SLM Private Credit Student Loan Trust 2003-A
Quarterly Servicing Report
Report Date: 8/31/2004 Reporting Period: 6/1/04-8/31/04

I. Deal Parameters


	Student Loan Portfolio Characteristics		5/31/2004			Activity			8/31/2004
A	i	Portfolio Balance	$	915,463,207.98			($11,374,709.50	)	$	904,088,498.48
	ii	Interest to be Capitalized		40,397,122.73						37,997,502.05

	iii	Total Pool	$	955,860,330.71					$	942,086,000.53

	iv	Cash Capitalization Account (CI)		58,502,550.00						58,502,550.00

	v	Asset Balance	$	1,014,362,880.71					$	1,000,588,550.53

	i	Weighted Average Coupon (WAC)		4.790	%					4.857	%
	ii	Weighted Average Remaining Term		168.98						167.74
	iii	Number of Loans		115,486						113,715
	iv	Number of Borrowers		73,339						72,341
	vi	Prime Loans Outstanding	$	702,253,552					$	699,259,240
	vii	T-bill Loans Outstanding	$	248,731,435					$	238,441,376
	viii	Fixed Loans Outstanding	$	4,875,344					$	4,385,384


										% of					% of
	Notes		Cusips		Spread			Balance 6/15/04		O/S Securities			Balance 9/15/04		O/S Securities
B	i	A-1 Notes		78443CAE4		0.110	%	$	437,453,226.13		44.050	%	$	423,678,895.95		43.263	%
	ii	A-2 Notes		78443CAF1		0.440	%		320,000,000.00		32.223	%		320,000,000.00		32.676	%
	iii	A-3 ARS		78443CAJ3	ARS				76,600,000.00		7.713	%		76,600,000.00		7.822	%
	iv	A-4 ARS		78443CAK0	ARS				76,600,000.00		7.713	%		76,600,000.00		7.822	%
	v	B Notes		78443CAG9		0.750	%		34,570,000.00		3.481	%		34,570,000.00		3.530	%
	vi	C Notes		78443CAH7		1.600	%		47,866,000.00		4.820	%		47,866,000.00		4.888	%

	vii	Total Notes						$	993,089,226.13		100.000	%	$	979,314,895.95		100.000	%


			6/15/2004		9/15/2004
C	i	Reserve Account Balance ($)	$	2,512,950.00	$	2,512,950.00
	ii	Cash Capitalization Acct Balance ($)	$	58,502,550.00	$	58,502,550.00
	iii	Initial Asset Balance	$	1,063,682,728.92	$	1,063,682,728.92
	iv	Specified Overcollateralization Amount	$	21,273,654.58	$	21,273,654.58
	v	Has the Stepdown Date Occurred?*	No		No

The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero, or March 17, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

II. 2003-A Transactions from: 6/1/2004 through: 8/31/2004


A	Student Loan Principal Activity
	i	Principal Payments Received	$	17,543,474.92
	ii	Purchases by Servicer (Delinquencies >180)		1,539,447.39
	iii	Other Servicer Reimbursements		1,435.46
	iv	Seller Reimbursements		24,274.87

	v	Total Principal Collections	$	19,108,632.64

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		(7,272,975.84	)
	iii	Capitalized Insurance Fee		(433,015.33	)
	iv	Other Adjustments		(27,931.97	)

	v	Total Non-Cash Principal Activity	$	(7,733,923.14	)


C	Total Student Loan Principal Activity		$	11,374,709.50


D	Student Loan Interest Activity
	i	Interest Payments Received	$	5,977,573.14
	ii	Purchases by Servicer (Delinquencies >180)		53,213.19
	iii	Other Servicer Reimbursements		0.01
	iv	Seller Reimbursements		1,714.22
	v	Late Fees		76,828.01
	vi	Collection Fees		0.00

	vii	Total Interest Collections	$	6,109,328.57

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—
	ii	Capitalized Interest		7,272,975.84
	iii	Other Interest Adjustments		3,761.68

	iv	Total Non-Cash Interest Adjustments	$	7,276,737.52


F	Total Student Loan Interest Activity		$	13,386,066.09

III. 2003-A Collection Account Activity 6/1/2004 through: 8/31/2004


A	Principal Collections
	i	Principal Payments Received		$	17,180,826.89
	ii	Consolidation Principal Payments			362,648.03
	iii	Purchases by Servicer (Delinquencies >180)			1,539,447.39
	iv	Reimbursements by Seller			0.00
	v	Reimbursements by Servicer			1,435.46
	vi	Other Re-purchased Principal			24,274.87

