        Administration Fee                                               $       20,000.00   
vi       Total Pool Balance at Beginning of Collection Period             $1,476,019,238.17   
vii      Student Loan Rate                                                          7.03424%  

Accrued
Int Factor   Accrual Period                        
----------   --------------                        

H      Class A-1 T-Bill Based Interest Rate                                                5.32382%  
I      Class A-1 Interest Rate                     0.013273096   (7/26/99-10/25/99)        5.32382%  
J      Class A-2 T-Bill Based Interest Rate                                                5.43382%  
K      Class A-2 Interest Rate                     0.013547342   (7/26/99-10/25/99)        5.43382%  
L      Certificate T-Bill Based Rate of Return                                             5.71382%  
M      Certificate Rate of Return                  0.014245425   (7/26/99-10/25/99)        5.71382%  

6

VII. 1997-1 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A      Total Student Loan Pool Outstanding
i     Portfolio Balance                                 $ 1,458,383,638.11    
ii    Interest To Be Capitalized                             17,635,600.06     
------------------    
iii   Total Pool                                        $ 1,476,019,238.17    
iv    Specified Reserve Account Balance                       3,690,048.10     
------------------    
v     Total Adjusted Pool                               $ 1,479,709,286.27    
==================    

B      Total Note and Certificate Factor                            0.72209119962     
C      Total Note and Certificate Balance                      $ 1,479,709,286.27    

---------------------------------------------------------------------------------------------------------------
D      Note Balance      07/26/1999                                  Class A-1         Class A-2      Certificates
---------------------------------------------------------------------------------------------------------------

i     Current Factor-7/26/99                                 0.5214363750       1.0000000000       1.0000000000
ii    Expected Note Balance                             $  620,509,286.27   $ 787,400,000.00   $  71,800,000.00
E      Note Principal Shortfall                                $            0.00   $           0.00   $           0.00
F      Interest Shortfall                                      $            0.00   $           0.00   $           0.00
G      Interest Carryover                                      $            0.00   $           0.00   $           0.00

H      Reserve Account Balance                                 $    3,690,048.10
I      Unpaid Primary Servicing Fees from Prior Month(s)       $            0.00
J      Unpaid Administration fees from Prior Quarter(s)        $            0.00
K      Unpaid Carryover Servicing Fees from Prior Quarter(s)   $            0.00
L      Interest Due on Unpaid Carryover Servicing Fees         $            0.00

7

VIII. 1997-1 Waterfall for Distributions

Remaining
Funds Balance
-------------

A      Total Available Funds (Sections III-F +  VI-D)      $74,008,457.01   $74,008,457.01

B      Primary Servicing Fees-Current Month                $   936,138.00   $73,072,319.01
C      Administration Fee                                  $    20,000.00   $73,052,319.01

D      Noteholder's Interest Distribution Amount
i      Class A-1                                    $ 8,236,079.33   $64,816,239.68
ii     Class A-2                                    $10,667,177.09   $54,149,062.59
--------------
iii    Total Noteholder's Interest Distribution     $18,903,256.42

E      Certificateholder's Return Distribution Amount      $ 1,022,821.52   $53,126,241.07

F      Noteholder's Principal Distribution Amount Paid
i      Class A-1                                    $46,169,219.63   $ 6,957,021.44
ii     Class A-2                                    $         0.00   $ 6,957,021.44
--------------
iii    Total Noteholder's Principal Distribution    $46,169,219.63

G      Certificateholder's Balance Distribution Amount     $         0.00   $ 6,957,021.44

H      Increase to the Specified Reserve Account Balance   $         0.00   $ 6,957,021.44

I      Carryover Servicing Fees                            $ 1,293,802.23   $ 5,663,219.21

J      Noteholder's Interest Carryover
i      Class A-1                                    $         0.00   $ 5,663,219.21
i      Class A-2                                    $         0.00   $ 5,663,219.21
--------------
iii    Total Noteholder's Interest Carryover        $         0.00

K      Certificateholder's Return Carryover                $         0.00   $ 5,663,219.21

L      Excess to Reserve Account                           $ 5,663,219.21   $         0.00

8

IX. 1997-1 Distributions

--------------------------------------------------------------------------------------------------------------------------
A        Distribution Amounts                                                    Class A-1           Class A-2        Certificates
--------------------------------------------------------------------------------------------------------------------------

i    Quarterly Interest Due                                         $    8,236,079.33    $ 10,667,177.09   $  1,022,821.52
ii   Quarterly Interest Paid                                             8,236,079.33      10,667,177.09      1,022,821.52
-----------------    ---------------   ---------------
iii  Interest Shortfall                                             $            0.00    $          0.00   $          0.00

iv   Interest Carryover Due                                         $            0.00    $          0.00   $          0.00
v    Interest Carryover Paid                                                     0.00               0.00              0.00
-----------------    ---------------   ---------------
vi   Interest Carryover                                             $            0.00    $          0.00   $          0.00

vii  Quarterly Principal Due                                        $   46,169,219.63    $          0.00   $          0.00
viii Quarterly Principal Paid                                           46,169,219.63               0.00              0.00
-----------------    ---------------   ---------------
ix   Quarterly Principal Shortfall                                  $           (0.00)   $          0.00   $          0.00

--------------------------------------------------------------------------------------------------------------------------
x    Total Distribution Amount                                      $   54,405,298.96    $ 10,667,177.09   $  1,022,821.52
--------------------------------------------------------------------------------------------------------------------------

B        Principal Distribution Reconciliation
i    Notes and Certificates Principal Balance  9/30/99              $1,479,709,286.27                                    
ii   Adjusted Pool Balance 9/30/99                                   1,433,540,066.64                                     
-----------------                                     
iii  Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)   $   46,169,219.63                                     
=================                                     

iv   Adjusted Pool Balance 6/30/99                                  $1,479,709,286.27                                    
v    Adjusted Pool Balance 9/30/99                                  $1,433,540,066.64                                    
vi   Current Principal Due (iv-v)                                   $   46,169,219.63                                     
vii  Principal Shortfall from Previous Collection Period            $              --                                     
-----------------
viii Principal Distribution Amount (vi + vii)                       $   46,169,219.63                                     
=================

ix   Principal Distribution Amount Paid                             $   46,169,219.63                                     

x    Principal Shortfall (viii - ix)                                $           (0.00)                                    

C             Total Principal Distribution                                   $   46,169,219.63                                     
D             Total Interest Distribution                                        19,926,077.94                                     
E             Total Cash Distributions-Note and Certificates                 $   66,095,297.57                                     

-------------------------------------------------------------------------------------
F        Note & Certificate Balances                           07/26/1999       10/25/1999
-------------------------------------------------------------------------------------

i    A-1 Note Balance        (78442GAK2)         $ 620,509,286.27    $ 574,340,066.64
A-1 Note Pool Factor                            0.5214363750        0.4826387115

ii   A-2 Note Balance        (78442GAL0)         $ 787,400,000.00    $ 787,400,000.00
A-2 Note Pool Factor                            1.0000000000        1.0000000000

iii  Certificate Balance     (78442GAM8)         $  71,800,000.00    $  71,800,000.00
Certificate Pool Factor                         1.0000000000        1.0000000000
-------------------------------------------------------------------------------------

G        Reserve Account Reconciliation
i    Beginning of Period Balance                                    $    3,690,048.10                                     
ii   Deposits to correct Shortfall                                  $              --                                     
iii  Deposits from Excess Servicing                                 $    5,663,219.21                                     
-----------------
iv   Total Reserve Account Balance Available                        $    9,353,267.31                                     
v    Required Reserve Account Balance                               $    3,574,912.88                                     

vi   Shortfall Carried to Next Period                               $              --                                     
vii  Excess Reserve - Release to SLM Funding Corp                   $    5,778,354.43                                     
viii Ending Reserve Account Balance                                 $    3,574,912.88                                     

9

X. 1997-1 Historical Pool Information

--------------------------------------------------------------
7/1/99-9/30/99       4/1/99-6/30/99      1/1/99-3/31/99     
-----------------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                 $1,458,383,638.11    $1,523,704,962.40    $1,582,726,283.47   
-----------------------------------------------------------------------------------------------------------------------

Student Loan Principal Activity
i      Regular Principal Collections              $   38,406,893.01    $   45,866,123.72    $   50,183,441.22   
ii     Principal Collections from Guarantor            3,876,279.36         9,287,753.06        12,444,880.29   
iii    Principal Reimbursements                       10,540,385.37        17,975,004.98         2,576,722.67   
iv     Other System Adjustments                                  --                   --                   --   
--------------------------------------------------------------
v      Total Principal Collections                $   52,823,557.74    $   73,128,881.76    $   65,205,044.18   

Student Loan Non-Cash Principal Activity
i      Other Adjustments                          $    1,051,217.25    $      937,428.68    $    1,379,815.99   
ii     Capitalized Interest                           (9,277,060.67)       (8,744,986.15)       (7,563,539.10)  
--------------------------------------------------------------
iii    Total Non-Cash Principal Activity          $   (8,225,843.42)   $   (7,807,557.47)   $   (6,183,723.11)  

-----------------------------------------------------------------------------------------------------------------------
(-)    Total Student Loan Principal Activity             $   44,597,714.32    $   65,321,324.29    $   59,021,321.07   
-----------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i      Regular Interest Collections               $   16,859,002.58    $   18,000,184.23    $   18,961,949.17   
ii     Interest Claims Received from Guarantors          218,623.49           584,932.87           776,948.88   
iii    Late Fee Reimbursements                           366,981.66           350,919.00           385,400.09   
iv     Interest Reimbursements                           156,422.74           291,497.63            54,695.28   
v      Other System Adjustments                                  --                   --                   --   
vi     Special Allowance Payments                          6,774.83             6,361.36             4,379.61   
vii    Subsidy Payments                                4,599,986.04         4,982,476.85         5,545,593.35   
--------------------------------------------------------------
viii   Total Interest Collections                 $   22,207,791.34    $   24,216,371.94    $   25,728,966.38   

Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                $     (964,115.51)   $     (760,868.03)   $   (1,161,611.21)  
ii     Capitalized Interest                            9,277,060.67         8,744,986.15         7,563,539.10   
--------------------------------------------------------------
iii    Total Non-Cash Interest Adjustments        $    8,312,945.16    $    7,984,118.12    $    6,401,927.89   
--------------------------------------------------------------
Total Student Loan Interest Activity              $   30,520,736.50    $   32,200,490.06    $   32,130,894.27   

(=)    Ending Student Loan Portfolio Balance             $1,413,785,923.79    $1,458,383,638.11    $1,523,704,962.40   
-----------------------------------------------------------------------------------------------------------------------
(+)    Interest to be Capitalized                        $   16,179,229.97    $   17,635,600.06    $   18,734,083.24   
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(=)    TOTAL POOL                                        $1,429,965,153.76    $1,476,019,238.17    $1,542,439,045.64   
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(+)    Reserve Account Balance                           $    3,574,912.88    $    3,690,048.10    $    3,856,097.61   
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
(=)    Total Adjusted Pool                               $1,433,540,066.64    $1,479,709,286.27    $1,546,295,143.25   
-----------------------------------------------------------------------------------------------------------------------

--------------------------------------
1998                 1997
--------------------------------------
1/1/98-12/31/98      3/3/97-12/31/97
----------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                $1,797,260,482.27    $1,978,517,233.95
----------------------------------------------------------------------------------------------

Student Loan Principal Activity
i      Regular Principal Collections             $  165,289,915.58    $  129,333,817.00
ii     Principal Collections from Guarantor          76,561,222.72        34,410,136.12
iii    Principal Reimbursements                       3,191,594.89        51,379,204.30
iv     Other System Adjustments                                 --                 0.00
--------------------------------------
v      Total Principal Collections               $  245,042,733.19    $  215,123,157.42

Student Loan Non-Cash Principal Activity
i      Other Adjustments                         $    5,343,692.85    $    4,270,807.94
ii     Capitalized Interest                         (35,852,227.24)      (38,137,213.68)
--------------------------------------
iii    Total Non-Cash Principal Activity         $  (30,508,534.39)   $  (33,866,405.74)

----------------------------------------------------------------------------------------------
(-)    Total Student Loan Principal Activity            $  214,534,198.80    $  181,256,751.68
----------------------------------------------------------------------------------------------

Student Loan Interest Activity
i      Regular Interest Collections              $   78,824,426.10    $   62,817,917.60
ii     Interest Claims Received from Guarantors       4,891,191.80         2,139,081.27
iii    Late Fee Reimbursements                          460,956.22                 8.50
iv     Interest Reimbursements                           94,269.90           730,911.90
v      Other System Adjustments                                 --                   --
vi     Special Allowance Payments                     1,339,624.97         1,130,628.74
vii    Subsidy Payments                              27,735,423.84        23,692,727.60
--------------------------------------
viii   Total Interest Collections                $  113,345,892.83    $   90,511,275.61

Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment               $   (3,958,083.74)   $   (3,614,584.84)
ii     Capitalized Interest                          35,852,227.24        38,137,213.68
--------------------------------------
iii    Total Non-Cash Interest Adjustments       $   31,894,143.50    $   34,522,628.84
--------------------------------------
Total Student Loan Interest Activity             $  145,240,036.33    $  125,033,904.45

(=)    Ending Student Loan Portfolio Balance            $1,582,726,283.47    $1,797,260,482.27
----------------------------------------------------------------------------------------------
(+)    Interest to be Capitalized                       $   17,531,654.15    $   18,359,448.41
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
(=)    TOTAL POOL                                       $1,600,257,937.62    $1,815,619,930.68
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
(+)    Reserve Account Balance                          $    4,000,644.84    $    4,707,408.93
----------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------
(=)    Total Adjusted Pool                              $1,604,258,582.46    $1,820,327,339.61
----------------------------------------------------------------------------------------------

10

XI. 1997-1 Payment History and CPRs

Distribution         Actual          Since Issued
Date          Pool Balances         CPR *
----          -------------         -----

Apr-97          $ 2,004,091,862        --

Jul-97          $ 1,938,332,169      6.60%

Oct-97          $ 1,882,963,571      6.39%

Jan-98          $ 1,815,619,931      7.05%

Apr-98          $ 1,756,378,212      6.92%

Jul-98          $ 1,701,480,444      6.66%

Oct-98          $ 1,651,809,843      6.27%

Jan-99          $ 1,600,257,938      6.02%

Apr-99          $ 1,542,439,046      5.94%

Jul-99          $ 1,476,019,238      6.13%

Oct-99          $ 1,429,965,154      5.77%

* "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.

11

SLM Student Loan Trust 1997-2
Quarterly Servicing Report
Report Date: 09/30/1999           Reporting Period:  7/1/99-9/30/99

I. Deal Parameters

-----------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics        06/30/1999            Activity            09/30/1999
-----------------------------------------------------------------------------------------------------

A       i      Portfolio Balance                   $1,746,737,494.43    $  (63,767,686.28)  $1,682,969,808.15
ii     Interest to be Capitalized              19,381,199.78                            18,205,653.88
-----------------                        -----------------
iii    Total Pool                          $1,766,118,694.21                        $1,701,175,462.03
iv     Specified Reserve Account Balance        4,415,296.74                             4,252,938.66
-----------------                        -----------------
v      Total Adjusted Pool                 $1,770,533,990.95                        $1,705,428,400.69
=================                        =================

B       i      Weighted Average Coupon (WAC)                  8.2372%                                  7.7438%
ii     Weighted Average Remaining Term                 93.54                                    92.48
iii    Number of Loans                               659,711                                  638,326
iv     Number of Borrowers                           276,012                                  266,280

--------------------------------------------------------------------------------------------------------------------------
Notes and Certificates                    Spread         Balance 7/26/99         % of Pool    Balance 10/25/99   % of Pool
--------------------------------------------------------------------------------------------------------------------------

C       i      A-1 Notes      78442GAN6            0.54%       $  875,083,990.95           49.425%    $ 809,978,400.69      47.494%
ii     A-2 Notes      78442GAP1            0.60%          808,000,000.00           45.636%      808,000,000.00      47.378%
iii    Certificates   78442GAQ9            0.83%           87,450,000.00            4.939%       87,450,000.00       5.128%
--------------------------------------------------------------------------------------------------------------------------
iv     Total Notes and Certificates                    $1,770,533,990.95          100.000%   $1,705,428,400.69     100.000%
==========================================================================================================================

--------------------------------------------------------------------------------------------------------------
Reserve Account                                            07/26/1999                            10/25/1999
--------------------------------------------------------------------------------------------------------------

D       i      Required Reserve Acct Deposit (%)                    0.25%                                 0.25%
ii     Reserve Acct Initial Deposit ($)                                                    
iii    Specified Reserve Acct Balance ($)                 $ 4,415,296.74                        $ 4,252,938.66
iv     Reserve Account Floor Balance ($)                  $ 2,441,522.00                        $ 2,441,522.00
v      Current Reserve Acct Balance ($)                   $ 4,415,296.74                        $ 4,252,938.66

1

II. 1997-2 Transactions from: 07/01/1999 through: 09/30/1999

A        Student Loan Principal Activity
i      Regular Principal Collections              $  57,364,596.01
ii     Principal Collections from Guarantor           4,228,241.59
iii    Principal Reimbursements                      10,244,594.73
iv     Other System Adjustments                               0.00
----------------
v      Total Principal Collections                $  71,837,432.33

B        Student Loan Non-Cash Principal Activity
i      Other Adjustments                          $   1,046,605.48
ii     Capitalized Interest                          (9,116,351.53)
----------------
iii    Total Non-Cash Principal Activity          $  (8,069,746.05)

------------------------------------------------------------------
C        Total Student Loan Principal Activity             $  63,767,686.28
------------------------------------------------------------------

D        Student Loan Interest Activity
i      Regular Interest Collections               $  22,529,057.76
ii     Interest Claims Received from Guarantors         241,676.41
iii    Late Fee Reimbursements                          517,116.68
iv     Interest Reimbursements                          167,744.37
v      Other System Adjustments                               0.00
vi     Special Allowance Payments                        14,934.58
vii    Subsidy Payments                               4,246,190.54
----------------
viii   Total Interest Collections                 $  27,716,720.34

E        Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                $  (1,023,547.45)
ii     Capitalized Interest                           9,116,351.53
----------------
iii    Total Non-Cash Interest Adjustments        $   8,092,804.08

------------------------------------------------------------------
F        Total Student Loan Interest Activity              $  35,809,524.42
------------------------------------------------------------------

2

III. 1997-2 Collection Account Activity 07/01/1999 through 09/30/1999

A       Principal Collections
i       Principal Payments Received-Cash                             $   61,592,837.60
ii      Cash Forwarded by Administrator on behalf of Seller                 281,294.54
iii     Cash Forwarded by Administrator on behalf of Servicer                (4,228.78)
iv      Cash Forwarded by Administrator for Consolidation Activity        9,967,528.97
-----------------
v       Total Principal Collections                                  $   71,837,432.33

B       Interest Collections
i       Interest Payments Received-Cash                              $   27,031,859.29
ii      Cash Forwarded by Administrator on behalf of Seller                  10,568.76
iii     Cash Forwarded by Administrator on behalf of Servicer                 8,193.61
iv      Cash Forwarded by Administrator for Consolidation Activity          148,982.00
v       Cash Forwarded by Administrator for Late Fee Activity               517,116.68
-----------------
vi      Total Interest Collections                                   $   27,716,720.34

C       Other Reimbursements                                                 $      325,689.59

D       Administrator Account Investment Income                              $      783,258.66

E       Return funds borrowed for previous distribution                      $              --

F       TOTAL FUNDS RECEIVED                                                  $ 100,663,100.92
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                           ($   3,383,281.91)
--------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                        $   97,279,819.01
--------------------------------------------------------------------------------------

G       Servicing Fee Calculation-Current Month
i       Unit Charge Calculation                                      $    1,171,346.25
ii      Percentage of Principal Calculation                          $    1,657,899.99
iii     Lesser of Unit or Principal Calculation                      $    1,171,346.25

H       Servicing Fees Due for Current Period                                $    1,657,899.99

I       Carryover Servicing Fees Due (1)                                     $            0.00
JUL 1999     Servicing Carryover   $0.00
AUG 1999     Servicing Carryover   $0.00
SEP 1999     Servicing Carryover   $0.00
-----
TOTAL: Carryover Servicing Fee Due        $0.00
=====

Less: Servicing ADJ [A iii + B iii]                             ($       3,964.83)

J       Administration Fees Due                                              $       20,000.00

--------------------------------------------------------------------------------------
K       Total Fees Due for Period                                            $    1,673,935.16
--------------------------------------------------------------------------------------

(1)   No Carryover Servicing Fees due before the June 2000 payment date

3

IV. 1997-2 Portfolio Characteristics

----------------------------------------------------------------------------
Weighted Avg Coupon         # of Loans                  %              
-------------------------------------------------------------------------------------------------------------
STATUS                             06/30/1999  09/30/1999  06/30/1999  09/30/1999  06/30/1999  09/30/1999  
-------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                         7.777%        7.258%      15,766      13,829      2.390%      2.166%     

Grace                                                                                                      
Current                         7.748%        7.220%       9,440      10,377      1.431%      1.626%     

-------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       7.764%        7.239%      25,206      24,206      3.821%      3.792%     
-------------------------------------------------------------------------------------------------------------
REPAYMENT                                                                                                    
Active                                                                                                     
Current                         8.292%        7.809%     473,359     444,456     71.752%     69.628%     
31-60 Days Delinquent           8.294%        7.803%      26,744      25,715      4.054%      4.029%     
61-90 Days Delinquent           8.284%        7.791%      12,886      12,703      1.953%      1.990%     
91-120 Days Delinquent          8.279%        7.783%       5,536       6,940      0.839%      1.087%     
> 120 Days Delinquent           8.270%        7.774%       7,894      10,376      1.197%      1.626%     

Deferment                                                                                                   
Current                         8.100%        7.584%      64,164      65,686      9.726%     10.290%     

Forbearance                                                                                                 
Current                         8.277%        7.781%      42,684      46,824      6.470%      7.335%     

-------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                     8.268%        7.777%     633,267     612,700     95.992%     95.985%     
-------------------------------------------------------------------------------------------------------------
Claims in Process (1)              8.279%        7.774%        1198       1,395      0.182%      0.219%     
Aged Claims Rejected (2)           8.208%        7.772%          40          25      0.006%      0.004%     
-------------------------------------------------------------------------------------------------------------
GRAND TOTAL         8.237%        7.744%     659,711     638,326    100.000%    100.000%     
-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------
Principal Amount                       %
-------------------------------------------------------------------------------------------------
STATUS                                06/30/1999          09/30/1999       06/30/1999  09/30/1999
-------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                        $   56,125,919.86   $   46,724,476.74      3.213%       2.776%

Grace                          
Current                        $   42,254,181.43   $   48,617,477.47      2.419%       2.889%

------------------------------------------------------------------------------------------------
TOTAL INTERIM                      $   98,380,101.29   $   95,341,954.21      5.632%       5.665%
------------------------------------------------------------------------------------------------
REPAYMENT                        
Active                         
Current                        $1,170,531,084.47   $1,085,505,999.34     67.013%      64.499%
31-60 Days Delinquent          $   68,496,915.85   $   65,982,236.58      3.921%       3.921%
61-90 Days Delinquent          $   33,813,409.75   $   36,065,798.99      1.936%       2.143%
91-120 Days Delinquent         $   14,729,626.73   $   19,099,517.75      0.843%       1.135%
> 120 Days Delinquent          $   20,966,494.23   $   27,384,474.96      1.200%       1.627%

Deferment                       
Current                         $ 192,525,800.72    $ 192,686,206.86     11.022%      11.449%

Forbearance                     
Current                         $ 144,588,149.63    $ 157,660,417.36      8.278%       9.368%

------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                    $1,645,651,481.38   $1,584,384,651.84     94.213%      94.142%
------------------------------------------------------------------------------------------------
Claims in Process (1)             $    2,614,871.98   $    3,180,241.50      0.150%       0.189%
Aged Claims Rejected (2)          $       91,039.78   $       62,960.60      0.005%       0.004%
------------------------------------------------------------------------------------------------
GRAND TOTAL        $1,746,737,494.43   $1,682,969,808.15    100.000%     100.000%
---------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1997-2 Portfolio Characteristics by School and Program 9/30/99

------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                       TWO YEAR SCHOOLS            
------------------------------------------------------------------------------

------------------------------------------------------------------------------
GSL-SUB  GSL-UNSUB   PLUS     SLS      GSL-SUB   GSL-UNSUB   PLUS     SLS     
------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                      1.624%    0.825%    0.000%    0.000%    0.171%    0.070%    0.000%    0.000%  

Grace
Current                      1.597%    1.068%    0.000%    0.000%    0.114%    0.044%    0.000%    0.000%  

-----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                      3.221%    1.893%    0.000%    0.000%    0.285%    0.114%    0.000%    0.000%  
-----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                  32.430%    8.577%    9.723%    2.131%    3.225%    0.924%    0.447%    0.226%  
31-60 Days Delinquent     1.749%    0.424%    0.467%    0.136%    0.317%    0.081%    0.016%    0.019%  
61-90 Days Delinquent     0.907%    0.277%    0.200%    0.080%    0.168%    0.053%    0.007%    0.011%  
91-120 Days Delinquent    0.466%    0.128%    0.086%    0.042%    0.122%    0.032%    0.005%    0.008%  
> 120 Days Delinquent     0.611%    0.161%    0.077%    0.063%    0.189%    0.058%    0.006%    0.014%  

Deferment
Current                   6.497%    2.122%    0.350%    0.526%    0.739%    0.207%    0.015%    0.047%  

Forbearance
Current                   4.103%    1.637%    0.623%    0.494%    0.674%    0.211%    0.026%    0.040%  

-----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                   46.763%   13.326%   11.526%    3.472%    5.434%    1.566%    0.522%    0.365%  
-----------------------------------------------------------------------------------------------------------------

Claims in Process (1)              0.068%    0.015%    0.012%    0.006%    0.020%    0.008%    0.001%    0.001%  
Aged Claims Rejected (2)           0.001%    0.001%    0.000%    0.000%    0.001%    0.000%    0.000%    0.000%  

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM          50.053%   15.235%   11.538%    3.478%    5.740%    1.688%    0.523%    0.366%  
-----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                              80.304%                                8.317% 
-----------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------
TECHNICAL SCHOOLS                         UNKNOWN
------------------------------------------------------------------------------

------------------------------------------------------------------------------
GSL-SUB    GSL-UNSUB    PLUS     SLS    GSL-SUB   GSL-UNSUB    PLUS     SLS
------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                        0.029%    0.024%    0.000%    0.000%    0.018%    0.015%    0.000%    0.000%

Grace
Current                        0.015%    0.014%    0.000%    0.000%    0.019%    0.018%    0.000%    0.000%

----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                        0.044%    0.038%    0.000%    0.000%    0.037%    0.033%    0.000%    0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                     3.349%    1.773%    0.827%    0.606%    0.160%    0.063%    0.018%    0.020%
31-60 Days Delinquent       0.393%    0.182%    0.057%    0.060%    0.013%    0.005%    0.000%    0.002%
61-90 Days Delinquent       0.234%    0.107%    0.025%    0.048%    0.012%    0.009%    0.000%    0.005%
91-120 Days Delinquent      0.144%    0.067%    0.010%    0.021%    0.002%    0.001%    0.000%    0.001%
> 120 Days Delinquent       0.263%    0.135%    0.014%    0.030%    0.003%    0.002%    0.000%    0.001%

Deferment
Current                     0.456%    0.228%    0.020%    0.075%    0.079%    0.059%    0.001%    0.028%

Forbearance
Current                     0.795%    0.408%    0.055%    0.130%    0.079%    0.057%    0.003%    0.033%

----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                      5.634%    2.900%    1.008%    0.970%    0.348%    0.196%    0.022%    0.090%
----------------------------------------------------------------------------------------------------------------

Claims in Process (1)                0.033%    0.018%    0.002%    0.005%    0.000%    0.000%    0.000%    0.000%
Aged Claims Rejected (2)             0.001%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%    0.000%

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM             5.712%    2.956%    1.010%    0.975%    0.385%    0.229%    0.022%    0.090%
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                               10.653%                                  0.726%
----------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

-------------------------------------------------------------------------------
FOUR YEAR   TWO YEAR  TECHNICAL
STATUS                        SCHOOLS    SCHOOLS    SCHOOLS   UNKNOWN    TOTAL
-------------------------------------------------------------------------------
INTERIM:
In School
Current                  2.449%     0.241%     0.053%     0.033%    2.776%

