SLM Student Loan Trust 1999-3 Quarterly Servicing Report

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

I. Deal Parameters



A	Student Loan Portfolio Characteristics		12/28/1999			03/31/2005			06/30/2005

	Principal Balance		$	1,956,892,736.04		$	499,215,467.34		$	436,339,629.62
	Interest to be Capitalized Balance			45,676,663.42			2,978,989.90			2,367,588.26

	Pool Balance		$	2,002,569,399.46		$	502,194,457.24		$	438,707,217.88
	Specified Reserve Account Balance			5,006,423.00			- N/A -			- N/A -

	Adjusted Pool (1)		$	2,007,575,822.46		$	502,194,457.24		$	438,707,217.88

	Weighted Average Coupon (WAC)			7.53	%		4.17	%		4.17	%
	Weighted Average Remaining Term			115.89			87.37			86.23
	Number of Loans			574,705			200,312			182,017
	Number of Borrowers			237,664			86,829			79,409

	Since Issued CPR						13.67	%		14.37	%

(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

	A1	78442GBP0	$	—					$	—
	A2	78442GBQ8	$	429,894,457.24					$	366,407,217.88
	Certs	78442GBR6	$	72,300,000.00					$	72,300,000.00


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

	Reserve Account Balance		$	2,002,569.00					$	2,002,569.00


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

	Adjusted Pool Balance		$	502,194,457.24					$	438,707,217.88
	Total Notes		$	502,194,457.24					$	438,707,217.88
	Difference		$	—					$	—

	Parity Ratio			1.00000						1.00000

Page 1 of 7

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


A	Student Loan Principal Receipts
		Borrower Principal		17,008,599.92
		Guarantor Principal		6,615,968.77
		Consolidation Activity Principal		41,334,767.96
		Seller Principal Reimbursement		70.49
		Servicer Principal Reimbursement		1,270.21
		Rejected Claim Repurchased Principal		9,159.20
		Other Principal Deposits		9,559.85

		Total Principal Receipts	$	64,979,396.40

B	Student Loan Interest Receipts
		Borrower Interest		2,107,794.85
		Guarantor Interest		307,134.53
		Consolidation Activity Interest		376,677.09
		Special Allowance Payments		1,814,539.15
		Interest Subsidy Payments		550,719.39
		Seller Interest Reimbursement		881.17
		Servicer Interest Reimbursement		27,086.99
		Rejected Claim Repurchased Interest		842.12
		Other Interest Deposits		299,359.52

		Total Interest Receipts	$	5,485,034.81

C	Investment Income		$	360,613.00

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		$	260,706.02

I	Less: Funds Previously Remitted:
		Servicing Fees	$	(733,793.56	)
		Consolidation Loan Rebate Fees	$	(148.26	)

		Total Funds Previously Remitted	$	(733,941.82	)


J	AVAILABLE FUNDS		$	70,351,808.41


K	Non-Cash Principal Activity During Collection Period		$	(2,103,558.68	)

L	Non-Reimbursable Losses During Collection Period		$	1,149.00

M	Aggregate Purchased Amounts by the Depositor, Servicer or Seller		$15,630.06

N	Aggregate Loan Substitutions		$	—

Trust 1999-3 Quarterly Servicing Report: Collection Period 04/01/2005 - 06/30/2005, Distribution Date 07/25/2005

Page 2 of 7

III. 1999-3 Portfolio Characteristics


		06/30/2005										03/31/2005
		WAC			# Loans		Principal		% of Principal			WAC			# Loans		Principal		% of Principal
INTERIM:	IN SCHOOL		3.81	%		1,351	$	4,487,459.77		1.028	%		3.74	%		2,187	$	7,610,442.74		1.524	%

