

SLM Student Loan Trust 2009-2
Quarterly Servicing Report

Distribution Date		10/26/2009
Collection Period		07/01/2009 - 9/30/2009

SLM Funding LLC -		*Depositor*
Sallie Mae Inc. -		*Master Servicer and Administrator*
Deutsche Bank -		*Indenture Trustee*
Bank of New York Trust Company, N.A. -		*Eligible Lender Trustee*
Southwest Student Services Corp -		*Excess Distribution Certificateholder*

I. 2009-2 Deal Parameters


	Student Loan Portfolio Characteristics				6/30/2009		Activity		9/30/2009
A	i	Portfolio Balance			$	1,978,851,147.29		($16,310,175.72)	$	1,962,540,971.57
	ii	Interest to be Capitalized				10,407,844.84				10,415,063.09

	iii	Total Pool			$	1,989,258,992.13			$	1,972,956,034.66
	iv	Capitalized Interest				122,000,000.00				122,000,000.00
	vi	Specified Reserve Account Balance				4,973,147.48				4,932,390.09

	vii	Total Adjusted Pool			$	$2,116,232,139.61			$	2,099,888,424.75


B	i	Weighted Average Coupon (WAC)				5.699%				5.689%
	ii	Weighted Average Remaining Term				248.51				247.09
	iii	Number of Loans				118,040				117,078
	iv	Number of Borrowers				72,333				71,702
	v	Aggregate Outstanding Principal Balance - T-Bill Other			$	210,648			$	209,923
	vi	Aggregate Outstanding Principal Balance - T-Bill			$	276,385,934			$	273,658,380
	vii	Aggregate Outstanding Principal Balance - Commercial Paper			$	1,712,662,410			$	1,699,087,731
	viii	Pool Factor				0.992213523				0.984081844


							% of O/S				% of O/S
	Notes		Spread		Balance 07/27/2009		Securities		Balance 10/26/2009		Securities

C	i	A Notes 78445NAA6		2.25%	$	1,835,704,607.90		100.000%	$	1,819,599,381.74		100.000%

		Total Notes			$	1,835,704,607.90		100.000%	$	1,819,599,381.74		100.000%


	Reserve Account				7/27/2009				10/26/2009
D	i	Required Reserve Acct Deposit (%)			0.25%				0.25%

	ii	Reserve Acct Initial Deposit ($)			$	5,012,175.00			$	5,012,175.00
	iii	Specified Reserve Acct Balance ($)			$	4,973,147.48			$	4,932,390.09
	iv	Reserve Account Floor Balance ($)			$	3,007,305.00			$	3,007,305.00

	v	Current Reserve Acct Balance ($)			$	4,973,147.48			$	4,932,390.09


	Other Accounts				7/27/2009				10/26/2009
E	i	Supplemental Loan Purchase Account			$	0.00			$	0.00
	iii	Capitalized Interest Account			$	122,000,000.00			$	122,000,000.00
	iv	Floor Income Rebate Account			$	5,359,872.30			$	7,214,852.66


	Asset/Liability				7/27/2009				10/26/2009
F	i	Total Adjusted Pool + Supplemental Loan Purchase/Pre-funding Acct			$	2,116,232,139.61			$	2,099,888,424.75
	ii	Total Outstanding Balance Notes			$	1,835,704,607.90			$	1,819,599,381.74
	iii	Difference			$	280,527,531.71			$	280,289,043.01
	iv	Parity Ratio				1.15282				1.15404


II. 2009-1 Transactions from:				7/1/2009		through:			9/30/2009

Student Loan Principal Activity

Regular Principal Collections

24,649,323.11

Principal Collections from Guarantor

2,968,965.63

iii

Principal Reimbursements

32,709.53

Other System Adjustments

0.00

Total Principal Collections

27,650,998.27

Student Loan Non-Cash Principal Activity

Other Adjustments

3,016.35

Capitalized Interest

(11,343,838.90

)

iii

Total Non-Cash Principal Activity

(11,340,822.55

)

Student Loan Principal Purchases

0.00

Total Student Loan Principal Activity

16,310,175.72

Student Loan Interest Activity

Regular Interest Collections

13,126,809.20

Interest Claims Received from Guarantors

50,964.23

iii

Collection Fees/Returned Items

643.73

Late Fee Reimbursements

191,340.85

Interest Reimbursements

16,287.15

Other System Adjustments

0.00

vii

Special Allowance Payments

56,366.07

viii

Subsidy Payments

1,863,514.63

Total Interest Collections

15,305,925.86

Student Loan Non-Cash Interest Activity

Interest Accrual Adjustment

(982.20

)