Grace
Current                  2.665%     0.158%     0.029%     0.037%    2.889%

-------------------------------------------------------------------------------
TOTAL INTERIM                  5.114%     0.399%     0.082%     0.070%    5.665%
-------------------------------------------------------------------------------
REPAYMENT:
Active
Current                 52.861%     4.822%     6.555%     0.261%   64.499%
31-60 Days Delinquent    2.776%     0.433%     0.692%     0.020%    3.921%
61-90 Days Delinquent    1.464%     0.239%     0.414%     0.026%    2.143%
91-120 Days Delinquent   0.722%     0.167%     0.242%     0.004%    1.135%
> 120 Days Delinquent    0.912%     0.267%     0.442%     0.006%    1.627%

Deferment
Current                  9.495%     1.008%     0.779%     0.167%   11.449%

Forbearance
Current                  6.857%     0.951%     1.388%     0.172%    9.368%

-------------------------------------------------------------------------------
TOTAL REPAYMENT               75.087%     7.887%    10.512%     0.656%   94.142%
-------------------------------------------------------------------------------

Claims in Process (1)          0.101%     0.030%     0.058%     0.000%    0.189%
Aged Claims Rejected (2)       0.002%     0.001%     0.001%     0.000%    0.004%

-------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE          80.304%     8.317%    10.653%     0.726%  100.000%
-------------------------------------------------------------------------------

5

VI. 1997-2 Interest Calculation

A      Borrower Interest Accrued During Collection Period                                     $   29,415,721.35
B      Interest Subsidy Payments Accrued During Collection Period                                  3,650,594.63
C      SAP Payments Accrued During Collection Period                                                 664,034.29
D      INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                       108,836.01
E      Investment Earnings (ADMINISTRATOR  ACT)                                                      783,258.66
-----------------
F      Net Expected Interest Collections                                                      $   34,622,444.94

G      Student Loan Rate
i      Days in Collection Period (7/1/99-9/30/99)                                                     92
ii     Days in Year                                                                                  365
iii    Net Expected Interest Collections                                               $   34,622,444.94
iv     Primary Servicing Fee                                                           $    5,041,181.90
v      Administration Fee                                                              $       20,000.00
vi     Total Pool Balance at Beginning of Collection Period                            $1,766,118,694.21
vii    Student Loan Rate                                                                         6.64061%

Accrued                                       
Int Factor     Accrual Period                  
----------     --------------                  

H      Class A-1 T-Bill Based Interest Rate                                                             5.40382%
I      Class A-1 Interest Rate                        0.013472548   (7/26/99-10/25/99)                  5.40382%
J      Class A-2 T-Bill Based Interest Rate                                                             5.46382%
K      Class A-2 Interest Rate                        0.013622137   (7/26/99-10/25/99)                  5.46382%
L      Certificate T-Bill Based Rate of Return                                                          5.69382%
M      Certificate Rate of Return                     0.014195562   (7/26/99-10/25/99)                  5.69382%

6

VII. 1997-2 Inputs From Previous Quarterly Servicing Reports 06/30/1999

A      Total Student Loan Pool Outstanding
i    Portfolio Balance                                  $1,746,737,494.43    
ii   Interest To Be Capitalized                             19,381,199.78    
-----------------    
iii  Total Pool                                         $1,766,118,694.21    
iv   Specified Reserve Account Balance                       4,415,296.74    
-----------------    
v    Total Adjusted Pool                                $1,770,533,990.95    
=================    

B      Total Note and Certificate Factor                           0.70922068976    
C      Total Note and Certificate Balance                      $1,770,533,990.95    

---------------------------------------------------------------------------------------------------------------
D      Note Balance 07/26/1999                                     Class A-1          Class A-2        Certificates
---------------------------------------------------------------------------------------------------------------

i    Current Factor-7/26/99                                  0.5465858782       1.0000000000       1.0000000000
ii   Expected Note Balance                              $  875,083,990.95   $ 808,000,000.00   $  87,450,000.00

E      Note Principal Shortfall                                $            0.00   $           0.00   $           0.00
F      Interest Shortfall                                      $            0.00   $           0.00   $           0.00
G      Interest Carryover                                      $            0.00   $           0.00   $           0.00
---------------------------------------------------------------------------------------------------------------
H      Reserve Account Balance                                 $    4,415,296.74                     
I      Unpaid Primary Servicing Fees from Prior Month(s)       $            0.00                     
J      Unpaid Administration fees from Prior Quarter(s)        $            0.00                     
K      Unpaid Carryover Servicing Fees from Prior Quarter(s)   $            0.00                     
L      Interest Due on Unpaid Carryover Servicing Fees         $            0.00                     

7

VIII. 1997-2 Waterfall for Distributions

Remaining
Funds Balance
-------------

A       Total Available Funds (Sections III-F + VI-D)       $ 97,388,655.02     $ 97,388,655.02

B       Primary Servicing Fees-Current Month                $  1,653,935.16     $ 95,734,719.86
C       Administration Fee                                  $     20,000.00     $ 95,714,719.86

D       Noteholder's Interest Distribution Amount
i      Class A-1                                    $ 11,789,611.07     $ 83,925,108.79
ii     Class A-2                                    $ 11,006,686.70     $ 72,918,422.09
---------------
iii    Total Noteholder's Interest Distribution     $ 22,796,297.77

E       Certificateholder's Return Distribution Amount      $  1,241,401.90     $ 71,677,020.19

F       Noteholder's Principal Distribution Amount
i      Class A-1                                    $ 65,105,590.26     $  6,571,429.93
ii     Class A-2                                    $          0.00     $  6,571,429.93
---------------
iii    Total Noteholder's Principal Distribution    $ 65,105,590.26

G       Certificateholder's Balance Distribution Amount     $          0.00     $  6,571,429.93

H       Increase to the Specified Reserve Account Balance   $          0.00     $  6,571,429.93

I       Carryover Servicing Fees                            $          0.00     $  6,571,429.93

J       Noteholder's Interest Carryover
i      Class A-1                                    $          0.00     $  6,571,429.93
i      Class A-2                                    $          0.00     $  6,571,429.93
---------------
iii    Total Noteholder's Interest Carryover        $          0.00

K       Certificateholder's Return Carryover                $          0.00     $  6,571,429.93

L       Excess to Reserve Account                           $  6,571,429.93     $          0.00

8

IX. 1997-2 Distributions

----------------------------------------------------------------------------------------------------------------
A       Distribution Amounts                                           Class A-1           Class A-2        Certificates
----------------------------------------------------------------------------------------------------------------

i    Quarterly Interest Due                               $    11,789,611.07    $ 11,006,686.70   $ 1,241,401.90
ii   Quarterly Interest Paid                                   11,789,611.07      11,006,686.70     1,241,401.90
------------------    ---------------   --------------
iii  Interest Shortfall                                   $             0.00             $ 0.00           $ 0.00

iv   Interest Carryover Due                               $             0.00             $ 0.00           $ 0.00
v    Interest Carryover Paid                                            0.00               0.00             0.00
------------------    ---------------   --------------
vi   Interest Carryover                                   $             0.00             $ 0.00           $ 0.00

vii  Quarterly Principal Due                              $    65,105,590.26             $ 0.00           $ 0.00
viii Quarterly Principal Paid                                  65,105,590.26               0.00             0.00
------------------    ---------------   --------------
ix   Quarterly Principal Shortfall                        $            (0.00)            $ 0.00           $ 0.00

----------------------------------------------------------------------------------------------------------------
x    Total Distribution Amount                            $    76,895,201.33    $ 11,006,686.70   $ 1,241,401.90
----------------------------------------------------------------------------------------------------------------

B       Principal Distribution Reconciliation

i    Notes and Certificates Principal Balance 9/30/99     $ 1,770,533,990.95
ii   Adjusted Pool Balance  9/30/99                         1,705,428,400.69
------------------
iii  Adjusted Pool Exceeding Notes and Certificate 
Balance                                             $   (65,105,590.26
==================

iv   Adjusted Pool Balance 6/30/99                        $ 1,770,533,990.95
v    Adjusted Pool Balance 9/30/99                        $ 1,705,428,400.69
------------------
vi   Current Principal Due (iv-v)                         $    65,105,590.26
vii  Principal Shortfall from Previous Collection Period  $               --
------------------
viii Principal Distribution Amount (vi + vii)             $    65,105,590.26
==================

ix   Principal Distribution Amount Paid                   $    65,105,590.26

x    Principal Shortfall (viii - ix)                      $            (0.00)

C            Total Principal Distribution                         $    65,105,590.26
D            Total Interest Distribution                               24,037,699.67
------------------
E            Total Cash Distributions-Note and Certificates       $    89,143,289.93

----------------------------------------------------------------------------
F       Note & Certificate Balances                7/26/99             10/25/99
----------------------------------------------------------------------------

i    A-1 Note Balance    (78442GAN6)   $ 875,083,990.95   $   809,978,400.69
A-1 Note Pool Factor                  0.5465858782         0.5059203002

ii   A-2 Note Balance    (78442GAP1)   $ 808,000,000.00   $   808,000,000.00
A-2 Note Pool Factor                  1.0000000000         1.0000000000

iii  Certificate Balance (78442GAQ9)   $  87,450,000.00   $    87,450,000.00
Certificate Pool Factor               1.0000000000         1.0000000000
----------------------------------------------------------------------------

G       Reserve Account Reconciliation
i    Beginning of Period Balance                          $     4,415,296.74
ii   Deposits to correct Shortfall                        $               --
iii  Deposits from Excess Servicing                       $     6,571,429.93
------------------
iv   Total Reserve Account Balance Available              $    10,986,726.67
v    Required Reserve Account Balance                     $     4,252,938.66

vi   Shortfall Carried to Next Period                     $               --
vii  Excess Reserve - Release to SLM Funding Corp.        $     6,733,788.01
viii Ending Reserve Account Balance                       $     4,252,938.66

9

X. 1997-2 Historical Pool Information

----------------------------------------------------------------
7/1/99-9/30/99       4/1/99-6/30/99          1/1/99-3/31/99   

----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                    $ 1,746,737,494.43   $ 1,836,207,406.88      $ 1,917,283,858.04 
----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections              $    57,364,596.01   $    69,279,630.40      $    71,932,323.70 
ii    Principal Collections from Guarantor             4,228,241.59         9,732,981.43           11,877,774.12 
iii   Principal Reimbursements                        10,244,594.73        17,741,819.14            2,863,465.45 
iv    Other System Adjustments                                   --                   --                      -- 
----------------------------------------------------------------
v     Total Principal Collections                $    71,837,432.33   $    96,754,430.97      $    86,673,563.27 
Student Loan Non-Cash Principal Activity
i     Other Adjustments                          $     1,046,605.48         $ 913,772.16      $     1,510,294.21 
ii    Capitalized Interest                            (9,116,351.53)       (8,198,290.68)          (7,107,406.32)
----------------------------------------------------------------
iii   Total Non-Cash Principal Activity          $    (8,069,746.05)  $    (7,284,518.52)     $    (5,597,112.11)

----------------------------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity            $    63,767,686.28   $    89,469,912.45      $    81,076,451.16 
----------------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections               $    22,529,057.76   $    24,498,931.27      $    26,074,483.39 
ii    Interest Claims Received from Guarantors           241,676.41           586,275.57              715,674.61 
iii   Late Fee Reimbursements                            517,116.68           511,672.68              569,406.79 
iv    Interest Reimbursements                            167,744.37           226,110.13               64,491.83 
v     Other System Adjustments                                   --                   --                      -- 
vi    Special Allowance Payments                          14,934.58            11,602.54                7,031.03 
vii   Subsidy Payments                                 4,246,190.54         4,584,838.18            4,868,492.75 
----------------------------------------------------------------
viii  Total Interest Collections                 $    27,716,720.34   $    30,419,430.37      $    32,299,580.40 

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                $    (1,023,547.45)  $      (721,978.51)     $    (1,272,405.45)
ii    Capitalized Interest                             9,116,351.53         8,198,290.68            7,107,406.32 
----------------------------------------------------------------
iii   Total Non-Cash Interest Adjustments        $     8,092,804.08   $     7,476,312.17      $     5,835,000.87 
----------------------------------------------------------------
Total Student Loan Interest Activity             $    35,809,524.42   $    37,895,742.54      $    38,134,581.27 

(=)     Ending Student Loan Portfolio Balance            $ 1,682,969,808.15   $ 1,746,737,494.43      $ 1,836,207,406.88 
----------------------------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                       $    18,205,653.88   $    19,381,199.78      $    19,847,544.12 
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                       $ 1,701,175,462.03   $ 1,766,118,694.21      $ 1,856,054,951.00 
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                          $     4,252,938.66   $     4,415,296.74      $     4,640,137.38 
----------------------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                              $ 1,705,428,400.69   $ 1,770,533,990.95      $ 1,860,695,088.38
----------------------------------------------------------------------------------------------------------------------------

-------------------------------------------
1998                    1997
-------------------------------------------
1/1/98-12/31/98         6/2/97-12/31/97

------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                         $ 2,233,565,975.40      $ 2,417,769,037.18
------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections                   $   264,350,558.07      $   154,030,100.79
ii    Principal Collections from Guarantor                 77,923,962.28           16,025,808.39
iii   Principal Reimbursements                              2,789,773.15           39,285,454.89
iv    Other System Adjustments                                        --                      --
-------------------------------------------
v     Total Principal Collections                     $   345,064,293.50      $   209,341,364.07
Student Loan Non-Cash Principal Activity
i     Other Adjustments                                   $ 5,168,111.55      $     2,950,257.67
ii    Capitalized Interest                                (33,950,287.69)         (28,088,559.96)
-------------------------------------------
iii   Total Non-Cash Principal Activity               $   (28,782,176.14)     $   (25,138,302.29)

------------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity                 $   316,282,117.36      $   184,203,061.78
------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections                    $   115,485,649.82      $    73,570,233.66
ii    Interest Claims Received from Guarantors              5,010,138.66              942,409.55
iii   Late Fee Reimbursements                                 652,960.74                      --
iv    Interest Reimbursements                                  90,862.70              603,909.65
v     Other System Adjustments                                        --                      --
vi    Special Allowance Payments                            1,844,250.34              856,056.99
vii   Subsidy Payments                                     22,372,421.48            9,250,855.29
-------------------------------------------
viii  Total Interest Collections                      $   145,456,283.74      $    85,223,465.14

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                     $    (3,770,021.88)     $    (2,673,876.35)
ii    Capitalized Interest                                 33,950,287.69           28,088,559.96
-------------------------------------------
iii   Total Non-Cash Interest Adjustments             $    30,180,265.81      $    25,414,683.61
-------------------------------------------
Total Student Loan Interest Activity                  $   175,636,549.55      $   110,638,148.75

(=)     Ending Student Loan Portfolio Balance                 $ 1,917,283,858.04      $ 2,233,565,975.40
------------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                            $    18,006,404.61      $    16,849,041.28
------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                            $ 1,935,290,262.65      $ 2,250,415,016.68
------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                               $     4,838,225.66      $     5,847,275.49
------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                                   $ 1,940,128,488.31      $ 2,256,262,292.17
-------------------------------------------------------------------------------------------------------------

10

XI. 1997-2 Payment History and CPRs

Distribution            Actual         Since Issued
Date            Pool Balances         CPR *

Jul-97          $ 2,441,522,427          --

Oct-97          $ 2,338,910,195        5.99%

Jan-98          $ 2,250,415,017        6.53%

Apr-98          $ 2,163,849,632        6.60%

Jul-98          $ 2,080,713,168        6.51%

Oct-98          $ 2,007,422,289        6.14%

Jan-99          $ 1,935,290,263        5.85%

Apr-99          $ 1,856,054,951        5.78%

Jul-99          $ 1,766,118,694        6.00%

Oct-99          $ 1,701,175,462        5.61%

* "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.

11

SLM Student Loan Trust 1997-3
Quarterly Servicing Report
Report Date:            9/30/1999              Reporting Period:  7/1/99-9/30/99

I.      Deal Parameters

--------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                 6/30/99                Activity         9/30/99
--------------------------------------------------------------------------------------------------------------

A       i      Portfolio Balance                            $ 2,029,799,381.97   $ (55,844,473.12)  $ 1,973,954,908.85
ii     Interest to be Capitalized                        41,323,073.66                           38,011,677.26
------------------                      ------------------
iii    Total Pool                                   $ 2,071,122,455.63                      $ 2,011,966,586.11
iv     Specified Reserve Account Balance                  5,177,806.14                            5,029,916.47
------------------                      ------------------
v      Total Adjusted Pool                          $ 2,076,300,261.77                      $ 2,016,996,502.58
==================                      ==================

B       i      Weighted Average Coupon (WAC)                            8.1796%                                 7.6910%
ii     Weighted Average Remaining Term                          109.91                                  109.05
iii    Number of Loans                                         606,931                                 591,520
iv     Number of Borrowers                                     227,079                                 221,419
--------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------------
Notes and Certificates                     Spread     Balance 7/26/99           % of Pool     Balance 10/25/99    % of Pool
---------------------------------------------------------------------------------------------------------------------------

C       i      A-1 Notes      78442GAR7             0.60%   $   957,650,261.77             46.123%  $   898,346,502.58      44.539%
ii     A-2 Notes      78442GAS5             0.64%     1,028,500,000.00             49.535%    1,028,500,000.00      50.992%
iii    Certificates   78442GAT3             0.83%        90,150,000.00              4.342%       90,150,000.00       4.469%
---------------------------------------------------------------------------------------------------------------------------
iv     Total Notes and Certificates                 $ 2,076,300,261.77            100.000%  $ 2,016,996,502.58     100.000%
===========================================================================================================================

---------------------------------------------------------------------------------------------------------------------------
Reserve Account                                            7/26/99                            10/25/99
---------------------------------------------------------------------------------------------------------------------------

D       i      Required Reserve Acct Deposit (%)                     0.25%                               0.25%
ii     Reserve Acct Initial Deposit ($)
iii    Specified Reserve Acct Balance ($)               $ 5,177,806.14                      $ 5,029,916.47
iv     Reserve Account Floor Balance ($)                $ 2,503,690.00                      $ 2,503,690.00
v      Current Reserve Acct Balance ($)                 $ 5,177,806.14                      $ 5,029,916.47
---------------------------------------------------------------------------------------------------------------------------

1

II. 1997-3 Transactions from: 7/1/99 through: 9/30/99

A            Student Loan Principal Activity
i         Regular Principal Collections                                     $ 41,479,202.90  
ii        Principal Collections from Guarantor                                 5,434,851.00
iii       Principal Reimbursements                                            23,953,670.72
iv        Other System Adjustments                                                     0.00
--------------- 
v         Total Principal Collections                                       $ 70,867,724.62

B            Student Loan Non-Cash Principal Activity
i         Other Adjustments                                                 $  2,584,157.12
ii        Capitalized Interest                                               (17,607,408.62)
--------------- 
iii       Total Non-Cash Principal Activity                                 $(15,023,251.50)

-------------------------------------------------------------------------------------------
C            Total Student Loan Principal Activity                                        $55,844,473.12
-------------------------------------------------------------------------------------------

D            Student Loan Interest Activity
i         Regular Interest Collections                                      $ 19,948,559.27
ii        Interest Claims Received from Guarantors                               269,343.79
iii       Late Fee Reimbursements                                                359,176.01
iv        Interest Reimbursements                                                475,268.91
v         Other System Adjustments                                                     0.00
vi        Special Allowance Payments                                              37,837.38
vii       Subsidy Payments                                                     7,201,341.55
--------------- 
viii      Total Interest Collections                                        $ 28,291,526.91

E            Student Loan Non-Cash Interest Activity
i         Interest Accrual Adjustment                                       $ (2,506,543.40)
ii        Capitalized Interest                                                17,607,408.62
--------------- 
iii       Total Non-Cash Interest Adjustments                               $ 15,100,865.22

-------------------------------------------------------------------------------------------
F            Total Student Loan Interest Activity                                        $ 43,392,392.13
-------------------------------------------------------------------------------------------

2

III. 1997-3 Collection Account Activity 7/1/99 through 9/30/99

A        Principal Collections
i         Principal Payments Received-Cash                                              $  46,914,053.90
ii        Cash Forwarded by Administrator on behalf of Seller                                 191,205.56
iii       Cash Forwarded by Administrator on behalf of Servicer                                (2,127.92)
iv        Cash Forwarded by Administrator for Consolidation Activity                       23,764,593.08
----------------
v         Total Principal Collections                                                   $  70,867,724.62

B        Interest Collections
i         Interest Payments Received-Cash                                               $  27,457,081.99
ii        Cash Forwarded by Administrator on behalf of Seller                                  15,789.01
iii       Cash Forwarded by Administrator on behalf of Servicer                                 4,934.18
iv        Cash Forwarded by Administrator for Consolidation Activity                          454,545.72
v         Cash Forwarded by Administrator for Late Fee Activity                               359,176.01
----------------
vi        Total Interest Collections                                                    $  28,291,526.91

C        Other Reimbursements                                                                    $     236,524.12

D        Administrator Account Investment Income                                                 $     802,515.13

E        Return funds borrowed for previous distribution                                         $             --

F        TOTAL FUNDS RECEIVED                                                                    $ 100,198,290.78
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                                                ($2,691,865.14)
---------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                           $  97,506,425.64
---------------------------------------------------------------------------------------------------------

G        Servicing Fee Calculation-Current Month
i         Unit Charge Calculation                                                       $     907,585.58
ii        Percentage of Principal Calculation                                           $   1,325,436.76
iii       Lesser of Unit or Principal Calculation                                       $     907,585.58

H        Servicing Fees Due for Current Period                                                   $   1,325,436.76

I        Carryover Servicing Fees Due (1)                                                        $           0.00
JUL 1999     Servicing Carryover               $0.00
AUG 1999     Servicing Carryover               $0.00
SEP 1999     Servicing Carryover               $0.00
-----
TOTAL: Carryover Servicing Fee Due                    $0.00
=====

Less: Servicing ADJ [A iii + B iii]                                                       ($2,806.26)

J        Administration Fees Due                                                                 $      20,000.00

---------------------------------------------------------------------------------------------------------
K        Total Fees Due for Period                                                               $   1,342,630.50
---------------------------------------------------------------------------------------------------------

(1)   No Carryover Servicing Fees due before the October 2001 payment date

3

IV. 1997-3 Portfolio Characteristics

-------------------------------------------------------------------------------
Weighted Avg Coupon              # of Loans                      %            
---------------------------------------------------------------------------------------------------------------
STATUS                          6/30/99       9/30/99      6/30/99        9/30/99       6/30/99       9/30/99  
---------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                      7.839%       7.341%        40,706         35,082        6.707%        5.931%  

Grace
Current                      7.797%       7.281%        22,470         24,994        3.702%        4.225%  

---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                    7.823%       7.314%        63,176         60,076       10.409%       10.156%  
---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                      8.256%       7.776%       353,351        330,724       58.219%       55.911%  
31-60 Days Delinquent        8.260%       7.771%        21,893         20,688        3.607%        3.497%  
61-90 Days Delinquent        8.261%       7.771%        11,729         13,554        1.933%        2.291%  
91-120 Days Delinquent       8.258%       7.774%         5,555          6,868        0.915%        1.161%  
> 120 Days Delinquent        8.254%       7.763%         7,635         10,269        1.258%        1.736%  

Deferment
Current                      8.077%       7.574%        77,798         79,839       12.818%       13.497%  

Forbearance
Current                      8.253%       7.771%        64,555         67,779       10.636%       11.458%  

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                  8.229%       7.742%       542,516        529,721       89.387%       89.553%  
---------------------------------------------------------------------------------------------------------------
Claims in Process (1)           8.268%       7.766%          1171          1,678        0.193%        0.284%  
Aged Claims Rejected (2)        8.370%       8.099%            68             45        0.011%        0.008%  
---------------------------------------------------------------------------------------------------------------
GRAND TOTAL     8.180%       7.691%       606,931        591,520      100.000%      100.000%  
---------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------  
Principal Amount                        %
---------------------------------------------------------------------------------------------------
STATUS                                6/30/99                9/30/99          6/30/99       9/30/99
---------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                     $   141,658,896.33     $   119,555,598.34      6.979%        6.057%

Grace
Current                     $    87,935,883.54     $   100,097,402.31      4.332%        5.071%

----------------------------------------------------------------------------------------------------
TOTAL INTERIM                   $   229,594,779.87     $   219,653,000.65     11.311%       11.128%
----------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                     $ 1,112,136,744.17     $ 1,035,051,894.04     54.790%       52.435%
31-60 Days Delinquent       $    69,168,859.72     $    65,622,377.61      3.408%        3.324%
61-90 Days Delinquent       $    37,542,836.74     $    47,218,382.64      1.850%        2.392%
91-120 Days Delinquent      $    17,408,904.29     $    22,045,754.41      0.858%        1.117%
> 120 Days Delinquent       $    23,471,537.26     $    31,945,497.56      1.156%        1.618%

Deferment
Current                     $   275,419,571.84     $   277,526,809.19     13.569%       14.059%

Forbearance
Current                     $   261,894,548.17     $   270,149,168.20     12.902%       13.686%

----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                 $ 1,797,043,002.19     $ 1,749,559,883.65     88.533%       88.631%
----------------------------------------------------------------------------------------------------
Claims in Process (1)          $     3,005,194.83     $     4,651,997.28      0.148%        0.236%
Aged Claims Rejected (2)       $       156,405.08     $        90,027.27      0.008%        0.005%
----------------------------------------------------------------------------------------------------
GRAND TOTAL    $ 2,029,799,381.97     $ 1,973,954,908.85    100.000%      100.000%
----------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.
(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1997-3 Portfolio Characteristics by School and Program 9/30/99

------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                       TWO YEAR SCHOOLS                     
------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB    PLUS       SLS      GSL-SUB  GSL-UNSUB    PLUS      SLS     GSL-SUB
------------------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                         3.563%     1.557%     0.000%    0.000%     0.368%    0.150%     0.000%   0.000%    0.174%

Grace
Current                         2.888%     1.619%     0.000%    0.000%     0.214%    0.087%     0.000%   0.000%    0.107%
-------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                         6.451%     3.176%     0.000%    0.000%     0.582%    0.237%     0.000%   0.000%    0.281%
-------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                     29.171%    10.053%     4.027%    2.513%     1.848%    0.778%     0.188%   0.147%    1.779%
31-60 Days Delinquent        1.682%     0.546%     0.224%    0.169%     0.199%    0.080%     0.012%   0.014%    0.199%
61-90 Days Delinquent        1.191%     0.435%     0.113%    0.168%     0.140%    0.054%     0.003%   0.013%    0.136%
91-120 Days Delinquent       0.557%     0.174%     0.041%    0.064%     0.082%    0.034%     0.003%   0.005%    0.082%
> 120 Days Delinquent        0.735%     0.243%     0.044%    0.086%     0.141%    0.058%     0.003%   0.012%    0.145%

Deferment
Current                      7.687%     2.681%     0.735%    1.078%     0.613%    0.246%     0.024%   0.074%    0.346%

Forbearance
Current                      6.756%     2.979%     0.471%    1.119%     0.670%    0.290%     0.023%   0.078%    0.577%

-------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                      47.779%    17.111%     5.655%    5.197%     3.693%    1.540%     0.256%   0.343%    3.264%
-------------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                 0.108%     0.045%     0.011%    0.015%     0.020%    0.007%     0.000%   0.002%    0.014%
Aged Claims Rejected (2)              0.003%     0.000%     0.000%    0.000%     0.001%    0.000%     0.000%   0.000%    0.001%

-------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM             54.341%    20.332%     5.666%    5.212%     4.296%    1.784%     0.256%   0.345%    3.560%
-------------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                 85.551%                                     6.681%                        
-------------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------
TECHNICAL SCHOOLS                        UNKNOWN
---------------------------------------------------------------

---------------------------------------------------------------
GSL-UNSUB   PLUS     SLS    GSL-SUB  GSL-UNSUB   PLUS      SLS
---------------------------------------------------------------

STATUS
INTERIM:
In School
Current                          0.134%    0.000%  0.000%   0.060%    0.051%   0.000%   0.000%

