SLM Student Loan Trust 2004-3 Quarterly Servicing Report
Report Date: 06/30/2005 Reporting Period: 4/1/05-6/30/05

I. Deal Parameters



	Student Loan Portfolio Characteristics				03/31/2005			Activity			06/30/2005

A	i	Portfolio Balance			$	2,741,008,654.83			($65,541,509.09	)	$	2,675,467,145.74
	ii	Interest to be Capitalized				6,484,045.70						6,766,309.07

	iii	Total Pool			$	2,747,492,700.53					$	2,682,233,454.81

	iv	Specified Reserve Account Balance				6,868,731.75						6,705,583.64
	v	Capitalized Interest				0.00						0.00

	vi	Total Adjusted Pool			$	2,754,361,432.28					$	2,688,939,038.45


B	i	Weighted Average Coupon (WAC)				4.924	%					4.901	%
	ii	Weighted Average Remaining Term				260.02						258.84
	iii	Number of Loans				145,434						142,489
	iv	Number of Borrowers				92,036						89,821
	v	Aggregate Outstanding Principal Balance — T-Bill			$	666,255,822.13					$	639,984,336.49
	vi	Aggregate Outstanding Principal Balance — Commercial Paper			$	2,081,236,878.40					$	2,042,249,118.32


	Notes and Certificates			Spread/Coupon	Exchange Rate			Balance 4/25/05			Balance 7/25/05

C	i	A-1 Notes	78442GLD6	-0.010%		1.00000		$	782,432.28		$	0.00
	ii	A-2 Notes	78442GLE4	0.010%		1.00000		$	421,000,000.00		$	356,360,038.45
	iii	A-3 Notes	78442GLF1	0.090%		1.00000		$	376,000,000.00		$	376,000,000.00
	iv	A-4 Notes	78442GLG9	0.130%		1.00000		$	439,000,000.00		$	439,000,000.00
	v	A-5 Notes	78442GLH7	0.170%		1.00000		$	701,121,000.00		$	701,121,000.00
	vi	A-6A* Notes	XS0188433238	0.180%		1.81100		£	200,000,000.00		£	200,000,000.00
	vii	A-6B* Notes	XS0188433402	0.180%		1.81100		£	200,000,000.00		£	200,000,000.00
	viii	B Notes	78442GLJ3	0.470%		1.00000		$	92,058,000.00		$	92,058,000.00


	Reserve Account								04/25/2005			07/25/2005

D	i	Required Reserve Acct Deposit (%)							0.25%			0.25%
	ii	Reserve Acct Initial Deposit ($)						$	0.00		$	0.00
	iii	Specified Reserve Acct Balance ($)						$	6,868,731.75		$	6,705,583.64
	iv	Reserve Account Floor Balance ($)						$	4,509,772.00		$	4,509,772.00
	v	Current Reserve Acct Balance ($)						$	6,868,731.75		$	6,705,583.64


	Other Accounts								04/25/2005			07/25/2005

E	i	Remarketing Fee Account						$	0.00		$	0.00
	ii	Capitalized Interest Account						$	0.00		$	0.00
	iii	Principal Accumulation Account						$	0.00		$	0.00
	iv	Supplemental Interest Account						$	0.00		$	0.00
	v	Investment Reserve Account						$	0.00		$	0.00
	vi	Investment Premium Purchase Account						$	0.00		$	0.00


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

F	i	Total Adjusted Pool						$	2,754,361,432.28		$	2,688,939,038.45
	ii	Total USD equivalent Notes						$	2,754,361,432.28		$	2,688,939,038.45
	iii	Difference						$	0.00		$	0.00
	iv	Parity Ratio							1.00000			1.00000

A-6A and A-6B Notes are denominated in Pounds Sterling

II. 2004-3 Transactions from: 04/01/2005 through: 06/30/2005


A	Student Loan Principal Activity
	i	Regular Principal Collections	$	64,615,223.27
	ii	Principal Collections from Guarantor		10,711,253.78
	iii	Principal Reimbursements		225,736.39
	iv	Other System Adjustments		0.00

	v	Total Principal Collections	$	75,552,213.44

B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	(1,003.49	)
	ii	Capitalized Interest		(10,009,700.86	)

	iii	Total Non-Cash Principal Activity	$	(10,010,704.35	)