Capitalized Interest

11,343,838.90

iii

Total Non-Cash Interest Adjustments

11,342,856.70

Student Loan Interest Purchases

0.00

Total Student Loan Interest Activity

26,648,782.56

Non-Reimbursable Losses During Collection Period

175.63

Cumulative Non-Reimbursable Losses to Date

175.63


III. 2009-2 Collection Account Activity				7/1/2009		through			9/30/2009

Principal Collections

Principal Payments Received

18,012,420.22

Consolidation Principal Payments

9,605,868.52

iii

Reimbursements by Seller

311.55

Borrower Benefits Reimbursements

10,329.16

Reimbursements by Servicer

11,057.32

Re-purchased Principal

11,011.50

vii

Total Principal Collections

27,650,998.27

Interest Collections

Interest Payments Received

14,979,123.34

Consolidation Interest Payments

118,530.79

iii

Reimbursements by Seller

0.00

Borrower Benefits Reimbursements

0.00

Reimbursements by Servicer

15,924.58

Re-purchased Interest

362.57

vii

Collection Fees/Return Items

643.73

viii

Late Fees

191,340.85

Total Interest Collections

15,305,925.86

Other Reimbursements

617,811.81

Reserves in Excess of the Requirement

40,757.39

Administrator Account Investment Income

0.00

Investment Earnings for Period in Trust Accounts

81,124.52

Funds borrowed during previous distribution

0.00

Funds borrowed from subsequent distribution

0.00

Excess Transferred from Supplemental Loan Purchase Account

0.00

Funds Released from Capitalized Interest Account

0.00

Initial Deposit to the Collection Account

0.00

TOTAL AVAILABLE FUNDS

43,696,617.85

LESS FUNDS PREVIOUSLY REMITTED:

Servicing Fees to Servicer

(1,645,847.49

)

Floor Income Rebate Fees to Dept. of Education

(5,381,822.36

)

Consolidation Loan Rebate Fees to Dept. of Education

(5,092,171.91

)

Funds Allocated to the Floor Income Rebate Account

(7,214,852.66

)

Funds Released from the Floor Income Rebate Account

5,359,872.30

NET AVAILABLE FUNDS

29,721,795.73

Servicing Fees Due for Current Period

818,472.01

Carryover Servicing Fees Due

0.00

Administration Fees Due

20,000.00

Total Fees Due for Period

838,472.01


IV. 2009-2		Portfolio Characteristics


		Weighted Avg Coupon						# of Loans				%*							Principal Amount					% *
STATUS		6/30/2009			9/30/2009			6/30/2009		9/30/2009		6/30/2009			9/30/2009				6/30/2009			9/30/2009		6/30/2009			9/30/2009

INTERIM:
	In School
	Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%			0.00	$		0.00		0.000	%		0.000	%

	Grace
	Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$		0.00	$		0.00		0.000	%		0.000	%


TOTAL INTERIM			0.000	%		9.000	%		0		0		0.000	%		0.000	%	$		0.00	$		0.00		0.000	%		0.000	%

REPAYMENT
	Active
	Current		5.505	%		5.495	%		73,454		72,437		62.228	%		61.871	%	$		1,119,575,734.98	$		1,111,811,422.79		56.577	%		56.652	%
	31-60 Days Delinquent		6.237	%		6.235	%		4,501		4,224		3.813	%		3.608	%			77,496,467.15			74,604,428.17		3.916	%		3.801	%
	61-90 Days Delinquent		6.421	%		6.555	%		2,388		2,161		2.023	%		1,846	%			39,933,857.43			36,770,927.96		2.018	%		1.874	%
	91-120 Days Delinquent		6.450	%		6.406	%		1,227		1,250		1.039	%		1.068	%			21,273,895.08			20,261,117.02		1.075	%		1.032	%
	> 120 Days Delinquent		6.483	%		6.429	%		3,878		4,335		3.285	%		3.703	%			66,642,327.92			71,024,632.77		3.368	%		3.619	%

	Deferment
	Current		5.637	%		5.672	%		20,171		20,249		17.088	%		17.295	%			368,076,837.82			359,863,468.72		18.601	%		18.337	%

	Forbearance
	Current		6.049	%		6.967	%		12,358		11,906		10.469	%		10.169	%			283,940,415.35			279,242,853.25		14.349	%		14.229	%



TOTAL REPAYMENT			5.698	%		5.686	%		117,538		116,562		99.947	%		99.559	%	$		1,976,939,535.73	$		1,953,578,850.68		99.903	%		99.543	%

	Claims in Process (1)		6.642	%		6.341	%		63		515		0.000	%		0.440	%	$		1,911,611.56	$		8,954,329.68		0.000	%		0.456	%
	Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$		0.00	$		0.00		0.000	%		0.000	%

	GRAND TOTAL		5.699	%		5.689	%		118,040		117,078		100.000	%		100.000	%	$		1,978,851,147.29	$		1,962,540,971.57		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.
* Percentages may not total 100% due to rounding.