B	vii	Total Principal Collections		$	19,108,632.64

	Interest Collections
	i	Interest Payments Received		$	5,976,245.64
	ii	Consolidation Interest Payments			1,327.50
	iii	Purchases by Servicer (Delinquencies >180)			53,213.19
	iv	Reimbursements by Seller			0.00
	v	Reimbursements by Servicer			0.01
	vi	Other Re-purchased Interest			1,714.22
	viii	Collection Fees/Return Items			0.00
	ix	Late Fees			76,828.01

	x	Total Interest Collections		$	6,109,328.57

C	Recoveries on Realized Losses			$	—

D	Amount from Cash Capitalizaton Account			$	—

E	Funds Borrowed from Next Collection Period			$	—

F	Funds Repaid from Prior Collection Periods			$	—

G	Investment Income			$	222,499.83

H	Borrower Incentive Reimbursements			$	112,641.76

I	Interest Rate Cap Proceeds			$	—

I	Gross Swap Receipt			$	2,727,864.90

	TOTAL FUNDS RECEIVED			$	28,280,967.70
	LESS FUNDS PREVIOUSLY REMITTED:
		i	Funds Allocated to the Future Distribution Account	$	(5,417,855.60	)
		ii	Funds Released from the Future Distribution Account	$	3,747,865.71
J	TOTAL AVAILABLE FUNDS			$	26,610,977.81

K	Servicing Fees Due for Current Period			$	530,514.95

L	Carryover Servicing Fees Due			$	—

M	Administration Fees Due			$	20,000.00


N	Total Fees Due for Period			$	550,514.95

IV. 2003-A Future Distribution Account Activity

Account Reconciliation

Beginning Balance

6/15/2004

1,746,405.44

Total Allocations for Distribution Period

3,671,450.15

iii

Total Payments for Distribution Period

(1,669,989.88

)

Funds Released to the Collection Account

(3,747,865.71

)

Total Balance Prior to Current Month Allocations

—

Ending Balance

9/15/2004

1,822,906.61

Monthly Allocations to the Future Distribution Account

Monthly Allocation Date

6/15/2004

Primary Servicing Fees

536,632.19

Admin fees

6,666.66

iii

Broker Dealer, Auction Agent and Remarketing Fees

26,618.50

Interest Accrued on the Class A Notes and Swap Counterparty

1,176,488.09

Interest Accrued on the Class B & C Notes

—

Balance as of

6/15/2004

1,746,405.44

Monthly Allocation Date

7/15/2004

Primary Servicing Fees

534,020.20

Admin fees

6,666.66

iii

Broker Dealer, Auction Agent and Remarketing Fees

28,393.07

Interest Accrued on the Class A Notes and Swap Counterparty

1,300,656.46

Interest Accrued on the Class B & C Notes

—

Total Allocations

1,869,736.39

Monthly Allocation Date

8/15/2004

Primary Servicing Fees

533,578.77

Admin fees

6,666.66

iii

Broker Dealer, Auction Agent and Remarketing Fees

26,618.50

Interest Accrued on the Class A Notes and Swap Counterparty

1,234,849.83

Interest Accrued on the Class B & C Notes

—

Total Allocations

1,801,713.76

Total Future Distribution Account Deposits Previously Allocated

5,417,855.60

Current Month Allocations

9/15/2004

Primary Servicing

530,514.95

Admin fees

6,666.66

iii

Broker Dealer, Auction Agent and Remarketing Fees

26,618.50

Interest Accrued on the Class A Notes and Swap Counterparty

1,259,106.50

Interest Accrued on the Class B & C Notes

—

Allocations on the Distribution Date

1,822,906.61

V. 2003-A Auction Rate Security Detail


A	Auction Rate Securities Paid During Collection Period
	i	Payment	Security	Interest			No. of
		Date	Description	Rate			Days	Start Date		End Date		Interest Payment