Grace
Current                          0.083%    0.000%  0.000%   0.038%    0.035%   0.000%   0.000%
----------------------------------------------------------------------------------------------------
TOTAL INTERIM                          0.217%    0.000%  0.000%   0.098%    0.086%   0.000%   0.000%
----------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                       1.108%    0.244%  0.219%   0.203%    0.094%   0.010%   0.053%
31-60 Days Delinquent         0.128%    0.016%  0.017%   0.019%    0.011%   0.000%   0.008%
61-90 Days Delinquent         0.082%    0.006%  0.015%   0.017%    0.011%   0.000%   0.008%
91-120 Days Delinquent        0.046%    0.003%  0.012%   0.006%    0.003%   0.001%   0.004%
> 120 Days Delinquent         0.097%    0.010%  0.014%   0.013%    0.012%   0.000%   0.005%

Deferment
Current                       0.203%    0.013%  0.077%   0.132%    0.094%   0.001%   0.055%

Forbearance
Current                       0.343%    0.025%  0.094%   0.120%    0.090%   0.001%   0.050%

----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                        2.007%    0.317%  0.448%   0.510%    0.315%   0.013%   0.183%
----------------------------------------------------------------------------------------------------

Claims in Process (1)                  0.009%    0.001%  0.002%   0.001%    0.001%   0.000%   0.000%
Aged Claims Rejected (2)               0.000%    0.000%  0.000%   0.000%    0.000%   0.000%   0.000%

----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM               2.233%    0.318%  0.450%   0.609%    0.402%   0.013%   0.183%
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                      6.561%                               1.207%
----------------------------------------------------------------------------------------------------

------------------------------------------------------------------
FOUR YEAR     TWO YEAR       TECHNICAL

STATUS                                        SCHOOLS      SCHOOLS         SCHOOLS       UNKNOWN         TOTAL
------------------------------------------------------------------

INTERIM: 
In School
Current                         5.120%        0.518%          0.308%        0.111%         6.057%

Grace
Current                         4.507%        0.301%          0.190%        0.073%         5.071%

----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                 9.627%        0.819%          0.498%        0.184%        11.128%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                        45.764%        2.961%          3.350%        0.360%        52.435%
31-60 Days Delinquent           2.621%        0.305%          0.360%        0.038%         3.324%
61-90 Days Delinquent           1.907%        0.210%          0.239%        0.036%         2.392%
91-120 Days Delinquent          0.836%        0.124%          0.143%        0.014%         1.117%
> 120 Days Delinquent           1.108%        0.214%          0.266%        0.030%         1.618%

Deferment
Current                        12.181%        0.957%          0.639%        0.282%        14.059%

Forbearance
Current                        11.325%        1.061%          1.039%        0.261%        13.686%

----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                              75.742%        5.832%          6.036%        1.021%        88.631%
----------------------------------------------------------------------------------------------------------------

Claims in Process (1)                         0.179%        0.029%          0.026%        0.002%         0.236%
Aged Claims Rejected (2)                      0.003%        0.001%          0.001%        0.000%         0.005%

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                         85.551%        6.681%          6.561%        1.207%       100.000%
----------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

VI. 1997-3 Interest Calculation

A        Borrower Interest Accrued During Collection Period                                  $    32,383,568.74
B        Interest Subsidy Payments Accrued During Collection Period                                6,089,280.05
C        SAP Payments Accrued During Collection Period                                               826,386.47
D        INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                     121,049.55
E        Investment Earnings (ADMINISTRATOR  ACT)                                                    802,515.13
------------------
F        Net Expected Interest Collections                                                   $    40,222,799.94

G        Student Loan Rate
i         Days in Collection Period         (7/1/99-9/30/99)                                        92
ii        Days in Year                                                                             365
iii       Net Expected Interest Collections                                         $    40,222,799.94
iv        Primary Servicing Fee                                                     $     4,017,301.90
v         Administration Fee                                                        $        20,000.00
vi        Total Pool Balance at Beginning of Collection Period                      $ 2,071,122,455.63
vii       Student Loan Rate                                                                    6.93161%

Accrued
Int Factor    Accrual Period
----------    --------------

H        Class A-1 T-Bill Based Interest Rate                                                           5.46382%
I        Class A-1 Interest Rate                        0.013622137   (7/26/99-10/25/99)                5.46382%
J        Class A-2 T-Bill Based Interest Rate                                                           5.50382%
K        Class A-2 Interest Rate                        0.013721863   (7/26/99-10/25/99)                5.50382%
L        Certificate T-Bill Based Rate of Return                                                        5.69382%
M        Certificate Rate of Return                     0.014195562   (7/26/99-10/25/99)                5.69382%

6

VII. 1997-3 Inputs From Previous Quarterly Servicing Reports 6/30/99

A        Total Student Loan Pool Outstanding
i      Portfolio Balance                                 $ 2,029,799,381.97
ii     Interest To Be Capitalized                             41,323,073.66
------------------
iii    Total Pool                                        $ 2,071,122,455.63
iv     Specified Reserve Account Balance                       5,177,806.14
------------------
v      Total Adjusted Pool                               $ 2,076,300,261.77
==================

B        Total Note and Certificate Factor                             0.80633019875
C        Total Note and Certificate Balance                       $ 2,076,300,261.77

---------------------------------------------------------------------------------------------------------------------
D        Note Balance             7/26/99                              Class A-1            Class A-2          Certificates
---------------------------------------------------------------------------------------------------------------------

i      Current Factor 7/26/99                                  0.6575687587         1.0000000000        1.0000000000
ii     Expected Note Balance                             $   957,650,261.77   $ 1,028,500,000.00     $ 90,150,000.00

E        Note Principal Shortfall                                 $             0.00   $             0.00     $          0.00
F        Interest Shortfall                                       $             0.00   $             0.00     $          0.00
G        Interest Carryover                                       $             0.00   $             0.00     $          0.00
---------------------------------------------------------------------------------------------------------------------

H        Reserve Account Balance                                  $     5,177,806.14
I        Unpaid Primary Servicing Fees from Prior Month(s)        $             0.00
J        Unpaid Administration fees from Prior Quarter(s)         $             0.00
K        Unpaid Carryover Servicing Fees from Prior Quarter(s)    $             0.00
L        Interest Due on Unpaid Carryover Servicing Fees          $             0.00

7

VIII. 1997-3 Waterfall for Distributions

Remaining
Funds Balance
-------------

A    Total Available Funds ( Sections III-F  +  VI-D )          $ 97,627,475.19        $ 97,627,475.19

B    Primary Servicing Fees-Current Month                       $  1,322,630.50        $ 96,304,844.69
C    Administration Fee                                         $     20,000.00        $ 96,284,844.69

D    Noteholder's Interest Distribution Amount
i         Class A-1                                        $ 13,045,243.06        $ 83,239,601.63
ii        Class A-2                                        $ 14,112,936.10        $ 69,126,665.53
---------------
iii       Total Noteholder's Interest Distribution         $ 27,158,179.16

E    Certificateholder's Return Distribution Amount             $  1,279,729.91        $ 67,846,935.62

F    Noteholder's Principal Distribution Amount Paid
i         Class A-1                                        $ 59,303,759.19        $  8,543,176.43
ii        Class A-2                                        $          0.00        $  8,543,176.43
---------------
iii       Total Noteholder's Principal Distribution        $ 59,303,759.19

G    Certificateholder's Balance Distribution Amount            $          0.00        $  8,543,176.43

H    Increase to the Specified Reserve Account Balance          $          0.00        $  8,543,176.43

I    Carryover Servicing Fees                                   $          0.00        $  8,543,176.43

J    Noteholder's Interest Carryover
i         Class A-1                                        $          0.00        $  8,543,176.43
i         Class A-2                                        $          0.00        $  8,543,176.43
---------------
iii       Total Noteholder's Interest Carryover            $          0.00

K    Certificateholder's Return Carryover                       $          0.00        $  8,543,176.43

L    Excess to Reserve Account                                  $  8,543,176.43        $          0.00

8

IX. 1997-3 Distributions

----------------------------------------------------------------------------------------------------------------------------
A      Distribution Amounts                                                      Class A-1            Class A-2      Certificates
----------------------------------------------------------------------------------------------------------------------------

i     Quarterly Interest Due                                         $    13,045,243.06    $ 14,112,936.10   $ 1,279,729.91
ii    Quarterly Interest Paid                                             13,045,243.06      14,112,936.10     1,279,729.91
------------------    ---------------   --------------
iii   Interest Shortfall                                             $             0.00             $ 0.00           $ 0.00

iv    Interest Carryover Due                                         $             0.00             $ 0.00           $ 0.00
v     Interest Carryover Paid                                                      0.00               0.00             0.00
------------------    ---------------   --------------
vi    Interest Carryover                                             $             0.00             $ 0.00           $ 0.00

vii   Quarterly Principal Due                                        $    59,303,759.19             $ 0.00           $ 0.00
viii  Quarterly Principal Paid                                            59,303,759.19               0.00             0.00
------------------    ---------------   --------------
ix    Quarterly Principal Shortfall                                  $             0.00             $ 0.00           $ 0.00

----------------------------------------------------------------------------------------------------------------------------
x     Total Distribution Amount                                      $    72,349,002.25    $ 14,112,936.10   $ 1,279,729.91
----------------------------------------------------------------------------------------------------------------------------

B      Principal Distribution Reconciliation                                
i     Notes and Certificates Principal Balance   9/30/99             $ 2,076,300,261.77
ii    Adjusted Pool Balance  9/30/99                                   2,016,996,502.58
------------------
iii   Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)   $    59,303,759.19
==================

iv    Adjusted Pool Balance 6/30/99                                  $ 2,076,300,261.77
v     Adjusted Pool Balance 9/30/99                                  $ 2,016,996,502.58
------------------
vi    Current Principal Due (iv-v)                                   $    59,303,759.19
vii   Principal Shortfall from Previous Collection Period            $               --
viii  Principal Distribution Amount (vi + vii)                       $    59,303,759.19
------------------
ix    Principal Distribution Amount Paid                             $    59,303,759.19
==================

x     Principal Shortfall (viii - ix)                                $             0.00

C            Total Principal Distribution                                   $    59,303,759.19
D            Total Interest Distribution                                         28,437,909.07
------------------
E            Total Cash Distributions-Note and Certificates                 $    87,741,668.26

----------------------------------------------------------------------------------------
F      Note & Certificate Balances                      7/26/99                10/25/99
----------------------------------------------------------------------------------------

i     A-1 Note Balance      (78442GAR7)      $   957,650,261.77      $   898,346,502.58
A-1 Note Pool Factor                         0.6575687587            0.6168479435

ii    A-2 Note Balance      (78442GAS5)      $ 1,028,500,000.00      $ 1,028,500,000.00
A-2 Note Pool Factor                         1.0000000000            1.0000000000

iii   Certificate Balance   (78442GAT3)      $    90,150,000.00      $    90,150,000.00
Certificate Pool Factor                      1.0000000000            1.0000000000
----------------------------------------------------------------------------------------

G      Reserve Account Reconciliation
i     Beginning of Period Balance                                    $     5,177,806.14
ii    Deposits to correct Shortfall                                  $               --
iii   Deposits from Excess Servicing                                 $     8,543,176.43
------------------
iv    Total Reserve Account Balance Available                        $    13,720,982.57
v     Required Reserve Account Balance                               $     5,029,916.47

vi    Shortfall Carried to Next Period                               $               --
vii   Excess Reserve - Release to SLM Funding Corp.                  $     8,691,066.10
viii  Ending Reserve Account Balance                                 $     5,029,916.47

9

X. 1997-3 Historical Pool Information

-----------------------------------------------------------------
7/1/99-9/30/99         4/1/99-6/30/99         1/1/99-3/31/99  

-----------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                    $ 2,029,799,381.97     $ 2,118,491,863.51     $ 2,187,173,010.15 
-----------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections              $    41,479,202.90     $    54,483,418.03     $    57,414,074.23 
ii    Principal Collections from Guarantor             5,434,851.00          11,759,051.47          13,303,830.96 
iii   Principal Reimbursements                        23,953,670.72          36,333,636.81           7,983,617.17 
iv    Other System Adjustments                                   --                     --                     -- 
-----------------------------------------------------------------
v     Total Principal Collections                $    70,867,724.62     $   102,576,106.31     $    78,701,522.36 
Student Loan Non-Cash Principal Activity
i     Other Adjustments                          $     2,584,157.12     $     1,985,310.74     $     2,655,235.53 
ii    Capitalized Interest                           (17,607,408.62)        (15,868,935.51)        (12,675,611.25)
-----------------------------------------------------------------
iii   Total Non-Cash Principal Activity          $   (15,023,251.50)    $   (13,883,624.77)    $   (10,020,375.72)

-----------------------------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity            $    55,844,473.12     $    88,692,481.54     $    68,681,146.64 
-----------------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections               $    19,948,559.27     $    21,240,585.07     $    21,948,538.28 
ii    Interest Claims Received from Guarantors           269,343.79             692,393.15             805,049.57 
iii   Late Fee Reimbursements                            359,176.01             348,042.02             372,821.54 
iv    Interest Reimbursements                            475,268.91             631,572.16             138,548.53 
v     Other System Adjustments                                   --                     --                     -- 
vi    Special Allowance Payments                          37,837.38              36,168.13              30,263.12 
vii   Subsidy Payments                                 7,201,341.55           7,726,647.78           8,947,872.06 
-----------------------------------------------------------------
viii  Total Interest Collections                 $    28,291,526.91     $    30,675,408.31     $    32,243,093.10 

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                $    (2,506,543.40)    $    (1,754,387.45)    $    (2,446,874.04)
ii    Capitalized Interest                            17,607,408.62          15,868,935.51          12,675,611.25 
-----------------------------------------------------------------
iii   Total Non-Cash Interest Adjustments        $    15,100,865.22     $    14,114,548.06     $    10,228,737.21 
-----------------------------------------------------------------
Total Student Loan Interest Activity             $    43,392,392.13     $    44,789,956.37     $    42,471,830.31 

(=)     Ending Student Loan Portfolio Balance            $ 1,973,954,908.85     $ 2,029,799,381.97     $ 2,118,491,863.51 
-----------------------------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                       $    38,011,677.26     $    41,323,073.66     $    43,078,880.85 
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                       $ 2,011,966,586.11     $ 2,071,122,455.63     $ 2,161,570,744.36 
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                          $     5,029,916.47     $     5,177,806.14     $     5,403,926.86 
-----------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                              $ 2,016,996,502.58     $ 2,076,300,261.77     $ 2,166,974,671.22 
-----------------------------------------------------------------------------------------------------------------------------

------------------------------------------
1998                 1997
------------------------------------------
1/1/98-12/31/98       8/25/97 - 12/31/97

----------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                        $ 2,388,313,848.15      $ 2,447,417,365.32
----------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections                  $   179,579,682.34      $    49,821,559.10
ii    Principal Collections from Guarantor                71,378,464.29            1,440,820.82
iii   Principal Reimbursements                             8,500,226.75           39,007,052.38
iv    Other System Adjustments                                       --                      --
------------------------------------------
v     Total Principal Collections                    $   259,458,373.38      $    90,269,432.30
Student Loan Non-Cash Principal Activity
i     Other Adjustments                              $    10,205,441.60      $     3,533,441.93
ii    Capitalized Interest                               (68,522,976.98)         (34,699,357.06)
------------------------------------------
iii   Total Non-Cash Principal Activity              $   (58,317,535.38)     $   (31,165,915.13)

----------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity                $   201,140,838.00      $    59,103,517.17
----------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections                   $    85,007,482.49      $    24,529,728.52
ii    Interest Claims Received from Guarantors             4,447,365.33               34,126.30
iii   Late Fee Reimbursements                                433,591.49                    9.92
iv    Interest Reimbursements                                164,288.32              799,423.02
v     Other System Adjustments                                       --                      --
vi    Special Allowance Payments                           1,999,181.67              232,534.47
vii   Subsidy Payments                                    46,628,513.22            6,806,739.23
------------------------------------------
viii  Total Interest Collections                     $   138,680,422.52      $    32,402,561.46

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                    $    (9,049,779.85)     $    (3,498,891.99)
ii    Capitalized Interest                                68,522,976.98           34,699,357.06
------------------------------------------
iii   Total Non-Cash Interest Adjustments            $    59,473,197.13      $    31,200,465.07
------------------------------------------
Total Student Loan Interest Activity                 $   198,153,619.65      $    63,603,026.53

(=)     Ending Student Loan Portfolio Balance                $ 2,187,173,010.15      $ 2,388,313,848.15
----------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                           $    39,623,139.23      $    44,396,075.77
----------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                           $ 2,226,796,149.38      $ 2,432,709,923.92
----------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                              $     5,566,990.37      $     6,259,224.00
----------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                                  $ 2,232,363,139.75      $ 2,438,969,147.92
----------------------------------------------------------------------------------------------------------

10

XI. 1997-3 Payment History and CPRs

Distribution            Actual           Since Issued
Date            Pool Balances            CPR *

Oct-97          $ 2,503,689,634            --  

Jan-98          $ 2,432,709,924          6.13%

Apr-98          $ 2,385,676,618          4.78%

Jul-98          $ 2,331,344,763          4.50%

Oct-98          $ 2,277,897,847          4.25%

Jan-99          $ 2,226,796,149          4.02%

Apr-99          $ 2,161,570,744          4.11%

Jul-99          $ 2,071,122,456          4.77%

Oct-99          $ 2,011,966,586          4.58%

* "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.

11

SLM Student Loan Trust 1997-4
Quarterly Servicing Report
Report Date:              9/30/1999           Reporting Period:  7/1/99-9/30/99

I. Deal Parameters

----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                       6/30/99           Activity              9/30/99
----------------------------------------------------------------------------------------------------------------

A   i         Portfolio Balance                             $ 2,059,875,749.01  $(54,896,141.61)   $2,004,979,607.40
ii        Interest to be Capitalized                         35,555,572.08                         33,256,441.82
------------------                     -----------------
iii       Total Pool                                    $ 2,095,431,321.09                     $2,038,236,049.22
iv        Specified Reserve Account Balance                   5,238,578.30                          5,095,590.12
------------------                     -----------------
v         Total Adjusted Pool                           $ 2,100,669,899.39                     $2,043,331,639.34
==================                     =================

B   i         Weighted Average Coupon (WAC)                             8.1746%                               7.6822%
ii        Weighted Average Remaining Term                           109.35                                108.50
iii       Number of Loans                                          663,712                               647,697
iv        Number of Borrowers                                      245,607                               239,572
----------------------------------------------------------------------------------------------------------------

% of                               % of
Notes and Certificates                        Spread     Balance 7/26/99       O/S Securities   Balance 10/25/99  O/S Securities
--------------------------------------------------------------------------------------------------------------------------------

C   i         A-1 Notes     78442GAU0               0.75%   $ 1,035,590,480.66            48.976%  $  970,369,840.68        47.352%
ii        A-2 Notes     78442GAV8               0.75%       989,000,000.00            46.772%     989,000,000.00        48.261%
iii       Certificates  78442GAW6               1.05%        89,900,000.00             4.252%      89,900,000.00         4.387%
--------------------------------------------------------------------------------------------------------------------------------
iv        Total Notes and Certificates                  $ 2,114,490,480.66           100.000%  $2,049,269,840.68       100.000%
================================================================================================================================

--------------------------------------------------------------------------------------------------------------------------------
Reserve Account                                                7/26/99                             10/25/99
--------------------------------------------------------------------------------------------------------------------------------

D   i         Required Reserve Acct Deposit (%)                     0.25%                                 0.25%
ii        Reserve Acct Initial Deposit ($)
iii       Specified Reserve Acct Balance ($)                $ 5,238,578.30                     $    5,095,590.12
iv        Reserve Account Floor Balance ($)                 $ 2,502,640.00                     $    2,502,640.00
v         Current Reserve Acct Balance ($)                  $ 5,238,578.30                     $    5,095,590.12
--------------------------------------------------------------------------------------------------------------------------------

1

II. 1997-4 Transactions from: 7/1/99 through: 9/30/99

A           Student Loan Principal Activity
i               Regular Principal Collections                        $  41,827,380.55
ii              Principal Collections from Guarantor                     4,453,012.99
iii             Principal Reimbursements                                22,320,582.02
iv              Other System Adjustments                                         0.00
---------------- 
v               Total Principal Collections                          $  68,600,975.56

B           Student Loan Non-Cash Principal Activity
i               Other Adjustments                                    $   2,077,475.69
ii              Capitalized Interest                                   (15,782,309.64)
----------------
iii             Total Non-Cash Principal Activity                    $ (13,704,833.95)

-------------------------------------------------------------------------------------
C           Total Student Loan Principal Activity                                $  54,896,141.61
-------------------------------------------------------------------------------------

D           Student Loan Interest Activity
i               Regular Interest Collections                         $  21,027,252.99
ii              Interest Claims Received from Guarantors                   246,856.02
iii             Late Fee Reimbursements                                    359,945.60
iv              Interest Reimbursements                                    383,407.92
v               Other System Adjustments                                         0.00
vi              Special Allowance Payments                                  23,931.25
vii             Subsidy Payments                                         7,255,038.64
---------------- 
viii            Total Interest Collections                           $  29,296,432.42

E           Student Loan Non-Cash Interest Activity
i               Interest Accrual Adjustment                          $  (2,088,685.47)
ii              Capitalized Interest                                    15,782,309.64
---------------- 
iii             Total Non-Cash Interest Adjustments                  $  13,693,624.17

-------------------------------------------------------------------------------------
F           Total Student Loan Interest Activity                                 $  42,990,056.59
-------------------------------------------------------------------------------------

2

III. 1997-4 Collection Account Activity 7/1/99 through 9/30/99

A         Principal Collections
i               Principal Payments Received-Cash                                  $ 46,280,393.54
ii              Cash Forwarded by Administrator on behalf of Seller                    243,951.11
iii             Cash Forwarded by Administrator on behalf of Servicer                    8,670.29
iv              Cash Forwarded by Administrator for Consolidation Activity          22,067,960.62
---------------
v               Total Principal Collections                                       $ 68,600,975.56

B         Interest Collections
i               Interest Payments Received-Cash                                   $ 28,553,078.90
ii              Cash Forwarded by Administrator on behalf of Seller                     14,320.81
iii             Cash Forwarded by Administrator on behalf of Servicer                    8,617.49
iv              Cash Forwarded by Administrator for Consolidation Activity             360,469.62
v               Cash Forwarded by Administrator for Late Fee Activity                  359,945.60
---------------
vi              Total Interest Collections                                        $ 29,296,432.42

C         Other Reimbursements                                                              $    251,635.99

D         Administrator Account Investment Income                                           $    802,807.77

E         Return funds borrowed for previous distribution                                   $            --

F         TOTAL FUNDS RECEIVED                                                              $ 98,951,851.74
(LESS: SERVICING FEES PREVIOUSLY REMITTED)                                         ($2,901,828.32)
--------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                     $ 96,050,023.42
--------------------------------------------------------------------------------------------------

G         Servicing Fee Calculation-Current Month
i               Unit Charge Calculation                                           $    979,755.14
ii              Percentage of Principal Calculation                               $  1,429,556.80
iii             Lesser of Unit or Principal Calculation                           $    979,755.14

H         Servicing Fees Due for Current Period                                             $  1,429,556.80

I         Carryover Servicing Fees Due (1)                                                  $          0.00
JUL 1999            Servicing Carryover          $0.00
AUG 1999            Servicing Carryover          $0.00
SEP 1999            Servicing Carryover          $0.00
-----
TOTAL: Carryover Servicing Fee Due                      $0.00
=====
Less: Servicing ADJ [A iii + B iii]                                         ($17,287.78)

J         Administration Fees Due                                                           $     20,000.00

--------------------------------------------------------------------------------------------------
K         Total Fees Due for Period                                                         $  1,432,269.02
--------------------------------------------------------------------------------------------------

(1)   No Carryover Servicing Fees due before the October 2001 payment date

3

IV. 1997-4 Portfolio Characteristics

-----------------------------------------------------------------------
Weighted Avg Coupon           # of Loans                 %            
----------------------------------------------------------------------------------------------------------------
STATUS                                   6/30/99       9/30/99    6/30/99     9/30/99      6/30/99    9/30/99   
----------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                               7.829%        7.320%     45,879      39,825       6.912%     6.149%   

Grace
Current                               7.814%        7.300%     21,959      24,577       3.309%     3.795%   

----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                             7.824%        7.312%     67,838      64,402      10.221%     9.943%   
----------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                               8.250%        7.765%    398,001     371,561      59.966%    57.366%   
31-60 Days Delinquent                 8.257%        7.766%     23,542      21,997       3.547%     3.396%   
61-90 Days Delinquent                 8.254%        7.762%     12,490      14,734       1.882%     2.275%   
91-120 Days Delinquent                8.256%        7.764%      5,916       7,164       0.891%     1.106%   
> 120 Days Delinquent                 8.250%        7.753%      8,879      10,831       1.338%     1.672%   

Deferment
Current                               8.038%        7.533%     81,159      85,083      12.228%    13.136%   

Forbearance
Current                               8.249%        7.764%     64,691      70,206       9.747%    10.839%   

----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                           8.219%        7.729%    594,678     581,576      89.599%    89.791%   
----------------------------------------------------------------------------------------------------------------
Claims in Process (1)                    8.260%        7.764%       1133       1,678       0.171%     0.259%   
Aged Claims Rejected (2)                 8.194%        7.738%         63          41       0.009%     0.006%   
----------------------------------------------------------------------------------------------------------------
GRAND TOTAL                  8.175%        7.682%    663,712     647,697     100.000%   100.000%   
----------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------
Principal Amount                           %
----------------------------------------------------------------------------------------------------------
STATUS                                        6/30/99                9/30/99           6/30/99     9/30/99
----------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                             $   145,198,881.97    $   123,919,034.66        7.049%      6.181%

Grace
Current                             $    72,349,086.91    $    83,873,764.47        3.512%      4.183%

----------------------------------------------------------------------------------------------------------
TOTAL INTERIM                           $   217,547,968.88    $   207,792,799.13       10.561%     10.364%
----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                             $ 1,176,075,589.93    $ 1,086,755,278.57       57.095%     54.203%
31-60 Days Delinquent               $    71,402,591.29    $    65,289,271.91        3.466%      3.256%
61-90 Days Delinquent               $    37,959,658.53    $    48,327,542.95        1.843%      2.410%
91-120 Days Delinquent              $    17,532,546.76    $    22,385,848.05        0.851%      1.117%
> 120 Days Delinquent               $    25,717,034.39    $    31,617,381.51        1.249%      1.577%

Deferment
Current                             $   270,343,080.65    $   277,003,790.58       13.124%     13.816%

Forbearance
Current                             $   240,592,782.56    $   261,365,279.60       11.680%     13.036%

----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                         $ 1,839,623,284.11    $ 1,792,744,393.17       89.308%     89.415%
----------------------------------------------------------------------------------------------------------
Claims in Process (1)                  $     2,540,546.25    $     4,321,219.20        0.123%      0.215%
Aged Claims Rejected (2)               $       163,949.77    $       121,195.90        0.008%      0.006%
----------------------------------------------------------------------------------------------------------
GRAND TOTAL                $ 2,059,875,749.01    $ 2,004,979,607.40      100.000%    100.000%
----------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1997-4 Portfolio Characteristics by School and Program 9/30/99

------------------------------------------------------------------------------------------
FOUR YEAR SCHOOLS                            TWO YEAR SCHOOLS           
------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------
GSL-SUB     GSL-UNSUB      PLUS       SLS      GSL-SUB     GSL-UNSUB      PLUS      SLS   
------------------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                           3.751%       1.529%       0.000%    0.000%     0.435%       0.217%      0.000%    0.000% 

Grace
Current                           2.490%       1.164%       0.000%    0.000%     0.257%       0.117%      0.000%    0.000% 

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                             6.241%       2.693%       0.000%    0.000%     0.692%       0.334%      0.000%    0.000% 
-----------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                       31.458%      10.844%       2.860%    1.794%     2.404%       1.050%      0.162%    0.140% 
31-60 Days Delinquent          1.702%       0.554%       0.153%    0.116%     0.239%       0.097%      0.010%    0.015% 
61-90 Days Delinquent          1.249%       0.444%       0.064%    0.133%     0.164%       0.070%      0.003%    0.008% 
91-120 Days Delinquent         0.578%       0.171%       0.033%    0.054%     0.094%       0.037%      0.003%    0.004% 
> 120 Days Delinquent          0.754%       0.245%       0.024%    0.060%     0.159%       0.069%      0.003%    0.005% 

Deferment
Current                        7.960%       2.710%       0.533%    0.789%     0.690%       0.303%      0.016%    0.064% 