V. 2009-2		Interest Accruals


A	Borrower Interest Accrued During Collection Period	$	25,272,502.10

B	Interest Subsidy Payments Accrued During Collection Period		2,282,129.92

C	Special Allowance Payments Accrued During Collection Period		21,456

D	Investment Earnings Accrued for Collection Period (TRUST ACCOUNTS)		81,124.52

E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00

F	Net Expected Interest Collections	$	27,657,223.10


VI. 2009-1		Accrued Interest Factors

Accrued

Record Date

Int Factor

Accrual Period

(Days Prior to Distribution Date)

Rate *

Index

Class A Interest Rate

0.006960868

07/27/2009 - 10/26/2009

1 NY Business Day

2.75375%

LIBOR

* Pay rates for Current Distribution. For the interest rates applicable to the next distribution date, please see http://www.salliemae.com/salliemae/investor/slmtrust/extracts/abrate.txt .


VII. 2009-2	Inputs From Prior Period	6/30/2009


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	1,978,851,147.29
	ii	Interest To Be Capitalized		10,407,844.84

	iii	Total Pool	$	1,989,258,992.13
	iv	Capitalized Interest		122,000,000.00
	vi	Specified Reserve Account Balance		4,973,147.48

	vii	Total Adjusted Pool	$	2,116,232,139.61


B	Total Note Factor			0.994884737
C	Total Note Balance		$	1,835,704,607.90



D	Note Balance 7/27/2009		Class A

	i	Current Factor		0.994884737
	ii	Expected Note Balance	$	1,835,704,607.90

	iii	Note Principal Shortfall	$	0.00
	iv	Interest Shortfall	$	0.00
	v	Interest Carryover	$	0.00


E	Reserve Account Balance	$	4,973,147.48
F	Unpaid Primary Servicing Fees from Prior Month(s)	$	0.00
G	Unpaid Administration fees from Prior Quarter(s)	$	0.00
H	Unpaid Carryover Servicing Fees from Prior Quarter(s)	$	0.00
I	Interest Due on Unpaid Carryover Servicing Fees	$	0.00

VIII. 2009-2 Waterfall for Distributions


				Remaining
				Funds Balance
A	Total Available Funds ( Section III-N )	$	29,721,795.73	$	29,721,795.73

B	Primary Servicing Fees - Current Month	$	818,472.01	$	28,903,323.72

C	Administration Fee	$	20,000.00	$	28,883,323.72

D	Class A Noteholders’ Interest Distribution Amounts	$	12,778,097.56	$	16,105,226.16

F	Class A Noteholders’ Principal Distribution Amounts	$	16,105,226.16	$	0.00

H	Reinstate Reserve Account to the Specified Reserve Account Balance	$	0.00	$	0.00

I	Carryover Servicing Fees	$	0.00	$	0.00

J	Excess to Certificateholder	$	0.00	$	0.00

IX. 2009-2 Account Reconciliations


A	Reserve Account
		i	Beginning Balance	$	4,973,147.48
		ii	Deposits to correct Shortfall	$	0.00
		iii	Total Reserve Account Balance Available	$	4,973,147.48
		iv	Required Reserve Account Balance	$	4,932,390.09
		v	Shortfall Carried to Next Period	$	0.00
		vi	Excess Reserve - Release to Collection Account	$	40,757.39
		vii	Ending Reserve Account Balance	$	4,932,390.09