		07/08/2004	SLMPC TRUST 2003A A3		1.370000	%	28		06/10/2004		07/08/2004		81,621.56
		08/05/2004	SLMPC TRUST 2003A A3		1.520000	%	28		07/08/2004		08/05/2004		90,558.22
		09/02/2004	SLMPC TRUST 2003A A3		1.670000	%	28		08/05/2004		09/02/2004		99,494.89
		06/23/2004	SLMPC TRUST 2003A A4		1.350000	%	28		05/26/2004		06/23/2004		80,430.00
		07/21/2004	SLMPC TRUST 2003A A4		1.430000	%	28		06/23/2004		07/21/2004		85,196.22
		08/18/2004	SLMPC TRUST 2003A A4		1.520000	%	28		07/21/2004		08/18/2004		90,558.22
		09/15/2004	SLMPC TRUST 2003A A4		1.700000	%	28		08/18/2004		09/15/2004		101,282.22

	ii	Auction Rate Security Payments Made During Collection Period					6/15/04-9/15/04					$	629,141.33

	iii	Broker/Dealer Fees Paid During Collection Period					6/15/04-9/15/04					$	83,408.92
	iv	Auction Agent Fees Paid During Collection Period					6/15/04-9/15/04					$	3,544.87
	v	Primary Servicing Fees Remitted										$	1,067,598.97

	vi	Total										$	1,783,694.09
		- Less: Auction Rate Security Interest Payments due on the Distribution Date										$	(101,282.22	)
		- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date										$	(506.41	)
		- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date										$	(11,915.56	)


B	Total Payments Out of Future Distribution Account During Collection Period											$	1,669,989.88


C	Funds Released to Collection Account											$	3,747,865.71

D	Auction Rate Student Loan Rates			Jun-04			Jul-04	Aug-04
				3.82754%			3.82744%	3.88644%

VI. 2003-A Loss and Recovery Detail 8/31/2004


A	i	Cumulative Realized Losses Test	% of Original Pool			5/31/2004		8/31/2004

		June 16, 2003 to March 17, 2008		15	%	$	150,777,026.84	$	150,777,026.84
		June 16, 2008 to March 15, 2011		18	%
		June ,15, 2011 and thereafter		20	%
	ii	Cumulative Realized Losses (Net of Recoveries)				$	0.00	$	0.00

	iii	Is Test Satisfied (ii < i)?	Yes


B	i	Recoveries on Realized Losses This Collection Period

	ii	Principal Cash Recovered During Collection Period				$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period				$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period				$	0.00	$	0.00

	v	Total Recoveries for Period				$	0.00	$	0.00

C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer				$	2,131,996.54	$	3,671,443.93
	iii	Cumulative Interest Purchases by Servicer				$	66,994.57	$	120,207.76

	iv	Total Gross Defaults:				$	2,198,991.11	$	3,791,651.69

VII. 2003-A Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	5/31/2004**			8/31/2004			5/31/2004**		8/31/2004		5/31/2004**			8/31/2004			5/31/2004**		8/31/2004		5/31/2004**			8/31/2004
INTERIM:

In School		4.703	%		4.707	%		23,706		18,730		20.527	%		16.471	%	$	188,203,023.73	$	147,388,178.18		20.558	%		16.302	%

Grace		4.744	%		4.695	%		11,965		12,580		10.361	%		11.063	%	$	98,175,537.33	$	105,891,352.31		10.724	%		11.712	%

Deferment		5.013	%		5.025	%		4,598		4,965		3.981	%		4.366	%	$	37,441,040.14	$	41,151,047.79		4.090	%		4.552	%