C	Total Student Loan Principal Activity		$	65,541,509.09


D	Student Loan Interest Activity
	i	Regular Interest Collections	$	20,147,604.20
	ii	Interest Claims Received from Guarantors		601,884.83
	iii	Collection Fees/Returned Items		13,859.41
	iv	Late Fee Reimbursements		300,991.17
	v	Interest Reimbursements		39,913.37
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		9,546,618.02
	viii	Subsidy Payments		1,593,652.13

	ix	Total Interest Collections	$	32,244,523.13

E	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	1,930.77
	ii	Capitalized Interest		10,009,700.86

	iii	Total Non-Cash Interest Adjustments	$	10,011,631.63


F	Total Student Loan Interest Activity		$	42,256,154.76


G	Non-Reimbursable Losses During Collection Period		$	315.10

H	Cumulative Non-Reimbursable Losses to Date		$	55,861.39

III. 2004-3 Collection Account Activity 04/01/2005 through 06/30/2005


A	Principal Collections
	i	Principal Payments Received	$	36,332,398.76
	ii	Consolidation Principal Payments		38,994,078.29
	iii	Reimbursements by Seller		(1,361.04	)
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		1,370.45
	vi	Re-purchased Principal		225,726.98

	vii	Total Principal Collections	$	75,552,213.44

B	Interest Collections
	i	Interest Payments Received	$	31,516,294.79
	ii	Consolidation Interest Payments		373,464.39
	iii	Reimbursements by Seller		4.02
	iv	Borrower Benefits Reimbursed		0.00
	v	Reimbursements by Servicer		18,464.91
	vi	Re-purchased Interest		21,444.44
	vii	Collection Fees/Return Items		13,859.41
	viii	Late Fees		300,991.17

	ix	Total Interest Collections	$	32,244,523.13

C	Other Reimbursements		$	501,305.47

D	Reserves In Excess of the Requirement		$	163,148.11

E	Reset Period Target Amount Excess		$	0.00

F	Funds Released from Supplemental Interest Account		$	0.00

G	Investment Premium Purchase Account Excess		$	0.00

H	Investment Reserve Account Excess		$	0.00

I	Interest Rate Cap Proceeds		$	0.00

J	Interest Rate Swap Proceeds		$	0.00

K	Administrator Account Investment Income		$	0.00

L	Trust Account Investment Income		$	639,835.43

M	Funds Released from Capitalized Interest Account		$	0.00

	TOTAL AVAILABLE FUNDS		$	109,101,025.58

	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(2,274,219.35	)
		Consolidation Loan Rebate Fees	$	(6,878,318.90	)

N	NET AVAILABLE FUNDS		$	99,948,487.33

O	Servicing Fees Due for Current Period		$	1,123,558.71

P	Carryover Servicing Fees Due		$	0.00

Q	Administration Fees Due		$	25,000.00


R	Total Fees Due for Period		$	1,148,558.71

IV. 2004-3 Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	03/31/2005			06/30/2005			03/31/2005		06/30/2005		03/31/2005			06/30/2005			03/31/2005		06/30/2005		03/31/2005			06/30/2005
INTERIM
In School
Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%

Grace
Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%		0.00		0.00		0.000	%		0.000	%

