SLM Student Loan Trust 2003-3 Quarterly Servicing Report
Report Date: 5/31/2005 Reporting Period: 02/28/05-5/31/05

I. Deal Parameters


	Student Loan Portfolio Characteristics		2/28/2005			Activity			5/31/2005
A	i	Portfolio Balance	$	680,956,042.70		$	(62,210,435.99	)	$	618,745,606.71
	ii	Interest to be Capitalized		11,062,859.93						11,204,329.58

	iii	Total Pool	$	692,018,902.63					$	629,949,936.29

	iv	Specified Reserve Account Balance		1,730,047.26						1,574,874.84

	v	Total Adjusted Pool	$	693,748,949.89					$	631,524,811.13


B	i	Weighted Average Coupon (WAC)		3.245	%					3.238	%
	ii	Weighted Average Remaining Term		119.34						117.58
	iii	Number of Loans		198,946						183,507
	iv	Number of Borrowers		111,180						103,262
	v	Aggregate Outstanding Principal Balance - T-Bill	$	109,637,004.33					$	96,772,211.63
	vi	Aggregate Outstanding Principal Balance - Commercial Paper	$	582,381,898.30					$	533,177,724.66


							% of					% of
	Notes			Spread	Balance 03/15/05		O/S Securities			Balance 06/15/05		O/S Securities
C	i	A-1 Notes	78442GFY7	0.000%	$	—		0.000	%	$	—		0.000	%
	ii	A-2 Notes	78442GFZ4	0.020%		—		0.000	%		—		0.000	%
	iii	A-3 Notes	78442GGA8	0.090%		194,149,949.89		27.986	%		131,925,811.13		20.890	%
	iv	A-4 Notes	78442GGB6	0.220%		461,548,000.00		66.530	%		461,548,000.00		73.085	%
	v	B Notes	78442GGC4	0.590%		38,051,000.00		5.485	%		38,051,000.00		6.025	%

	vi	Total Notes			$	693,748,949.89		100.000	%	$	631,524,811.13		100.000	%


	Reserve Account		3/15/2005		6/15/2005
D	i	Required Reserve Acct Deposit (%)	0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)
	iii	Specified Reserve Acct Balance ($)	$	1,730,047.26	$	1,574,874.84
	iv	Reserve Account Floor Balance ($)	$	1,256,038.00	$	1,256,038.00
	v	Current Reserve Acct Balance ($)	$	1,730,047.26	$	1,574,874.84

Capitalized Interest Account

3/15/2005

6/15/2005

Current Capitalized Interest Account Balance ($)

—

II. 2003-3 Transactions from: 2/28/2005 through: 5/31/2005


A	Student Loan Principal Activity
	i	Regular Principal Collections	$	57,904,536.93
	ii	Principal Collections from Guarantor		6,134,664.23
	iii	Principal Reimbursements		24,019.05
	iv	Other System Adjustments		0.00

	v	Total Principal Collections	$	64,063,220.21

B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	2,957.57
	ii	Capitalized Interest		(1,855,741.79	)

	iii	Total Non-Cash Principal Activity	$	(1,852,784.22	)


C	Total Student Loan Principal Activity		$	62,210,435.99


D	Student Loan Interest Activity
	i	Regular Interest Collections	$	2,134,544.10
	ii	Interest Claims Received from Guarantors		139,014.86
	iii	Collection Fees/Returned Items		37,333.49
	iv	Late Fee Reimbursements		127,961.00
	v	Interest Reimbursements		30,962.91
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		2,793,199.62
	viii	Subsidy Payments		1,104,749.98

	ix	Total Interest Collections	$	6,367,765.96

E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	173.52
	ii	Capitalized Interest		1,855,741.79