TOTAL INTERIM		4.751	%		4.747	%		40,269		36,275		34.869	%		31.900	%	$	323,819,601.20	$	294,430,578.28		35.372	%		32.567	%
REPAYMENT
Active
Current		4.722	%		4.816	%		64,505		65,157		55.855	%		57.299	%	$	492,053,997.54	$	494,980,569.82		53.749	%		54.749	%
31-60 Days Delinquent		5.339	%		5.367	%		1,016		1,458		0.880	%		1.282	%	$	8,685,841.83	$	12,250,643.32		0.949	%		1.355	%
61-90 Days Delinquent		5.592	%		5.636	%		510		834		0.442	%		0.733	%	$	3,939,800.98	$	7,063,786.82		0.430	%		0.781	%
91-120 Days Delinquent		5.941	%		6.598	%		394		380		0.341	%		0.334	%	$	3,534,047.31	$	3,116,449.49		0.386	%		0.345	%
121-150 Days Delinquent		5.795	%		6.129	%		247		233		0.214	%		0.205	%	$	2,162,981.02	$	2,015,646.17		0.236	%		0.223	%
151-180 Days Delinquent		5.892	%		5.664	%		104		98		0.090	%		0.086	%	$	925,116.53	$	823,643.53		0.101	%		0.091	%
> 180 Days Delinquent		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%

Forbearance		5.179	%		5.215	%		8,441		9,280		7.309	%		8.161	%	$	80,341,821.57	$	89,407,181.05		8.776	%		9.889	%

TOTAL REPAYMENT		4.812	%		4.909	%		75,217		77,440		65.131	%		68.100	%	$	591,643,606.78	$	609,657,920.20		64.628	%		67.433	%

GRAND TOTAL		4.790	%		4.857	%		115,486		113,715		100.000	%		100.000	%	$	915,463,207.98	$	904,088,498.48		100.000	%		100.000	%

*		Percentages may not total 100% due to rounding
**		PRIOR QUARTER DATA HAS BEEN REVISED

VIII. 2003-A Portfolio Characteristics by School and Program


LOAN TYPE	WAC			# Loans		$ Amount		%


-Signature Loans		4.862	%		77,182	$	647,737,026.68		71.645	%
-Law Loans		4.815	%		28,464	$	177,543,696.80		19.638	%
-Med Loans		5.151	%		4,798	$	36,906,848.46		4.082	%
-MBA Loans		4.562	%		3,271	$	41,900,926.54		4.635	%


- Total		4.857	%		113,715	$	904,088,498.48		100.000	%

* Percentages may not total 100% due to rounding

IX. 2003-A Interest Rate Swap and Cap Calculations


A	Swap Payments
						Counterparty A			Counterparty B

	i	Notional Swap Amount — Aggregate Prime Loans Outstanding					351,126,776		$	351,126,776
	Counterparty Pays:
	ii	3 Month Libor					1.52000	%		1.52000	%
	iii	Gross Swap Receipt Due Trust				$	1,363,932.45		$	1,363,932.45
	iv	Days in Period	6/15/2004		9/15/2004		92			92

	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less	2.6100	%			1.39000	%		1.39000	%
	vi	Gross Swap Payment Due Counterparty				$	1,226,833.12		$	1,226,833.12
	vii	Days in Period	6/15/2004		9/15/2004		92			92

B	Cap Payments
						Cap Calculation

	i	Notional Swap Amount				$	620,000,000.00
	ii	Maturity Date	3/15/2006
	Counterparty Pays:
	iii	3 Month Libor (interpolated for first accrual period)					1.52000	%
	iv	Cap Rate					5.50000	%

	v	Excess (if any) of Libor over Cap Rate (ii-iii)					0.00000	%
	vi	Days in Period	6/15/2004		9/15/2004		92
	vii	Cap Payment due Trust				$	—

X. 2003-A Accrued Interest Factors


		Accrued
		Int Factor	Accrual Period	Rate
A	Class A-1 Interest Rate	0.004165556	(6/15/04-9/15/04)		1.63000	%