TOTAL INTERIM		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
REPAYMENT
Active
Current		4.818	%		4.818	%		104,694		100,507		71.987	%		70.537	%	$	1,828,748,361.26	$	1,736,358,594.02		66.718	%		64.899	%
31-60 Days Delinquent		5.769	%		5.714	%		4,160		4,598		2.860	%		3.227	%		80,251,535.23		83,852,122.81		2.928	%		3.134	%
61-90 Days Delinquent		5.700	%		5.637	%		2,284		2,730		1.570	%		1.916	%		43,530,040.43		49,044,263.52		1.588	%		1.833	%
91-120 Days Delinquent		6.088	%		5.584	%		1,091		1,520		0.750	%		1.067	%		21,776,904.59		25,457,918.46		0.794	%		0.952	%
> 120 Days Delinquent		6.744	%		6.620	%		2,354		2,552		1.619	%		1.791	%		46,358,474.93		49,574,949.88		1.691	%		1.853	%

Deferment
Current		4.739	%		4.685	%		14,597		13,922		10.037	%		9.771	%		325,855,097.78		317,671,198.58		11.888	%		11.873	%

Forbearance
Current		5.015	%		4.882	%		15,731		16,441		10.817	%		11.538	%		386,015,589.88		408,452,372.31		14.083	%		15.267	%

TOTAL REPAYMENT		4.921	%		4.896	%		144,911		142,270		99.640	%		99.846	%	$	2,732,536,004.10	$	2,670,411,419.58		99.691	%		99.811	%
Claims in Process (1)		5.983	%		7.379	%		523		217		0.360	%		0.152	%	$	8,472,650.73	$	4,984,651.92		0.309	%		0.186	%
Aged Claims Rejected (2)		0.000	%		9.000	%		0		2		0.000	%		0.001	%	$	0.00	$	71,074.24		0.000	%		0.003	%
GRAND TOTAL		4.924	%		4.901	%		145,434		142,489		100.000	%		100.000	%	$	2,741,008,654.83	$	2,675,467,145.74		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. 2004-3 Various Interest Accruals and Floating Rate Swap Payments


A	Borrower Interest Accrued During Collection Period								$	31,100,710.71

B	Interest Subsidy Payments Accrued During Collection Period									1,484,586.38

C	SAP Payments Accrued During Collection Period									10,947,933.00

D	Investment Earnings Accrued for Collection Period (TRUST ACCOUNTS)									639,835.43

E	Investment Earnings (ADMINISTRATOR ACCOUNTS)									0.00

F	Consolidation Loan Rebate Fees									(6,878,318.90	)

G	Net Expected Interest Collections								$	37,294,746.62

H	Interest Rate Cap Payments Due to the Trust								Cap


	i	Cap Notional Amount							$	440,000,000.00
	ii	Libor								3.16063	%
	iii	Cap %								5.00000	%

	iv	Excess Over Cap ( ii-iii)								0.00000	%

	v	Cap Payments Due to the Trust							$	0.00

I USD/GBP Interest Rate Swap

		Swap Payments
						Swiss Re Financial Products Corp

						A-6A Swap			A-6B Swap

		SLM Student Loan Trust Pays:
		i	Notional Swap Amount (USD)			$	362,200,000		$	362,200,000
		ii	3 Month USD-LIBOR				3.16063	%		3.16063	%
		iii	Spread				0.18800	%		0.18910	%


		iv	Pay Rate				3.34863	%		3.34973	%
		v	Gross Swap Payment Due Counterparty			$	3,065,875.45		$	3,066,882.52
		vi	Days in Period	04/25/2005	07/25/2005		91			91

		Swiss Re Pays:
		i	Notional Swap Amount (GBP)			£	200,000,000.00		£	200,000,000.00
		ii	3 Month GBP-LIBOR + 0.18%				5.11063	%		5.11063	%
		iii	Gross Swap Receipt Due Paying Agent			£	2,548,314.14		£	2,548,314.14
		iv	Days in Period	04/25/2005	07/25/2005		91			91