	GRACE		3.68	%		661	$	2,310,881.76		0.530	%		3.67	%		500	$	1,553,595.26		0.311	%

	DEFERMENT		3.71	%		22,489	$	67,511,755.58		15.472	%		3.71	%		26,708	$	79,330,142.16		15.891	%


REPAYMENT:	CURRENT		4.27	%		116,682	$	226,063,170.92		51.809	%		4.27	%		125,758	$	254,977,787.83		51.076	%

	31-60 DAYS DELINQUENT		4.28	%		6,792	$	18,943,608.67		4.341	%		4.31	%		7,137	$	22,232,819.16		4.454	%

	61-90 DAYS DELINQUENT		4.27	%		3,904	$	11,778,348.97		2.699	%		4.26	%		3,811	$	12,268,425.15		2.458	%

	91-120 DAYS DELINQUENT		4.25	%		2,785	$	8,898,459.48		2.039	%		4.24	%		2,851	$	10,258,116.52		2.055	%

	> 120 DAYS DELINQUENT		4.28	%		8,663	$	29,872,062.71		6.846	%		4.28	%		9,018	$	30,596,776.08		6.129	%


	FORBEARANCE		4.25	%		17,503	$	62,616,772.23		14.350	%		4.25	%		20,761	$	75,328,045.25		15.089	%

	CLAIMS IN PROCESS		4.27	%		1,181	$	3,838,290.13		0.880	%		4.27	%		1,577	$	5,045,179.80		1.011	%

	AGED CLAIMS REJECTED		4.50	%		6	$	18,819.40		0.004	%		4.61	%		4	$	14,137.39		0.003	%



TOTAL						182,017	$	436,339,629.62		100.00	%					200,312	$	499,215,467.34		100.00	%

Percentages may not total 100% due to rounding

Trust 1999-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 3 of 7

IV. 1999-3 Portfolio Characteristics (cont’d)


	06/30/2005			03/31/2005
Pool Balance	$	438,707,217.88		$	502,194,457.24
Total # Loans		182,017			200,312
Total # Borrowers		79,409			86,829
Weighted Average Coupon		4.17	%		4.17	%
Weighted Average Remaining Term		86.23			87.37
Non-Reimbursable Losses	$	1,149.00		$	3,023.66
Cumulative Non-Reimbursable Losses	$	2,384,655.92		$	2,383,506.92
Since Issued CPR		14.37	%		13.67	%
Loan Substitutions	$	—		$	—
Cumulative Loan Substitutions	$	—		$	—
Rejected Claim Repurchases	$	10,001.32		$	23,468.59
Cumulative Rejected Claim Repurchases	$	694,867.32		$	684,866.00
Unpaid Primary Servicing Fees	$	—		$	—
Unpaid Administration Fees	$	—		$	—
Unpaid Carryover Servicing Fees	$	—		$	—
Note Principal Shortfall	$	—		$	—
Note Interest Shortfall	$	—		$	—
Unpaid Interest Carryover	$	—		$	—

Trust 1999-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 4 of 7

V. 1999-3 Portfolio Statistics by School and Program


A	LOAN TYPE	WAC			# LOANS		$ AMOUNT		% *

	- GSL - Subsidized		4.15	%		119,271	$	256,813,141.89		58.856	%
	- GSL - Unsubsidized		4.06	%		51,015		142,257,180.29		32.602	%
	- PLUS Loans		4.63	%		10,367		33,290,403.42		7.629	%
	- SLS Loans		5.38	%		1,360		3,911,414.09		0.896	%
	- Consolidation Loans		7.51	%		4		67,489.93		0.015	%

	Total		4.17	%		182,017	$	436,339,629.62		100.000	%


B	SCHOOL TYPE	WAC			# LOANS		$ AMOUNT			% *

	- Four Year		4.18	%		149,467	$	373,533,532.42			85.606	%
	- Two Year		4.13	%		25,387		48,609,221.64			11.140	%
	- Technical		4.18	%		7,159		14,129,385.63			3.238	%
	- Other		7.51	%		4		67,489.93			0.015	%

	Total		4.17	%		182,017	$	436,339,629.62			100.000	%

C	Student Loan Rate Calculation

	Borrower Interest Accrued							4,122,506.38
	Interest Subsidy Payments Accrued						$	485,834.45
	Special Allowance Payments Accrued						$	1,979,104.67
	Investment Income						$	360,613.00

	Net Expected Interest Collections						$	6,948,058.50
	Accrual Daycount Fraction							0.252777778
	Primary Servicing Fee						$	1,080,398.84
	Admin Fee						$	20,000.00
	Pool Balance at Beginning of Collection Pd						$	502,194,457.24
	Student Loan Rate							4.60650	%

* Percentages may not total 100% due to rounding.

