SLM Private Credit Student Loan Trust 2003-C Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 3/1/05-5/31/05

I. Deal Parameters


	Student Loan Portfolio Characteristics		2/28/2005			Activity			5/31/2005

A	i	Portfolio Balance	$	1,177,787,582.97		$	(16,172,802.85	)	$	1,161,614,780.12
	ii	Interest to be Capitalized		39,745,956.31						42,519,007.84

	iii	Total Pool	$	1,217,533,539.28					$	1,204,133,787.96

	iv	Cash Capitalization Account (Cii)		74,402,741.74						74,402,741.74

	v	Asset Balance	$	1,291,936,281.02					$	1,278,536,529.70


	i	Weighted Average Coupon (WAC)		6.115	%					6.408	%
	ii	Weighted Average Remaining Term		181.66						180.00
	iii	Number of Loans		128,239						126,590
	iv	Number of Borrowers		87,336						86,269
	v	Prime Loans Outstanding	$	1,083,617,322					$	1,075,686,706
	vi	T-bill Loans Outstanding	$	132,293,629					$	127,747,484
	vii	Fixed Loans Outstanding	$	1,622,589					$	699,598


										% of					% of
	Notes		Cusips		Spread			Balance 3/15/05		O/S Securities**			Balance 6/15/05		O/S Securities**
B	i	A-1 Notes		78443CAY0		0.100	%	$	518,867,738.57		41.021	%	$	505,467,987.25		40.390	%
	ii	A-2 Notes		78443CAZ7		0.390	%		421,173,000.00		33.297	%		421,173,000.00		33.654	%
	iii	A-3 ARS		78443CBA1	ARS				75,000,000.00		5.929	%		75,000,000.00		5.993	%
	iv	A-4 ARS		78443CBB9	ARS				75,000,000.00		5.929	%		75,000,000.00		5.993	%
	v	A-5 ARS		78443CBC7	ARS				70,000,000.00		5.534	%		70,000,000.00		5.593	%
	vi	B Notes		78443CBD5		0.800	%		43,965,000.00		3.476	%		43,965,000.00		3.513	%
	vii	C Notes		78443CBE3		1.600	%		60,875,000.00		4.813	%		60,875,000.00		4.864	%

	viii	Total Notes						$	1,264,880,738.57		100.000	%	$	1,251,480,987.25		100.000	%


			3/15/2005		6/15/2005
C	i	Specified Reserve Account Balance ($)	$	3,124,915.00	$	3,124,915.00
	ii	Reserve Account Balance ($)	$	3,124,915.00	$	3,124,915.00
	iii	Cash Capitalization Acct Balance ($)	$	74,402,741.74	$	74,402,741.74
	iv	Initial Asset Balance	$	1,352,777,122.47	$	1,352,777,122.47
	v	Specified Overcollateralization Amount	$	27,055,542.45	$	27,055,542.45
	vi	Actual Overcollateralization Amount	$	27,055,542.45	$	27,055,542.45
	vii	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 and September 15, 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.

**	Percentages may not total 100% due to rounding

II. 2003-C Transactions from: 2/28/2005 through: 5/31/2005


A	Student Loan Principal Activity
	i	Principal Payments Received	$	19,160,393.80
	ii	Purchases by Servicer (Delinquencies >180)		2,671,087.64
	iii	Other Servicer Reimbursements		42.95
	iv	Other Principal Reimbursements		34,322.62

	v	Total Principal Collections	$	21,865,847.01

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(5,562,040.00	)
	iii	Capitalized Insurance Fee		(131,633.67	)
	iv	Other Adjustments		629.51

	v	Total Non-Cash Principal Activity	$	(5,693,044.16	)