Forbearance
Current                        6.701%       2.794%       0.381%    0.836%     0.715%       0.323%      0.016%    0.059% 

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                          50.402%      17.762%       4.048%    3.782%     4.465%       1.949%      0.213%    0.295% 
-----------------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                     0.109%       0.033%       0.006%    0.009%     0.026%       0.010%      0.000%    0.001% 
Aged Claims Rejected (2)                  0.003%       0.001%       0.000%    0.000%     0.001%       0.000%      0.000%    0.000% 

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                 56.755%      20.489%       4.054%    3.791%     5.184%       2.293%      0.213%    0.296% 
-----------------------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                         85.089%                                      7.986%               
-----------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------
TECHNICAL SCHOOLS                        UNKNOWN
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
GSL-SUB   GSL-UNSUB     PLUS      SLS     GSL-SUB  GSL-UNSUB    PLUS       SLS
--------------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                0.097%     0.082%     0.000%    0.000%    0.039%    0.031%     0.000%    0.000%

Grace
Current                                0.065%     0.051%     0.000%    0.000%    0.022%    0.017%     0.000%    0.000%

------------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                  0.162%     0.133%     0.000%    0.000%    0.061%    0.048%     0.000%    0.000%
------------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                             1.707%     1.045%     0.309%    0.182%    0.148%    0.068%     0.003%    0.029%
31-60 Days Delinquent               0.190%     0.120%     0.017%    0.020%    0.011%    0.010%     0.000%    0.002%
61-90 Days Delinquent               0.132%     0.077%     0.007%    0.013%    0.022%    0.012%     0.000%    0.012%
91-120 Days Delinquent              0.080%     0.048%     0.003%    0.007%    0.002%    0.001%     0.002%    0.000%
> 120 Days Delinquent               0.145%     0.089%     0.006%    0.013%    0.002%    0.002%     0.000%    0.001%

Deferment
Current                             0.265%     0.152%     0.011%    0.057%    0.120%    0.092%     0.006%    0.048%

Forbearance
Current                             0.523%     0.341%     0.029%    0.066%    0.112%    0.087%     0.000%    0.053%

------------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                3.042%     1.872%     0.382%    0.358%    0.417%    0.272%     0.011%    0.145%
------------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                          0.013%     0.007%     0.000%    0.001%    0.000%    0.000%     0.000%    0.000%
Aged Claims Rejected (2)                       0.000%     0.001%     0.000%    0.000%    0.000%    0.000%     0.000%    0.000%

------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                       3.217%     2.013%     0.382%    0.359%    0.478%    0.320%     0.011%    0.145%
------------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                             5.971%                            0.954%
------------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------
FOUR YEAR      TWO YEAR    TECHNICAL
STATUS                                 SCHOOLS       SCHOOLS      SCHOOLS       UNKNOWN      TOTAL
--------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                     5.280%       0.652%        0.179%      0.070%       6.181%

Grace
Current                     3.654%       0.374%        0.116%      0.039%       4.183%

--------------------------------------------------------------------------------------------------
TOTAL INTERIM                           8.934%       1.026%        0.295%      0.109%      10.364%
--------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                    46.956%       3.756%        3.243%      0.248%      54.203%
31-60 Days Delinquent       2.525%       0.361%        0.347%      0.023%       3.256%
61-90 Days Delinquent       1.890%       0.245%        0.229%      0.046%       2.410%
91-120 Days Delinquent      0.836%       0.138%        0.138%      0.005%       1.117%
> 120 Days Delinquent       1.083%       0.236%        0.253%      0.005%       1.577%

Deferment
Current                    11.992%       1.073%        0.485%      0.266%      13.816%

Forbearance
Current                    10.712%       1.113%        0.959%      0.252%      13.036%

--------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                        75.994%       6.922%        5.654%      0.845%      89.415%
--------------------------------------------------------------------------------------------------

Claims in Process (1)                   0.157%       0.037%        0.021%      0.000%       0.215%
Aged Claims Rejected (2)                0.004%       0.001%        0.001%      0.000%       0.006%

--------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                   85.089%       7.986%        5.971%      0.954%     100.000%
--------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

VI. 1997-4 Interest Calculation

A       Borrower Interest Accrued During Collection Period                                         $    32,762,550.22
B       Interest Subsidy Payments Accrued During Collection Period                                       6,207,731.85
C       SAP Payments Accrued During Collection Period                                                      933,259.42
D       INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                            121,779.01
E       Investment Earnings (ADMINISTRATOR  ACT)                                                           802,807.77
------------------
F       Net Expected Interest Collections                                                          $    40,828,128.27

G       Student Loan Rate
i       Days in Collection Period                (7/1/99-9/30/99)                                          92
ii      Days in Year                                                                                      365
iii     Net Expected Interest Collections                                                  $    40,828,128.27
iv      Primary Servicing Fee                                                              $     4,331,385.12
v       Administration Fee                                                                 $        20,000.00
vi      Total Pool Balance at Beginning of Collection Period                               $ 2,095,431,321.09
vii     Student Loan Rate                                                                             6.90634%

Accrued                            
Int Factor     Accrual Period
----------     --------------

H       Class A-1 T-Bill Based Interest Rate                                                                  5.61382%
I       Class A-1 Interest Rate                              0.013996110   (7/26/99-10/25/99)                 5.61382%
J       Class A-2 T-Bill Based Interest Rate                                                                  5.61382%
K       Class A-2 Interest Rate                              0.013996110   (7/26/99-10/25/99)                 5.61382%
L       Certificate T-Bill Based Rate of Return                                                               5.91382%
M       Certificate Rate of Return                           0.014744055   (7/26/99-10/25/99)                 5.91382%

6

VII. 1997-4 Inputs From Previous Quarterly Servicing Reports 6/30/99

A      Total Student Loan Pool Outstanding

i     Portfolio Balance                                 $ 2,059,875,749.01
ii    Interest To Be Capitalized                             35,555,572.08
------------------
iii   Total Pool                                        $ 2,095,431,321.09
iv    Specified Reserve Account Balance                       5,238,578.30
------------------
v     Total Adjusted Pool                               $ 2,100,669,899.39
==================

B      Total Note and Certificate Factor                            0.82375257340
C      Total Note and Certificate Balance                      $ 2,114,490,480.66

-------------------------------------------------------------------------------------------------------------------
D      Note Balance                   7/26/99          Class A-1                         Class A-2           Certificates
-------------------------------------------------------------------------------------------------------------------

i     Current Factor 7/26/99                                  0.6959613445        1.0000000000         1.0000000000
ii    Expected Note Balance                             $ 1,035,590,480.66    $ 989,000,000.00      $ 89,900,000.00

E      Note Principal Shortfall                                $    13,820,581.27    $           0.00      $          0.00
F      Interest Shortfall                                      $             0.00    $           0.00      $          0.00
G      Interest Carryover                                      $             0.00    $           0.00      $          0.00
-------------------------------------------------------------------------------------------------------------------

H      Reserve Account Balance                                 $     5,238,578.30
I      Unpaid Primary Servicing Fees from Prior Month(s)       $             0.00
J      Unpaid Administration fees from Prior Quarter(s)        $             0.00
K      Unpaid Carryover Servicing Fees from Prior Quarter(s)   $             0.00
L      Interest Due on Unpaid Carryover Servicing Fees         $             0.00

7

VIII. 1997-4 Waterfall for Distributions

Remaining
Funds Balance
-------------

A             Total Available Funds ( Sections III-F  +  VI-D  +  IX-G-vii  )      $ 96,314,790.61     $ 96,314,790.61

B             Primary Servicing Fees-Current Month                                 $  1,412,269.02     $ 94,902,521.59
C             Administration Fee                                                   $     20,000.00     $ 94,882,521.59

D             Noteholder's Interest Distribution Amount
i               Class A-1                                            $ 14,494,238.28     $ 80,388,283.31
ii              Class A-2                                            $ 13,842,152.79     $ 66,546,130.52
---------------
iii             Total Noteholder's Interest Distribution             $ 28,336,391.07

E             Certificateholder's Return Distribution Amount                       $  1,325,490.54     $ 65,220,639.98

F             Noteholder's Principal Distribution Amount Paid
i               Class A-1                                            $ 65,220,639.98     $         (0.00)
ii              Class A-2                                            $          0.00     $         (0.00)
---------------
iii             Total Noteholder's Principal Distribution            $ 65,220,639.98

G             Certificateholder's Balance Distribution Amount                      $          0.00     $         (0.00)

H             Increase to the Specified Reserve Account Balance                    $          0.00     $          0.00

I             Carryover Servicing Fees                                             $          0.00     $          0.00

J             Noteholder's Interest Carryover
i               Class A-1                                            $          0.00     $          0.00
i               Class A-2                                            $          0.00     $          0.00
---------------
iii             Total Noteholder's Interest Carryover                $          0.00

K             Certificateholder's Return Carryover                                 $          0.00     $          0.00

L             Excess to Reserve Account                                            $          0.00     $          0.00

8

IX. 1997-4 Distributions

---------------------------------------------------------------------------------------------------------------------------
A        Distribution Amounts                                                         Class A-1       Class A-2        Certificates
---------------------------------------------------------------------------------------------------------------------------

i       Quarterly Interest Due                                         $    14,494,238.28  $ 13,842,152.79   $ 1,325,490.54
ii      Quarterly Interest Paid                                             14,494,238.28    13,842,152.79     1,325,490.54
-------------    -------------     ------------
iii     Interest Shortfall                                             $             0.00  $          0.00   $         0.00

iv      Interest Carryover Due                                         $             0.00  $          0.00   $         0.00
v       Interest Carryover Paid                                                      0.00             0.00             0.00
vi      Interest Carryover                                             $             0.00  $          0.00   $         0.00

vii     Quarterly Principal Due                                        $    71,158,841.32  $          0.00   $         0.00
viii    Quarterly Principal Paid                                            65,220,639.98             0.00             0.00
-------------    -------------     ------------
ix      Quarterly Principal Shortfall                                  $     5,938,201.34  $          0.00   $         0.00

---------------------------------------------------------------------------------------------------------------------------
x       Total Distribution Amount                                      $    79,714,878.26  $ 13,842,152.79   $ 1,325,490.54
---------------------------------------------------------------------------------------------------------------------------

B        Principal Distribution Reconciliation

i       Notes and Certificates Principal Balance 9/30/99               $ 2,114,490,480.66
ii      Adjusted Pool Balance  9/30/99                                   2,043,331,639.34
------------------
iii     Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)   $    71,158,841.32
==================

iv      Adjusted Pool Balance 6/30/99                                  $ 2,100,669,899.39
v       Adjusted Pool Balance 9/30/99                                    2,043,331,639.34
------------------
vi      Current Principal Due (iv-v)                                   $    57,338,260.05
vii     Principal Shortfall from Previous Collection Period                 13,820,581.27
------------------
viii    Principal Distribution Amount (vi + vii)                       $    71,158,841.32
==================

ix      Principal Distribution Amount Paid                             $    65,220,639.98

x       Principal Shortfall (viii - ix)                                $     5,938,201.34

C                Total Principal Distribution                                   $    65,220,639.98
D                Total Interest Distribution                                         29,661,881.61
------------------
E                Total Cash Distributions-Note and Certificates                 $    94,882,521.59

-----------------------------------------------------------------------------------------
F        Note & Certificate Balances                             7/26/99               10/25/99
-----------------------------------------------------------------------------------------

i       A-1 Note Balance         (78442GAU0)      $ 1,035,590,480.66   $   970,369,840.68
A-1 Note Pool Factor                            0.6959613445         0.6521302693

ii      A-2 Note Balance         (78442GAV8)      $   989,000,000.00   $   989,000,000.00
A-2 Note Pool Factor                            1.0000000000         1.0000000000

iii     Certificate Balance      (78442GAW6)      $    89,900,000.00   $    89,900,000.00
Certificate Pool Factor                         1.0000000000         1.0000000000
------------------------------------------------------------------------------------------

G        Reserve Account Reconciliation
i       Beginning of Period Balance                                    $     5,238,578.30
ii      Deposits to correct Shortfall                                  $               --
iii     Deposits from Excess Servicing                                 $               --
------------------
iv      Total Reserve Account Balance Available                        $     5,238,578.30
v       Required Reserve Account Balance                               $     5,095,590.12

vi      Shortfall Carried to Next Period                               $               --
vii     Excess Reserve - Release to Waterfall                          $       142,988.18
viii    Ending Reserve Account Balance                                 $     5,095,590.12

9

X. 1997-4 Historical Pool Information

----------------------------------------
7/1/99-9/30/99       4/1/99-6/30/99   

-------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                 $ 2,059,875,749.01   $ 2,147,837,932.52 
-------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections              $    41,827,380.55   $    53,920,732.22 
ii    Principal Collections from Guarantor             4,453,012.99        11,714,689.61 
iii   Principal Reimbursements                        22,320,582.02        35,658,517.10 
iv    Other System Adjustments                                   --                   -- 
----------------------------------------
v     Total Principal Collections                $    68,600,975.56   $   101,293,938.93 
Student Loan Non-Cash Principal Activity
i     Other Adjustments                          $     2,077,475.69   $     1,611,915.08 
ii    Capitalized Interest                           (15,782,309.64)      (14,943,670.50)
----------------------------------------
iii   Total Non-Cash Principal Activity          $   (13,704,833.95)  $   (13,331,755.42)

-------------------------------------------------------------------------------------------------
(-)   Total Student Loan Principal Activity            $    54,896,141.61   $    87,962,183.51 
-------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections               $    21,027,252.99   $    22,479,182.93 
ii    Interest Claims Received from Guarantors           246,856.02           695,270.97 
iii   Late Fee Reimbursements                            359,945.60           351,086.19 
iv    Interest Reimbursements                            383,407.92           598,624.08 
v     Other System Adjustments                                   --                   -- 
vi    Special Allowance Payments                          23,931.25            21,593.05 
vii   Subsidy Payments                                 7,255,038.64         7,766,614.35 
----------------------------------------
viii  Total Interest Collections                 $    29,296,432.42   $    31,912,371.57 

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                $    (2,088,685.47)  $    (1,299,571.76)
ii    Capitalized Interest                            15,782,309.64        14,943,670.50 
----------------------------------------
iii   Total Non-Cash Interest Adjustments        $    13,693,624.17   $    13,644,098.74 
----------------------------------------
Total Student Loan Interest Activity             $    42,990,056.59   $    45,556,470.31 

(=)   Ending Student Loan Portfolio Balance            $ 2,004,979,607.40   $ 2,059,875,749.01 
-------------------------------------------------------------------------------------------------
(+)   Interest to be Capitalized                       $    33,256,441.82   $    35,555,572.08 
-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------
(=)   TOTAL POOL                                       $ 2,038,236,049.22   $ 2,095,431,321.09 
-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------
(+)   Reserve Account Balance                          $     5,095,590.12   $     5,238,578.30 
-------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------
(=)   Total Adjusted Pool                              $ 2,043,331,639.34   $ 2,100,669,899.39 
-------------------------------------------------------------------------------------------------

-------------------
1998
----------------------------------------
1/1/99-3/31/99     10/27/97-12/31/98

------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                $ 2,214,648,812.93   $ 2,443,276,738.87
------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections             $    57,289,916.43   $   217,509,395.11
ii    Principal Collections from Guarantor           13,036,350.70        60,619,932.26
iii   Principal Reimbursements                        6,227,642.48        34,492,587.94
iv    Other System Adjustments                                  --                   --
----------------------------------------
v     Total Principal Collections               $    76,553,909.61   $   312,621,915.31
Student Loan Non-Cash Principal Activity
i     Other Adjustments                         $     2,352,596.15   $     9,824,857.85
ii    Capitalized Interest                          (12,095,625.35)      (93,818,847.22)
----------------------------------------
iii   Total Non-Cash Principal Activity         $    (9,743,029.20)  $   (83,993,989.37)

------------------------------------------------------------------------------------------------
(-)   Total Student Loan Principal Activity           $    66,810,880.41   $   228,627,925.94
------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections              $    23,267,977.17   $   102,639,871.99
ii    Interest Claims Received from Guarantors          805,854.88         3,743,601.43
iii   Late Fee Reimbursements                           379,972.31           436,370.18
iv    Interest Reimbursements                            98,545.80           605,682.73
v     Other System Adjustments                                  --                   --
vi    Special Allowance Payments                         18,593.36         1,685,553.55
vii   Subsidy Payments                                8,868,220.13        42,104,685.68
----------------------------------------
viii  Total Interest Collections                $    33,439,163.65   $   151,215,765.56

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment               $    (2,126,808.82)  $    (8,807,032.37)
ii    Capitalized Interest                           12,095,625.35        93,818,847.22
----------------------------------------
iii   Total Non-Cash Interest Adjustments       $     9,968,816.53   $    85,011,814.85
----------------------------------------
Total Student Loan Interest Activity            $    43,407,980.18   $   236,227,580.41

(=)   Ending Student Loan Portfolio Balance           $ 2,147,837,932.52   $ 2,214,648,812.93
------------------------------------------------------------------------------------------------
(+)   Interest to be Capitalized                      $    37,667,958.94   $    34,676,758.49
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
(=)   TOTAL POOL                                      $ 2,185,505,891.46   $ 2,249,325,571.42
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
(+)   Reserve Account Balance                         $     5,463,764.73   $     5,623,313.93
------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------
(=)   Total Adjusted Pool                             $ 2,190,969,656.19   $ 2,254,948,885.35
------------------------------------------------------------------------------------------------

10

XI. 1997-4 Payment History and CPRs

Distribution         Actual         Since Issued
Date        Pool Balances          CPR *

Jan-98        $2,502,639,587          --

Apr-98        $2,412,986,081        5.29%

Jul-98        $2,363,582,528        4.42%

Oct-98        $2,304,577,423        4.39%

Jan-99        $2,249,325,571        4.22%

Apr-99        $2,185,505,891        4.25%

Jul-99        $2,095,431,321        4.96%

Oct-99        $2,038,236,049        4.69%

* "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.

11

SLM Student Loan Trust 1998-1
Quarterly Servicing Report
Report Date:           9/30/1999               Reporting Period:  7/1/99-9/30/99

I. Deal Parameters

-----------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                    6/30/99             Activity            9/30/99
-----------------------------------------------------------------------------------------------------------------

A     i     Portfolio Balance                               $ 2,547,808,210.58   $ (62,672,477.69)  $ 2,485,135,732.89
ii    Interest to be Capitalized                           43,315,148.15                           40,342,071.16
------------------                       -----------------
iii   Total Pool                                      $ 2,591,123,358.73                      $ 2,525,477,804.05
iv    Specified Reserve Account Balance                     6,477,808.40                            6,313,694.51
------------------                       -----------------
v     Total Adjusted Pool                             $ 2,597,601,167.13                      $ 2,531,791,498.56
==================                       =================

B     i     Weighted Average Coupon (WAC)                               8.2573%                                 7.8404%
ii    Weighted Average Remaining Term                             114.45                                  113.53
iii   Number of Loans                                            667,769                                 651,502
iv    Number of Borrowers                                        284,047                                 277,315

-----------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------------
Notes and Certificates                       Spread     Balance 7/26/99        % of Pool      Balance 10/25/99     % of Pool
------------------------------------------------------------------------------------------------------------------------------

C     i     A-1 Notes     78442GAX4                 0.71%   $ 1,266,551,167.13            48.758%   $ 1,200,741,498.56      47.427%
ii    A-2 Notes     78442GAY2                 0.76%     1,224,500,000.00            47.140%     1,224,500,000.00      48.365%
iii   Certificates  78442GAZ9                 0.97%       106,550,000.00             4.102%       106,550,000.00       4.208%
------------------------------------------------------------------------------------------------------------------------------
iv    Total Notes and Certificates                    $ 2,597,601,167.13           100.000%   $ 2,531,791,498.56     100.000%
==============================================================================================================================

------------------------------------------------------------------------------------------------------------------------------
Reserve Account                                             7/26/99                                 10/25/99
------------------------------------------------------------------------------------------------------------------------------

D     i     Required Reserve Acct Deposit (%)                      0.25%                                   0.25%
ii    Reserve Acct Initial Deposit ($)
iii   Specified Reserve Acct Balance ($)              $     6,477,808.40                      $     6,313,694.51
iv    Reserve Account Floor Balance ($)               $     2,999,161.00                      $     2,999,161.00
v     Current Reserve Acct Balance ($)                $     6,477,808.40                      $     6,313,694.51
------------------------------------------------------------------------------------------------------------------------------

1

II. 1998-1 Transactions from: 7/1/99 through: 9/30/99

A        Student Loan Principal Activity
i      Regular Principal Collections                             $ 51,109,734.77
ii     Principal Collections from Guarantor                         5,610,074.73
iii    Principal Reimbursements                                    23,648,199.53
iv     Other System Adjustments                                             0.00
---------------
v      Total Principal Collections                               $ 80,368,009.03

B        Student Loan Non-Cash Principal Activity
i       Other Adjustments                                        $  2,753,026.70
ii      Capitalized Interest                                      (20,448,558.04)
---------------
iii     Total Non-Cash Principal Activity                        $(17,695,531.34)

--------------------------------------------------------------------------------
C        Total Student Loan Principal Activity                            $ 62,672,477.69
--------------------------------------------------------------------------------

D        Student Loan Interest Activity
i       Regular Interest Collections                             $ 26,998,527.77
ii      Interest Claims Received from Guarantors                      325,545.95
iii     Late Fee Reimbursements                                       509,771.97
iv      Interest Reimbursements                                       413,617.81
v       Other System Adjustments                                            0.00
vi      Special Allowance Payments                                     60,373.43
vii     Subsidy Payments                                            8,251,055.78
---------------
viii    Total Interest Collections                               $ 36,558,892.71

E        Student Loan Non-Cash Interest Activity
i       Interest Accrual Adjustment                              $ (2,691,990.57)
ii      Capitalized Interest                                       20,448,558.04
---------------
iii     Total Non-Cash Interest Adjustments                      $ 17,756,567.47

--------------------------------------------------------------------------------
F        Total Student Loan Interest Activity                             $ 54,315,460.18
--------------------------------------------------------------------------------

2

III. 1998-1 Collection Account Activity 7/1/99 through 9/30/99

A        Principal Collections
i      Principal Payments Received-Cash                                     $ 56,719,809.50
ii     Cash Forwarded by Administrator on behalf of Seller                       187,748.51
iii    Cash Forwarded by Administrator on behalf of Servicer                       3,002.49
iv     Cash Forwarded by Administrator for Consolidation Activity             23,457,448.53
---------------
v      Total Principal Collections                                          $ 80,368,009.03

B        Interest Collections
i       Interest Payments Received-Cash                                     $ 35,635,502.93
ii      Cash Forwarded by Administrator on behalf of Seller                       12,791.74
iii     Cash Forwarded by Administrator on behalf of Servicer                      9,252.41
iv      Cash Forwarded by Administrator for Consolidation Activity               391,573.66
v       Cash Forwarded by Administrator for Late Fee Activity                    509,771.97
---------------
vi      Total Interest Collections                                          $ 36,558,892.71

C        Other Reimbursements                                                        $    317,556.55

D        Administrator Account Investment Income                                     $    959,761.25

E        Return funds borrowed for previous distribution                             $            --

F        TOTAL FUNDS RECEIVED                                                        $118,204,219.54
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees                                                      $ (3,423,271.67)
Consolidation Loan Rebate Fees                                      $   (548,642.00)
-------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                               $114,232,305.87
-------------------------------------------------------------------------------------------

G        Servicing Fee Calculation-Current Month
i        Unit Charge Calculation                                            $  1,114,219.47
ii       Percentage of Principal Calculation                                $  1,688,294.19
iii      Lesser of Unit or Principal Calculation                            $  1,114,219.47

H        Servicing Fees Due for Current Period                                       $  1,688,294.19

I        Carryover Servicing Fees Due (1)                                            $          0.00
JUL 1999    Servicing Carryover      $0.00
AUG 1999    Servicing Carryover      $0.00
SEP 1999    Servicing Carryover      $0.00
-----
TOTAL: Carryover Servicing Fee Due         $0.00
=====

Less: Servicing ADJ [A iii + B iii]                                         ($12,254.90)

J        Administration Fees Due                                                     $     20,000.00

-------------------------------------------------------------------------------------------
K        Total Fees Due for Period                                                   $  1,696,039.29
-------------------------------------------------------------------------------------------

(1)   No Carryover Servicing Fees due before the April 2003 payment date

3

IV. 1998-1         Portfolio Characteristics

--------------------------------------------------------------------
Weighted Avg Coupon         # of Loans                  %           
--------------------------------------------------------------------------------------------------------------
STATUS                                     6/30/99   9/30/99      6/30/99    9/30/99      6/30/99      9/30/99
--------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                                7.805%     7.292%      47,453      41,360       7.106%       6.348%

Grace
Current                                7.777%     7.260%      25,639      27,499       3.840%       4.221%

--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                              7.794%     7.278%      73,092      68,859      10.946%      10.569%
--------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                                8.363%     7.980%      82,974     357,896      57.351%      54.934%
31-60 Days Delinquent                  8.368%     7.998%      25,270      24,132       3.784%       3.704%
61-90 Days Delinquent                  8.362%     7.939%      13,629      15,237       2.041%       2.339%
91-120 Days Delinquent                 8.346%     7.914%       6,373       8,297       0.954%       1.274%
> 120 Days Delinquent                  8.309%     7.874%      10,721      13,229       1.605%       2.031%

Deferment
Current                                8.069%     7.604%      83,464      85,533      12.499%      13.129%

Forbearance
Current                                8.308%     7.879%      70,684      76,219      10.585%      11.699%

--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                            8.313%     7.907%      93,115     580,543      88.820%      89.108%
--------------------------------------------------------------------------------------------------------------
Claims in Process (1)                     8.279%     7.825%        1494       2,028       0.224%       0.311%
Aged Claims Rejected (2)                  8.250%     7.818%          68          72       0.010%       0.011%
--------------------------------------------------------------------------------------------------------------
GRAND TOTAL                       8.257%     7.840%     667,769     651,502     100.000%     100.000%
--------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------
Principal Amount                        %
-----------------------------------------------------------------------------------------------------------
STATUS                                          6/30/99              9/30/99         6/30/99       9/30/99
-----------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                               $  159,890,224.98     $ 138,143,473.35      6.276%        5.559%

Grace
Current                               $   95,748,347.62     $ 103,785,551.32      3.758%        4.176%

-----------------------------------------------------------------------------------------------------------
TOTAL INTERIM                             $  255,638,572.60     $ 241,929,024.67     10.034%        9.735%
-----------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                               $1,455,953,277.33    $ 1,351,791,567.24     57.145%      54.395%
31-60 Days Delinquent                 $   96,325,763.55    $    92,966,326.96      3.781%       3.741%
61-90 Days Delinquent                 $   50,277,381.18    $    61,003,635.87      1.974%       2.455%
91-120 Days Delinquent                $   22,226,650.13    $    30,127,755.81      0.872%       1.212%
> 120 Days Delinquent                 $   35,166,208.32    $    43,306,192.05      1.380%       1.743%

Deferment
Current                               $  323,986,843.28    $   325,241,025.06     12.716%      13.087%

Forbearance
Current                               $  304,530,009.93    $   332,471,362.22     11.953%      13.378%

-----------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                           $2,288,466,133.72    $ 2,236,907,865.21     89.821%      90.011%
-----------------------------------------------------------------------------------------------------------
Claims in Process (1)                    $    3,565,618.11    $     6,105,342.71      0.140%       0.246%
Aged Claims Rejected (2)                 $      137,886.15    $       193,500.30      0.005%       0.008%
-----------------------------------------------------------------------------------------------------------
GRAND TOTAL                      $2,547,808,210.58    $ 2,485,135,732.89    100.000%     100.000%
-----------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1998-1 Portfolio Characteristics by School and Program 9/30/99

-------------------------------------------------------------------
FOUR YEAR SCHOOLS                       
-------------------------------------------------------------------

-------------------------------------------------------------------
GSL-SUB  GSL-UNSUB    CONS-SUB    CONS-UNSUB    PLUS      SLS      
-------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                               3.304%    1.405%       0.000%       0.000%     0.000%    0.000%    

Grace
Current                               2.424%    1.276%       0.000%       0.000%     0.000%    0.000%    