Trust 1999-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 5 of 7

VI. 1999-3 Waterfall for Distributions


				Remaining
		Paid		Funds Balance
Total Available Funds				$	70,351,808.41
A	Primary Servicing Fee	$	346,605.28	$	70,005,203.13
B	Administration Fee	$	20,000.00	$	69,985,203.13
C	Noteholders’ Interest Distribution Amount	$	3,608,454.42	$	66,376,748.71
D	Certificateholders’ Return Distribution Amount	$	650,734.80	$	65,726,013.91
E	Noteholders’ Principal Distribution Amount	$	63,487,239.36	$	2,238,774.55
F	Certificateholders’ Balance Distribution Amount	$	—	$	2,238,774.55
G	Reserve Account Reinstatement	$	—	$	2,238,774.55
H	Carryover Servicing Fee	$	—	$	2,238,774.55
I	Noteholders’ Carryover Interest	$	—	$	2,238,774.55
J	Certificateholders’ Carryover Return	$	—	$	2,238,774.55
K	Excess Distribution	$	2,238,774.55	$	—

Trust 1999-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 6 of 7

VII. 1999-3 Distributions


A	Distribution Amounts			A2			Certs

	Cusip/Isin			78442GBQ8			78442GBR6
	Beginning Balance			$	429,894,457.24		$	72,300,000.00
	Index			LIBOR			LIBOR
	Spread/Fixed Rate				0.16	%		0.40	%
	Daycount Fraction				0.25277778			0.25277778
	Interest Rate				3.32063	%		3.56063	%
	Accrued Interest Factor				0.008393815			0.009000481
	Current Interest Due			$	3,608,454.42		$	650,734.80
	Interest Shortfall from Prior Period Plus Accrued Interest			$	—		$	—
	Total Interest Due			$	3,608,454.42		$	650,734.80
	Interest Paid			$	3,608,454.42		$	650,734.80
	Interest Shortfall			$	—		$	—
	Carryover Interest Shortfall from Prior Period Plus Accrued Interest			$	—		$	—
	Current Interest Carryover Due			$	—		$	—
	Interest Carryover Paid			$	—		$	—
	Unpaid Interest Carryover			$	—		$	—
	Principal Paid			$	63,487,239.36		$	—
	Ending Principal Balance			$	366,407,217.88		$	72,300,000.00
	Paydown Factor				0.080669936			0.000000000
	Ending Balance Factor				0.465574610			1.000000000

B	Principal Distribution Reconciliation

	Prior Adjusted Pool Balance	$	502,194,457.24

	Current Adjusted Pool Balance	$	438,707,217.88

	Current Principal Due	$	63,487,239.36

	Principal Shortfall from Previous Collection Period		0.00

	Principal Distribution Amount	$	63,487,239.36


	Principal Paid	$	63,487,239.36

	Principal Shortfall	$	—

C	Reserve Account Reconciliation

	Beginning Period Balance	$	2,002,569.00

	Reserve Funds Utilized		0.00

	Reserve Funds Reinstated		0.00

	Excess Distribution Deposit		2,238,774.55


	Balance Available	$	4,241,343.55

	Required Reserve Acct Balance	$	2,002,569.00

	Release to Excess Distribution Certificateholder	$	2,238,774.55

	Ending Reserve Account Balance	$	2,002,569.00

Trust 1999-3 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 7 of 7

SLM Student Loan Trust 1999-3 8-K