C	Total Student Loan Principal Activity		$	16,172,802.85


D	Student Loan Interest Activity
	i	Interest Payments Received	$	9,738,695.98
	ii	Purchases by Servicer (Delinquencies >180)		133,998.96
	iii	Other Servicer Reimbursements		2.20
	iv	Seller Reimbursements		1,437.59
	v	Late Fees		154,164.69
	vi	Collection Fees/Return Items		0.00

	vii	Total Interest Collections	$	10,028,299.42

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		5,562,040.00
	iii	Other Interest Adjustments		552.82

	iv	Total Non-Cash Interest Adjustments	$	5,562,592.82


F	Total Student Loan Interest Activity		$	15,590,892.24

III. 2003-C Collection Account Activity 2/28/2005 through: 5/31/2005


A	Principal Collections
	i	Principal Payments Received	$	18,350,525.41
	ii	Consolidation Principal Payments		809,868.39
	iii	Purchases by Servicer (Delinquencies >180)		2,671,087.64
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		42.95
	vi	Other Re-purchased Principal		34,322.62

	vii	Total Principal Collections	$	21,865,847.01

B	Interest Collections
	i	Interest Payments Received	$	9,726,994.46
	ii	Consolidation Interest Payments		11,701.52
	iii	Purchases by Servicer (Delinquencies >180)		133,998.96
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		2.20
	vi	Other Re-purchased Interest		1,437.59
	vii	Collection Fees/Return Items		0.00
	viii	Late Fees		154,164.69

	ix	Total Interest Collections	$	10,028,299.42

C	Recoveries on Realized Losses		$	0.00

D	Funds Borrowed from Next Collection Period		$	0.00

E	Funds Repaid from Prior Collection Periods		$	0.00

F	Investment Income		$	656,342.59

G	Borrower Incentive Reimbursements		$	101,143.61

H	Interest Rate Cap Proceeds		$	0.00

I	Gross Swap Receipt		$	8,335,425.24

J	Other Deposits		$	1,603,535.78

	TOTAL FUNDS RECEIVED		$	42,590,593.65
	LESS FUNDS PREVIOUSLY REMITTED:
	i	Funds Allocated to the Future Distribution Account	$	(11,489,710.65	)
	ii	Funds Released from the Future Distribution Account	$	8,299,272.60

	AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUN		$	39,400,155.60

K	Amount released from Cash Capitalizaton Account		$	0.00

L	AVAILABLE FUNDS		$	39,400,155.60

M	Servicing Fees Due for Current Period		$	680,910.18

N	Carryover Servicing Fees Due		$	0.00

O	Administration Fees Due		$	20,000.00


P	Total Fees Due for Period		$	700,910.18

IV. 2003-C Future Distribution Account Activity


A	Account Reconciliation

	i	Beginning Balance	3/15/2005	$	3,506,110.20
	ii	Total Allocations for Distribution Period		$	7,983,600.45
	iii	Total Payments for Distribution Period		$	(3,190,438.05	)
	iv	Funds Released to the Collection Account		$	(8,299,272.60	)

	v	Total Balance Prior to Current Month Allocations		$	0.00


	vi	Ending Balance	6/15/2005	$	3,995,815.44

B	Monthly Allocations to the Future Distribution Account

	Monthly Allocation Date		3/15/2005
	i	Primary Servicing Fees		$	686,683.86
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			39,499.18
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,773,260.50
	v	Interest Accrued on the Class B Notes			0.00

	vi	Balance as of	3/15/2005	$	3,506,110.20

	Monthly Allocation Date		4/15/2005
	i	Primary Servicing Fees		$	687,042.76
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			36,485.29
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			3,260,344.94
	v	Interest Accrued on the Class B Notes			0.00

	vi	Total Allocations		$	3,990,539.65

	Monthly Allocation Date		5/15/2005
	i	Primary Servicing Fees		$	683,863.88
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			35,308.33
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			3,267,221.93
	v	Interest Accrued on the Class B Notes			0.00

	vi	Total Allocations		$	3,993,060.80


C	Total Future Distribution Account Deposits Previously Allocated			$	11,489,710.65


D	Current Month Allocations		6/15/2005
	i	Primary Servicing		$	680,910.18
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			35,308.33
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			3,272,930.27
	v	Interest Accrued on the Class B & C Notes			0.00