B	Class A-2 Interest Rate	0.005008889	(6/15/04-9/15/04)		1.96000	%

C	Class A-4 Interest Rate	0.001322222	(8/18/04-9/15/04)		1.70000	%

D	Class B Interest Rate	0.005801111	(6/15/04-9/15/04)		2.27000	%

E	Class C Interest Rate	0.007973333	(6/15/04-9/15/04)		3.12000	%

XI. 2003-A Inputs From Prior Data 5/31/04


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	915,463,207.98
	ii	Interest To Be Capitalized				40,397,122.73

	iii	Total Pool			$	955,860,330.71
	iv	Cash Capitalization Account (CI)				58,502,550.00

	v	Asset Balance			$	1,014,362,880.71

B	Total Note and Certificate Factor					0.94068640838
C	Total Note Balance				$	993,089,226.13


D	Note Balance 6/15/2004		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C

	i	Current Factor		0.8747822332		1.0000000000		1.0000000000		1.0000000000		1.0000000000		1.0000000000
	ii	Expected Note Balance	$	437,453,226.13	$	320,000,000.00	$	76,600,000.00	$	76,600,000.00	$	34,570,000.00	$	47,866,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00


H	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
I	Unpaid Administration fees from Prior Quarter(s)				$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

XII. 2003-A Note Parity Triggers


		Class A		Class B		Class C
Notes Outstanding	06/15/04	$	910,653,226	$	945,223,226	$	993,089,226
Asset Balance	5/31/04	$	1,014,362,881	$	1,014,362,881	$	1,014,362,881
Pool Balance	8/31/04	$	942,086,001	$	942,086,001	$	942,086,001
Amounts on Deposit*	9/15/04		78,570,562		78,370,018		77,988,366
Total		$	1,020,656,563	$	1,020,456,018	$	1,020,074,367

Are the Notes in Excess of the Asset Balance?		No		No		No
Are the Notes in Excess of the Pool + Amounts on Deposit?		No		No		No
Are the Notes Parity Triggers in Effect?		No		No		No

Class A Enhancement		$	103,709,654.58
Specified Class A Enhancement		$	150,088,282.58	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement		$	69,139,654.58
Specified Class B Enhancement		$	101,309,590.74	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount

Class C Enhancement		$	21,273,654.58
Specified Class C Enhancement		$	30,017,656.52	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

XIII. 2003-A Principal Distribution Calculations

Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):

Is the Class A Note Parity Trigger in Effect?

Aggregate A Notes Outstanding

6/15/2004

910,653,226.13

iii

Asset Balance

8/31/2004

1,000,588,550.53

First Priority Principal Distribution Amount

9/15/2004

—

Is the Class B Note Parity Trigger in Effect?

Aggregate A and B Notes Outstanding

6/15/2004

945,223,226.13

vii

Asset Balance

8/31/2004

1,000,588,550.53

viii

First Priority Principal Distribution Amount

9/15/2004

—

Second Priority Principal Distribution Amount

9/15/2004

—

Is the Class C Note Parity Trigger in Effect?

Aggregate A, B and C Notes Outstanding

6/15/2004

993,089,226.13

xii

Asset Balance

8/31/2004

1,000,588,550.53

xiii

First Priority Principal Distribution Amount

9/15/2004

—

xiv

Second Priority Principal Distribution Amount

9/15/2004

—

Third Priority Principal Distribution Amount

9/15/2004

—

Regular Principal Distribution

Aggregate Notes Outstanding

6/15/2004

993,089,226.13

Asset Balance

8/31/2004

1,000,588,550.53

iii

Specified Overcollateralization Amount

9/15/2004

21,273,654.58

First Priority Principal Distribution Amount

9/15/2004

—

Second Priority Principal Distribution Amount

9/15/2004

—

Third Priority Principal Distribution Amount

9/15/2004

—

vii

Regular Principal Distribution Amount

13,774,330.18

Class A Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

8/31/2004

1,000,588,550.53

iii

85% of Asset Balance

8/31/2004

850,500,267.95

Specified Overcollateralization Amount

9/15/2004

21,273,654.58

Lesser of (iii) and (ii - iv)

