SLM Student Loan Trust 1996-3 Quarterly Servicing Report

Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005

I. Deal Parameters



A	Student Loan Portfolio Characteristics		07/09/1996			03/31/2005			06/30/2005

	Principal Balance		$	1,485,028,174.00		$	175,670,327.54		$	151,704,510.09
	Interest to be Capitalized Balance			17,675,904.00			818,173.63			635,377.99

	Pool Balance		$	1,502,704,078.00		$	176,488,501.17		$	152,339,888.08
	Specified Reserve Account Balance			3,756,760.00			- N/A -			- N/A -

	Adjusted Pool (1)		$	1,506,460,838.00		$	176,488,501.17		$	152,339,888.08

	Weighted Average Coupon (WAC)			8.37	%		4.44	%		4.44	%
	Weighted Average Remaining Term			114.00			73.16			72.09
	Number of Loans			521,045			106,334			94,962
	Number of Borrowers			207,948			43,340			39,064

	Since Issued CPR						4.91	%		4.96	%

(1)	The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than 40% of the original pool.


B	Debt Securities	Cusip/Isin	04/25/2005						07/25/2005

	A2	78442GAE6	$	123,738,501.17					$	99,589,888.08
	Certs	78442GAF3	$	52,750,000.00					$	52,750,000.00


C	Account Balances		04/25/2005						07/25/2005

	Reserve Account Balance		$	1,502,704.00					$	1,502,704.00


D	Asset/Liability		04/25/2005						07/25/2005

	Adjusted Pool Balance		$	176,488,501.17					$	152,339,888.08
	Total Notes		$	176,488,501.17					$	152,339,888.08
	Difference		$	—					$	—
	Parity Ratio			1.00000						1.00000

Page 1 of 8

II. Trust Activity 04/01/2005 through 06/30/2005


A	Student Loan Principal Receipts
		Borrower Principal		10,021,549.37
		Guarantor Principal		2,331,312.93
		Consolidation Activity Principal		12,306,599.79
		Seller Principal Reimbursement		168.25
		Servicer Principal Reimbursement		543.60
		Rejected Claim Repurchased Principal	—
		Other Principal Deposits		297.90

		Total Principal Receipts	$	24,660,471.84

B	Student Loan Interest Receipts
		Borrower Interest		883,918.77
		Guarantor Interest		111,137.92
		Consolidation Activity Interest		119,430.57
		Special Allowance Payments		603,479.97
		Interest Subsidy Payments		217,050.68
		Seller Interest Reimbursement		543.80
		Servicer Interest Reimbursement		10,100.20
		Rejected Claim Repurchased Interest		0.00
		Other Interest Deposits		139,661.78

		Total Interest Receipts	$	2,085,323.69

C	Investment Income		$	146,670.22

D	Funds Borrowed from Next Collection Period		$	—

E	Funds Repaid from Prior Collection Period		$	—

F	Loan Sale or Purchase Proceeds		$	—

G	Initial Deposits to Collection Account		$	—

H	Other Deposits		$	84,520.97

I	Less: Funds Previously Remitted:
		Servicing Fees	$	(335,486.58	)
		Consolidation Loan Rebate Fees	$	—

		Total Funds Previously Remitted	$	(335,486.58	)


J	AVAILABLE FUNDS		$	26,641,500.14


K	Non-Cash Principal Activity During Collection Period		$	(694,654.39	)

L	Non-Reimbursable Losses During Collection Period		$	(0.92	)

M	Aggregate Purchased Amounts by the Depositor, Servicer or Seller		$	—

N	Aggregate Loan Substitutions		$	—

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 - 06/30/2005, Distribution Date 07/25/2005

Page 2 of 8

III. 1996-3 Portfolio Characteristics


		06/30/2005										03/31/2005
		WAC			# Loans		Principal		% of Principal			WAC			# Loans		Principal		% of Principal
INTERIM:	IN SCHOOL		4.08	%		255	$	785,542.50		0.518	%		4.17	%		425	$	1,445,625.41		0.823	%