	vi	Allocations on the Distribution Date		$	3,995,815.44

V. 2003-C Auction Rate Security Detail


A	Auction Rate Securities - Payments During Distribution Period

	i	Payment Date	Security Description	Interest Rate			No. of Days	Start Date		End Date		Interest Payment		Broker/Dealer Fees		Auction Agent Fees
		03/22/2005	SLMPC TRUST 2003C A3		2.600000	%	28		02/22/2005		03/22/2005		151,666.67		11,666.67		495.83
		03/29/2005	SLMPC TRUST 2003C A4		2.710000	%	28		03/01/2005		03/29/2005		158,083.33		11,666.67		495.83
		04/07/2005	SLMPC TRUST 2003C A5		2.860000	%	28		03/10/2005		04/07/2005		155,711.11		5,444.45		462.78
		04/19/2005	SLMPC TRUST 2003C A3		2.950000	%	28		03/22/2005		04/19/2005		172,083.33		11,666.67		495.83
		04/26/2005	SLMPC TRUST 2003C A4		3.200000	%	28		03/29/2005		04/26/2005		186,666.67		11,666.67		495.83
		05/05/2005	SLMPC TRUST 2003C A5		3.190000	%	28		04/07/2005		05/05/2005		173,677.78		8,166.67		462.78
		05/17/2005	SLMPC TRUST 2003C A3		3.040000	%	28		04/19/2005		05/17/2005		177,333.33		11,666.67		495.83
		05/24/2005	SLMPC TRUST 2003C A4		3.110000	%	28		04/26/2005		05/24/2005		181,416.67		11,666.67		495.83
		06/02/2005	SLMPC TRUST 2003C A5		3.170000	%	28		05/05/2005		06/02/2005		172,588.89		8,166.67		462.78
		06/14/2005	SLMPC TRUST 2003C A3		3.120000	%	28		05/17/2005		06/14/2005		182,000.00		11,666.67		495.83

	ii	Auction Rate Note Interest Paid During Distribution Period					3/15/05 - 6/15/05					$	1,711,227.78
	iii	Broker/Dealer Fees Paid During Distribution Period					3/15/05 - 6/15/05					$	103,444.48
	iv	Auction Agent Fees Paid During Distribution Period					3/15/05 - 6/15/05					$	4,859.15
	v	Primary Servicing Fees Remitted					3/15/05 - 6/15/05					$	1,370,906.64

	vi	Total										$	3,190,438.05
		- Less: Auction Rate Security Interest Payments due on the Distribution Date										$	0.00
		- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date										$	0.00
		- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date										$	0.00


B	Total Payments Out of Future Distribution Account During Collection Period											$	3,190,438.05


C	Funds Released to Collection Account											$	8,299,272.60

D	Auction Rate Student Loan Rates				Mar-05		Apr-05		May-05
					5.16923%		5.16918%		5.45718%

VI. 2003-C Loss and Recovery Detail


A	i	Cumulative Realized Losses Test		% of Original Pool		2/28/2005		5/31/2005

			December 15, 2003 to June 16, 2008	15%	$	187,494,909.22	$	187,494,909.22
			September 15, 2008 to June 15, 2011	18%
			September 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			$	9,113,239.29	$	11,784,326.93
	iii	Cumulative Interest Purchases by Servicer				353,764.06		487,763.02
	iv	Total Gross Defaults:			$	9,467,003.35	$	12,272,089.95

VII. 2003-C Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	2/28/2005			5/31/2005			2/28/2005		5/31/2005		2/28/2005			5/31/2005			2/28/2005		5/31/2005		2/28/2005			5/31/2005
INTERIM:
In School		5.990	%		6.276	%		30,827		22,850		24.039	%		18.050	%	$	254,699,253.68	$	184,241,867.73		21.625	%		15.861	%

Grace		6.260	%		6.260	%		7,336		13,652		5.721	%		10.784	%	$	64,147,906.23	$	119,535,630.63		5.446	%		10.290	%

Deferment		6.259	%		6.564	%		7,993		7,358		6.233	%		5.812	%	$	69,676,126.68	$	64,740,553.52		5.916	%		5.573	%