VI. 2004-3 Accrued Interest Factors


		Accrued
		Int Factor	Accrual Period	Rate	Index

A	Class A-1 Interest Rate	0.007964093	4/25/05 - 7/25/05	3.15063%	LIBOR

B	Class A-2 Interest Rate	0.008014648	4/25/05 - 7/25/05	3.17063%	LIBOR

C	Class A-3 Interest Rate	0.008216870	4/25/05 - 7/25/05	3.25063%	LIBOR

D	Class A-4 Interest Rate	0.008317981	4/25/05 - 7/25/05	3.29063%	LIBOR

E	Class A-5 Interest Rate	0.008419093	4/25/05 - 7/25/05	3.33063%	LIBOR

F	Class A-6A Interest Rate	0.012741571	4/25/05 - 7/25/05	5.11063%	GBP-LIBOR

G	Class A-6B Interest Rate	0.012741571	4/25/05 - 7/25/05	5.11063%	GBP-LIBOR

H	Class B Interest Rate	0.009177426	4/25/05 - 7/25/05	3.63063%	LIBOR

VII. 2004-3 Inputs From Prior Quarter 03/31/2005


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	2,741,008,654.83
	ii	Interest To Be Capitalized		6,484,045.70

	iii	Total Pool	$	2,747,492,700.53
	iv	Specified Reserve Account Balance		6,868,731.75
	v	Capitalized Interest Account		0.00

	vi	Total Adjusted Pool	$	2,754,361,432.28


B	Total Note and Certificate Factor			0.897601604
C	Total Note Balance		$	2,754,361,432.28


D	Note Balance 04/25/05		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class A-6A		Class A-6B		Class B

	i	Current Factor		0.002483912		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	782,432.28	$	421,000,000.00	$	376,000,000.00	$	439,000,000.00	$	701,121,000.00	£	200,000,000.00	£	200,000,000.00	$	92,058,000.00

E	Note Principal Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	£	0.00	£	0.00	$	0.00
F	Interest Shortfall		$	0.00	$	0.00	$	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	£	0.00	$	0.00


H	Reserve Account Balance		$	6,868,731.75
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

VIII. 2004-3 Trigger Events



A	Has Stepdown Date Occurred?		N
		The Stepdown Date is the earlier of (1) 4/27/2009 or (2) the first date on which no class A notes remain outstanding.

B	Note Balance Trigger		N

	Class A Percentage		100.00%
	Class B Percentage		0.00%

IX. 2004-3 Waterfall for Distributions


					Remaining
					Funds Balance
A	Total Available Funds ( Section III-N )		$	99,948,487.33	$	99,948,487.33

B	Primary Servicing Fees-Current Month		$	1,123,558.71	$	98,824,928.62

C	Administration Fee		$	25,000.00	$	98,799,928.62

D	Aggregate Quarterly Funding Amount		$	0.00	$	98,799,928.62

E	Noteholder’s Interest Distribution Amounts
	i	Class A-1	$	6,231.36	$	98,793,697.26
	ii	Class A-2	$	3,374,166.83	$	95,419,530.43
	iii	Class A-3	$	3,089,543.22	$	92,329,987.21
	iv	Class A-4	$	3,651,593.83	$	88,678,393.38
	v	Class A-5	$	5,902,802.55	$	82,775,590.83
	vi	Class A-6A USD payment to the swap counterparty	$	3,065,875.40	$	79,709,715.43
	vii	Class A-6B USD payment to the swap counterparty	$	3,066,882.52	$	76,642,832.91

		Total	$	22,157,095.71

F	Class B Noteholders’ Interest Distribution Amount		$	844,855.47	$	75,797,977.44

G	Noteholder’s Principal Distribution Amounts Paid
	i	Class A-1	$	782,432.28	$	75,015,545.16
	ii	Class A-2	$	64,639,961.55	$	10,375,583.61
	iii	Class A-3	$	0.00	$	10,375,583.61
	iv	Class A-4	$	0.00	$	10,375,583.61
	v	Class A-5	$	0.00	$	10,375,583.61
	vi	Class A-6A USD payment to the swap counterparty	$	0.00	$	10,375,583.61
	vii	Class A-6B USD payment to the swap counterparty	$	0.00	$	10,375,583.61