	iii	Total Non-Cash Interest Adjustments	$	1,855,915.31


F	Total Student Loan Interest Activity		$	8,223,681.27


G	Non-Reimbursable Losses During Collection Period		$	323.58

H	Cumulative Non-Reimbursable Losses to Date		$	313,577.58

III. 2003-3 Collection Account Activity 2/28/2005 through 5/31/2005


A	Principal Collections
	i	Principal Payments Received	$	13,578,657.48
	ii	Consolidation Principal Payments		50,460,543.68
	iii	Reimbursements by Seller		1,667.00
	iv	Borrower Benefits Reimbursements		7,306.93
	v	Reimbursements by Servicer		348.77
	vi	Re-purchased Principal		14,696.35

	vii	Total Principal Collections	$	64,063,220.21

B	Interest Collections
	i	Interest Payments Received	$	5,550,483.81
	ii	Consolidation Interest Payments		621,024.75
	iii	Reimbursements by Seller		433.40
	iv	Borrower Benefits Reimbursements		0.00
	v	Reimbursements by Servicer		30,138.59
	vi	Re-purchased Interest		390.92
	vii	Collection Fees/Return Items		37,333.49
	viii	Late Fees		127,961.00

	ix	Total Interest Collections	$	6,367,765.96

C	Other Reimbursements		$	38,178.86

D	Reserves in Excess of the Requirement		$	155,172.42

E	Administrator Account Investment Income		$	—

F	Investment Earnings for Period in Trust Accounts		$	316,449.27

G	Funds Released from Capitalized Interest Account		$	—

H	Return funds borrowed for previous distribution		$	—

	TOTAL AVAILABLE FUNDS		$	70,940,786.72
	LESS FUNDS PREVIOUSLY REMITTED
		Servicing Fees	$	(1,004,725.87	)

I	NET AVAILABLE FUNDS		$	69,936,060.85

J	Servicing Fees Due for Current Period		$	478,952.06

K	Carryover Servicing Fees Due		$	—

L	Administration Fees Due		$	20,000.00


M	Total Fees Due for Period		$	498,952.06

IV. 2003-3 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
Current		2.771	%		2.771	%		44,099		33,761		22.166	%		18.398	%	$	168,898,923.49	$	126,205,262.81		24.803	%		20.397	%

Grace
Current		2.772	%		2.770	%		10,582		16,978		5.319	%		9.252	%	$	33,333,361.43	$	63,027,592.56		4.895	%		10.186	%

TOTAL INTERIM		2.771	%		2.771	%		54,681		50,739		27.485	%		27.650	%	$	202,232,284.92	$	189,232,855.37		29.698	%		30.583	%
REPAYMENT
Active
Current		3.617	%		3.614	%		66,457		61,006		33.405	%		33.245	%	$	205,356,054.59	$	182,465,700.37		30.157	%		29.490	%
31-60 Days Delinquent		3.552	%		3.540	%		6,529		5,981		3.282	%		3.259	%	$	21,426,602.85	$	18,239,050.67		3.147	%		2.948	%
61-90 Days Delinquent		3.497	%		3.522	%		5,290		3,589		2.659	%		1.956	%	$	17,659,786.03	$	10,728,400.53		2.593	%		1.734	%
91-120 Days Delinquent		3.581	%		3.556	%		3,346		2,905		1.682	%		1.583	%	$	10,205,367.53	$	8,400,699.32		1.499	%		1.358	%
> 120 Days Delinquent		3.565	%		3.528	%		8,658		9,648		4.352	%		5.258	%	$	25,402,914.47	$	28,225,957.12		3.730	%		4.562	%

Deferment
Current		2.927	%		2.923	%		28,583		25,378		14.367	%		13.829	%	$	101,810,673.64	$	89,673,180.84		14.951	%		14.493	%

Forbearance
Current		3.549	%		3.552	%		23,713		23,074		11.919	%		12.574	%	$	92,429,603.07	$	88,420,978.35		13.574	%		14.290	%