TOTAL INTERIM		6.083	%		6.321	%		46,156		43,860		35.992	%		34.647	%	$	388,523,286.59	$	368,518,051.88		32.989	%		31.725	%
REPAYMENT
Active
Current		5.992	%		6.316	%		70,031		72,004		54.610	%		56.880	%	$	660,338,465.93	$	675,663,695.49		56.066	%		58.166	%
31-60 Days Delinquent		6.790	%		7.496	%		2,450		1,812		1.910	%		1.431	%		23,424,212.12	$	16,697,547.18		1.989	%		1.437	%
61-90 Days Delinquent		7.060	%		7.463	%		1,217		666		0.949	%		0.526	%		10,974,508.40	$	5,790,664.07		0.932	%		0.499	%
91-120 Days Delinquent		7.634	%		7.995	%		576		693		0.449	%		0.547	%		5,143,903.96	$	6,514,085.77		0.437	%		0.561	%
121-150 Days Delinquent		8.509	%		7.575	%		391		428		0.305	%		0.338	%		3,298,234.02	$	3,928,120.06		0.280	%		0.338	%
151-180 Days Delinquent		7.379	%		7.146	%		99		168		0.077	%		0.133	%		954,972.19	$	1,409,759.24		0.081	%		0.121	%
> 180 Days Delinquent		0.000	%		0.000	%		0		0		0.000	%		0.000	%		0.00	$	—		0.000	%		0.000	%

Forbearance		6.714	%		7.064	%		7,319		6,959		5.707	%		5.497	%		85,129,999.76	$	83,092,856.43		7.228	%		7.153	%

TOTAL REPAYMENT		6.131	%		6.449	%		82,083		82,730		64.008	%		65.353	%	$	789,264,296.38	$	793,096,728.24		67.011	%		68.275	%

GRAND TOTAL		6.115	%		6.408	%		128,239		126,590		100.000	%		100.000	%	$	1,177,787,582.97	$	1,161,614,780.12		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

VIII. 2003-C Portfolio Characteristics by Loan Program


LOAN TYPE	WAC			# Loans		$ Amount		%


- Signature Loans		6.470	%		97,341	$	852,842,729.61		73.419	%
- Law Loans		6.652	%		18,757		171,261,972.00		14.743	%
- Med Loans		5.833	%		3,213		28,538,792.67		2.457	%
- MBA Loans		5.631	%		7,279		108,971,285.84		9.381	%

- Total		6.408	%		126,590	$	1,161,614,780.12		100.000	%

*Percentages may not total 100% due to rounding

IX. 2003-C Interest Rate Swap and Cap Calculations


A	Swap Payments

					Counterparty A			Counterparty B

	i	Notional Swap Amount — Aggregate Prime Loans Outstanding			$	541,808,660.76		$	541,808,660.76

	Counterparty Pays:

	ii	3 Month Libor				3.01000	%		3.01000	%

	iii	Gross Swap Receipt Due Trust			$	4,167,712.62		$	4,167,712.62

	iv	Days in Period	3/15/2005	6/15/2005		92			92

	SLM Private Credit Trust Pays:

	v	Prime Rate (WSJ) Less	2.6500%			2.85000	%		2.85000	%

	vi	Gross Swap Payment Due Counterparty			$	3,892,115.91		$	3,892,115.91

	vii	Days in Period	3/15/2005	6/15/2005		92			92


B	Cap Payments

					Cap Calculation

	i	Notional Swap Amount			$	860,000,000.00

	Counterparty Pays:

	ii	3 Month Libor				3.01000	%

	iii	Cap Rate				6.00000	%



	iv	Excess (if any) of Libor over Cap Rate (ii-iii)				0.00000	%

	v	Days in Period	3/15/2005	6/15/2005		92

	vi	Cap Payment due Trust			$	0.00

X. 2003-C Accrued Interest Factors


		Accrued
		Int Factor	Accrual Period	Rate

A	Class A-1 Interest Rate	0.007947778	3/15/05 - 6/15/05	3.11000%

B	Class A-2 Interest Rate	0.008688889	3/15/05 - 6/15/05	3.40000%

C	Class B Interest Rate	0.009736667	3/15/05 - 6/15/05	3.81000%

D	Class C Interest Rate	0.011781111	3/15/05 - 6/15/05	4.61000%

XI. 2003-C Inputs From Prior Period 2/28/2005


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	1,177,787,582.97
	ii	Interest To Be Capitalized				39,745,956.31

	iii	Total Pool			$	1,217,533,539.28
	iv	Cash Capitalization Account (CI)				74,402,741.74

	v	Asset Balance			$	1,291,936,281.02


B	Total Note and Certificate Factor					0.939724000
C	Total Note Balance				$	1,264,880,738.57