B	Supplemental Loan Purchase Account
	Supplemental Purchase Period End Date				5/5/2009
		i	Beginning Balance	$	0.00
		ii	Supplemental Loan Purchases	$	0.00
		iii	Transfers to Collection Account	$	0.00

		iv	Ending Balance	$	0.00

D	Capitalized Interest Account
	Capitalized Interest Account Release Date				1/25/2012
		i	Beginning Balance	$	122,000,000.00
		ii	Transfers to Collection Account	$	0.00

		iii	Ending Balance	$	122,000,000.00

E	Floor Income Rebate Account
		i	Beginning Balance	$	5,359,872.30
		ii	Deposits for the Period	$	7,214,852.66
		iii	Release to Collection Account	$	(5,359,872.30	)

		iv	Ending Balance	$	7,214,852.66

XI. 2009-2 Distributions


A	Distribution Amounts			Class A
	i	Quarterly Interest Due	$		12,778,097.56
	ii	Quarterly Interest Paid			12,778,097.56
	iii	Interest Shortfall	$		0.00

	vii	Quarterly Principal Due	$		18,252,068.31
	viii	Quarterly Principal Paid			16,105,226.16
	ix	Quarterly Principal Shortfall	$		2,146,842.15


	x	Total Distribution Amount	$		28,883,323.72

Principal Distribution
Reconciliation

Notes Outstanding Principal
Balance

9/30/09

1,835,704,607.90

Adjusted Pool Balance

9/30/09

2,099,888,424.75

iii

Overcollateralization Percentage

115.54%

Principal Distribution Amount (i - ii / iii)

18,252,068.31

Principal Distribution Amount Paid

16,105,226.16

Principal Shortfall (iv - v)

2,146,842.15

Total Principal Distribution

16,105,226.16

Total Interest Distribution

12,778,097.56

Total Cash Distributions

28,883,323.72


F						Paydown
	Note Balances			7/21/2009		Factor		10/26/2009
	i	A Note Balance	78445NAA6	$	1,835,704,607.90			$	1,819,599,381.74
		A Note Pool Factor			0.994884737		0.008728443		0.986156293

XI. 2009-2 Historical Pool Information


			7/1/09 - 9/30/09			4/21/09 - 6/30/09

Beginning Student Loan Portfolio Balance			$	1,978,851,147.29		$	1,965,903,978.17


	Student Loan Principal Activity
	i	Regular Principal Collections	$	24,649,323.11		$	13,616,535.04
	ii	Principal Collections from Guarantor		2,968,965.63			849,211.47
	iii	Principal Reimbursements		32,709.53			5,859.58
	iv	Other System Adjustments		0.00			0.00

	v	Total Principal Collections	$	27,650,998.27		$	14,471,606.09
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	3,016.35		$	7,531.09
	ii	Capitalized Interest		(11,343,838.90	)		(10,050,293.05	)

	iii	Total Non-Cash Principal Activity	$	(11,340,822.55	)	$	(10,042,761.96	)

	Student Loan Principal Purchases		$	0.00		$	(17,376,013.25	)


(-)	Total Student Loan Principal Activity		$	16,310,175.72		$	(12,947,169.12	)


	Student Loan Interest Activity
	i	Regular Interest Collections	$	13,126,809.20		$	10,627,889.52
	ii	Interest Claims Received from Guarantors		50,964.23			13,427.35
	iii	Collection Fees/Returned Items		643.73			264.92
	iv	Late Fee Reimbursements		191,340.85			152,231.70
	v	Interest Reimbursements		16,287.15			1.33
	vi	Other System Adjustments		0.00			0.00
	vii	Special Allowance Payments		56,366.07			0.00
	viii	Subsidy Payments		1,863,514.63			0.00

	ix	Total Interest Collections	$	15,305,925.86		$	10,793,814.82

	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(982.20	)	$	(834.83	)
	ii	Capitalized Interest		11,343,838.90			10,050,293.05

	iii	Total Non-Cash Interest Adjustments	$	11,342,856.70		$	10,049,458.22	)

	Student Loan Interest Purchases		$	0.00		$	(117,585.50	)

	Total Student Loan Interest Activity		$	26,648,782.56		$	20,725,687.54


(=)	Ending Student Loan Portfolio Balance		$	1,962,540,971.57		$	1,978,851,147.29


(+)	Interest to be Capitalized		$	10,415,063.09		$	10,407,844.84


(=)	TOTAL POOL		$	1,972,956,034.66		$	1,989,258,992.13


(+)	Capitalized Interest		$	122,000,000.00		$	122,000,000.00



(+)	Reserve Account Balance		$	4,932,390.09		$	4,973,147.48


(=)	Total Adjusted Pool		$	2,099,888,424.75		$	2,116,232,139.61


XII. 2009-2		Payment History and CPRs

Distribution

Actual

Since Issued

Date

Pool Balances

CPR *

Jul-09

$ 1,989,258,992

0.47%

Oct-09

$ 1,972,956,035

0.44%

* Constant Prepayment Rate. Since Issued CPR is based on the current period’s ending pool balance calculated against the period’s projected pool balance as determined at the trust’s statistical cutoff date.

SLM Student Loan Trust 2009-2 10-D