850,500,267.95

Class A Noteholders’ Principal Distribution Amt - Before the Stepdown Date

13,774,330.18

vii

Class A Noteholders’ Principal Distribution Amt - After the Stepdown Date

—

Class B Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

8/31/2004

1,000,588,550.53

iii

89.875% of Asset Balance

8/31/2004

899,278,959.79

Specified Overcollateralization Amount

9/15/2004

21,273,654.58

Lesser of (iii) and (ii - iv)

899,278,959.79

Class B Noteholders’ Principal Distribution Amt - Before the Stepdown Date

—

vii

Class B Noteholders’ Principal Distribution Amt - After the Stepdown Date

—

Class C Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

8/31/2004

1,000,588,550.53

iii

97% of Asset Balance

8/31/2004

970,570,894.01

Specified Overcollateralization Amount

9/15/2004

21,273,654.58

Lesser of (iii) and (ii - iv)

970,570,894.01

Class C Noteholders’ Principal Distribution Amt - Before the Stepdown Date

—

vii

Class C Noteholders’ Principal Distribution Amt - After the Stepdown Date

—

XIV. 2003-A Waterfall for Distributions


							Remaining
							Funds Balance
A	Total Available Funds ( Sections III-J )				$	26,610,977.81	$	26,610,977.81

B	Primary Servicing Fees-Current Month plus any Unpaid				$	530,514.95	$	26,080,462.86

C	Quarterly Administration Fee plus any Unpaid				$	20,000.00	$	26,060,462.86

D	Auction Fees Due		9/15/2004		$	506.41	$	26,059,956.44
	Broker/Dealer Fees Due		9/15/2004		$	11,915.56	$	26,048,040.89

E	Gross Swap Payment due Counterparty A				$	1,226,833.12	$	24,821,207.77
	Gross Swap Payment due Counterparty B				$	1,226,833.12	$	23,594,374.64

F	i	Class A-1 Noteholders’ Interest Distribution Amount due		9/15/2004	$	1,822,235.72	$	21,772,138.93
	ii	Class A-2 Noteholders’ Interest Distribution Amount due		9/15/2004	$	1,602,844.44	$	20,169,294.48
	iii	Class A-3 Noteholders’ Interest Distribution Amount due		9/15/2004	$	0.00	$	20,169,294.48
	iv	Class A-4 Noteholders’ Interest Distribution Amount due		9/15/2004	$	101,282.22	$	20,068,012.26
	v	Swap Termination Fees due		9/15/2004	$	0.00	$	20,068,012.26

G	First Priority Principal Distribution Amount — Principal Distribution Account				$	0.00	$	20,068,012.26

H	Class B Noteholders’ Interest Distribuition Amount due			9/15/2004	$	200,544.41	$	19,867,467.85

I	Second Priority Principal Distribution Amount — Principal Distribution Account				$	0.00	$	19,867,467.85

J	Class C Noteholders’ Interest Distribuition Amount				$	381,651.57	$	19,485,816.28

K	Third Priority Principal Distribution Amount — Principal Distribution Account				$	0.00	$	19,485,816.28

L	Increase to the Specified Reserve Account Balance				$	0.00	$	19,485,816.28

M	Regular Principal Distribution Amount — Principal Distribution Account				$	13,774,330.18	$	5,711,486.10

N	Carryover Servicing Fees				$	0.00	$	5,711,486.10

O	Auction Rate Noteholder’s Interest Carryover
	i	Class A-3			$	0.00	$	5,711,486.10
	ii	Class A-4			$	0.00	$	5,711,486.10

P	Swap Termination Payments				$	0.00	$	5,711,486.10

Q	Additional Principal Distribution Amount — Principal Distribution Account				$	0.00	$	5,711,486.10