		Total	$	65,422,393.83

H	Supplemental Interest Account Deposit		$	0.00	$	10,375,583.61

I	Investment Reserve Account Required Amount		$	0.00	$	10,375,583.61

J	Class B Noteholder’s Principal Distribution Amount		$	0.00	$	10,375,583.61

K	Increase to the Specified Reserve Account Balance		$	0.00	$	10,375,583.61

L	Investment Premium Purchase Account Deposit		$	0.00	$	10,375,583.61

M	Carryover Servicing Fees		$	0.00	$	10,375,583.61

N	Remaining Swap Termination Fees		$	0.00	$	10,375,583.61

O	Remarketing Costs in Excess of Remarketing Fee Account		$	0.00	$	10,375,583.61

P	Excess to Excess Distribution Certificate Holder		$	10,375,583.61	$	0.00

X. 2004-3 Other Account Deposits and Reconciliations


A	Reserve Account
	i	Beginning of Period Account Balance	$	6,868,731.75
	ii	Deposits to correct Shortfall	$	0.00
	iii	Total Reserve Account Balance Available	$	6,868,731.75
	iv	Required Reserve Account Balance	$	6,705,583.64
	v	Shortfall Carried to Next Period	$	0.00
	vi	Excess Reserve — Release to Collection Account	$	163,148.11
	vii	End of Period Account Balance	$	6,705,583.64

B	Capitalized Interest Account
	i	Beginning of Period Account Balance	$	0.00
	ii	Capitalized Interest Release to the Collection Account	$	0.00
	iii	End of Period Account Balance	$	0.00

C	Remarketing Fee Account		Class A-6A		Class A-6B		Account Total

	i	Next Reset Date		10/25/2013		01/27/2014
	ii	Reset Period Target Amount	$	0.00	$	0.00	$	0.00
	iii	Quarterly Required Amount	$	0.00	$	0.00	$	0.00
	iv	Beginning of Period Account Balance (net of investment earnings)	$	0.00	$	0.00	$	0.00
	v	Quarterly Funding Amount	$	0.00	$	0.00	$	0.00
	vi	Reset Period Target Amount Excess	$	0.00	$	0.00	$	0.00

	vii	End of Period Account Balance (net of investment earnings)	$	0.00	$	0.00	$	0.00

D	Accumulation Accounts
	i	Accumulation Account Beginning Balance	$	0.00
	ii	Principal deposits for payment on the next Reset Date	$	0.00
	iii	Principal Payments to the Noteholders on Reset Date	$	0.00

	iv	Ending Accumulation Account Balance	$	0.00

E	Supplemental Interest Account
	i	Three Month Libor Determined (Interpolation for initial period)		n/a
	ii	Investment Rate		n/a

	iii	Difference		n/a
	iv	Supplemental Interest Account Beginning Balance	$	0.00
	v	Funds Released into Collection Account	$	0.00
	vi	Number of Days Through Next Reset Date		3014
	vii	Supplemental Interest Account Deposit Amount	$	0.00

F	Investment Premium Purchase Account
	i	Beginning of Period Account Balance	$	0.00
	ii	Required Quarterly Deposit	$	0.00
	iii	Carryover amounts from previous periods	$	0.00
	iv	Eligible Investments Purchase Premium Paid	$	0.00
	v	Funds Released into Collection Account	$	0.00

	vi	End of Period Account Balance	$	0.00

G	Investment Reserve Account
	i	Balance	$	0.00
	ii	Requirement	$	0.00
	iii	Funds Released into Collection Account	$	0.00
	iv	Have there been any downgrades to any eligible investments?		N

XI. 2004-3 Distributions


A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class A-6A		Class A-6B		Class B
	i	Quarterly Interest Due	$	6,231.36	$	3,374,166.83	$	3,089,543.22	$	3,651,593.83	$	5,902,802.55	£	2,548,314.14	£	2,548,314.14	$	844,855.47
	ii	Quarterly Interest Paid		6,231.36		3,374,166.83		3,089,543.22		3,651,593.83		5,902,802.55		2,548,314.14		2,548,314.14		844,855.47