---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                               5.728%    2.681%       0.000%       0.000%     0.000%    0.000%    
---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                            3.390%    9.046%       0.000%       0.036%     1.982%    1.662%    
31-60 Days Delinquent              1.382%    0.508%       0.001%       0.002%     0.129%    0.132%    
61-90 Days Delinquent              0.991%    0.379%       0.000%       0.003%     0.051%    0.133%    
91-120 Days Delinquent             0.485%    0.178%       0.000%       0.001%     0.021%    0.055%    
> 120 Days Delinquent              0.670%    0.231%       0.000%       0.000%     0.027%    0.056%    

Deferment
Current                            6.484%    2.523%       0.000%       0.001%     0.366%    0.689%    

Forbearance
Current                            5.652%    2.662%       0.000%       0.005%     0.269%    0.853%    

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                             9.054%   15.527%       0.001%       0.048%     2.845%    3.580%    
---------------------------------------------------------------------------------------------------------------

Claims in Process (1)                       0.103%    0.040%       0.000%       0.000%     0.004%    0.012%    
Aged Claims Rejected (2)                    0.004%    0.000%       0.000%       0.000%     0.000%    0.000%    

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                    4.889%   18.248%       0.001%       0.048%     2.849%    3.592%    
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                       9.627%                              
---------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------
TWO YEAR SCHOOLS
--------------------------------------------------------------

--------------------------------------------------------------
GSL-SUB  GSL-UNSUB  CONS-SUB     CONS-UNSUB    PLUS      SLS
--------------------------------------------------------------

STATUS
INTERIM:
In School
Current                               0.295%    0.135%    0.000%        0.000%     0.000%    0.000%

Grace
Current                               0.175%    0.082%    0.000%        0.000%     0.000%    0.000%

---------------------------------------------------------------------------------------------------------
TOTAL INTERIM                               0.470%    0.217%    0.000%        0.000%     0.000%    0.000%
---------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                            1.664%    0.828%    0.000%        0.003%     0.092%    0.085%
31-60 Days Delinquent              0.186%    0.079%    0.000%        0.000%     0.006%    0.011%
61-90 Days Delinquent              0.130%    0.059%    0.000%        0.000%     0.003%    0.007%
91-120 Days Delinquent             0.079%    0.029%    0.000%        0.000%     0.001%    0.002%
> 120 Days Delinquent              0.133%    0.060%    0.000%        0.000%     0.003%    0.007%

Deferment
Current                            0.522%    0.221%    0.000%        0.000%     0.009%    0.043%

Forbearance
Current                            0.572%    0.266%    0.000%        0.001%     0.009%    0.039%

---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                             3.286%    1.542%    0.000%        0.004%     0.123%    0.194%
---------------------------------------------------------------------------------------------------------

Claims in Process (1)                       0.023%    0.010%    0.000%        0.000%     0.000%    0.001%
Aged Claims Rejected (2)                    0.001%    0.000%    0.000%        0.000%     0.000%    0.000%

---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                    3.780%    1.769%    0.000%        0.004%     0.123%    0.195%
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                    5.871%
---------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------
TECHNICAL SCHOOLS                        
--------------------------------------------------------------------

--------------------------------------------------------------------
GSL-SUB   SL-UNSUB     CONS-SUB       CONS-UNSUB     PLUS       SLS 
--------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                        0.155%     0.125%       0.000%          0.000%      0.000%    0.000%

Grace                                      
Current                        0.089%     0.071%       0.000%          0.000%      0.000%    0.000%

---------------------------------------------------------------------------------------------------------
TOTAL INTERIM                        0.244%     0.196%       0.000%          0.000%      0.000%    0.000%
---------------------------------------------------------------------------------------------------------
REPAYMENT:                                      
Active                                     
Current                     1.944%     1.489%       0.000%          0.002%      0.293%    0.157%
31-60 Days Delinquent       0.228%     0.167%       0.000%          0.001%      0.017%    0.020%
61-90 Days Delinquent       0.141%     0.098%       0.000%          0.000%      0.007%    0.012%
91-120 Days Delinquent      0.090%     0.061%       0.000%          0.000%      0.004%    0.009%
> 120 Days Delinquent       0.188%     0.140%       0.000%          0.000%      0.006%    0.013%

Deferment                                  
Current                     0.346%     0.251%       0.000%          0.001%      0.011%    0.046%

Forbearance                                
Current                     0.645%     0.491%       0.000%          0.000%      0.025%    0.062%

---------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                      3.582%     2.697%       0.000%          0.004%      0.363%    0.319%
---------------------------------------------------------------------------------------------------------

Claims in Process (1)                0.015%     0.013%       0.000%          0.000%      0.001%    0.001%
Aged Claims Rejected (2)             0.002%     0.001%       0.000%          0.000%      0.000%    0.000%

---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM             3.843%     2.907%       0.000%          0.004%      0.364%    0.320%
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                 7.438%                              
---------------------------------------------------------------------------------------------------------

---------------------------------------------------------------
UNKNOWN
---------------------------------------------------------------

---------------------------------------------------------------
GSL-SUB    GSL-UNSUB     CONS-SUB  CONS-UNSUB    PLUS       SLS
---------------------------------------------------------------

STATUS
INTERIM:
In School
Current                        0.072%      0.068%       0.000%      0.000%    0.000%    0.000%

Grace                           
Current                        0.031%      0.028%       0.000%      0.000%    0.000%    0.000%

----------------------------------------------------------------------------------------------------
TOTAL INTERIM                        0.103%      0.096%       0.000%      0.000%    0.000%    0.000%
----------------------------------------------------------------------------------------------------
REPAYMENT:                           
Active                          
Current                     0.183%      0.104%       3.284%      8.094%    0.011%    0.046%
31-60 Days Delinquent       0.012%      0.008%       0.248%      0.599%    0.000%    0.005%
61-90 Days Delinquent       0.018%      0.014%       0.127%      0.276%    0.000%    0.006%
91-120 Days Delinquent      0.007%      0.004%       0.060%      0.123%    0.000%    0.003%
> 120 Days Delinquent       0.005%      0.003%       0.067%      0.133%    0.000%    0.001%

Deferment                       
Current                     0.195%      0.138%       0.443%      0.704%    0.004%    0.090%

Forbearance                     
Current                     0.167%      0.134%       0.437%      1.024%    0.001%    0.064%

----------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                      0.587%      0.405%       4.666%     10.953%    0.016%    0.215%
----------------------------------------------------------------------------------------------------

Claims in Process (1)                0.002%      0.001%       0.007%      0.012%    0.000%    0.001%
Aged Claims Rejected (2)             0.000%      0.000%       0.000%      0.000%    0.000%    0.000%

----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM             0.692%      0.502%       4.673%     10.965%    0.016%    0.216%
----------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                      17.064%
----------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------
FOUR YEAR      TWO YEAR     TECHNICAL
STATUS                                   SCHOOLS       SCHOOLS       SCHOOLS      UNKNOWN        TOTAL
-------------------------------------------------------------------------------------------------------
INTERIM:

In School
Current                         4.709%        0.430%        0.280%        0.140%        5.559%

Grace
Current                         3.700%        0.257%        0.160%        0.059%        4.176%

-------------------------------------------------------------------------------------------------------
TOTAL INTERIM                            8.409%        0.687%        0.440%        0.199%        9.735%
-------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                         36.116%        2.672%        3.885%       11.722%       54.395%
31-60 Days Delinquent            2.154%        0.282%        0.433%        0.872%        3.741%
61-90 Days Delinquent            1.557%        0.199%        0.258%        0.441%        2.455%
91-120 Days Delinquent           0.740%        0.111%        0.164%        0.197%        1.212%
> 120 Days Delinquent            0.984%        0.203%        0.347%        0.209%        1.743%

Deferment
Current                         10.063%        0.795%        0.655%        1.574%       13.087%

Forbearance
Current                          9.441%        0.887%        1.223%        1.827%       13.378%

-------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                         61.055%        5.149%        6.965%       16.842%       90.011%
-------------------------------------------------------------------------------------------------------

Claims in Process (1)                    0.159%        0.034%        0.030%        0.023%        0.246%
Aged Claims Rejected (2)                 0.004%        0.001%        0.003%        0.000%        0.008%

-------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                    69.627%        5.871%        7.438%       17.064%      100.000%
-------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

VI. 1998-1 Interest Calculation

A     Borrower Interest Accrued During Collection Period                                     $    42,387,018.08
B     Interest Subsidy Payments Accrued During Collection Period                                   6,901,182.25
C     SAP Payments Accrued During Collection Period                                                1,002,524.56
D     INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                        150,562.33
E     Investment Earnings (ADMINISTRATOR  ACT)                                                       959,761.25
------------------
F     Net Expected Interest Collections                                                      $    51,401,048.47

G     Student Loan Rate
i      Days in Collection Period          (7/1/99-9/30/99)                                             92
ii     Days in Year                                                                                   365
iii    Net Expected Interest Collections                                               $    51,401,048.47
iv     Primary Servicing Fee                                                           $     5,111,565.86
v      Administration Fee                                                              $        20,000.00
vi     Total Pool Balance at Beginning of Collection Period                            $ 2,591,123,358.73
vii    Student Loan Rate                                                                          7.08454%

Accrued
Int Factor       Accrual Period
----------       --------------

H     Class A-1 T-Bill Based Interest Rate                                                              5.57382%
I     Class A-1 Interest Rate                          0.013896384      (7/26/99-10/25/99)              5.57382%
J     Class A-2 T-Bill Based Interest Rate                                                              5.62382%
K     Class A-2 Interest Rate                          0.014021041      (7/26/99-10/25/99)              5.62382%
L     Certificate T-Bill Based Rate of Return                                                           5.83382%
M     Certificate Rate of Return                       0.014544603      (7/26/99-10/25/99)              5.83382%

6

VII. 1998-1 Inputs From Previous Quarterly Servicing Reports 6/30/99

A     Total Student Loan Pool Outstanding
i       Portfolio Balance                              $ 2,547,808,210.58
ii      Interest To Be Capitalized                          43,315,148.15
------------------
iii     Total Pool                                     $ 2,591,123,358.73
iv      Specified Reserve Account Balance                    6,477,808.40
------------------
v       Total Adjusted Pool                            $ 2,597,601,167.13
==================

B     Total Note and Certificate Factor                           0.85330918881
C     Total Note and Certificate Balance                     $ 2,597,601,167.13

-------------------------------------------------------------------------------------------------------------------------
D     Note Balance                 7/26/99                   Class A-1                 Class A-2              Certificates
-------------------------------------------------------------------------------------------------------------------------

i       Current Factor 7/26/99                               0.7393328861             1.0000000000           1.0000000000
ii      Expected Note Balance                          $ 1,266,551,167.13       $ 1,224,500,000.00       $ 106,550,000.00

E     Note Principal Shortfall                               $             0.00       $             0.00       $           0.00
F     Interest Shortfall                                     $             0.00       $             0.00       $           0.00
G     Interest Carryover                                     $             0.00       $             0.00       $           0.00
-------------------------------------------------------------------------------------------------------------------------

H     Reserve Account Balance                                $     6,477,808.40
I     Unpaid Primary Servicing Fees from Prior Month(s)      $             0.00
J     Unpaid Administration fees from Prior Quarter(s)       $             0.00
K     Unpaid Carryover Servicing Fees from Prior Quarter(s)  $             0.00
L     Interest Due on Unpaid Carryover Servicing Fees        $             0.00

7

VIII. 1998-1 Waterfall for Distributions

Remaining
Funds Balance
-------------

A     Total Available Funds ( Sections III-F  +  VI-D  )             $114,382,868.20     $114,382,868.20

B     Primary Servicing Fees-Current Month                           $  1,676,039.29     $112,706,828.91
C     Administration Fee                                             $     20,000.00     $112,686,828.91

D     Noteholder's Interest Distribution Amount
i            Class A-1                                         $ 17,600,481.37     $ 95,086,347.54
ii           Class A-2                                         $ 17,168,764.70     $ 77,917,582.84
---------------
iii          Total Noteholder's Interest Distribution          $ 34,769,246.07

E     Certificateholder's Return Distribution Amount                 $  1,549,727.45     $ 76,367,855.39

F     Noteholder's Principal Distribution Amount Paid
i            Class A-1                                         $ 65,809,668.57     $ 10,558,186.82
ii           Class A-2                                         $          0.00     $ 10,558,186.82
---------------
iii          Total Noteholder's Principal Distribution         $ 65,809,668.57

G     Certificateholder's Balance Distribution Amount                $          0.00     $ 10,558,186.82

H     Increase to the Specified Reserve Account Balance              $          0.00     $ 10,558,186.82

I     Carryover Servicing Fees                                       $          0.00     $ 10,558,186.82

J     Noteholder's Interest Carryover
i            Class A-1                                         $          0.00     $ 10,558,186.82
i            Class A-2                                         $          0.00     $ 10,558,186.82
---------------
iii          Total Noteholder's Interest Carryover             $          0.00

K     Certificateholder's Return Carryover                           $          0.00     $ 10,558,186.82

L     Excess to Reserve Account                                      $ 10,558,186.82     $          0.00

8

IX. 1998-1 Distributions

--------------------------------------------------------------------------------------------------------------------------
A     Distribution Amounts                                             Class A-1                Class A-2          Certificates
--------------------------------------------------------------------------------------------------------------------------

i     Quarterly Interest Due                                   $    17,600,481.37      $ 17,168,764.70     $ 1,549,727.45
ii    Quarterly Interest Paid                                       17,600,481.37        17,168,764.70       1,549,727.45
------------------      ---------------     --------------
iii   Interest Shortfall                                       $             0.00      $          0.00     $         0.00

iv    Interest Carryover Due                                   $             0.00      $          0.00     $         0.00
v     Interest Carryover Paid                                                0.00                 0.00               0.00
------------------      ---------------     --------------
vi    Interest Carryover                                       $             0.00      $          0.00     $         0.00

vii   Quarterly Principal Due                                  $    65,809,668.57      $          0.00     $         0.00
viii  Quarterly Principal Paid                                      65,809,668.57                 0.00               0.00
------------------      ---------------     --------------
ix    Quarterly Principal Shortfall                            $             0.00      $          0.00     $         0.00

--------------------------------------------------------------------------------------------------------------------------
x     Total Distribution Amount                                $    83,410,149.94      $ 17,168,764.70     $ 1,549,727.45
--------------------------------------------------------------------------------------------------------------------------

B     Principal Distribution Reconciliation
i     Notes and Certificates Principal Balance   9/30/99       $ 2,597,601,167.13
ii    Adjusted Pool Balance  9/30/99                             2,531,791,498.56
------------------
iii   Adjusted Pool Exceeding Notes and Certificate 
Balance (i-ii)                                          $    65,809,668.57
==================

iv    Adjusted Pool Balance 6/30/99                            $ 2,597,601,167.13
v     Adjusted Pool Balance 9/30/99                              2,531,791,498.56
------------------
vi    Current Principal Due (iv-v)                             $    65,809,668.57
vii   Principal Shortfall from Previous Collection Period                      --
------------------
viii  Principal Distribution Amount (vi + vii)                 $    65,809,668.57
==================

ix    Principal Distribution Amount Paid                       $    65,809,668.57

x     Principal Shortfall (viii - ix)                          $             0.00

C           Total Principal Distribution                             $    65,809,668.57
D           Total Interest Distribution                                   36,318,973.52
------------------
E           Total Cash Distributions-Note and Certificates           $   102,128,642.09

---------------------------------------------------------------------------------
F     Note & Certificate Balances                      7/26/99             10/25/99
---------------------------------------------------------------------------------

i     A-1 Note Balance      (78442GAX4)    $ 1,266,551,167.13  $ 1,200,741,498.56
A-1 Note Pool Factor                       0.7393328861        0.7009173420

ii    A-2 Note Balance      (78442GAY2)    $ 1,224,500,000.00  $ 1,224,500,000.00
A-2 Note Pool Factor                       1.0000000000        1.0000000000

iii   Certificate Balance   (78442GAZ9)    $   106,550,000.00  $   106,550,000.00
Certificate Pool Factor                    1.0000000000        1.0000000000
---------------------------------------------------------------------------------

G     Reserve Account Reconciliation
i     Beginning of Period Balance                              $     6,477,808.40
ii    Deposits to correct Shortfall                            $               --
iii   Deposits from Excess Servicing                           $    10,558,186.82
------------------
iv    Total Reserve Account Balance Available                  $    17,035,995.22
v     Required Reserve Account Balance                         $     6,313,694.51

vi    Shortfall Carried to Next Period                         $               --
vii   Excess Reserve - Release to SLM Funding Corp.            $    10,722,300.71
viii  Ending Reserve Account Balance                           $     6,313,694.51

9

X. 1998-1 Historical Pool Information

---------------------------------------------
7/1/99-9/30/99            4/1/99-6/30/99    

------------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                                   $2,547,808,210.58         $ 2,656,732,804.87 
------------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i            Regular Principal Collections                 $   51,109,734.77         $    69,012,176.95 
ii           Principal Collections from Guarantor               5,610,074.73              14,807,810.33 
iii          Principal Reimbursements                          23,648,199.53              41,680,387.80 
iv           Other System Adjustments                                     --                         --  
---------------------------------------------
v            Total Principal Collections                   $   80,368,009.03         $   125,500,375.08 
Student Loan Non-Cash Principal Activity                                                                
i            Other Adjustments                             $    2,753,026.70         $     2,099,058.65 
ii           Capitalized Interest                             (20,448,558.04)            (18,674,839.44)
---------------------------------------------
iii          Total Non-Cash Principal Activity             $  (17,695,531.34)        $   (16,575,780.79)

------------------------------------------------------------------------------------------------------------------------
(-)         Total Student Loan Principal Activity                      $   62,672,477.69         $   108,924,594.29 
------------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity                                                                          
i            Regular Interest Collections                  $   26,998,527.77         $    28,676,730.20 
ii           Interest Claims Received from Guarantors             325,545.95                 891,564.24 
iii          Late Fee Reimbursements                              509,771.97                 499,085.27 
iv           Interest Reimbursements                              413,617.81                 672,287.90 
v            Other System Adjustments                                     --                         --  
vi           Special Allowance Payments                            60,373.43                  60,321.90 
vii          Subsidy Payments                                   8,251,055.78               8,808,687.18 
---------------------------------------------
viii         Total Interest Collections                    $   36,558,892.71         $    39,608,676.69 

Student Loan Non-Cash Interest Activity                                                                 
i            Interest Accrual Adjustment                   $   (2,691,990.57)        $    (1,726,695.13)
ii           Capitalized Interest                              20,448,558.04              18,674,839.44 
---------------------------------------------
iii          Total Non-Cash Interest Adjustments           $   17,756,567.47         $    16,948,144.31 
---------------------------------------------
Total Student Loan Interest Activity                       $   54,315,460.18         $    56,556,821.00 

(=)         Ending Student Loan Portfolio Balance                      $2,485,135,732.89         $ 2,547,808,210.58 
------------------------------------------------------------------------------------------------------------------------
(+)         Interest to be Capitalized                                 $   40,342,071.16         $    43,315,148.15 
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
(=)         TOTAL POOL                                                 $2,525,477,804.05         $2,591,123,358.73  
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
(+)         Reserve Account Balance                                    $    6,313,694.51         $     6,477,808.40 
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
(=)         Total Adjusted Pool                                        $2,531,791,498.56         $2,597,601,167.13  
------------------------------------------------------------------------------------------------------------------------

------------------
1998
--------------------------------------------
1/1/99-3/31/99            2/9/98-12/31/98

---------------------------------------------------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                                 $2,743,530,724.67         $ 2,949,265,754.91
---------------------------------------------------------------------------------------------------------------------
Student Loan Principal Activity
i            Regular Principal Collections               $   74,511,775.00         $   212,924,399.41
ii           Principal Collections from Guarantor            17,792,999.05              56,695,882.17
iii          Principal Reimbursements                         7,128,612.95               2,544,308.58
iv           Other System Adjustments                                   --                         --   
--------------------------------------------
v            Total Principal Collections                 $   99,433,387.00         $   272,164,590.16
Student Loan Non-Cash Principal Activity                                                             
i            Other Adjustments                           $    2,902,786.01         $     8,913,898.93
ii           Capitalized Interest                           (15,538,253.21)            (75,343,458.85
--------------------------------------------
iii          Total Non-Cash Principal Activity           $  (12,635,467.20)        $   (66,429,559.92

---------------------------------------------------------------------------------------------------------------------
(-)         Total Student Loan Principal Activity                    $   86,797,919.80         $   205,735,030.24
---------------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity                                                                       
i            Regular Interest Collections                $   29,723,371.77         $   103,400,566.43
ii           Interest Claims Received from Guarantors         1,130,821.40               3,613,320.17
iii          Late Fee Reimbursements                            532,516.25                 652,095.43
iv           Interest Reimbursements                            111,163.80                  99,009.17
v            Other System Adjustments                                   --                         --   
vi           Special Allowance Payments                          50,793.13               1,002,682.24
vii          Subsidy Payments                                10,087,539.96              30,985,595.63
--------------------------------------------
viii         Total Interest Collections                  $   41,636,206.31         $   139,753,269.07

Student Loan Non-Cash Interest Activity                                                              
i            Interest Accrual Adjustment                 $   (2,552,062.59)        $    (7,904,998.99
ii           Capitalized Interest                            15,538,253.21              75,343,458.85
--------------------------------------------
iii          Total Non-Cash Interest Adjustments         $   12,986,190.62         $    67,438,459.86
--------------------------------------------
Total Student Loan Interest Activity                     $   54,622,396.93         $   207,191,728.93

(=)         Ending Student Loan Portfolio Balance                    $2,656,732,804.87         $ 2,743,530,724.67
---------------------------------------------------------------------------------------------------------------------
(+)         Interest to be Capitalized                               $   45,381,413.50         $    41,965,865.45
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
(=)         TOTAL POOL                                               $2,702,114,218.37         $ 2,785,496,590.12
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
(+)         Reserve Account Balance                                  $    6,755,285.55         $     6,963,741.48
---------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------------
(=)         Total Adjusted Pool                                      $2,708,869,503.92         $ 2,792,460,331.60
---------------------------------------------------------------------------------------------------------------------

10

XI. 1998-1 Payment History and CPRs

Distribution            Actual           Since Issued
Date             Pool Balances           CPR *

Apr-98           $2,999,160,860             --

Jul-98           $2,926,675,833           2.63%

Oct-98           $2,858,101,353           4.46%

Jan-99           $2,785,496,590           4.64%

Apr-99           $2,702,114,218           4.97%

Jul-99           $2,591,123,359           5.90%

Oct-99           $2,525,477,804           5.48%

* "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.

11

SLM Student Loan Trust 1998-2
Quarterly Servicing Report
Report Date:              9/30/99              Reporting Period:  7/1/99-9/30/99

I. Deal Parameters

---------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                     6/30/99            Activity            9/30/99
---------------------------------------------------------------------------------------------------------------

A      i      Portfolio Balance                             $ 2,604,671,950.78  $ (72,168,353.74)  $ 2,532,503,597.04
ii     Interest to be Capitalized                         41,245,908.42                          37,071,956.50
------------------                     ------------------
iii    Total Pool                                    $ 2,645,917,859.20                     $ 2,569,575,553.54
iv     Specified Reserve Account Balance                   6,614,794.65                           6,423,938.88
------------------                     ------------------
v      Total Adjusted Pool                           $ 2,652,532,653.85                     $ 2,575,999,492.42
==================                     ==================

B      i      Weighted Average Coupon (WAC)                             8.2984%                                7.9212%
ii     Weighted Average Remaining Term                           120.12                                 119.25
iii    Number of Loans                                          654,388                                634,155
iv     Number of Borrowers                                      306,537                                297,094

---------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
Notes and Certificates                      Spread     Balance 7/26/99         % of Pool     Balance 10/25/99     % of Pool
-----------------------------------------------------------------------------------------------------------------------------

C      i      A-1 Notes    78442GBA3                0.68%   $ 1,309,722,653.85            49.376%  $ 1,233,189,492.42       47.872%
ii     A-2 Notes    78442GBB1                0.73%     1,237,060,000.00            46.637%    1,237,060,000.00       48.023%
iii    Certificates 78442GBC9                0.95%       105,750,000.00             3.987%      105,750,000.00        4.105%
=============================================================================================================================
iv     Total Notes and Certificates                  $ 2,652,532,653.85           100.000%  $ 2,575,999,492.42      100.000%
=============================================================================================================================

-----------------------------------------------------------------------------------------------------------------------------
Reserve Account                                             7/26/99                                10/25/99
-----------------------------------------------------------------------------------------------------------------------------

D      i      Required Reserve Acct Deposit (%)                     0.25%                                  0.25%
ii     Reserve Acct Initial Deposit ($)
iii    Specified Reserve Acct Balance ($)            $     6,614,794.65                     $     6,423,938.88
iv     Reserve Account Floor Balance ($)             $     3,006,252.00                     $     3,006,252.00
v      Current Reserve Acct Balance ($)              $     6,614,794.65                     $     6,423,938.88

-----------------------------------------------------------------------------------------------------------------------------

1

II. 1998-2 Transactions from: 7/1/99 through: 9/30/99

A     Student Loan Principal Activity
i     Regular Principal Collections                                    $ 62,057,636.54
ii    Principal Collections from Guarantor                                5,411,875.06
iii   Principal Reimbursements                                           22,397,347.49
iv    Other System Adjustments                                                    0.00
---------------
v     Total Principal Collections                                      $ 89,866,859.09

B     Student Loan Non-Cash Principal Activity
i     Other Adjustments                                                $  2,279,150.10
ii    Capitalized Interest                                              (19,977,655.45)
---------------
iii   Total Non-Cash Principal Activity                                 (17,698,505.35)

---------------------------------------------------------------------------------------
C     Total Student Loan Principal Activity                                  $ 72,168,353.74
---------------------------------------------------------------------------------------

D     Student Loan Interest Activity
i     Regular Interest Collections                                     $ 30,515,480.96
ii    Interest Claims Received from Guarantors                              307,857.43
iii   Late Fee Reimbursements                                               562,375.94
iv    Interest Reimbursements                                               387,029.65
v     Other System Adjustments                                                    0.00
vi    Special Allowance Payments                                             88,883.81
vii   Subsidy Payments                                                    7,091,778.52
---------------
viii  Total Interest Collections                                       $ 38,953,406.31

E     Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                                      $ (2,221,700.56)
ii    Capitalized Interest                                               19,977,655.45
---------------
iii   Total Non-Cash Interest Adjustments                              $ 17,755,954.89

---------------------------------------------------------------------------------------
F     Total Student Loan Interest Activity                                   $ 56,709,361.20
---------------------------------------------------------------------------------------

2

III. 1998-2 Collection Account Activity 7/1/99 through 9/30/99

A     Principal Collections

i      Principal Payments Received-Cash                                                 $ 67,469,511.60
ii     Cash Forwarded by Administrator on behalf of Seller                                   228,977.19
iii    Cash Forwarded by Administrator on behalf of Servicer                                   9,121.83
iv     Cash Forwarded by Administrator for Consolidation Activity                         22,159,248.47
---------------
v      Total Principal Collections                                                      $ 89,866,859.09

B     Interest Collections
i      Interest Payments Received-Cash                                                  $ 38,004,000.72
ii     Cash Forwarded by Administrator on behalf of Seller                                     3,686.48
iii    Cash Forwarded by Administrator on behalf of Servicer                                  11,739.50
iv     Cash Forwarded by Administrator for Consolidation Activity                            371,603.67
v      Cash Forwarded by Administrator for Late Fee Activity                                 562,375.94
---------------
vi     Total Interest Collections                                                       $ 38,953,406.31

C     Other Reimbursements                                                                    $    341,648.66

D     Administrator Account Investment Income                                                 $  1,043,142.61

E     Return funds borrowed for previous distribution                                         $            --

F     TOTAL FUNDS RECEIVED                                                                    $130,205,056.67
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees                                                                    ($3,490,300.38)
Consolidation Loan Rebate Fees                                                    ($1,055,326.00)
-------------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                           $125,659,430.29
-------------------------------------------------------------------------------------------------------

G     Servicing Fee Calculation-Current Month
i      Primary Servicing Fee - Non-Consolidation Loans                                  $  1,471,368.01
ii     Primary Servicing Fee - Consolidation Loans                                      $    245,817.52

H     Servicing Fees Due for Current Period                                                   $  1,717,185.53

Less: Servicing ADJ [A iii + B iii]                                                  ($20,861.33)

I     Carryover Servicing Fees Due                                                            $          0.00

J     Administration Fees Due                                                                 $     20,000.00