D	Note Balance 3/15/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B		Class C

	i	Current Factor		0.864779600		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	518,867,738.57	$	421,173,000.00	$	75,000,000.00	$	75,000,000.00	$	70,000,000.00	$	43,965,000.00	$	60,875,000.00

	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	iv	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00


E	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
F	Unpaid Administration fees from Prior Quarter(s)				$	0.00
G	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

XII. 2003-C Note Parity Triggers


		Class A		Class B		Class C
Notes Outstanding	3/15/05	$	1,160,040,739	$	1,204,005,739	$	1,264,880,739
Asset Balance	2/28/05	$	1,291,936,281	$	1,291,936,281	$	1,291,936,281

Pool Balance	5/31/05	$	1,204,133,788	$	1,204,133,788	$	1,204,133,788
Amounts on Deposit*	6/15/05		97,534,384		97,106,312		96,389,137
Total		$	1,301,668,172	$	1,301,240,101	$	1,300,522,926

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		$	131,895,542.45
Specified Class A Enhancement		$	191,780,479.46	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

Class B Enhancement		$	87,930,542.45
Specified Class B Enhancement		$	129,451,823.63	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount

Class C Enhancement		$	27,055,542.45
Specified Class C Enhancement		$	38,356,095.89	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 XV 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-C Cash Capitalization Account Triggers

Cash Capitalization Account Balance as of Collection End Date

5/31/2005

74,402,741.74

Less: Excess of Trust fees & Note interest due over Available Funds

6/15/2005

0.00

Cash Capitalization Account Balance (CI)*

74,402,741.74

5.50% of Initial Asset Balance

74,402,741.74

Excess, CI over 5.5% of initial Asset Bal

0.00

iii

Release A(ii) excess to Collection Account?**

6/15/2005

DO NOT RELEASE

3.50% of Initial Asset Balance

47,347,199.29

Excess, CI over 3.5% of initial Asset Bal

27,055,542.45

iii

Release B(ii) excess to Collection Account?**

6/15/2005

DO NOT RELEASE

Release from Cash Capitalization Account (R)*

6/15/2005

0.00

*as defined under “Asset Balance” on page S-78 of the prospectus supplement

**determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement

XIV. 2003-C Principal Distribution Calculations


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

	i	Is the Class A Note Parity Trigger in Effect?		No

	ii	Aggregate A Notes Outstanding	3/15/2005	$	1,160,040,738.57
	iii	Asset Balance	5/31/2005	$	1,278,536,529.70

	iv	First Priority Principal Distribution Amount	6/15/2005	$	0.00
					—

	v	Is the Class B Note Parity Trigger in Effect?		No

	vi	Aggregate A and B Notes Outstanding	3/15/2005	$	1,204,005,738.57
	vii	Asset Balance	5/31/2005	$	1,278,536,529.70
	viii	First Priority Principal Distribution Amount	6/15/2005	$	0.00

	ix	Second Priority Principal Distribution Amoun	6/15/2005	$	0.00
					—

	x	Is the Class C Note Parity Trigger in Effect?		No

	xi	Aggregate A, B and C Notes Outstanding	3/15/2005	$	1,264,880,738.57
	xii	Asset Balance	5/31/2005	$	1,278,536,529.70
	xiii	First Priority Principal Distribution Amount	6/15/2005	$	0.00
	xiv	Second Priority Principal Distribution Amount	6/15/2005	$	0.00

	xv	Third Priority Principal Distribution Amoun	6/15/2005	$	0.00
					—



B	Regular Principal Distribution

	i	Aggregate Notes Outstanding	3/15/2005	$	1,264,880,738.57
	ii	Asset Balance	5/31/2005	$	1,278,536,529.70
	iii	Specified Overcollateralization Amount	6/15/2005	$	27,055,542.45
	iv	First Priority Principal Distribution Amount	6/15/2005	$	0.00
	v	Second Priority Principal Distribution Amount	6/15/2005	$	0.00
	vi	Third Priority Principal Distribution Amount	6/15/2005	$	0.00
	vii	Regular Principal Distribution Amoun		$	13,399,751.32