R	Remaining Funds to the Certificateholders				$	5,711,486.10	$	0.00

XV. 2003-A Principal Distribution Account Allocations


					Remaining
					Funds Balance
A	Total from Collection Account		$	13,774,330.18	$	13,774,330.18

B	i	Class A-1 Principal Distribution Amount Paid	$	13,774,330.18	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 Principal Distribution Amount Paid (or allocated)	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00

C	Class B Principal Distribution Amount Paid		$	0.00	$	0.00

D	Class C Principal Distribution Amount Paid		$	0.00	$	0.00

E	Remaining Class C Distribution Paid		$	0.00	$	0.00

F	Remaining Class B Distribution Paid		$	0.00	$	0.00

G	i	Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii	Remaining Class A-2 Distribution Paid	$	0.00	$	0.00
	iii	Remaining Class A-3 Distribution Paid (or allocated)	$	0.00	$	0.00
	iv	Remaining Class A-4 Distribution Paid (or allocated)	$	0.00	$	0.00

XVI. 2003-A Distributions


A	Distribution Amounts			Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
	i	Quarterly Interest Due		$	1,822,235.72	$	1,602,844.44	$	0.00	$	101,282.22	$	200,544.41	$	381,651.57
	ii	Quarterly Interest Paid			1,822,235.72		1,602,844.44		0.00		101,282.22		200,544.41		381,651.57

	iii	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

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

	vi	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	vii	Quarterly Principal Distribution Amount		$	13,774,330.18	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)			13,774,330.18		0.00		0.00		0.00		0.00		0.00

	ix	Difference		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	x	Total Distribution Amount		$	15,596,565.90	$	1,602,844.44	$	0.00	$	101,282.22	$	200,544.41	$	381,651.57

B	Note Balances			6/15/2004		Paydown Factors		9/15/2004
	i	A-1 Note Balance	78433CAE4	$	437,453,226.13			$	423,678,895.95
		A-1 Note Pool Factor			0.8747822332		0.0275447490		0.8472374842

	ii	A-2 Note Balance	78443CAF1	$	320,000,000.00			$	320,000,000.00
		A-2 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000
										Balances		Next ARS Pay Date
	ii	A-3 Note Balance	78443CAJ3	$	76,600,000.00			$	76,600,000.00	$	76,600,000.00		09/30/04
		A-3 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000

	ii	A-4 Note Balance	78443CAK0	$	76,600,000.00				76,600,000.00	$	76,600,000.00		10/13/04
		A-4 Note Pool Factor			1.0000000000		0.0000000000		1.0000000000		1.000000000

	iii	B Note Balance	78443CAG9	$	34,570,000.00			$	34,570,000.00
		B Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

	iv	C Note Balance	78443CAH7	$	47,866,000.00			$	47,866,000.00
		C Note Pool Factor			1.0000000000		0.0000000000		1.0000000000

XVII. 2003-A Historical Pool Information


			6/1/04-8/31/04			3/1/04-5/31/04			12/1/03-2/29/04			09/01/03-11/30/03			06/01/03-08/31/03			01/27/03-05/31/03
Beginning Student Loan Portfolio Balance			$	915,463,257.97		$	929,674,498.23		$	939,963,063.42		$	941,931,312.31		$	950,860,882.57		$	965,794,008.71
	Student Loan Principal Activity
	i	Principal Payments Received	$	17,543,474.92		$	16,672,468.03		$	16,674,807.08		$	15,842,825.30		$	14,621,918.82		$	19,739,960.28
	ii	Purchases by Servicer (Delinquencies >180)		1,539,447.39			788,272.01			737,588.04			173,809.48			353,324.27			79,002.74
	iii	Other Servicer Reimbursements		1,435.46			29,348.00			44.51			724.31			885.93			41.49
	iv	Seller Reimbursements		24,274.87			121,227.33			19,179.46			25,606.76			49,467.03			134,675.22