	GRACE		4.17	%		132	$	461,251.08		0.304	%		4.07	%		84	$	270,584.66		0.154	%

	DEFERMENT		4.25	%		9,151	$	21,639,330.11		14.264	%		4.22	%		10,902	$	26,080,344.76		14.846	%


REPAYMENT:	CURRENT		4.46	%		66,689	$	82,524,063.70		54.398	%		4.46	%		74,024	$	95,331,439.78		54.267	%

	31-60 DAYS DELINQUENT		4.50	%		3,840	$	7,765,959.63		5.119	%		4.48	%		3,752	$	7,840,311.92		4.463	%

	61-90 DAYS DELINQUENT		4.56	%		2,056	$	4,606,207.99		3.036	%		4.61	%		2,256	$	5,148,564.60		2.931	%

	91-120 DAYS DELINQUENT		4.52	%		1,123	$	2,836,007.83		1.869	%		4.47	%		1,231	$	3,359,746.11		1.913	%

	> 120 DAYS DELINQUENT		4.51	%		3,774	$	10,177,000.33		6.708	%		4.52	%		4,301	$	11,886,069.03		6.766	%


	FORBEARANCE		4.51	%		7,312	$	19,203,419.84		12.658	%		4.52	%		8,661	$	22,598,220.64		12.864	%

	CLAIMS IN PROCESS		4.56	%		628	$	1,701,426.86		1.122	%		4.61	%		696	$	1,705,120.41		0.971	%

	AGED CLAIMS REJECTED		4.25	%		2	$	4,300.22		0.003	%		4.25	%		2	$	4,300.22		0.002	%



TOTAL						94,962	$	151,704,510.09		100.00	%					106,334	$	175,670,327.54		100.00	%

Percentages may not total 100% due to rounding

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 3 of 8

IV. 1996-3 Portfolio Characteristics (cont’d)


	06/30/2005			03/31/2005
Pool Balance	$	152,339,888.08		$	176,488,501.17
Total # Loans		94,962			106,334
Total # Borrowers		39,064			43,340
Weighted Average Coupon		4.44	%		4.44	%
Weighted Average Remaining Term		72.09			73.16
Non-Reimbursable Losses	$	(0.92	)	$	772.98
Cumulative Non-Reimbursable Losses	$	2,012,322.73		$	2,012,323.65
Since Issued CPR		4.96	%		4.91	%
Loan Substitutions	$	—		$	—
Cumulative Loan Substitutions	$	—		$	—
Rejected Claim Repurchases	$	—		$	5,034.57
Cumulative Rejected Claim Repurchases	$	842,114.67		$	842,114.67
Unpaid Primary Servicing Fees	$	—		$	—
Unpaid Administration Fees	$	—		$	—
Unpaid Carryover Servicing Fees	$	—		$	—
Note Principal Shortfall	$	—		$	—
Note Interest Shortfall	$	—		$	—
Unpaid Interest Carryover	$	—		$	—

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 4 of 8

V. 1996-3 Portfolio Statistics by School and Program


A	LOAN TYPE	WAC			# LOANS		$ AMOUNT		% *

	- GSL - Subsidized		4.38	%		70,536	$	101,994,293.56		67.232	%
	- GSL - Unsubsidized		4.12	%		15,255		31,295,733.11		20.629	%
	- PLUS Loans		5.30	%		5,212		10,043,049.29		6.620	%
	- SLS Loans		5.31	%		3,959		8,371,434.13		5.518	%
	- Consolidation Loans		0.00	%		0		0.00		0.000	%

	Total		4.44	%		94,962	$	151,704,510.09		100.000	%


B	SCHOOL TYPE	WAC			# LOANS		$ AMOUNT			% *

	- Four Year		4.45	%		77,817	$	126,500,367.22			83.386	%
	- Two Year		4.37	%		12,129		17,505,524.22			11.539	%
	- Technical		4.46	%		5,016		7,698,618.65			5.075	%
	- Other		0.00	%		0		0.00			0.000	%

	Total		4.44	%		94,962	$	151,704,510.09			100.000	%

C	Student Loan Rate Calculation

	Borrower Interest Accrued							1,545,641.20
	Interest Subsidy Payments Accrued						$	184,643.51
	Special Allowance Payments Accrued						$	648,634.63
	Investment Income						$	146,670.22

	Net Expected Interest Collections						$	2,525,589.56
	Accrual Daycount Fraction							0.249315068
	Primary Servicing Fee						$	492,688.85
	Admin Fee						$	20,000.00
	Pool Balance at Beginning of Collection Pd						$	176,488,501.17
	Student Loan Rate							4.57465	%

* Percentages may not total 100% due to rounding.