C	Class A Noteholders’ Principal Distribution Amount

	i	Has the Stepdown Date Occurred?		No

	ii	Asset Balance	5/31/2005	$	1,278,536,529.70
	iii	85% of Asset Balance	5/31/2005	$	1,086,756,050.25
	iv	Specified Overcollateralization Amount	6/15/2005	$	27,055,542.45
	v	Lesser of (iii) and (ii – iv)		$	1,086,756,050.25
	vi	Class A Noteholders’ Principal Distribution Amt – Before the Stepdown Dat		$	13,399,751.32
	vii	Class A Noteholders’ Principal Distribution Amt – After the Stepdown Date		$	0.00

D	Class B Noteholders’ Principal Distribution Amount

	i	Has the Stepdown Date Occurred?		No

	ii	Asset Balance	5/31/2005	$	1,278,536,529.70
	iii	89.875% of Asset Balance	5/31/2005	$	1,149,084,706.07
	iv	Specified Overcollateralization Amount	6/15/2005	$	27,055,542.45
	v	Lesser of (iii) and (ii – iv)		$	1,149,084,706.07
	vi	Class B Noteholders’ Principal Distribution Amt – Before the Stepdown Date		$	0.00
	vii	Class B Noteholders’ Principal Distribution Amt – After the Stepdown Date		$	0.00

E	Class C Noteholders’ Principal Distribution Amount

	i	Has the Stepdown Date Occurred?		No

	ii	Asset Balance	5/31/2005	$	1,278,536,529.70
	iii	97% of Asset Balance	5/31/2005	$	1,240,180,433.81
	iv	Specified Overcollateralization Amount	6/15/2005	$	27,055,542.45
	v	Lesser of (iii) and (ii – iv)		$	1,240,180,433.81
	vi	Class C Noteholders’ Principal Distribution Amt – Before the Stepdown Dat		$	0.00
	vii	Class C Noteholders’ Principal Distribution Amt – After the Stepdown Date		$	0.00

XV. 2003-C Waterfall for Distributions


					Remaining
					Funds Balance
A	Total Available Funds ( Sections III-J )		$	39,400,155.60	$	39,400,155.60

B	Primary Servicing Fees-Current Month plus any Unpaid		$	680,910.18	$	38,719,245.42

C	Quarterly Administration Fee plus any Unpaid		$	20,000.00	$	38,699,245.42

D	Auction Agent Fees Due 6/15/2005		$	0.00	$	38,699,245.42
	Broker/Dealer Fees Due 6/15/2005		$	0.00	$	38,699,245.42

E	Gross Swap Payment due Counterparty A		$	3,892,115.91	$	34,807,129.51
	Gross Swap Payment due Counterparty B		$	3,892,115.91	$	30,915,013.59

F	i	Class A-1 Noteholders' Interest Distribution Amount due 6/15/2005	$	4,123,845.48	$	26,791,168.11
	ii	Class A-2 Noteholders' Interest Distribution Amount due 6/15/2005	$	3,659,525.40	$	23,131,642.71
	iii	Class A-3 Noteholders' Interest Distribution Amount due 6/15/2005	$	0.00	$	23,131,642.71
	iv	Class A-4 Noteholders' Interest Distribution Amount due 6/15/2005	$	0.00	$	23,131,642.71
	v	Class A-5 Noteholders' Interest Distribution Amount due 6/15/2005	$	0.00	$	23,131,642.71
	vi	Swap Termination Fees due 6/15/2005	$	0.00	$	23,131,642.71

G	First Priority Principal Distribution Amount - Principal Distribution Account		$	0.00	$	23,131,642.71

H	Class B Noteholders’ Interest Distribuition Amount due 6/15/2005		$	428,072.55	$	22,703,570.16

I	Second Priority Principal Distribution Amount - Principal Distribution Account		$	0.00	$	22,703,570.16

J	Class C Noteholders’ Interest Distribuition Amount		$	717,175.14	$	21,986,395.02

K	Third Priority Principal Distribution Amount - Principal Distribution Account		$	0.00	$	21,986,395.02

L	Increase to the Specified Reserve Account Balance		$	0.00	$	21,986,395.02

M	Regular Principal Distribution Amount - Principal Distribution Account		$	13,399,751.32	$	8,586,643.70

N	Carryover Servicing Fees		$	0.00	$	8,586,643.70

O	Auction Rate Noteholder’s Interest Carryover
	i	Class A-3	$	0.00	$	8,586,643.70
	ii	Class A-4	$	0.00	$	8,586,643.70
	iii	Class A-5	$	0.00	$	8,586,643.70