-------------------------------------------------------------------------------------------------------
K     Total Fees Due for Period                                                               $  1,716,324.20
-------------------------------------------------------------------------------------------------------

3

IV. 1998-2 Portfolio Characteristics

Weighted Avg Coupon            # of Loans                   %         
STATUS                               6/30/99        9/30/99      6/30/99      9/30/99       6/30/99    9/30/99
--------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                           7.714%         7.185%       47,652        41,903       7.282%     6.608%

Grace
Current                           7.712%         7.187%       22,180        25,045       3.389%     3.949%

--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                         7.713%         7.186%       69,832        66,948      10.671%    10.557%
--------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                           8.417%         8.084%      406,261       381,654      62.083%    60.183%
31-60 Days Delinquent             8.439%         8.136%       21,773        21,562       3.327%     3.400%
61-90 Days Delinquent             8.403%         8.023%       11,267        14,790       1.722%     2.332%
91-120 Days Delinquent            8.392%         8.030%        5,346         6,697       0.817%     1.056%
> 120 Days Delinquent             8.338%         7.984%        7,261         9,530       1.110%     1.503%

Deferment
Current                           8.142%         7.691%       69,242        69,928      10.581%    11.027%

Forbearance
Current                           8.352%         7.963%       61,806        61,469       9.445%     9.693%
--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                       8.376%         8.019%      582,956       565,630      89.084%    89.194%
--------------------------------------------------------------------------------------------------------------
Claims in Process (1)                8.306%         7.915%         1578         1,522       0.241%     0.240%
Aged Claims Rejected (2)             8.455%         7.811%           22            55       0.003%     0.009%
--------------------------------------------------------------------------------------------------------------
GRAND TOTAL             8.298%         7.921%      654,388       634,155     100.000%   100.000%
--------------------------------------------------------------------------------------------------------------

Principal Amount                      %
STATUS                                          6/30/99              9/30/99         6/30/99   9/30/99
------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                                $  188,237,781.49    $  164,467,352.08     7.227%    6.494%

Grace
Current                                $   99,710,841.97    $  114,049,097.92     3.828%    4.503%

------------------------------------------------------------------------------------------------------
TOTAL INTERIM                              $  287,948,623.46    $  278,516,450.00    11.055%   10.997%
------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                                $1,557,109,864.62    $1,472,584,881.72    59.781%   58.147%
31-60 Days Delinquent                  $   86,310,345.12    $   85,941,494.14     3.314%    3.394%
61-90 Days Delinquent                  $   42,872,555.75    $   61,486,857.59     1.646%    2.428%
91-120 Days Delinquent                 $   20,417,289.22    $   24,857,979.64     0.784%    0.982%
> 120 Days Delinquent                  $   24,231,100.81    $   31,775,028.40     0.930%    1.255%

Deferment
Current                                $  272,426,590.57    $  270,783,500.88    10.459%   10.692%

Forbearance
Current                                $  309,299,845.33    $  302,360,480.34    11.875%   11.939%
--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                            $2,312,667,591.42    $2,249,790,222.71    88.789%   88.837%
--------------------------------------------------------------------------------------------------------------
Claims in Process (1)                     $    3,990,896.67    $    4,079,559.33     0.153%    0.161%
Aged Claims Rejected (2)                  $       64,839.23    $      117,365.00     0.003%    0.005%
--------------------------------------------------------------------------------------------------------------
GRAND TOTAL                  $2,604,671,950.78    $2,532,503,597.04   100.000%  100.000%
--------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V.         1998-2  Portfolio Characteristics by School and Program  9/30/99

---------------------------------------------------------------------------
FOUR YEAR SCHOOLS                         
---------------------------------------------------------------------------

---------------------------------------------------------------------------
GSL-SUB       GSL-UNSUB    CONS-SUB     CONS-UNSUB      PLUS          SLS  
---------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                            3.547%         2.343%      0.000%         0.000%      0.000%        0.000%

Grace
Current                            2.417%         1.700%      0.000%         0.000%      0.000%        0.000%

--------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                             5.964%         4.043%      0.000%         0.000%      0.000%        0.000%
--------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                        20.383%         6.571%      0.045%         0.130%      5.140%        3.430%
31-60 Days Delinquent           0.989%         0.323%      0.002%         0.011%      0.201%        0.144%
61-90 Days Delinquent           0.864%         0.326%      0.000%         0.003%      0.075%        0.218%
91-120 Days Delinquent          0.314%         0.097%      0.000%         0.000%      0.030%        0.065%
> 120 Days Delinquent           0.403%         0.135%      0.001%         0.000%      0.032%        0.049%

Deferment
Current                         4.945%         1.839%      0.004%         0.012%      0.356%        0.940%

Forbearance
Current                         4.495%         2.104%      0.005%         0.011%      0.328%        1.469%

--------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                          32.393%        11.395%      0.057%         0.167%      6.162%        6.315%
--------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                     0.056%         0.020%      0.000%         0.000%      0.007%        0.003%
Aged Claims Rejected (2)                  0.002%         0.000%      0.000%         0.000%      0.000%        0.000%

--------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                 38.415%        15.458%      0.057%         0.167%      6.169%        6.318%
--------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                          66.584%                               
--------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------
TWO YEAR SCHOOLS
---------------------------------------------------------------------

---------------------------------------------------------------------
SL-SUB     GSL-UNSUB   CONS-SUB     CONS-UNSUB     PLUS         SLS
---------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                           0.287%       0.162%     0.000%         0.000%     0.000%       0.000%

Grace
Current                           0.187%       0.101%     0.000%         0.000%     0.000%       0.000%

--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                            0.474%       0.263%     0.000%         0.000%     0.000%       0.000%
--------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                        1.533%       0.547%     0.002%         0.006%     0.223%       0.125%
31-60 Days Delinquent          0.169%       0.058%     0.000%         0.001%     0.012%       0.008%
61-90 Days Delinquent          0.121%       0.050%     0.000%         0.001%     0.004%       0.005%
91-120 Days Delinquent         0.069%       0.022%     0.000%         0.000%     0.002%       0.004%
> 120 Days Delinquent          0.110%       0.041%     0.000%         0.000%     0.002%       0.006%

Deferment
Current                        0.445%       0.197%     0.001%         0.002%     0.013%       0.033%

Forbearance
Current                        0.454%       0.189%     0.001%         0.001%     0.020%       0.044%

--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                          2.901%       1.104%     0.004%         0.011%     0.276%       0.225%
--------------------------------------------------------------------------------------------------------------

Claims in Process (1)                    0.018%       0.006%     0.000%         0.000%     0.000%       0.001%
Aged Claims Rejected (2)                 0.001%       0.001%     0.000%         0.000%     0.000%       0.000%

--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                 3.394%       1.374%     0.004%         0.011%     0.276%       0.226%
--------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                   5.285%
--------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------
TECHNICAL SCHOOLS                      
---------------------------------------------------------------------------

---------------------------------------------------------------------------
GSL-SUB      GSL-UNSUB     CONS-SUB     CONS-UNSUB        PLUS        SLS  
---------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                               0.069%        0.061%       0.000%         0.000%        0.000%      0.000%

Grace
Current                               0.050%        0.038%       0.000%         0.000%        0.000%      0.000%

-----------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                0.119%        0.099%       0.000%         0.000%        0.000%      0.000%
-----------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                            1.318%        0.939%       0.002%         0.011%        0.353%      0.117%
31-60 Days Delinquent              0.158%        0.100%       0.000%         0.001%        0.020%      0.014%
61-90 Days Delinquent              0.106%        0.069%       0.000%         0.000%        0.008%      0.008%
91-120 Days Delinquent             0.068%        0.044%       0.000%         0.000%        0.004%      0.003%
> 120 Days Delinquent              0.121%        0.073%       0.000%         0.000%        0.006%      0.006%

Deferment
Current                            0.210%        0.135%       0.000%         0.001%        0.008%      0.022%

Forbearance
Current                            0.384%        0.268%       0.000%         0.003%        0.022%      0.037%

-----------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                              2.365%        1.628%       0.002%         0.016%        0.421%      0.207%
-----------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                        0.013%        0.010%       0.000%         0.000%        0.001%      0.001%
Aged Claims Rejected (2)                     0.001%        0.000%       0.000%         0.000%        0.000%      0.000%

-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                     2.498%        1.737%       0.002%         0.016%        0.422%      0.208%
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                                4.883%                             
-----------------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------
UNKNOWN
-----------------------------------------------------------------------

-----------------------------------------------------------------------
SL-SUB      GSL-UNSUB    CONS-SUB    CONS-UNSUB        PLUS       SLS
-----------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                              0.016%        0.009%      0.000%        0.000%        0.000%     0.000%

Grace
Current                              0.005%        0.005%      0.000%        0.000%        0.000%     0.000%

-------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                               0.021%        0.014%      0.000%        0.000%        0.000%     0.000%
-------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                           0.068%        0.031%      4.767%       12.387%        0.007%     0.012%
31-60 Days Delinquent             0.009%        0.003%      0.323%        0.845%        0.001%     0.002%
61-90 Days Delinquent             0.006%        0.004%      0.173%        0.386%        0.000%     0.001%
91-120 Days Delinquent            0.005%        0.001%      0.075%        0.178%        0.000%     0.001%
> 120 Days Delinquent             0.003%        0.002%      0.082%        0.182%        0.000%     0.001%

Deferment
Current                           0.032%        0.016%      0.483%        0.986%        0.002%     0.010%

Forbearance
Current                           0.023%        0.011%      0.609%        1.452%        0.001%     0.008%

-------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                             0.146%        0.068%      6.512%       16.416%        0.011%     0.035%
-------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                       0.001%        0.000%      0.006%        0.018%        0.000%     0.000%
Aged Claims Rejected (2)                    0.000%        0.000%      0.000%        0.000%        0.000%     0.000%

-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                    0.168%        0.082%      6.518%       16.434%        0.011%     0.035%
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                  23.248%
-------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------
FOUR YEAR         TWO YEAR    TECHNICAL
STATUS                                              SCHOOLS          SCHOOLS      SCHOOLS          UNKNOWN          TOTAL
--------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                                     5.890%           0.449%       0.130%           0.025%          6.494%

Grace
Current                                     4.117%           0.288%       0.088%           0.010%          4.503%

--------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                       10.007%           0.737%       0.218%           0.035%         10.997%
--------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                                     35.699%           2.436%       2.740%          17.272%         58.147%
31-60 Days Delinquent                        1.670%           0.248%       0.293%           1.183%          3.394%
61-90 Days Delinquent                        1.486%           0.181%       0.191%           0.570%          2.428%
91-120 Days Delinquent                       0.506%           0.097%       0.119%           0.260%          0.982%
> 120 Days Delinquent                        0.620%           0.159%       0.206%           0.270%          1.255%

Deferment
Current                                      8.096%           0.691%       0.376%           1.529%         10.692%

Forbearance
Current                                      8.412%           0.709%       0.714%           2.104%         11.939%

--------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                     56.489%           4.521%       4.639%          23.188%         88.837%
--------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                                0.086%           0.025%       0.025%           0.025%          0.161%
Aged Claims Rejected (2)                             0.002%           0.002%       0.001%           0.000%          0.005%

--------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                66.584%           5.285%       4.883%          23.248%        100.000%
--------------------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

VI. 1998-2 Interest Calculation

A      Borrower Interest Accrued During Collection Period                                           $   44,756,091.65
B      Interest Subsidy Payments Accrued During Collection Period                                        6,046,433.39
C      SAP Payments Accrued During Collection Period                                                       887,061.82
D      INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)                             155,277.95
E      Investment Earnings (ADMINISTRATOR  ACT)                                                          1,043,142.61
-----------------
F      Net Expected Interest Collections                                                            $   52,888,007.42

G      Student Loan Rate                                                                            
i    Days in Collection Period  (7/1/99-9/30/99)                                                            92
ii   Days in Year                                                                                          365
iii  Net Expected Interest Collections                                                       $   52,888,007.42
iv   Primary Servicing Fee                                                                   $    5,207,485.91
v    Administration Fee                                                                      $       20,000.00
vi   Total Pool Balance at Beginning of Collection Period                                     2,645,917,859.20
vii  Student Loan Rate                                                                                 7.14640%

Accrued
Int Factor    Accrual Period
----------    --------------

H      Class A-1 T-Bill Based Interest Rate                                                                   5.54382%
I      Class A-1 Interest Rate                        0.013821589   (7/26/99-10/25/99)                        5.54382%
J      Class A-2 T-Bill Based Interest Rate                                                                   5.59382%
K      Class A-2 Interest Rate                        0.013946247   (7/26/99-10/25/99)                        5.59382%
L      Certificate T-Bill Based Rate of Return                                                                5.81382%
M      Certificate Rate of Return                     0.014494740   (7/26/99-10/25/99)                        5.81382%

6

VII. 1998-2 Inputs From Previous Quarterly Servicing Reports 6/30/99

A     Total Student Loan Pool Outstanding
i       Portfolio Balance                              $ 2,604,671,950.78
ii      Interest To Be Capitalized                          41,245,908.42
------------------
iii     Total Pool                                     $ 2,645,917,859.20
iv      Specified Reserve Account Balance                    6,614,794.65
------------------
v       Total Adjusted Pool                            $ 2,652,532,653.85
==================

B     Total Note and Certificate Factor                           0.87794705369
C     Total Note and Certificate Balance                     $ 2,652,532,653.85

----------------------------------------------------------------------------------------------------------------------
D     Note Balance       7/26/99                                  Class A-1             Class A-2            Certificates
----------------------------------------------------------------------------------------------------------------------

i       Current Factor 7/26/99                               0.7803028060           1.0000000000          1.0000000000
ii      Expected Note Balance                          $ 1,309,722,653.85     $ 1,237,060,000.00      $ 105,750,000.00

E     Note Principal Shortfall                               $             0.00     $             0.00      $           0.00
F     Interest Shortfall                                     $             0.00     $             0.00      $           0.00
G     Interest Carryover                                     $             0.00     $             0.00      $           0.00
----------------------------------------------------------------------------------------------------------------------

H     Reserve Account Balance                                $     6,614,794.65
I     Unpaid Primary Servicing Fees from Prior Month(s)      $             0.00
J     Unpaid Administration fees from Prior Quarter(s)       $             0.00
K     Unpaid Carryover Servicing Fees from Prior Quarter(s)  $             0.00
L     Interest Due on Unpaid Carryover Servicing Fees        $             0.00

7

VIII. 1998-2 Waterfall for Distributions

Remaining
Funds Balance
-------------

A     Total Available Funds ( Sections III-F  +  VI-D )                              $ 125,814,708.24          $ 125,814,708.24  

B     Primary Servicing Fees-Current Month                                           $   1,696,324.20          $ 124,118,384.04  
C     Administration Fee                                                             $      20,000.00          $ 124,098,384.04  

D     Noteholder's Interest Distribution Amount                                                                                  
i           Class A-1                                                          $  18,102,448.23          $ 105,995,935.81  
ii          Class A-2                                                          $  17,252,344.31          $  88,743,591.50  
----------------                            
iii         Total Noteholder's Interest Distribution                           $  35,354,792.54                            

E     Certificateholder's Return Distribution Amount                                 $   1,532,818.76          $  87,210,772.74  

F     Noteholder's Principal Distribution Amount Paid                                                                            
i           Class A-1                                                          $  76,533,161.43          $  10,677,611.31  
ii          Class A-2                                                          $           0.00          $  10,677,611.31  
----------------                            
iii         Total Noteholder's Principal Distribution                          $  76,533,161.43                            

G     Certificateholder's Balance Distribution Amount                                $           0.00          $  10,677,611.31  

H     Increase to the Specified Reserve Account Balance                              $           0.00          $  10,677,611.31  

I     Carryover Servicing Fees                                                       $           0.00          $  10,677,611.31  

J     Noteholder's Interest Carryover                                                                                            
i           Class A-1                                                          $           0.00          $  10,677,611.31  
i           Class A-2                                                          $           0.00          $  10,677,611.31  
----------------                            
iii         Total Noteholder's Interest Carryover                              $           0.00                            

K     Certificateholder's Return Carryover                                           $           0.00          $  10,677,611.31  

L     Excess to Reserve Account                                                      $  10,677,611.31          $           0.00  

8

IX. 1998-2 Distributions

------------------------------------------------------------------------------------------------------------------------------
A     Distribution Amounts                                                         Class A-1           Class A-2       Certificates
------------------------------------------------------------------------------------------------------------------------------

i     Quarterly Interest Due                                             $    18,102,448.23  $ 17,252,344.31   $ 1,532,818.76
ii    Quarterly Interest Paid                                                 18,102,448.23    17,252,344.31     1,532,818.76
------------------  ---------------   --------------
iii   Interest Shortfall                                                 $             0.00  $          0.00   $         0.00

iv    Interest Carryover Due                                             $             0.00  $          0.00   $         0.00
v     Interest Carryover Paid                                                          0.00             0.00             0.00
------------------  ---------------   --------------
vi    Interest Carryover                                                 $             0.00  $          0.00   $         0.00

vii   Quarterly Principal Due                                            $    76,533,161.43  $          0.00   $         0.00
viii  Quarterly Principal Paid                                                76,533,161.43             0.00             0.00
------------------  ---------------   --------------
ix    Quarterly Principal Shortfall                                      $            (0.00) $          0.00   $         0.00

------------------------------------------------------------------------------------------------------------------------------
x     Total Distribution Amount                                          $    94,635,609.66  $ 17,252,344.31   $ 1,532,818.76
------------------------------------------------------------------------------------------------------------------------------

B     Principal Distribution Reconciliation

i     Notes and Certificates Principal Balance  9/30/99                  $ 2,652,532,653.85
ii    Adjusted Pool Balance  9/30/99                                       2,575,999,492.42
------------------
iii   Adjusted Pool Exceeding Notes and Certificate Balance (i-ii)       $    76,533,161.43
==================

iv    Adjusted Pool Balance 6/30/99                                      $ 2,652,532,653.85
v     Adjusted Pool Balance 9/30/99                                        2,575,999,492.42
------------------
vi    Current Principal Due (iv-v)                                       $    76,533,161.43
vii   Principal Shortfall from Previous Collection Period                                --
------------------
viii  Principal Distribution Amount (vi + vii)                           $    76,533,161.43
==================

ix    Principal Distribution Amount Paid                                 $    76,533,161.43

x     Principal Shortfall (viii - ix)                                    $             0.00

C           Total Principal Distribution                                       $    76,533,161.43
D           Total Interest Distribution                                             36,887,611.30
------------------
E           Total Cash Distributions-Note and Certificates                     $   113,420,772.73

--------------------------------------------------------------------------------------------
F     Note & Certificate Balances                                7/26/99            10/25/99
--------------------------------------------------------------------------------------------

i     A-1 Note Balance         (78442GBA3)           $ 1,309,722,653.85  $ 1,233,189,492.42
A-1 Note Pool Factor                                 0.7803028060        0.7347060986

ii    A-2 Note Balance         (78442GBB1)           $ 1,237,060,000.00  $ 1,237,060,000.00
A-2 Note Pool Factor                                 1.0000000000        1.0000000000

iii   Certificate Balance      (78442GBC9)           $   105,750,000.00  $   105,750,000.00
Certificate Pool Factor                              1.0000000000        1.0000000000
--------------------------------------------------------------------------------------------

G     Reserve Account Reconciliation
i     Beginning of Period Balance                                        $     6,614,794.65
ii    Deposits to correct Shortfall                                      $               --
iii   Deposits from Excess Servicing                                     $    10,677,611.31
------------------
iv    Total Reserve Account Balance Available                            $    17,292,405.96
v     Required Reserve Account Balance                                   $     6,423,938.88

vi    Shortfall Carried to Next Period                                   $               --
vii   Excess Reserve - Release to SLM Funding Corp.                      $    10,868,467.08
viii  Ending Reserve Account Balance                                     $     6,423,938.88

9

X. 1998-2 Historical Pool Information

-----------------------------------------------
7/1/99-9/30/99            4/1/99-6/30/99  
---------------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                          $ 2,604,671,950.78        $ 2,721,889,765.18 
---------------------------------------------------------------------------------------------------------------

Student Loan Principal Activity
i      Regular Principal Collections                  $    62,057,636.54        $    80,772,738.95 
ii     Principal Collections from Guarantor                 5,411,875.06             15,666,886.33 
iii    Principal Reimbursements                            22,397,347.49             34,383,459.84 
iv     Other System Adjustments                                       --                        -- 
-----------------------------------------------
v      Total Principal Collections                    $    89,866,859.09        $   130,823,085.12 
Student Loan Non-Cash Principal Activity
i      Other Adjustments                              $     2,279,150.10        $     1,584,147.77 
ii     Capitalized Interest                               (19,977,655.45)           (15,189,418.49)
-----------------------------------------------
iii    Total Non-Cash Principal Activity              $   (17,698,505.35)       $   (13,605,270.72)

---------------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity                 $    72,168,353.74        $   117,217,814.40 
---------------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i      Regular Interest Collections                   $    30,515,480.96        $    32,097,988.26 
ii     Interest Claims Received from Guarantors               307,857.43              1,013,490.62 
iii    Late Fee Reimbursements                                562,375.94                542,090.62 
iv     Interest Reimbursements                                387,029.65                581,329.41 
v      Other System Adjustments                                       --                        -- 
vi     Special Allowance Payments                              88,883.81                 84,053.70 
vii    Subsidy Payments                                     7,091,778.52              7,539,221.63 
-----------------------------------------------
viii   Total Interest Collections                     $    38,953,406.31        $    41,858,174.24 

Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                    $    (2,221,700.56)       $    (1,237,472.92)
ii     Capitalized Interest                                19,977,655.45             15,189,418.49 
-----------------------------------------------
iii    Total Non-Cash Interest Adjustments            $    17,755,954.89        $    13,951,945.57 
-----------------------------------------------
Total Student Loan Interest Activity                  $    56,709,361.20        $    55,810,119.81 

(=)     Ending Student Loan Portfolio Balance                 $ 2,532,503,597.04        $ 2,604,671,950.78
---------------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                            $    37,071,956.50        $    41,245,908.42 
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                            $ 2,569,575,553.54        $ 2,645,917,859.20 
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                               $     6,423,938.88        $     6,614,794.65 
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                                   $ 2,575,999,492.42        $ 2,652,532,653.85 
---------------------------------------------------------------------------------------------------------------

-----------------
1998
-----------------------------------------------------------------------------------------------------------
1/1/99-3/31/99          5/25/98-12/31/98
-----------------------------------------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                        $ 2,823,690,030.91       $2,955,578,269.52
-----------------------------------------------------------------------------------------------------------

Student Loan Principal Activity
i      Regular Principal Collections                $    89,499,580.73       $  173,179,705.90
ii     Principal Collections from Guarantor              16,134,520.97           10,013,232.79
iii    Principal Reimbursements                           6,194,442.22            1,684,994.12
iv     Other System Adjustments                                     --                      --
-------------------------------------------
v      Total Principal Collections                  $   111,828,543.92       $  184,877,932.81
Student Loan Non-Cash Principal Activity
i      Other Adjustments                            $     2,059,822.51       $    5,290,698.85
ii     Capitalized Interest                             (12,088,100.70)         (58,280,393.05)
-------------------------------------------
iii    Total Non-Cash Principal Activity            $   (10,028,278.19)      $  (52,989,694.20)

-----------------------------------------------------------------------------------------------------------
(-)     Total Student Loan Principal Activity               $   101,800,265.73       $  131,888,238.61
-----------------------------------------------------------------------------------------------------------

Student Loan Interest Activity
i      Regular Interest Collections                 $    33,566,214.64       $   79,142,828.23
ii     Interest Claims Received from Guarantors           1,031,494.31              508,802.25
iii    Late Fee Reimbursements                              596,158.99              681,666.76
iv     Interest Reimbursements                               88,460.38               33,322.25
v      Other System Adjustments                                     --                      --
vi     Special Allowance Payments                            70,951.68              544,110.01
vii    Subsidy Payments                                   9,124,398.31           15,023,783.79
-------------------------------------------
viii   Total Interest Collections                   $    44,477,678.31       $   95,934,513.29

Student Loan Non-Cash Interest Activity
i      Interest Accrual Adjustment                  $    (1,781,819.86)      $   (5,109,872.63)
ii     Capitalized Interest                              12,088,100.70           58,280,393.05
-------------------------------------------
iii    Total Non-Cash Interest Adjustments          $    10,306,280.84       $   53,170,520.42
-------------------------------------------
Total Student Loan Interest Activity                $    54,783,959.15       $  149,105,033.71

(=)     Ending Student Loan Portfolio Balance               $ 2,721,889,765.18       $2,823,690,030.91
-----------------------------------------------------------------------------------------------------------
(+)     Interest to be Capitalized                          $    40,746,596.16       $   35,151,420.12
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
(=)     TOTAL POOL                                          $ 2,762,636,361.34       $2,858,841,451.03
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
(+)     Reserve Account Balance                             $     6,906,590.90       $    7,147,103.63
-----------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------
(=)     Total Adjusted Pool                                 $ 2,769,542,952.24       $2,865,988,554.6
-----------------------------------------------------------------------------------------------------------

10

XI. 1998-2 Payment History and CPRs

Distribution          Actual          Since Issued
Date         Pool Balances             CPR *

Jul-98        $3,006,252,430             --

Oct-98        $2,924,778,177           4.32%

Jan-99        $2,858,841,451           4.03%

Apr-99        $2,762,636,361           4.98%

Jul-99        $2,645,917,859           6.18%

Oct-99        $2,569,575,554           5.88%

* "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.