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 5 of 8

VI. 1996-3 T-Bill Rates


Accrual Period
		Number of
Start Date	Through	Days Weighted	91-Day T-Bill
04/25/2005	04/25/2005	1	2.864%
04/26/2005	05/02/2005	7	2.941%
05/03/2005	05/09/2005	7	2.931%
05/10/2005	05/16/2005	7	2.911%
05/17/2005	05/23/2005	7	2.859%
05/24/2005	05/31/2005	8	2.957%
06/01/2005	06/06/2005	6	2.998%
06/07/2005	06/13/2005	7	3.029%
06/14/2005	06/20/2005	7	3.039%
06/21/2005	06/27/2005	7	3.029%
06/28/2005	07/05/2005	8	3.147%
07/06/2005	07/11/2005	6	3.214%
07/12/2005	07/24/2005	13	3.204%

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 6 of 8

VII. 1996-3 Waterfall for Distributions


				Remaining
		Paid		Funds Balance
Total Available Funds				$	26,641,500.14
A	Primary Servicing Fee	$	157,202.27	$	26,484,297.87
B	Administration Fee	$	20,000.00	$	26,464,297.87
C	Noteholders’ Interest Distribution Amount	$	1,144,743.86	$	25,319,554.01
D	Certificateholders’ Return Distribution Amount	$	523,515.57	$	24,796,038.44
E	Noteholders’ Principal Distribution Amount	$	24,148,613.09	$	647,425.35
F	Certificateholders’ Balance Distribution Amount	$	—	$	647,425.35
G	Reserve Account Reinstatement	$	—	$	647,425.35
H	Carryover Servicing Fee	$	—	$	647,425.35
I	Noteholders’ Carryover Interest	$	—	$	647,425.35
J	Certificateholders’ Carryover Return	$	—	$	647,425.35
K	Excess Distribution	$	647,425.35	$	—

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 7 of 8

VIII. 1996-3 Distributions


A	Distribution Amounts			A2			Certs

	Cusip/Isin			78442GAE6			78442GAF3
	Beginning Balance			$	123,738,501.17		$	52,750,000.00
	Index			TBILL			TBILL
	Spread/Fixed Rate				0.68	%		0.95	%
	Daycount Fraction				0.24931507			0.24931507
	Interest Rate				3.71069	%		3.98069	%
	Accrued Interest Factor				0.009251315			0.009924466
	Current Interest Due			$	1,144,743.86		$	523,515.57
	Interest Shortfall from Prior Period Plus Accrued Interest			$	—		$	—
	Total Interest Due			$	1,144,743.86		$	523,515.57
	Interest Paid			$	1,144,743.86		$	523,515.57
	Interest Shortfall			$	—		$	—
	Carryover Interest Shortfall from Prior Period Plus Accrued Interest			$	—		$	—
	Current Interest Carryover Due			$	—		$	—
	Interest Carryover Paid			$	—		$	—
	Unpaid Interest Carryover			$	—		$	—
	Principal Paid			$	24,148,613.09		$	—
	Ending Principal Balance			$	99,589,888.08		$	52,750,000.00
	Paydown Factor				0.043668378			0.000000000
	Ending Balance Factor				0.180090214			1.000000000

B	Principal Distribution Reconciliation

	Prior Adjusted Pool Balance	$	176,488,501.17

	Current Adjusted Pool Balance	$	152,339,888.08

	Current Principal Due	$	24,148,613.09

	Principal Shortfall from Previous Collection Period		0.00

	Principal Distribution Amount	$	24,148,613.09


	Principal Paid	$	24,148,613.09

	Principal Shortfall	$	—

C	Reserve Account Reconciliation

	Beginning Period Balance	$	1,502,704.00

	Reserve Funds Utilized		0.00

	Reserve Funds Reinstated		0.00

	Excess Distribution Deposit		647,425.35


	Balance Available	$	2,150,129.35

	Required Reserve Acct Balance	$	1,502,704.00

	Release to Excess Distribution Certificateholder	$	647,425.35

	Ending Reserve Account Balance	$	1,502,704.00

Trust 1996-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 8 of 8

SLM Student Loan Trust 1996-3 8-K