P	Swap Termination Payments		$	0.00	$	8,586,643.70

Q	Additional Principal Distribution Amount - Principal Distribution Account		$	0.00	$	8,586,643.70

R	Remaining Funds to the Certificateholders		$	8,586,643.70	$	0.00

XVI. 2003-C Principal Distribution Account Allocations


					Remaining
					Funds Balance
A	Total from Collection Account		$	13,399,751.32	$	13,399,751.32

B	i	Class A-1 Principal Distribution Amount Paid	$	13,399,751.32	$	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	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00
	v	Class A-5 Principal Distribution Amount Paid (or allocated)	$	0.00	$	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
	v	Remaining Class A-5 Distribution Paid (or allocated)	$	0.00	$	0.00

XVII. 2003-C Distributions


A	Distribution Amounts			Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B		Class C
	i	Quarterly Interest Due		$	4,123,845.48	$	3,659,525.40	$	0.00	$	0.00	$	0.00	$	428,072.55	$	717,175.14
	ii	Quarterly Interest Paid			4,123,845.48		3,659,525.40		0.00		0.00		0.00		428,072.55		717,175.14

	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	$	0.00
	v	Interest Carryover Paid			0.00		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	$	0.00

	vii	Quarterly Principal Distribution Amount		$	13,399,751.32	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)			13,399,751.32		0.00		0.00		0.00		0.00		0.00		0.00

	ix	Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00


	x	Total Distribution Amount		$	17,523,596.80	$	3,659,525.40	$	0.00	$	0.00	$	0.00	$	428,072.55	$	717,175.14


B	Note Balances				3/15/2005	Paydown Factors			6/15/2005
	i	A-1 Note Balance	78443CAY0	$	518,867,738.57			$	505,467,987.25
		A-1 Note Pool Factor			0.864779600		0.022333000		0.842446600

	ii	A-2 Note Balance	78443CAZ7	$	421,173,000.00			$	421,173,000.00
		A-2 Note Pool Factor			1.000000000		0.000000000		1.000000000
										Next ARS Pay Date		Balances
	iii	A-3 Note Balance	78443CBA1	$	75,000,000.00			$	75,000,000.00		07/12/05	$	75,000,000.00
		A-3 Note Pool Factor			1.000000000		0.000000000		1.000000000				1.000000000

	iv	A-4 Note Balance	78443CBB9	$	75,000,000.00			$	75,000,000.00		06/21/05	$	75,000,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000		1.000000000				1.000000000

	v	A-5 Note Balance	78443CBC7	$	70,000,000.00			$	70,000,000.00		06/30/05	$	70,000,000.00
		A-5 Note Pool Factor			1.000000000		0.000000000		1.000000000				1.000000000

	vi	B Note Balance	78443CBD5	$	43,965,000.00			$	43,965,000.00
		B Note Pool Factor			1.000000000		0.000000000		1.000000000

	vii	C Note Balance	78443CBE3	$	60,875,000.00			$	60,875,000.00
		C Note Pool Factor			1.000000000		0.000000000		1.000000000

XVIII. 2003-C Historical Pool Information


																		2003
			3/1/05-5/31/05			12/1/04-2/28/05			9/1/04-11/30/04			6/1/04-8/31/04			3/1/04-5/31/04			8/18/3-11/30/03

Beginning Student Loan Portfolio Balance			$	1,177,787,582.97		$	1,184,661,986.78		$	1,186,032,124.48		$	1,191,380,848.59		$	1,201,155,217.98		$	1,202,893,173.22

	Student Loan Principal Activity
	i	Principal Payments Received	$	19,160,393.80		$	16,954,196.34		$	14,588,045.37		$	14,052,958.69		$	13,747,785.94		$	25,985,645.77
	ii	Purchases by Servicer (Delinquencies >180)		2,671,087.64			2,477,719.54			2,977,902.56			1,411,770.44			1,017,501.03			1,228,345.72
	iii	Other Servicer Reimbursements		42.95			4,478.70			68,476.55			27,448.07			(32,006.81	)		3,550.32
	iv	Seller Reimbursements		34,322.62			49,692.46			38,982.99			—			93,452.56			841,059.95