	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	£	—	£	—	$	0.00

	vii	Quarterly Principal Due	$	782,432.28	$	64,639,961.55	$	0.00	$	0.00	$	0.00	£	—	£	—	$	0.00
	viii	Quarterly Principal Paid		782,432.28		64,639,961.55		0.00		0.00		0.00		—		—		0.00

	ix	Quarterly Principal Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	£	—	£	—	$	0.00


	x	Total Distribution Amount	$	788,663.64	$	68,014,128.38	$	3,089,543.22	$	3,651,593.83	$	5,902,802.55	£	2,548,314.14	£	2,548,314.14	$	844,855.47


B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 06/30/2005	$	2,754,361,432.28
	ii	Adjusted Pool Balance 06/30/2005		2,688,939,038.45

	iii	Adjusted Pool Exceeding Notes Balance (i-ii)	$	65,422,393.83


	iv	Adjusted Pool Balance 03/31/2005	$	2,754,361,432.28
	v	Adjusted Pool Balance 06/30/2005		2,688,939,038.45

	vi	Current Principal Due (iv-v)	$	65,422,393.83
	vii	Principal Shortfall from Previous Collection Period	$	0.00

	viii	Principal Distribution Amount (vi + vii)	$	65,422,393.83


	ix	Principal Distribution Amount Paid	$	65,422,393.83

	x	Principal Shortfall (viii - ix)	$	0.00

C	Note Balances					04/25/2005	Paydown Factor			07/25/2005
	i	A-1 Note Balance	78442GLD6		$	782,432.28			$	0.00
		A-1 Note Pool Factor				0.002483912		0.002483912		0.000000000

	ii	A-2 Note Balance	78442GLE4		$	421,000,000.00			$	356,360,038.45
		A-2 Note Pool Factor				1.000000000		0.153539101		0.846460899

	iii	A-3 Note Balance	78442GLF1		$	376,000,000.00			$	376,000,000.00
		A-3 Note Pool Factor				1.000000000		0.000000000		1.000000000

	iv	A-4 Note Balance	78442GLG9		$	439,000,000.00			$	439,000,000.00
		A-4 Note Pool Factor				1.000000000		0.000000000		1.000000000

	v	A-5 Note Balance	78442GLH7		$	701,121,000.00			$	701,121,000.00
		A-5 Note Pool Factor				1.000000000		0.000000000		1.000000000

	vi	A-6A Note Balance	XS0188433238		£	200,000,000.00			£	200,000,000.00
		A-6A Note Pool Factor				1.000000000		0.000000000		1.000000000

	vii	A-6B Note Balance	XS0188433402		£	200,000,000.00			£	200,000,000.00
		A-6B Note Pool Factor				1.000000000		0.000000000		1.000000000

	viii	B Note Balance	78442GLJ3		$	92,058,000.00			$	92,058,000.00
		B Note Pool Factor				1.000000000		0.000000000		1.000000000

XII. 2004-3 Historical Pool Information


			4/1/05-6/30/05			1/1/05-3/31/05			10/1/04-12/31/04			7/1/04-9/30/04			02/27/04-06/30/04

Beginning Student Loan Portfolio Balance			$	2,741,008,654.83		$	2,808,967,302.95		$	2,851,637,378.07		$	2,906,365,381.64		$	2,999,505,240.41

	Student Loan Principal Activity
	i	Regular Principal Collections	$	64,615,223.27		$	69,560,365.08		$	48,435,918.82		$	57,000,804.22		$	53,481,365.07
	ii	Principal Collections from Guarantor		10,711,253.78			10,664,624.00		$	5,683,328.35		$	3,076,363.75		$	1,690,585.79
	iii	Principal Reimbursements		225,736.39			158,012.19		$	157,412.09		$	5,688,512.04		$	53,425,550.63
	iv	Other System Adjustments		0.00			0.00			0.00			0.00			0.00

	v	Total Principal Collections	$	75,552,213.44		$	80,383,001.27		$	54,276,659.26		$	65,765,680.01		$	108,597,501.49
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	(1,003.49	)	$	(717.64	)	$	52,611.34		$	(1,787.88	)	$	4,345.21
	ii	Capitalized Interest		(10,009,700.86	)		(12,423,635.51	)		(11,659,195.48	)		(11,035,888.56	)		(15,461,987.93	)

	iii	Total Non-Cash Principal Activity	$	(10,010,704.35	)	$	(12,424,353.15	)	$	(11,606,584.14	)	$	(11,037,676.44	)	$	(15,457,642.72	)