11

SLM Student Loan Trust 1999-1
Quarterly Servicing Report
Report Date:                9/30/99          Reporting Period: 5/10/99-9/30/99

I. Deal Parameters

-------------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                  5/10/99            Activity            9/30/99
-------------------------------------------------------------------------------------------------------------

A      i      Portfolio Balance                            $   978,982,721.13  $ (28,473,406.57)    $ 950,509,314.56
ii     Interest to be Capitalized                        23,093,062.10                          22,320,676.56
------------------                       ----------------
iii    Total Pool                                   $ 1,002,075,783.23                       $ 972,829,991.12
iv     Specified Reserve Account Balance                  2,505,189.00                           2,432,074.98
------------------                       ----------------
v      Total Adjusted Pool                          $ 1,004,580,972.23                       $ 975,262,066.10
==================                       ================

B      i      Weighted Average Coupon (WAC)                           7.7513%                                7.2682%
ii     Weighted Average Remaining Term                          123.63                                 121.16
iii    Number of Loans                                         256,336                                250,477
iv     Number of Borrowers                                     118,086                                115,736

----------------------------------------------------------------------------------------------------------------------------
% of                                 % of
Notes and Certificates                     Spread      Balance 6/29/99     O/S Securities    Balance 10/25/99  O/S Securities
----------------------------------------------------------------------------------------------------------------------------

C      i      A-1T Notes   78442GBD7               0.87%   $   165,000,000.00            16.018%    $ 152,697,039.27     15.453%
ii     A-1L Notes   78442GBE5               0.08%       397,520,000.00            38.590%      367,879,557.87     37.228%
iii    A-2L Notes   78442GBG0               0.18%       431,530,000.00            41.892%      431,530,000.00     43.670%
iv     Certificates 78442GBH8               0.45%        36,060,000.00             3.501%       36,060,000.00      3.649%
----------------------------------------------------------------------------------------------------------------------------
v      Total Notes and Certificates                 $ 1,030,110,000.00           100.000%    $ 988,166,597.14    100.000%
============================================================================================================================

----------------------------------------------------------------------------------------------------------------------------
Reserve Account                                             6/29/99                                10/25/99
----------------------------------------------------------------------------------------------------------------------------

D      i      Required Reserve Acct Deposit (%)                     0.25%                                  0.25%
ii     Reserve Acct Initial Deposit ($)             $     2,505,189.00
iii    Specified Reserve Acct Balance ($)                                                    $   2,432,074.98
iv     Reserve Account Floor Balance ($)            $     1,002,076.00                       $   1,002,076.00
v      Current Reserve Acct Balance ($)             $     2,505,189.00                       $   2,432,074.98
----------------------------------------------------------------------------------------------------------------------------

1

II. 1999-1 Transactions from: 5/10/99 through 9/30/99

A       Student Loan Principal Activity
i         Regular Principal Collections                               $27,314,976.63
ii        Principal Collections from Guarantor                            516,964.20
iii       Principal Reimbursements                                     10,006,146.53
iv        Other System Adjustments                                              0.00
--------------
v         Total Principal Collections                                 $37,838,087.36

B       Student Loan Non-Cash Principal Activity
i         Other Adjustments                                              $479,686.49
ii        Capitalized Interest                                         (9,844,367.28)
--------------
iii       Total Non-Cash Principal Activity                           $(9,364,680.79)

-------------------------------------------------------------------------------------
C       Total Student Loan Principal Activity                                 $28,473,406.57
-------------------------------------------------------------------------------------

D       Student Loan Interest Activity
i         Regular Interest Collections                                $10,490,676.93
ii        Interest Claims Received from Guarantors                         13,347.07
iii       Late Fee Reimbursements                                         167,735.05
iv        Interest Reimbursements                                         150,160.50
v         Other System Adjustments                                              0.00
vi        Special Allowance Payments                                        3,160.68
vii       Subsidy Payments                                              3,440,344.46
--------------
viii      Total Interest Collections                                  $14,265,424.69

E       Student Loan Non-Cash Interest Activity
i         Interest Accrual Adjustment                                   ($504,642.20)
ii        Capitalized Interest                                          9,844,367.28
--------------
iii       Total Non-Cash Interest Adjustments                         $ 9,339,725.08

-------------------------------------------------------------------------------------
F       Total Student Loan Interest Activity                                  $23,605,149.77
-------------------------------------------------------------------------------------

2

III. 1999-1 Collection Account Activity 5/10/99 through 9/30/99

A       Principal Collections
i         Principal Payments Received-Cash                                       $ 27,831,940.83
ii        Cash Forwarded by Administrator on behalf of Seller                         579,563.53
iii       Cash Forwarded by Administrator on behalf of Servicer                         9,346.59
iv        Cash Forwarded by Administrator for Consolidation Activity                9,417,236.41
---------------
v         Total Principal Collections                                            $ 37,838,087.36

B       Interest Collections
i         Interest Payments Received-Cash                                        $ 13,947,529.14
ii        Cash Forwarded by Administrator on behalf of Seller                          11,013.76
iii       Cash Forwarded by Administrator on behalf of Servicer                           (62.79)
iv        Cash Forwarded by Administrator for Consolidation Activity                  139,209.53
v         Cash Forwarded by Administrator for Late Fee Activity                       167,735.05
---------------
vi        Total Interest Collections                                             $ 14,265,424.69

C       Other Reimbursements                                                             $    57,429.93

D       Administrator Account Investment Income                                          $    365,257.12

E       Return funds borrowed for previous distribution                                  $            --

F       TOTAL FUNDS RECEIVED                                                             $ 52,526,199.10
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees                                                         $ (1,497,675.24)
Consolidation Loan Rebate Fees                                         $       (200.00)
-------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                    $ 51,028,323.86
-------------------------------------------------------------------------------------------------

G       Servicing Fee Calculation-Current Month
i         Primary Servicing Fee - Non-Consolidation Loans                        $    716,698.76
ii        Primary Servicing Fee - Consolidation Loans                            $         45.47

H       Servicing Fees Due for Current Period                                            $    716,744.23

Less: Servicing ADJ [A iii + B iii]                                               ($9,283.80)

I       Carryover Servicing Fees Due                                                               $0.00

J       Administration Fees Due                                                          $     20,000.00

-------------------------------------------------------------------------------------------------
K       Total Fees Due for Period                                                        $    727,460.43
-------------------------------------------------------------------------------------------------

3

IV. 1999-1 Portfolio Characteristics

----------------------------------------------------------------------------
Weighted Avg Coupon           # of Loans                      %           
---------------------------------------------------------------------------------------------------------------
STATUS                             5/10/99      9/30/99      5/10/99       9/30/99        5/10/99       9/30/99
---------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                         7.283%       6.704%       92,025        63,229         35.900%      25.243%

Grace
Current                         7.478%       6.854%       44,350        35,962         17.302%      14.357%

---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       7.333%       6.758%      136,375        99,191         53.202%      39.601%
---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                         8.293%       7.736%       79,424        94,232         30.984%      37.621%
31-60 Days Delinquent           8.314%       7.704%        5,620         6,329          2.192%       2.527%
61-90 Days Delinquent           8.285%       7.644%        3,067         6,697          1.196%       2.674%
91-120 Days Delinquent          8.288%       7.709%        1,604         2,097          0.626%       0.837%
> 120 Days Delinquent              --        7.740%           --         3,768          0.000%       1.504%

Deferment
Current                         7.979%       7.325%       13,942        18,301          5.439%       7.306%

Forbearance
Current                         8.272%       7.727%       16,304        19,734          6.360%       7.879%

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                     8.252%       7.679%      119,961       151,158         46.798%      60.348%
---------------------------------------------------------------------------------------------------------------
Claims in Process (1)              0.000%       7.604%           --           128          0.000%       0.051%
Aged Claims Rejected (2)           0.000%       0.000%           --            --          0.000%       0.000%
---------------------------------------------------------------------------------------------------------------
GRAND TOTAL       7.751%       7.268%      256,336       250,477        100.000%     100.000%
---------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------
Principal Amount                            %
------------------------------------------------------------------------------------------------------
STATUS                                 5/10/99              9/30/99             5/10/99        9/30/99
------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                       $ 391,460,782.18     $ 265,196,275.54           39.986%      27.901%

Grace
Current                       $ 135,774,760.78     $ 149,678,495.03           13.869%      15.747%

------------------------------------------------------------------------------------------------------
TOTAL INTERIM                     $ 527,235,542.96     $ 414,874,770.57           53.855%      43.648%
------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                       $ 295,082,749.51     $ 335,842,435.81           30.142%      35.333%
31-60 Days Delinquent         $  18,344,006.66     $  19,802,638.01            1.874%       2.083%
61-90 Days Delinquent         $   9,744,761.50     $  20,457,396.61            0.995%       2.152%
91-120 Days Delinquent        $   5,136,474.30     $   6,308,948.98            0.525%       0.664%
> 120 Days Delinquent         $             --     $  10,769,330.63            0.000%       1.133%

Deferment
Current                       $  55,995,914.60     $  66,181,059.76            5.720%       6.963%

Forbearance
Current                       $  67,443,271.60     $  75,825,289.62            6.889%       7.977%

------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                   $ 451,747,178.17     $ 535,187,099.42           46.145%      56.305%
------------------------------------------------------------------------------------------------------
Claims in Process (1)            $             --     $     447,444.57            0.000%       0.047%
Aged Claims Rejected (2)         $             --     $             --            0.000%       0.000%
------------------------------------------------------------------------------------------------------
GRAND TOTAL     $ 978,982,721.13     $ 950,509,314.56          100.000%     100.000%
------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1999-1 Portfolio Characteristics by School and Program 9/30/99

--------------------------------------------------------------
FOUR YEAR SCHOOLS               
--------------------------------------------------------------

--------------------------------------------------------------
GSL-SUB   GSL-UNSUB   CONS-SUB  CONS-UNSUB     PLUS      SLS  
--------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                 14.493%    11.058%     0.000%      0.000%     0.000%    0.000%

Grace
Current                                  8.441%     5.543%     0.000%      0.000%     0.000%    0.000%

--------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                   22.934%    16.601%     0.000%      0.000%     0.000%    0.000%
--------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                              14.299%     7.212%     0.000%      0.000%     7.172%    1.339%
31-60 Days Delinquent                 0.857%     0.395%     0.000%      0.000%     0.252%    0.079%
61-90 Days Delinquent                 0.978%     0.509%     0.000%      0.000%     0.076%    0.075%
91-120 Days Delinquent                0.264%     0.111%     0.000%      0.000%     0.033%    0.028%
> 120 Days Delinquent                 0.443%     0.176%     0.000%      0.000%     0.039%    0.054%

Deferment
Current                               3.583%     1.834%     0.000%      0.000%     0.326%    0.331%

Forbearance
Current                               3.607%     2.072%     0.000%      0.000%     0.470%    0.407%

--------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                 24.031%    12.309%     0.000%      0.000%     8.368%    2.313%
--------------------------------------------------------------------------------------------------------------

Claims in Process (1)                            0.023%     0.009%     0.000%      0.000%     0.003%    0.003%
Aged Claims Rejected (2)                         0.000%     0.000%     0.000%      0.000%     0.000%    0.000%

--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                        46.988%    28.919%     0.000%      0.000%     8.371%    2.316%
--------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                           86.594%                        
--------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------
TWO YEAR SCHOOLS
---------------------------------------------------------------

---------------------------------------------------------------
GSL-SUB  GSL-UNSUB   CONS-SUB  CONS-UNSUB      PLUS       SLS
---------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                  0.800%    0.506%     0.000%      0.000%      0.000%     0.000%

Grace
Current                                  0.537%    0.345%     0.000%      0.000%      0.000%     0.000%

---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                    1.337%    0.851%     0.000%      0.000%      0.000%     0.000%
---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                               0.942%    0.546%     0.000%      0.000%      0.221%     0.084%
31-60 Days Delinquent                 0.115%    0.053%     0.000%      0.000%      0.005%     0.007%
61-90 Days Delinquent                 0.150%    0.066%     0.000%      0.000%      0.002%     0.007%
91-120 Days Delinquent                0.047%    0.015%     0.000%      0.000%      0.002%     0.001%
> 120 Days Delinquent                 0.090%    0.033%     0.000%      0.000%      0.002%     0.008%

Deferment
Current                               0.330%    0.151%     0.000%      0.000%      0.009%     0.036%

Forbearance
Current                               0.343%    0.191%     0.000%      0.000%      0.009%     0.026%

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                  2.017%    1.055%     0.000%      0.000%      0.250%     0.169%
---------------------------------------------------------------------------------------------------------------

Claims in Process (1)                            0.001%    0.000%     0.000%      0.000%      0.000%     0.000%
Aged Claims Rejected (2)                         0.000%    0.000%     0.000%      0.000%      0.000%     0.000%

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                         3.355%    1.906%     0.000%      0.000%      0.250%     0.169%
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                        5.680%
---------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------
TECHNICAL SCHOOLS                         
-------------------------------------------------------------------

-------------------------------------------------------------------
GSL-SUB     GSL-UNSUB     CONS-SUB    CONS-UNSUB   PLUS       SLS  
-------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                            0.412%       0.381%       0.000%        0.000%   0.000%     0.000%

Grace
Current                            0.409%       0.360%       0.000%        0.000%   0.000%     0.000%
-------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                              0.821%       0.741%       0.000%        0.000%   0.000%     0.000%
-------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                         1.382%       1.099%       0.000%        0.000%   0.644%     0.168%
31-60 Days Delinquent           0.151%       0.107%       0.000%        0.000%   0.025%     0.019%
61-90 Days Delinquent           0.128%       0.108%       0.000%        0.000%   0.011%     0.011%
91-120 Days Delinquent          0.075%       0.065%       0.000%        0.000%   0.011%     0.009%
> 120 Days Delinquent           0.138%       0.101%       0.000%        0.000%   0.017%     0.010%

Deferment
Current                         0.157%       0.117%       0.000%        0.000%   0.015%     0.023%

Forbearance
Current                         0.371%       0.299%       0.000%        0.000%   0.045%     0.038%

-------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                            2.402%       1.896%       0.000%        0.000%   0.768%     0.278%
-------------------------------------------------------------------------------------------------------------

Claims in Process (1)                      0.003%       0.002%       0.000%        0.000%   0.001%     0.002%
Aged Claims Rejected (2)                   0.000%       0.000%       0.000%        0.000%   0.000%     0.000%
-------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                   3.226%       2.639%       0.000%        0.000%   0.769%     0.280%
-------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                      6.914%                             
-------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------
UNKNOWN
---------------------------------------------------------------------

---------------------------------------------------------------------
GSL-SUB     GSL-UNSUB     CONS-SUB  CONS-UNSUB      PLUS      SLS
---------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                             0.131%       0.120%       0.000%      0.000%      0.000%    0.000%

Grace
Current                             0.057%       0.055%       0.000%      0.000%      0.000%    0.000%
---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                               0.188%       0.175%       0.000%      0.000%      0.000%    0.000%
---------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                          0.109%       0.057%       0.005%      0.002%      0.020%    0.032%
31-60 Days Delinquent            0.008%       0.010%       0.000%      0.000%      0.000%    0.000%
61-90 Days Delinquent            0.016%       0.014%       0.000%      0.000%      0.000%    0.001%
91-120 Days Delinquent           0.000%       0.001%       0.000%      0.000%      0.000%    0.002%
> 120 Days Delinquent            0.013%       0.003%       0.000%      0.000%      0.000%    0.006%

Deferment
Current                          0.026%       0.017%       0.000%      0.000%      0.001%    0.007%

Forbearance
Current                          0.047%       0.030%       0.001%      0.003%      0.001%    0.017%

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                             0.219%       0.132%       0.006%      0.005%      0.022%    0.065%
---------------------------------------------------------------------------------------------------------------

Claims in Process (1)                       0.000%       0.000%       0.000%      0.000%      0.000%    0.000%
Aged Claims Rejected (2)                    0.000%       0.000%       0.000%      0.000%      0.000%    0.000%
---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                    0.407%       0.307%       0.006%      0.005%      0.022%    0.065%
---------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                         0.812%
---------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------
FOUR YEAR       TWO YEAR       TECHNICAL
STATUS                                               SCHOOLS        SCHOOLS         SCHOOLS        UNKNOWN         TOTAL
--------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                               25.551%         1.306%          0.793%         0.251%        27.901%

Grace
Current                               13.984%         0.882%          0.769%         0.112%        15.747%

--------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                        39.535%         2.188%          1.562%         0.363%        43.648%
--------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                               30.022%         1.793%          3.293%         0.225%        35.333%
31-60 Days Delinquent                  1.583%         0.180%          0.302%         0.018%         2.083%
61-90 Days Delinquent                  1.638%         0.225%          0.258%         0.031%         2.152%
91-120 Days Delinquent                 0.436%         0.065%          0.160%         0.003%         0.664%
> 120 Days Delinquent                  0.712%         0.133%          0.266%         0.022%         1.133%

Deferment
Current                                6.074%         0.526%          0.312%         0.051%         6.963%

Forbearance
Current                                6.556%         0.569%          0.753%         0.099%         7.977%

--------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                      47.021%         3.491%          5.344%         0.449%        56.305%
--------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                                 0.038%         0.001%          0.008%         0.000%         0.047%
Aged Claims Rejected (2)                              0.000%         0.000%          0.000%         0.000%         0.000%

--------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                 86.594%         5.680%          6.914%         0.812%       100.000%
--------------------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

VI. 1999-1 Interest Calculation

A       Borrower Interest Accrued During Collection Period                        $    19,931,631.23
B       Interest Subsidy Payments Accrued During Collection Period                      8,308,445.56
C       SAP Payments Accrued During Collection Period                                     718,132.30
D       INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)           162,308.15
E       Investment Earnings (ADMINISTRATOR ACT)                                           365,257.12
------------------
F       Net Expected Interest Collections                                         $    29,485,774.36

G       Student Loan Rate
i         Days in Collection Period    (5/10/99-9/30/99)                                 144
ii        Days in Year                                                                   365
iii       Net Expected Interest Collections                               $    29,485,774.36
iv        Primary Servicing Fee                                           $     2,214,419.47
v         Administration Fee                                              $        20,000.00
vi        Total Pool Balance at Beginning of Collection Period            $ 1,002,075,783.23
vii       Student Loan Rate                                                          6.89315%

Accrued
Int Factor    Accrual Period
----------    --------------

H       Class A-1T   T-Bill Based Interest Rate                                              5.70958%
I       Class A-1T Interest Rate                 0.018458384   (6/29/99-10/25/99)            5.70958%
J       Class A-1L  Libor Based Interest Rate*                                               5.41750%
K       Class A-1L Interest Rate                 0.017757361   (6/29/99-10/25/99)            5.41750%
L       Class A-2L  Libor Based Interest Rate*                                               5.51750%
M       Class A-2L Interest Rate                 0.018085139   (6/29/99-10/25/99)            5.51750%
N       Certificate Libor Based Rate of Return*                                              5.78750%
O       Certificate Rate of Return               0.018970139   (6/29/99-10/25/99)            5.78750%

* For the initial period, 4 month Libor was used to calculate the interest rate

6

VII. 1999-1 Inputs From Original Data 5/10/99

A   Total Student Loan Pool Outstanding
i      Portfolio Balance                               $   978,982,721.13
ii     Interest To Be Capitalized                           23,093,062.10
------------------
iii    Total Pool                                      $ 1,002,075,783.23
iv     Specified Reserve Account Balance                     2,505,189.00
------------------
v      Total Adjusted Pool                             $ 1,004,580,972.23
==================

B   Total Note and Certificate Factor                           1.00000000000
C   Total Note and Certificate Balance                     $ 1,030,110,000.00

--------------------------------------------------------------------------------------------------------------------------------
D   Note Balance           6/29/99                           Class A-1T           Class A-1L       Class A-2L        Certificates
--------------------------------------------------------------------------------------------------------------------------------

i      Current Factor 6/29/99                                1.0000000000       1.0000000000      1.0000000000      1.0000000000
ii     Expected Note Balance                           $   165,000,000.00   $ 397,520,000.00  $ 431,530,000.00   $ 36,060,000.00

E   Note Principal Shortfall                               $             0.00   $           0.00  $           0.00   $          0.00
F   Interest Shortfall                                     $             0.00   $           0.00  $           0.00   $          0.00
G   Interest Carryover                                     $             0.00   $           0.00  $           0.00   $          0.00
--------------------------------------------------------------------------------------------------------------------------------

H   Reserve Account Balance                                $     2,505,189.00
I   Unpaid Primary Servicing Fees from Prior Month(s)      $             0.00
J   Unpaid Administration fees from Prior Quarter(s)       $             0.00
K   Unpaid Carryover Servicing Fees from Prior Quarter(s)  $             0.00
L   Interest Due on Unpaid Carryover Servicing Fees        $             0.00
------------------------------------------------------------------------------------------------------------------------------------

7

VIII. 1999-1 Waterfall for Distributions

Remaining
Funds Balance
-------------

A        Total Available Funds ( Sections III-F  +  VI-D ) (1)            $ 61,263,746.03         $ 61,263,746.03

B        Primary Servicing Fees-Current Month                             $    707,460.43         $ 60,556,285.60
C        Administration Fee                                               $     20,000.00         $ 60,536,285.60

D        Noteholder's Interest Distribution Amount
i         Class A-1T                                             $ 3,045,633.36          $ 57,490,652.24
ii        Class A-1L                                             $ 7,058,906.14          $ 50,431,746.10
iii       Class A-2L                                             $ 7,804,280.03          $ 42,627,466.07
---------------
iv        Total Noteholder's Interest Distribution               $ 17,908,819.53

E        Certificateholder's Return Distribution Amount                   $    684,063.21         $ 41,943,402.86

F        Noteholder's Principal Distribution Amount Paid
i         Class A-1T                                             $ 12,302,960.73         $ 29,640,442.13
ii        Class A-1L                                             $ 29,640,442.13         $          0.00
iii       Class A-2L                                             $          0.00         $          0.00
---------------
iv        Total Noteholder's Principal Distribution              $ 41,943,402.86

G        Certificateholder's Balance Distribution Amount                  $          0.00         $          0.00

H        Increase to the Specified Reserve Account Balance                $          0.00         $          0.00

I        Carryover Servicing Fees                                         $          0.00         $          0.00

J        Noteholder's Interest Carryover
i         Class A-1T                                             $          0.00         $          0.00
ii        Class A-1L                                             $          0.00         $          0.00
iii       Class A-2L                                             $          0.00         $          0.00
---------------
iv        Total Noteholder's Interest Carryover                  $          0.00

K        Certificateholder's Return Carryover                             $          0.00         $          0.00

L        Excess to Reserve Account                                        $          0.00         $          0.00

(1)   Includes initial deposit of $10,000,000 from seller

8

IX. 1999-1 Distributions

-------------------------------------------------------------------------------------------------------------------------------
A   Distribution Amounts                                            Class A-1T         Class A-1L      Class A-2L      Certificates
-------------------------------------------------------------------------------------------------------------------------------

i    Quarterly Interest Due                                   $     3,045,633.36  $  7,058,906.14  $ 7,804,280.03  $ 684,063.21
ii   Quarterly Interest Paid                                        3,045,633.36     7,058,906.14    7,804,280.03    684,063.21
------------------  ---------------  --------------  ------------
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 Due                                  $    16,088,155.25  $ 38,759,778.65  $         0.00  $       0.00
viii Quarterly Principal Paid                                      12,302,960.73    29,640,442.13            0.00          0.00
------------------  ---------------  --------------  ------------
ix   Quarterly Principal Shortfall                            $     3,785,194.52  $  9,119,336.52  $         0.00  $       0.00

-------------------------------------------------------------------------------------------------------------------------------
x    Total Distribution Amount                                $    15,348,594.09  $ 36,699,348.27  $ 7,804,280.03  $ 684,063.21
-------------------------------------------------------------------------------------------------------------------------------

B   Principal Distribution Reconciliation
i    Notes and Certificates Principal Balance  9/30/99        $ 1,030,110,000.00
ii   Adjusted Pool Balance  9/30/99                               975,262,066.10
iii  Adjusted Pool Exceeding Notes and Certificate 
Balance (i-ii)                                          $    54,847,933.90
==================

iv  Adjusted Pool Balance 5/10/99                            $ 1,004,580,972.23
v   Adjusted Pool Balance 9/30/99                                975,262,066.10
------------------
vi   Current Principal Due (iv-v)                             $    29,318,906.13
vii  Notes and Certificates Issued Exceeding Adjusted 
Pool Balance                                                25,529,027.77
------------------
viii Principal Distribution Amount (vi + vii)                 $    54,847,933.90
==================

ix   Principal Distribution Amount Paid                       $    41,943,402.86

x    Principal Shortfall (viii - ix)                          $    12,904,531.04

C        Total Principal Distribution                             $    41,943,402.86
D        Total Interest Distribution                                   18,592,882.74
------------------
E        Total Cash Distributions-Note and Certificates           $    60,536,285.60

--------------------------------------------------------------------------------
F   Note & Certificate Balances                    6/29/1999             19/25/1999
------------------------------------------------------------------------------------

i    A-1T Note Balance    (78442GBD7)       $ 165,000,000.00  $   152,697,039.27
A-1T Note Pool Factor                      1.0000000000        0.9254366016

ii   A-1L Note Balance    (78442GBE5)       $ 397,520,000.00  $   367,879,557.87
A-1L Note Pool Factor                      1.0000000000        0.9254366016

iii  A-2L Note Balance    (78442GBG0)       $ 431,530,000.00  $   431,530,000.00
A-2L Note Pool Factor                      1.0000000000        1.0000000000

iv   Certificate Balance  (78442GBH8)        $ 36,060,000.00  $    36,060,000.00
Certificate Pool Factor                    1.0000000000        1.0000000000
--------------------------------------------------------------------------------

G   Reserve Account Reconciliation
i    Beginning of Period Balance                              $     2,505,189.00
ii   Deposits to correct Shortfall                            $               --
iii  Deposits from Excess Servicing                           $             0.00
------------------
iv   Total Reserve Account Balance Available                  $     2,505,189.00
v    Required Reserve Account Balance                         $     2,432,074.98

vi   Shortfall Carried to Next Period                         $               --
vii  Excess Reserve - Release to Waterfall                    $        73,114.02
viii Ending Reserve Account Balance                           $     2,432,074.98

9

X. 1999-1 Historical Pool Information

----------------
5/10/99-9/30/99
----------------------------------------------------------------------------

Beginning Student Loan Portfolio Balance                   $ 978,982,721.13
----------------------------------------------------------------------------
Student Loan Principal Activity
i     Regular Principal Collections               $  27,314,976.63
ii    Principal Collections from Guarantor              516,964.20
iii   Principal Reimbursements                       10,006,146.53
iv    Other System Adjustments                                  --
----------------
v     Total Principal Collections                 $  37,838,087.36
Student Loan Non-Cash Principal Activity
i     Other Adjustments                               $ 479,686.49
ii    Capitalized Interest                           (9,844,367.28)
----------------
iii   Total Non-Cash Principal Activity           $  (9,364,680.79)

----------------------------------------------------------------------------
(-)    Total Student Loan Principal Activity             $  28,473,406.57
----------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections                $  10,490,676.93
ii    Interest Claims Received from Guarantors           13,347.07
iii   Late Fee Reimbursements                           167,735.05
iv    Interest Reimbursements                           150,160.50
v     Other System Adjustments                                  --
vi    Special Allowance Payments                          3,160.68
vii   Subsidy Payments                                3,440,344.46
----------------
viii  Total Interest Collections                  $  14,265,424.69

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                 $    (504,642.20)
ii    Capitalized Interest                            9,844,367.28
----------------
iii   Total Non-Cash Interest Adjustments         $   9,339,725.08
----------------
Total Student Loan Interest Activity              $  23,605,149.77

(=)    Ending Student Loan Portfolio Balance             $ 950,509,314.56
----------------------------------------------------------------------------
(+)    Interest to be Capitalized                        $  22,320,676.56
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(=)    TOTAL POOL                                        $ 972,829,991.12
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(+)    Reserve Account Balance                             $ 2,432,074.98
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(=)    Total Adjusted Pool                               $ 975,262,066.10
----------------------------------------------------------------------------

10

XI. 1999-1 Payment History and CPRs

Distribution           Actual                  Since Issued
Date             Pool Balances                CPR *

Jul-99           $1,002,075,783                  --

Oct-99           $  972,829,991                6.74%

* "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.