	v	Total Principal Collections	$	21,865,847.01		$	19,486,087.04		$	17,673,407.47		$	15,492,177.20		$	14,826,732.72		$	28,058,601.76
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		(5,562,040.00	)		(11,511,962.78	)		(15,050,635.24	)		(9,506,536.21	)		(4,848,056.60	)		(23,299,636.32	)
	iii	Capitalized Insurance Fee		($131,633.67	)		($1,073,978.12	)		($1,222,921.88	)		($636,979.00	)		($206,100.24	)		($2,976,209.46	)
	iv	Other Adjustments		629.51			(25,742.33	)		(29,712.65	)		62.12			1,793.51			(44,800.74	)

	v	Total Non-Cash Principal Activity	$	(5,693,044.16	)	$	(12,611,683.23	)	$	(16,303,269.77	)	$	(10,143,453.09	)	$	(5,052,363.33	)	$	(26,320,646.52	)
																		$	—

(-)	Total Student Loan Principal Activity		$	16,172,802.85		$	6,874,403.81		$	1,370,137.70		$	5,348,724.11		$	9,774,369.39		$	1,737,955.24

	Student Loan Interest Activity
	i	Interest Payments Received	$	9,738,695.98		$	8,219,131.68		$	6,399,699.05		$	5,830,705.16		$	5,369,428.80		$	9,203,875.99
	ii	Repurchases by Servicer (Delinquencies >180)		133,998.96			94,944.90			129,968.23			53,382.54			34,855.48			40,612.91
	iii	Other Servicer Reimbursements		2.20			22.61			5,682.57			2,159.49			(1,906.22	)		77.40
	iv	Seller Reimbursements		1,437.59			2,739.58			756.08			(0.00	)		7,807.48			57,978.86
	v	Late Fees		154,164.69			124,155.77			93,549.58			78,655.83			67,109.33			114,212.37
	vi	Collection Fees		—			—			—			—			—			—

	viii	Total Interest Collections		10,028,299.42			8,440,994.54			6,629,655.51			5,964,903.02			5,477,294.87			9,416,757.53

	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		5,562,040.00			11,511,962.78			15,050,635.24			9,506,536.21			4,848,056.60			23,299,636.32
	iii	Other Interest Adjustments		552.82			2,455.39			19,596.01			13,583.52			28,841.20			138,139.03

	iv	Total Non-Cash Interest Adjustments	$	5,562,592.82		$	11,514,418.17		$	15,070,231.25		$	9,520,119.73		$	4,876,897.80		$	23,437,775.35

	v	Total Student Loan Interest Activity	$	15,590,892.24		$	19,955,412.71		$	21,699,886.76		$	15,485,022.75		$	10,354,192.67		$	32,854,532.88

(=)	Ending Student Loan Portfolio Balance		$	1,161,614,780.12		$	1,177,787,582.97		$	1,184,661,986.78		$	1,186,032,124.48		$	1,191,380,848.59		$	1,201,155,217.98
(+)	Interest to be Capitalized		$	42,519,007.84		$	39,745,956.31		$	43,166,983.90		$	50,020,280.80		$	51,103,120.52		$	46,965,543.28

(=)	TOTAL POOL		$	1,204,133,787.96		$	1,217,533,539.28		$	1,227,828,970.68		$	1,236,052,405.28		$	1,242,483,969.11		$	1,248,120,761.26

(+)	Cash Capitalization Account Balance (CI)		$	74,402,741.74		$	74,402,741.74		$	74,402,741.74		$	102,811,061.00		$	102,811,061.00		$	102,811,061.00

(=)	Asset Balance		$	1,278,536,529.70		$	1,291,936,281.02		$	1,302,231,712.42		$	1,338,863,466.28		$	1,345,295,030.11		$	1,350,931,822.26

XIX. 2003-C Payment History and CPRs


Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Dec-03	$	1,251,820,090	2.20%
Mar-03	$	1,248,120,761	2.03%
Jun-04	$	1,242,483,969	1.77%
Sep-04	$	1,236,052,405	1.71%
Dec-04	$	1,227,828,971	2.00%
Mar-05	$	1,217,533,539	1.90%
Jun-05	$	1,204,133,788	1.88%

* “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.

SLM Private Credit Student Loan Trust 2003-C 8-K