(-)	Total Student Loan Principal Activity		$	65,541,509.09		$	67,958,648.12		$	42,670,075.12		$	54,728,003.57		$	93,139,858.77

	Student Loan Interest Activity
	i	Regular Interest Collections	$	20,147,604.20		$	20,770,424.11		$	20,637,225.75		$	21,944,668.82		$	31,178,658.56
	ii	Interest Claims Received from Guarantors		601,884.83			627,937.02		$	362,081.88		$	113,572.55		$	36,631.96
	iii	Collection Fees/Returned Items		13,859.41			16,157.68		$	13,587.41		$	5,751.93		$	1,422.38
	iv	Late Fee Reimbursements		300,991.17			337,452.76		$	305,982.16		$	325,287.64		$	360,828.06
	v	Interest Reimbursements		39,913.37			16,567.19		$	4,051.98		$	27,394.65		$	233,581.30
	vi	Other System Adjustments		0.00			0.00		$	0.00		$	0.00		$	0.00
	vii	Special Allowance Payments		9,546,618.02			5,957,111.78		$	3,490,628.96		$	1,843,612.26		$	529,258.71
	viii	Subsidy Payments		1,593,652.13			1,676,741.98			1,650,245.19			1,535,625.33			531,013.13

	ix	Total Interest Collections	$	32,244,523.13		$	29,402,392.52		$	26,463,803.33		$	25,795,913.18		$	32,871,394.10

	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	1,930.77		$	155.68		$	(1,145.67	)	$	225.26		$	(1,338.67	)
	ii	Capitalized Interest		10,009,700.86			12,423,635.51			11,659,195.48			11,035,888.56			15,461,987.93

	iii	Total Non-Cash Interest Adjustments	$	10,011,631.63		$	12,423,791.19		$	11,658,049.81		$	11,036,113.82		$	15,460,649.26

	Total Student Loan Interest Activity		$	42,256,154.76		$	41,826,183.71		$	38,121,853.14		$	36,832,027.00		$	48,332,043.36

(=)	Ending Student Loan Portfolio Balance		$	2,675,467,145.74		$	2,741,008,654.83		$	2,808,967,302.95		$	2,851,637,378.07		$	2,906,365,381.64
(+)	Interest to be Capitalized		$	6,766,309.07		$	6,484,045.70		$	7,756,825.03		$	7,564,477.03		$	6,519,574.31

(=)	TOTAL POOL		$	2,682,233,454.81		$	2,747,492,700.53		$	2,816,724,127.98		$	2,859,201,855.10		$	2,912,884,955.95

(+)	Reserve Account Balance		$	6,705,583.64		$	6,868,731.75		$	7,041,810.32		$	7,148,004.64		$	7,282,212.39

(+)	Capitalized Interest		$	0.00		$	0.00		$	32,000,000.00		$	32,000,000.00		$	32,000,000.00

(=)	Total Adjusted Pool		$	2,688,939,038.45		$	2,754,361,432.28		$	2,855,765,938.30		$	2,898,349,859.74		$	2,952,167,168.34

XIII. 2004-3 Payment History and CPRs


Distribution	Actual		Since Issued
Date	Pool Balances		CPR *

Jul-04	$	2,912,884,956		6.41	%

Oct-04	$	2,859,201,855		6.16	%

Jan-05	$	2,816,724,128		5.61	%

Apr-05	$	2,682,233,455		6.01	%

Jul-05	$	2,682,233,455		6.20	%

* “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 2004-3 8-K