	v	Total Principal Collections	$	19,108,632.64		$	17,611,315.37		$	17,431,619.09		$	16,042,965.85		$	15,025,596.05		$	19,953,679.73
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		(7,272,975.84	)		(3,281,180.36	)		(6,549,770.46	)		(12,602,082.87	)		(5,599,582.19	)		(4,391,385.55	)
	iii	Capitalized Insurance Fee		($433,015.33	)		($121,505.97	)		($571,102.55	)		($1,467,684.39	)		($554,812.95	)		($458,815.65	)
	iv	Other Adjustments		(27,931.97	)		2,611.22			(22,180.89	)		(4,949.70	)		58,369.35			(170,352.39	)

	v	Total Non-Cash Principal Activity	$	(7,733,923.14	)	$	(3,400,075.11	)	$	(7,143,053.90	)	$	(14,074,716.96	)	$	(6,096,025.79	)	$	(5,020,553.59	)
(-)	Total Student Loan Principal Activity		$	11,374,709.50		$	14,211,240.26		$	10,288,565.19		$	1,968,248.89		$	8,929,570.26		$	14,933,126.14
	Student Loan Interest Activity
	i	Interest Payments Received	$	5,977,573.14		$	5,659,640.74		$	5,709,448.24		$	5,331,516.12		$	5,278,543.75		$	7,321,995.25
	ii	Repurchases by Servicer (Delinquencies >180)		53,213.19			22,760.31			23,997.03			4,181.44			10,839.32			5,216.47
	iii	Other Servicer Reimbursements		0.01			2,360.70			1.58			(26.40	)		(51.74	)		0.07
	iv	Seller Reimbursements		1,714.22			4,145.35			460.67			367.14			468.06			8,882.55
	v	Late Fees		76,828.01			65,382.33			66,703.72			48,241.84			45,213.15			69,417.72
	vi	Collection Fees		—			—			—			—			—			—

	viii	Total Interest Collections		6,109,328.57			5,754,289.43			5,800,611.24			5,384,280.14			5,335,012.54			7,405,512.06
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		7,272,975.84			3,281,180.36			6,549,770.46			12,602,082.87			5,599,582.19			4,391,385.55
	iii	Other Interest Adjustments		3,761.68			15,890.58			26,748.44			12,334.20			57,820.00			(11,117.42	)

	iv	Total Non-Cash Interest Adjustments	$	7,276,737.52		$	3,297,070.94		$	6,576,518.90		$	12,614,417.07		$	5,657,402.19		$	4,380,268.13

	v	Total Student Loan Interest Activity	$	13,386,066.09		$	9,051,360.37		$	12,377,130.14		$	17,998,697.21		$	10,992,414.73		$	11,785,780.19
(=)	Ending Student Loan Portfolio Balance		$	904,088,548.47		$	915,463,257.97		$	929,674,498.23		$	939,963,063.42		$	941,931,312.31		$	950,860,882.57
(+)	Interest to be Capitalized		$	37,997,502.05		$	40,397,122.73		$	38,468,568.88		$	39,829,607.08		$	46,612,526.83		$	45,954,342.67
(=)	TOTAL POOL		$	942,086,050.52		$	955,860,380.70		$	968,143,067.11		$	979,792,670.50		$	988,543,839.14		$	996,815,225.24
(+)	Cash Capitalization Account Balance (CI)		$	58,502,550.00		$	58,502,550.00		$	58,502,550.00		$	58,502,550.00		$	58,502,550.00		$	58,502,550.00
(=)	Asset Balance		$	1,000,588,600.52		$	1,014,362,930.70		$	1,026,645,617.11		$	1,038,295,220.50		$	1,047,046,389.14		$	1,055,317,775.24

XVIII. 2003-A Payment History and CPRs


Distribution	Actual		Since Issued
Date	Pool Balances		CPR *

Jun-03	$	996,815,225		2.20	%

Sep-03	$	988,543,821		2.41	%

Dec-03	$	979,792,671		2.63	%

Mar-04	$	968,143,017		2.63	%

Jun-04	$	955,860,331		2.62	%

Sep-04	$	942,086,001		2.68	%

* “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.

SLM EDUCATION CREDIT FUNDING LLC 8-K