TOTAL REPAYMENT		3.445	%		3.443	%		142,576		131,581		71.666	%		71.704	%	$	474,291,002.18	$	426,153,967.20		69.651	%		68.874	%
Claims in Process (1)		3.558	%		3.545	%		1,684		1,177		0.846	%		0.641	%	$	4,424,908.34	$	3,338,912.22		0.650	%		0.540	%
Aged Claims Rejected (2)		3.571	%		3.500	%		5		10		0.003	%		0.005	%	$	7,847.26	$	19,871.92		0.001	%		0.003	%
GRAND TOTAL		3.245	%		3.238	%		198,946		183,507		100.000	%		100.000	%	$	680,956,042.70	$	618,745,606.71		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. 2003-3 Portfolio Characteristics by School and Loan Type


LOAN TYPE	WAC			# Loans		$ Amount		%


- GSL — Subsidized		3.196	%		106,368	$	309,508,568.54		50.022	%
- GSL — Unsubsidized		3.131	%		70,625	$	272,134,027.33		43.982	%
- PLUS Loans		4.225	%		5,846	$	34,869,927.05		5.636	%
- SLS Loans		5.420	%		668	$	2,233,083.79		0.361	%

- Total		3.238	%		183,507	$	618,745,606.71		100.000	%


SCHOOL TYPE	WAC			# Loans		$ Amount		%


- Four Year		3.215	%		144,369	$	527,232,562.28		85.210	%
- Two Year		3.345	%		29,245	$	67,944,058.36		10.981	%
- Technical		3.455	%		9,884	$	23,520,846.17		3.801	%
- Other		4.288	%		9	$	48,139.90		0.008	%

- Total		3.238	%		183,507	$	618,745,606.71		100.000	%

*Percentages may not total 100% due to rounding.

VI. 2003-3 Interest Accruals


A	Borrower Interest Accrued During Collection Period	$	4,198,577.02
B	Interest Subsidy Payments Accrued During Collection Period		1,061,139.31
C	SAP Payments Accrued During Collection Period		3,124,360.64
D	INV Earnings Accrued for Collection Period (RESERVE, COLLECTION, CAP’D INT ACCT)		316,449.27
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00

F	Net Expected Interest Collections	$	8,700,526.24

VII. 2003-3 Accrued Interest Factors

Accrued

Int Factor

Accrual Period

Rate

Class A-1 Interest Rate

0.000000000

03/15/05 - 6/15/05

0.00000

Class A-2 Interest Rate

0.000000000

03/15/05 - 6/15/05

0.00000

Class A-3 Interest Rate

0.007922222

03/15/05 - 6/15/05

3.10000

Class A-4 Interest Rate

0.008254444

03/15/05 - 6/15/05

3.23000

Class B Interest Rate

0.009200000

03/15/05 - 6/15/05

3.60000

VIII. 2003-3 Inputs From Prior Quarter 2/28/05


A	Total Student Loan Pool Outstanding
	i Portfolio Balance	$	680,956,042.70
	ii Interest To Be Capitalized		11,062,859.93

	iii Total Pool	$	692,018,902.63
	iv Specified Reserve Account Balance		1,730,047.26

	v Total Adjusted Pool	$	693,748,949.89


B	Total Note and Certificate Factor		0.54686228658
C	Total Note Balance	$	693,748,949.89


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


	i Current Factor		0.000000000		0.000000000		0.985532741		1.000000000		1.000000000
	ii Expected Note Balance	$	0.00	$	0.00	$	194,149,949.89	$	461,548,000.00	$	38,051,000.00

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	$	1,730,047.26
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

IX. 2003-3 Waterfall for Distributions


					Remaining
					Funds Balance
A	Total Available Funds ( Section III-I )		$	69,936,060.85	$	69,936,060.85