11

SLM Student Loan Trust 1999-2
Quarterly Servicing Report
Report Date:       9/30/99                     Reporting Period: 5/24/99-9/30/99

I. Deal Parameters

---------------------------------------------------------------------------------------------------------
Student Loan Portfolio Characteristics                    5/24/99            Activity           9/30/99
---------------------------------------------------------------------------------------------------------

A      i      Portfolio Balance                           $   980,454,203.83  $(30,660,478.23)   $949,793,725.60
ii     Interest to be Capitalized                       20,137,258.83                       19,534,018.82

iii    Total Pool                                  $ 1,000,591,462.66                     $969,327,744.42
iv     Specified Reserve Account Balance                 2,501,479.00                        2,423,319.36
------------------                     ---------------
v      Total Adjusted Pool                         $ 1,003,092,941.66                     $971,751,063.78
==================                     ===============

B      i      Weighted Average Coupon (WAC)                          8.0062%                             7.5152%
ii     Weighted Average Remaining Term                         117.70                              115.61
iii    Number of Loans                                        259,888                             254,276
iv     Number of Borrowers                                    111,039                             108,848

---------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------------------------------------------------------------
% of                                 % of
Notes and Certificates                    Spread      Balance 8/12/99    O/S Securities    Balance 10/25/99    O/S Securities
-----------------------------------------------------------------------------------------------------------------------------

C      i      A-1T Notes   78442GBJ4              0.94%   $   150,000,000.00           14.570%   $123,031,996.98          12.542%
ii     A-1L Notes   78442GBK1              0.08%       120,000,000.00           11.656%     98,425,597.59          10.034%
iii    A-2L Notes   78442GBL9              0.20%       619,000,000.00           60.126%    619,000,000.00          63.101%
iv     A-3L Notes   78442GBM7              0.28%       104,500,000.00           10.151%    104,500,000.00          10.653%
v      Certificates 78442GBN5              0.50%        36,000,000.00            3.497%     36,000,000.00           3.670%
=============================================================================================================================
vi     Total Notes and Certificates                $ 1,029,500,000.00          100.000%   $980,957,594.57         100.000%
============================================================================================================================

-----------------------------------------------------------------------------------------------------------------------------
Reserve Account                                           8/12/99                              10/25/99
-----------------------------------------------------------------------------------------------------------------------------

D      i      Required Reserve Acct Deposit (%)                   0.25%                                 0.25%
ii     Reserve Acct Initial Deposit ($)            $     2,501,479.00
iii    Specified Reserve Acct Balance ($)                                                 $  2,423,319.36
iv     Reserve Account Floor Balance ($)           $     1,000,591.00                     $  1,000,591.00
v      Current Reserve Acct Balance ($)            $     2,501,479.00                     $  2,423,319.36

1

II. 1999-2 Transactions from: 5/24/99 through 9/30/99

A       Student Loan Principal Activity
i         Regular Principal Collections                               $26,687,304.44
ii        Principal Collections from Guarantor                            396,089.81
iii       Principal Reimbursements                                     10,749,378.15
iv        Other System Adjustments                                              0.00
--------------
v         Total Principal Collections                                 $37,832,772.40

B       Student Loan Non-Cash Principal Activity
i         Other Adjustments                                              $604,216.24
ii        Capitalized Interest                                         (7,776,510.41)
--------------
iii       Total Non-Cash Principal Activity                           $(7,172,294.17)

------------------------------------------------------------------------------------
C       Total Student Loan Principal Activity                                 $30,660,478.23
------------------------------------------------------------------------------------

D       Student Loan Interest Activity
i         Regular Interest Collections                                $12,905,379.37
ii        Interest Claims Received from Guarantors                          9,531.77
iii       Late Fee Reimbursements                                         197,809.99
iv        Interest Reimbursements                                         224,865.29
v         Other System Adjustments                                              0.00
vi        Special Allowance Payments                                        3,949.82
vii       Subsidy Payments                                              2,028,758.07
--------------
viii      Total Interest Collections                                  $15,370,294.31

E       Student Loan Non-Cash Interest Activity
i         Interest Accrual Adjustment                                   ($569,327.20)
ii        Capitalized Interest                                          7,776,510.41
--------------
iii       Total Non-Cash Interest Adjustments                         $ 7,207,183.21

------------------------------------------------------------------------------------
F       Total Student Loan Interest Activity                                  $22,577,477.52
------------------------------------------------------------------------------------

2

III. 1999-2 Collection Account Activity 5/24/99 through 9/30/99

A       Principal Collections
i         Principal Payments Received-Cash                                        $27,083,394.25
ii        Cash Forwarded by Administrator on behalf of Seller                       1,778,943.78
iii       Cash Forwarded by Administrator on behalf of Servicer                          (254.72)
iv        Cash Forwarded by Administrator for Consolidation Activity                8,970,689.09
--------------
v         Total Principal Collections                                             $37,832,772.40

B       Interest Collections
i         Interest Payments Received-Cash                                         $14,947,619.03
ii        Cash Forwarded by Administrator on behalf of Seller                          73,159.48
iii       Cash Forwarded by Administrator on behalf of Servicer                          (114.37)
iv        Cash Forwarded by Administrator for Consolidation Activity                  151,820.18
v         Cash Forwarded by Administrator for Late Fee Activity                       197,809.99
--------------
vi        Total Interest Collections                                              $15,370,294.31

C       Other Reimbursements                                                              $   104,037.53

D       Administrator Account Investment Income                                           $   263,474.75

E       Return funds borrowed for previous distribution                                   $           --

F       TOTAL FUNDS RECEIVED                                                              $53,570,578.99
LESS FUNDS PREVIOUSLY REMITTED:
Servicing Fees                                                            ($464,835.77)
Consolidation Loan Rebate Fees                                                 ($57.00)
------------------------------------------------------------------------------------------------
TOTAL FUNDS TRANSFERRED TO COLLECTION ACCOUNT                                     $ 3,105,686.22
------------------------------------------------------------------------------------------------

G       Servicing Fee Calculation-Current Month
i         Primary Servicing Fee - Non-Consolidation Loans                         $   716,448.75
ii        Primary Servicing Fee - Consolidation Loans                             $        37.39

H       Servicing Fees Due for Current Period                                             $   716,486.14

Less: Servicing ADJ [A iii + B iii]                                           $       369.09

I       Carryover Servicing Fees Due                                                      $         0.00

J       Administration Fees Due                                                           $    20,000.00

------------------------------------------------------------------------------------------------
K       Total Fees Due for Period                                                         $   736,855.23
------------------------------------------------------------------------------------------------

3

IV. 1999-2 Portfolio Characteristics

---------------------------------------------------------------------------
Weighted Avg Coupon            # of Loans                      %         
STATUS                              5/24/99      9/30/99      5/24/99       9/30/99        5/24/99     9/30/99 
---------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                         7.626%       7.083%       57,580        44,278         22.156%      17.413%

Grace
Current                         7.602%       7.089%       30,331        25,635         11.671%      10.082%

---------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       7.618%       7.085%       87,911        69,913         33.826%      27.495%
---------------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                         8.270%       7.761%      121,863       124,475         46.891%      48.953%
31-60 Days Delinquent           8.267%       7.752%        6,398         6,662          2.462%       2.620%
61-90 Days Delinquent           8.273%       7.722%        3,853         4,963          1.483%       1.952%
91-120 Days Delinquent          8.265%       7.744%        1,846         2,205          0.710%       0.867%
> 120 Days Delinquent               --       7.754%           --         3,413          0.000%       1.342%

Deferment
Current                         7.921%       7.342%       20,902        22,339          8.043%       8.785%

Forbearance
Current                         8.260%       7.740%       17,115        20,198          6.586%       7.943%

---------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                     8.223%       7.703%      171,977       184,255         66.174%      72.463%
---------------------------------------------------------------------------------------------------------------

Claims in Process (1)              0.000%       7.755%           --           108          0.000%       0.042%
Aged Claims Rejected (2)           0.000%       0.000%           --             0          0.000%       0.000%
---------------------------------------------------------------------------------------------------------------
GRAND TOTAL       8.006%       7.515%      259,888       254,276        100.000%     100.000%
---------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------
Principal Amount                            %
STATUS                                   5/24/99              9/30/99               5/24/99      9/30/99
--------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                         $ 229,735,605.72     $ 173,188,437.65           23.432%      18.234%

Grace
Current                         $ 112,451,344.94     $ 105,266,517.06           11.469%      11.083%

--------------------------------------------------------------------------------------------------------
TOTAL INTERIM                       $ 342,186,950.66     $ 278,454,954.71           34.901%      29.317%
--------------------------------------------------------------------------------------------------------
REPAYMENT
Active
Current                         $ 443,374,192.97     $ 446,178,246.34           45.221%      46.976%
31-60 Days Delinquent           $  21,463,419.83     $  21,743,583.58            2.189%       2.289%
61-90 Days Delinquent           $  12,759,290.03     $  16,362,414.73            1.301%       1.723%
91-120 Days Delinquent          $   5,857,146.29     $   7,355,167.13            0.597%       0.775%
> 120 Days Delinquent           $             --     $  10,097,868.91            0.000%       1.063%

Deferment
Current                         $  84,756,191.48     $  86,896,546.88            8.645%       9.149%

Forbearance
Current                         $  70,057,012.57     $  82,354,143.32            7.145%       8.671%

--------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                     $ 638,267,253.17     $ 670,987,970.89           65.099%      70.646%
--------------------------------------------------------------------------------------------------------
Claims in Process (1)              $             --     $     350,800.00            0.000%       0.037%
Aged Claims Rejected (2)           $             --     $             --            0.000%       0.000%
--------------------------------------------------------------------------------------------------------
GRAND TOTAL       $ 980,454,203.83     $ 949,793,725.60          100.000%     100.000%
--------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

4

V. 1999-2 Portfolio Characteristics by School and Program 9/30/99

-------------------------------------------------------------------------
FOUR YEAR SCHOOLS                       
-------------------------------------------------------------------------

-------------------------------------------------------------------------
GSL-SUB       GSL-UNSUB       CONS-SUB      CONS-UNSUB   PLUS       SLS  
-------------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                  9.977%         6.074%         0.000%          0.000%    0.000%     0.000%

Grace
Current                                  6.479%         3.403%         0.000%          0.000%    0.000%     0.000%

--------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                    6.456%         9.477%         0.000%          0.000%    0.000%     0.000%
--------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                               3.159%        10.543%         0.000%          0.000%    5.977%     0.942%
31-60 Days Delinquent                 0.992%         0.469%         0.000%          0.000%    0.217%     0.048%
61-90 Days Delinquent                 0.758%         0.408%         0.000%          0.000%    0.096%     0.043%
91-120 Days Delinquent                0.340%         0.179%         0.000%          0.000%    0.033%     0.024%
> 120 Days Delinquent                 0.402%         0.199%         0.000%          0.000%    0.034%     0.029%

Deferment
Current                               4.795%         2.499%         0.000%          0.000%    0.365%     0.321%

Forbearance
Current                               3.909%         2.444%         0.000%          0.000%    0.412%     0.242%

--------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                  4.355%        16.741%         0.000%          0.000%    7.134%     1.649%
--------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                            0.011%         0.007%         0.000%          0.000%    0.009%     0.002%
Aged Claims Rejected (2)                         0.000%         0.000%         0.000%          0.000%    0.000%     0.000%

--------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                         0.822%        26.225%         0.000%          0.000%    7.143%     1.651%
--------------------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                              85.841%
--------------------------------------------------------------------------------------------------------------------------

---------------------------------------------------------------
TWO YEAR SCHOOLS
---------------------------------------------------------------

---------------------------------------------------------------
GSL-SUB     GSL-UNSUB   CONS-SUB  CONS-UNSUB     PLUS     SLS
---------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                   0.492%       0.276%     0.000%      0.000%     0.000%   0.000%

Grace
Current                                   0.306%       0.170%     0.000%      0.000%     0.000%   0.000%

----------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                     0.798%       0.446%     0.000%      0.000%     0.000%   0.000%
----------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                                1.157%       0.646%     0.000%      0.000%     0.200%   0.059%
31-60 Days Delinquent                  0.115%       0.058%     0.000%      0.000%     0.014%   0.007%
61-90 Days Delinquent                  0.105%       0.053%     0.000%      0.000%     0.002%   0.002%
91-120 Days Delinquent                 0.038%       0.017%     0.000%      0.000%     0.002%   0.005%
> 120 Days Delinquent                  0.077%       0.043%     0.000%      0.000%     0.002%   0.004%

Deferment
Current                                0.315%       0.172%     0.000%      0.000%     0.012%   0.025%

Forbearance
Current                                0.334%       0.188%     0.000%      0.000%     0.027%   0.015%

----------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                   2.141%       1.177%     0.000%      0.000%     0.259%   0.117%
----------------------------------------------------------------------------------------------------------------

Claims in Process (1)                             0.002%       0.001%     0.000%      0.000%     0.000%   0.000%
Aged Claims Rejected (2)                          0.000%       0.000%     0.000%      0.000%     0.000%   0.000%

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                          2.941%       1.624%     0.000%      0.000%     0.259%   0.117%
----------------------------------------------------------------------------------------------------------------

----------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                               4.941%
----------------------------------------------------------------------------------------------------------------

-----------------------------------------------------------------------
TECHNICAL SCHOOLS                     
-----------------------------------------------------------------------

-----------------------------------------------------------------------
GSL-SUB     GSL-UNSUB       CONS-SUB    CONS-UNSUB     PLUS       SLS  
-----------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                   0.533%       0.480%         0.000%        0.000%     0.000%     0.000%

Grace
Current                                   0.318%       0.266%         0.000%        0.000%     0.000%     0.000%

------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                     0.851%       0.746%         0.000%        0.000%     0.000%     0.000%
------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                                1.820%       1.513%         0.000%        0.000%     0.547%     0.148%
31-60 Days Delinquent                  0.172%       0.127%         0.000%        0.000%     0.024%     0.025%
61-90 Days Delinquent                  0.123%       0.091%         0.000%        0.000%     0.012%     0.006%
91-120 Days Delinquent                 0.063%       0.054%         0.000%        0.000%     0.007%     0.004%
> 120 Days Delinquent                  0.131%       0.106%         0.000%        0.000%     0.010%     0.006%

Deferment
Current                                0.266%       0.220%         0.000%        0.000%     0.018%     0.021%

Forbearance
Current                                0.484%       0.393%         0.000%        0.000%     0.033%     0.037%

------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                   3.059%       2.504%         0.000%        0.000%     0.651%     0.247%
------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                             0.001%       0.003%         0.000%        0.000%     0.001%     0.000%
Aged Claims Rejected (2)                          0.000%       0.000%         0.000%        0.000%     0.000%     0.000%

------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                          3.911%       3.253%         0.000%        0.000%     0.652%     0.247%
------------------------------------------------------------------------------------------------------------------------

------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                             8.063%
------------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------
UNKNOWN
-------------------------------------------------------------------

-------------------------------------------------------------------
GSL-SUB     GSL-UNSUB   CONS-SUB  CONS-UNSUB      PLUS        SLS
-------------------------------------------------------------------

STATUS
INTERIM:
In School
Current                                  0.207%       0.195%     0.000%      0.000%      0.000%      0.000%

Grace
Current                                  0.077%       0.064%     0.000%      0.000%      0.000%      0.000%

-------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                    0.284%       0.259%     0.000%      0.000%      0.000%      0.000%
-------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                               0.148%       0.074%     0.000%      0.007%      0.023%      0.013%
31-60 Days Delinquent                 0.010%       0.007%     0.000%      0.000%      0.002%      0.002%
61-90 Days Delinquent                 0.014%       0.005%     0.000%      0.000%      0.002%      0.003%
91-120 Days Delinquent                0.004%       0.004%     0.000%      0.000%      0.000%      0.001%
> 120 Days Delinquent                 0.009%       0.008%     0.000%      0.000%      0.000%      0.003%

Deferment
Current                               0.069%       0.039%     0.000%      0.000%      0.001%      0.011%

Forbearance
Current                               0.076%       0.062%     0.000%      0.002%      0.002%      0.011%

-------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                  0.330%       0.199%     0.000%      0.009%      0.030%      0.044%
-------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                            0.000%       0.000%     0.000%      0.000%      0.000%      0.000%
Aged Claims Rejected (2)                         0.000%       0.000%     0.000%      0.000%      0.000%      0.000%

-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL, PROGRAM                         0.614%       0.458%     0.000%      0.009%      0.030%      0.044%
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                                        1.155%
-------------------------------------------------------------------------------------------------------------------

-------------------------------------------------------------------------------------------------------------------------
FOUR YEAR       TWO YEAR      TECHNICAL
STATUS                                               SCHOOLS        SCHOOLS         SCHOOLS        UNKNOWN         TOTAL
-------------------------------------------------------------------------------------------------------------------------

INTERIM:
In School
Current                               16.051%         0.768%          1.013%         0.402%        18.234%

Grace
Current                                9.882%         0.476%          0.584%         0.141%        11.083%

-------------------------------------------------------------------------------------------------------------------------
TOTAL INTERIM                                        25.933%         1.244%          1.597%         0.543%        29.317%
-------------------------------------------------------------------------------------------------------------------------
REPAYMENT:
Active
Current                               40.621%         2.062%          4.028%         0.265%        46.976%
31-60 Days Delinquent                  1.726%         0.194%          0.348%         0.021%         2.289%
61-90 Days Delinquent                  1.305%         0.162%          0.232%         0.024%         1.723%
91-120 Days Delinquent                 0.576%         0.062%          0.128%         0.009%         0.775%
> 120 Days Delinquent                  0.664%         0.126%          0.253%         0.020%         1.063%

Deferment
Current                                7.980%         0.524%          0.525%         0.120%         9.149%

Forbearance
Current                                7.007%         0.564%          0.947%         0.153%         8.671%

-------------------------------------------------------------------------------------------------------------------------
TOTAL REPAYMENT                                      59.879%         3.694%          6.461%         0.612%        70.646%
-------------------------------------------------------------------------------------------------------------------------

Claims in Process (1)                                 0.029%         0.003%          0.005%         0.000%         0.037%
Aged Claims Rejected (2)                              0.000%         0.000%          0.000%         0.000%         0.000%
-------------------------------------------------------------------------------------------------------------------------
TOTAL BY SCHOOL TYPE                                 85.841%         4.941%          8.063%         1.155%       100.000%
-------------------------------------------------------------------------------------------------------------------------

(1)   Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2)   Claims rejected (subject to cure) aged 6 months or more; also includes
claims deemed incurable pending repurchase.

5

VI. 1999-2 Interest Calculation

A       Borrower Interest Accrued During Collection Period                           $    20,049,120.97
B       Interest Subsidy Payments Accrued During Collection Period                         6,177,606.45
C       SAP Payments Accrued During Collection Period                                        472,880.78
D       INV  Earnings Accrued for Collection Period (RESERVE & COLLECTION ACTS)               73,590.62
E       Investment Earnings (ADMINISTRATOR ACT)                                              263,474.75
------------------
F       Net Expected Interest Collections                                            $    27,036,673.57

G       Student Loan Rate                                                          
i         Days in Collection Period    (5/24/99-9/30/99)                                    130
ii        Days in Year                                                                      365
iii       Net Expected Interest Collections                                  $    27,036,673.57
iv        Primary Servicing Fee                                              $     1,181,321.91
v         Administration Fee                                                 $        20,000.00
vi        Total Pool Balance at Beginning of Collection Period               $ 1,000,591,462.66
vii       Student Loan Rate                                                             7.24948%

Accrued                        
Int Factor    Accrual Period     
----------    --------------     

H       Class A-1T   T-Bill Based Interest Rate                                                 5.82703%
I       Class A-1T Interest Rate                 0.011813699   (8/12/99-10/25/99)               5.82703%
J       Class A-1L  Libor Based Interest Rate                                                   5.52000%
K       Class A-1L Interest Rate                 0.011346667   (8/12/99-10/25/99)               5.52000%
L       Class A-2L  Libor Based Interest Rate                                                   5.64000%
M       Class A-2L Interest Rate                 0.011593333   (8/12/99-10/25/99)               5.64000%
N       Class A-3L  Libor Based Interest Rate                                                   5.72000%
O       Class A-3L Interest Rate                 0.011757778   (8/12/99-10/25/99)               5.72000%
P       Certificate Libor Based Rate of Return                                                  5.94000%
Q       Certificate Rate of Return               0.012210000   (8/12/99-10/25/99)               5.94000%

6

VII. 1999-2 Inputs From Original Data 5/24/99

A  Total Student Loan Pool Outstanding
i      Portfolio Balance                  $  980,454,203.83
ii     Interest To Be Capitalized             20,137,258.83
-----------------
iii    Total Pool                         $1,000,591,462.66
iv     Specified Reserve Account Balance       2,501,479.00
-----------------
v      Total Adjusted Pool                $1,003,092,941.66
=================

B  Total Note and Certificate Factor             1.00000000000
C  Total Note and Certificate Balance        $1,029,500,000.00

---------------------------------------------------------------------------------------------------------------------------------
D  Note Balance           8/12/99                Class A-1T        Class A-1L       Class A-2L       Class A-3L       Certificates
---------------------------------------------------------------------------------------------------------------------------------

i      Current Factor 8/12/99                  1.0000000000     1.0000000000      1.0000000000     1.0000000000      1.0000000000
ii     Expected Note Balance              $  150,000,000.00  $120,000,000.00   $619,000,000.00  $104,500,000.00   $ 36,000,000.00

E  Note Principal Shortfall                  $            0.00  $          0.00   $          0.00  $          0.00            $ 0.00
F  Interest Shortfall                        $            0.00  $          0.00   $          0.00  $          0.00            $ 0.00
G  Interest Carryover                        $            0.00  $          0.00   $          0.00  $          0.00            $ 0.00
---------------------------------------------------------------------------------------------------------------------------------

H  Reserve Account Balance                   $   2,501,479.00
I  Unpaid Primary Servicing Fees from 
Prior Month(s)                          $           0.00
J  Unpaid Administration fees from Prior 
Quarter(s)                              $           0.00
K  Unpaid Carryover Servicing Fees from  
Prior Quarter(s)                        $           0.00
L  Interest Due on Unpaid Carryover 
Servicing Fees                          $           0.00

7

VIII. 1999-2 Waterfall for Distributions

Remaining
Funds Balance
-------------

A        Total Available Funds ( Sections III-F  +  VI-D ) (1)            $ 61,257,436.48         $ 61,257,436.48

B        Primary Servicing Fees-Current Month                             $    716,855.23         $ 60,540,581.25
C        Administration Fee                                               $     20,000.00         $ 60,520,581.25

D        Noteholder's Interest Distribution Amount
i         Class A-1T                                             $  1,772,054.85         $ 58,748,526.40
ii        Class A-1L                                             $  1,361,600.04         $ 57,386,926.36
iii       Class A-2L                                             $  7,176,273.13         $ 50,210,653.23
iv        Class A-3L                                             $  1,228,687.80         $ 48,981,965.43
---------------
v         Total Noteholder's Interest Distribution               $ 11,538,615.82

E        Certificateholder's Return Distribution Amount                   $    439,560.00         $ 48,542,405.43

F        Noteholder's Principal Distribution Amount Paid
i         Class A-1T                                             $ 26,968,003.02         $ 21,574,402.41
ii        Class A-1L                                             $ 21,574,402.41         $          0.00
iii       Class A-2L                                             $          0.00         $          0.00
iv        Class A-3L                                             $          0.00         $          0.00
---------------
v         Total Noteholder's Principal Distribution              $ 48,542,405.43

G        Certificateholder's Balance Distribution Amount                  $          0.00         $          0.00

H        Increase to the Specified Reserve Account Balance                $          0.00         $          0.00

I        Carryover Servicing Fees                                         $          0.00         $          0.00

J        Noteholder's Interest Carryover
i         Class A-1T                                             $          0.00         $          0.00
ii        Class A-1L                                             $          0.00         $          0.00
iii       Class A-2L                                             $          0.00         $          0.00
iv        Class A-3L                                             $          0.00         $          0.00
---------------
v         Total Noteholder's Interest Carryover                  $          0.00

K        Certificateholder's Return Carryover                             $          0.00         $          0.00

L        Excess to Reserve Account                                        $          0.00         $          0.00

(1)   Includes initial deposit of $8,000,000 from seller

8

IX. 1999-2 Distributions

---------------------------------------------------------------------------------------------------------------
A   Distribution Amounts                                              Class A-1T       Class A-1L      Class A-2L  
---------------------------------------------------------------------------------------------------------------

i    Quarterly Interest Due                                   $    1,772,054.85  $  1,361,600.04  $ 7,176,273.13

ii   Quarterly Interest Paid                                       1,772,054.85     1,361,600.04    7,176,273.13
iii  Interest Shortfall                                       $            0.00  $          0.00  $         0.00

iv   Interest Carryover Due                                   $            0.00  $          0.00  $         0.00
v    Interest Carryover Paid                                               0.00             0.00            0.00
vi   Interest Carryover                                       $            0.00  $          0.00  $         0.00

vii  Quarterly Principal Due                                  $   32,082,742.34  $ 25,666,193.88  $         0.00
viii Quarterly Principal Paid                                     26,968,003.02    21,574,402.41            0.00
ix   Quarterly Principal Shortfall                            $    5,114,739.32  $  4,091,791.47  $         0.00

----------------------------------------------------------------------------------------------------------------
x    Total Distribution Amount                                $   28,740,057.87  $ 22,936,002.45  $ 7,176,273.13
----------------------------------------------------------------------------------------------------------------

--------------------------------------------------------------------------------------------
A   Distribution Amounts                                            Class A-3L     Certificates
--------------------------------------------------------------------------------------------

i    Quarterly Interest Due                                   $ 1,228,687.80    $ 439,560.00

ii   Quarterly Interest Paid                                    1,228,687.80      439,560.00
iii  Interest Shortfall                                       $         0.00    $       0.00

iv   Interest Carryover Due                                   $         0.00    $       0.00
v    Interest Carryover Paid                                            0.00            0.00
vi   Interest Carryover                                       $         0.00    $       0.00

vii  Quarterly Principal Due                                  $         0.00    $       0.00
viii Quarterly Principal Paid                                           0.00            0.00
ix   Quarterly Principal Shortfall                            $         0.00    $       0.00

--------------------------------------------------------------------------------------------
x    Total Distribution Amount                                $ 1,228,687.80    $ 439,560.00
--------------------------------------------------------------------------------------------

B   Principal Distribution Reconciliation
i    Notes and Certificates Principal Balance  9/30/99        $1,029,500,000.00

ii   Adjusted Pool Balance  9/30/99                             9 71,751,063.78
----------------
iii  Adjusted Pool Exceeding Notes and Certificate 
Balance (i-ii)                                         $   57,748,936.22
=================

iv  Adjusted Pool Balance 5/24/99                            $1,003,092,941.66
v   Adjusted Pool Balance 9/30/99                               971,751,063.78
----------------
vi   Current Principal Due (iv-v)                             $   31,341,877.88
vii  Notes and Certificates Issued Exceeding 
Adjusted Pool Balance                                      26,407,058.34
----------------
viii Principal Distribution Amount (vi + vii)                 $   57,748,936.22
=================

ix   Principal Distribution Amount Paid                       $   48,542,405.43

x    Principal Shortfall (viii - ix)                          $    9,206,530.79

C        Total Principal Distribution                             $   48,542,405.43
D        Total Interest Distribution                                  11,978,175.82
----------------
E        Total Cash Distributions-Note and Certificates           $   60,520,581.25

-------------------------------------------------------------------------------
F   Note & Certificate Balances                      8/12/99         10/25/99
-------------------------------------------------------------------------------

i    A-1T Note Balance    (78442GBJ4)       $ 150,000,000.00  $  123,031,996.98
A-1T Note Pool Factor                      1.0000000000       0.8202133132

ii   A-1L Note Balance    (78442GBK1)       $ 120,000,000.00  $   98,425,597.59
A-1L Note Pool Factor                      1.0000000000       0.8202133132

iii  A-2L Note Balance    (78442GBL9)       $ 619,000,000.00  $  619,000,000.00
A-2L Note Pool Factor                      1.0000000000       1.0000000000

iv   A-3L Note Balance    (78442GBM7)       $ 104,500,000.00  $  104,500,000.00
A-3L Note Pool Factor                      1.0000000000       1.0000000000

v    Certificate Balance  (78442GBN5)        $ 36,000,000.00  $   36,000,000.00
Certificate Pool Factor                    1.0000000000       1.0000000000
-------------------------------------------------------------------------------

G   Reserve Account Reconciliation
i    Beginning of Period Balance                              $    2,501,479.00
ii   Deposits to correct Shortfall                            $              --
iii  Deposits from Excess Servicing                           $              --
-----------------
iv   Total Reserve Account Balance Available                  $    2,501,479.00
v    Required Reserve Account Balance                         $    2,423,319.36

vi   Shortfall Carried to Next Period                         $              --
vii  Excess Reserve - Release to Waterfall                    $       78,159.64
viii Ending Reserve Account Balance                           $    2,423,319.36

9

X. 1999-2 Historical Pool Information

----------------
5/24/99-9/30/99
----------------------------------------------------------------------------
Beginning Student Loan Portfolio Balance                   $ 980,454,203.83
----------------------------------------------------------------------------

Student Loan Principal Activity
i     Regular Principal Collections               $  26,687,304.44
ii    Principal Collections from Guarantor              396,089.81
iii   Principal Reimbursements                       10,749,378.15
iv    Other System Adjustments                                   -
----------------
v     Total Principal Collections                 $  37,832,772.40
Student Loan Non-Cash Principal Activity
i     Other Adjustments                               $ 604,216.24
ii    Capitalized Interest                           (7,776,510.41)
----------------
iii   Total Non-Cash Principal Activity           $  (7,172,294.17)

----------------------------------------------------------------------------
(-)    Total Student Loan Principal Activity             $  30,660,478.23
----------------------------------------------------------------------------

Student Loan Interest Activity
i     Regular Interest Collections                $  12,905,379.37
ii    Interest Claims Received from Guarantors            9,531.77
iii   Late Fee Reimbursements                           197,809.99
iv    Interest Reimbursements                           224,865.29
v     Other System Adjustments                                  --
vi    Special Allowance Payments                          3,949.82
vii   Subsidy Payments                                2,028,758.07
----------------
viii  Total Interest Collections                  $  15,370,294.31

Student Loan Non-Cash Interest Activity
i     Interest Accrual Adjustment                 $    (569,327.20)
ii    Capitalized Interest                            7,776,510.41
----------------
iii   Total Non-Cash Interest Adjustments         $   7,207,183.21
----------------
Total Student Loan Interest Activity              $  22,577,477.52

(=)    Ending Student Loan Portfolio Balance             $ 949,793,725.60
----------------------------------------------------------------------------
(+)    Interest to be Capitalized                        $  19,534,018.82
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(=)    TOTAL POOL                                        $ 969,327,744.42
----------------------------------------------------------------------------
----------------------------------------------------------------------------
(+)    Reserve Account Balance                           $   2,423,319.36
----------------------------------------------------------------------------

----------------------------------------------------------------------------
(=)    Total Adjusted Pool                               $ 971,751,063.78
----------------------------------------------------------------------------

10

XI. 1999-2 Payment History and CPRs

Distribution           Actual                  Since Issued
Date            Pool Balances                  CPR *

Oct-99           $  969,327,744                5.65%

* "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.

11