B	Primary Servicing Fees-Current Month		$	478,952.06	$	69,457,108.79

C	Administration Fee		$	20,000.00	$	69,437,108.79

D	Noteholder’s Interest Distribution Amoun
	i	Class A-1	$	0.00	$	69,437,108.79
	ii	Class A-2	$	0.00	$	69,437,108.79
	iii	Class A-3	$	1,538,099.05	$	67,899,009.74
	iv	Class A-4	$	3,809,822.32	$	64,089,187.42
	v	Class B	$	350,069.20	$	63,739,118.22

	vi	Total Noteholder's Interest Distribution	$	5,697,990.57

E	Noteholder’s Principal Distribution Amount Paid
	i	Class A-1	$	0.00	$	63,739,118.22
	ii	Class A-2	$	0.00	$	63,739,118.22
	iii	Class A-3	$	62,224,138.76	$	1,514,979.46
	iv	Class A-4	$	0.00	$	1,514,979.46
	v	Class B	$	0.00	$	1,514,979.46

	vi	Total Noteholder's Principal Distribution	$	62,224,138.76

F	Increase to the Specified Reserve Account Balance		$	0.00	$	1,514,979.46

G	Carryover Servicing Fees		$	0.00	$	1,514,979.46

H	Excess to Certificate Holder		$	1,514,979.46	$	0.00

X. 2003-3 Distributions


A	Distribution Amounts		Class A-1		Class A-2			Class A-3		Class A-4		Class B
	i	Quarterly Interest Due	$	0.00		$	0.00	$	1,538,099.05	$	3,809,822.32	$	350,069.20
	ii	Quarterly Interest Paid		0.00			0.00		1,538,099.05		3,809,822.32		350,069.20

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

	iv	Quarterly Principal Due	$	0.00		$	0.00	$	62,224,138.76	$	0.00	$	0.00
	v	Quarterly Principal Paid		0.00			0.00		62,224,138.76		0.00		0.00
	vi	Quarterly Principal Shortfall	$	0.00		$	0.00	$	0.00	$	0.00	$	0.00

	vii	Total Distribution Amount	$	0.00		$	0.00	$	63,762,237.81	$	3,809,822.32	$	350,069.20


B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 5/31/05	$	693,748,949.89
	ii	Adjusted Pool Balance 5/31/05		631,524,811.13

	iii	Adjusted Pool Exceeding Notes Balance (i-ii)	$	62,224,138.76


	iv	Adjusted Pool Balance 2/28/05	$	693,748,949.89
	v	Adjusted Pool Balance 5/31/05		631,524,811.13

	vi	Current Principal Due (iv-v)	$	62,224,138.76
	vii	Principal Shortfall from Prior Collection Period		—

	viii	Principal Distribution Amount (vi + vii)	$	62,224,138.76


	ix	Principal Distribution Amount Paid	$	62,224,138.76
	x	Principal Shortfall (viii - ix)	$	—

C		Total Principal Distribution	$	62,224,138.76
D		Total Interest Distribution		5,697,990.57

E		Total Cash Distributions	$	67,922,129.33


						Paydown
F Note Balances				3/15/2005		Factor		6/15/2005
	i	A-1 Note Balance	78442GFY7	$	—			$	—
		A-1 Note Pool Factor			0.000000000		0.000000000		0.000000000

	ii	A-2 Note Balance	78442GFZ4	$	—			$	—
		A-2 Note Pool Factor			0.000000000		0.000000000		0.000000000

	iii	A-3 Note Balance	78442GGA8	$	194,149,949.89			$	131,925,811.13
		A-3 Note Pool Factor			0.985532741		0.315858572		0.669674168

	iv	A-4 Note Balance	78442GGB6	$	461,548,000.00			$	461,548,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000		1.000000000

	v	B Note Balance	78442GGC4	$	38,051,000.00			$	38,051,000.00
		B Note Pool Factor			1.000000000		0.000000000		1.000000000

G	Reserve Account Reconciliation
	i	Beginning of Period Balance		$	1,730,047.26
	ii	Deposits to correct Shortfall		$	—
	iii	Total Reserve Account Balance Available		$	1,730,047.26
	iv	Required Reserve Account Balance		$	1,574,874.84

	v	Shortfall Carried to Next Period		$	—
	vi	Excess Reserve — Release to Collection Account		$	155,172.42
	vii	Ending Reserve Account Balance		$	1,574,874.84

XI. 2003-3 Historical Pool Information


									2004
			02/28/05-5/31/05			12/01/04-02/28/05			12/01/03-11/30/04

Beginning Student Loan Portfolio Balance			$	680,956,042.70		$	750,965,832.25		$	1,029,574,665.75

	Student Loan Principal Activity
	i	Regular Principal Collections	$	57,904,536.93		$	63,334,704.68		$	275,325,771.12
	ii	Principal Collections from Guarantor		6,134,664.23			9,657,491.36		$	16,279,195.04
	iii	Principal Reimbursements		24,019.05			58,265.35		$	284,212.20
	iv	Other System Adjustments		—			—		$	—

	v	Total Principal Collections	$	64,063,220.21		$	73,050,461.39		$	291,889,178.36
	Student Loan Non-Cash Principal Activity								$	—
	i	Other Adjustments	$	2,957.57		$	18,734.29		$	311,023.69
	ii	Capitalized Interest		(1,855,741.79	)		(3,059,406.13	)	$	(13,591,368.55	)

	iii	Total Non-Cash Principal Activity	$	(1,852,784.22	)	$	(3,040,671.84	)	$	(13,280,344.86	)

(-)	Total Student Loan Principal Activity		$	62,210,435.99		$	70,009,789.55		$	278,608,833.50

	Student Loan Interest Activity
	i	Regular Interest Collections	$	2,134,544.10		$	2,170,909.45		$	10,813,199.32
	ii	Interest Claims Received from Guarantors		139,014.86			244,022.11		$	438,848.46
	iii	Collection Fees/Returned Items		37,333.49			36,275.88		$	98,012.57
	iv	Late Fee Reimbursements		127,961.00			129,398.29		$	476,602.11
	v	Interest Reimbursements		30,962.91			32,220.85		$	125,509.79
	vi	Other System Adjustments		—			—		$	—
	vii	Special Allowance Payments		2,793,199.62			2,120,011.54		$	1,726,599.11
	viii	Subsidy Payments		1,104,749.98			1,317,526.95		$	7,441,071.81

	ix	Total Interest Collections	$	6,367,765.96		$	6,050,365.07		$	21,119,843.17
									$	—

	Student Loan Non-Cash Interest Activit								$	—
	i	Interest Accrual Adjustment	$	173.52		$	756.17		$	4,613.92
	ii	Capitalized Interest		1,855,741.79			3,059,406.13		$	13,591,368.55

	iii	Total Non-Cash Interest Adjustments	$	1,855,915.31		$	3,060,162.30		$	13,595,982.47

	Total Student Loan Interest Activity		$	8,223,681.27		$	9,110,527.37		$	34,715,825.64

(=)	Ending Student Loan Portfolio Balance		$	618,745,606.71		$	680,956,042.70		$	750,965,832.25
(+)	Interest to be Capitalized		$	11,204,329.58		$	11,062,859.93		$	11,856,044.49

(=)	TOTAL POOL		$	629,949,936.29		$	692,018,902.63		$	762,821,876.74

(+)	Reserve Account Balance		$	1,574,874.84		$	1,730,047.26		$	1,907,054.69

(=)	Total Adjusted Pool		$	631,524,811.13		$	693,748,949.89		$	764,728,931.43

XII. 2003-3 Payment History and CPRs


Distribution	Actual		Since Issued
Date	Pool Balances		CPR *
Jun-03	$	1,204,929,665	11.26%
Sep-03	$	1,130,851,729	15.69%
Dec-03	$	1,044,745,374	18.78%
Mar-04	$	961,208,841	20.25%
Jun-04	$	924,042,078	18.43%
Sep-04	$	830,784,659	20.53%
Dec-04	$	762,821,877	21.07%
Mar-05	$	692,018,903	22.85%
Jun-05	$	629,949,936	22.23%

* “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 Student Loan Trust 2003-3 8-K