SLM Student Loan Trust 2005-1 Quarterly Servicing Report

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

Indenture Trustee: Deutsche Bank

I. Deal Parameters



A	Student Loan Portfolio Characteristics		01/27/2005			03/31/2005			06/30/2005

	Principal Balance		$	1,504,709,258.98		$	1,425,034,025.99		$	1,283,204,688.61
	Interest to be Capitalized Balance			13,956,010.27			15,987,677.37			15,182,878.93

	Pool Balance		$	1,518,665,269.25		$	1,441,021,703.36		$	1,298,387,567.54
	Specified Reserve Account Balance			3,813,368.00			3,602,554.26			3,245,968.92

	Adjusted Pool (1)		$	1,522,478,637.25		$	1,444,624,257.62		$	1,301,633,536.46

	Weighted Average Coupon (WAC)			3.24	%		3.20	%		3.21	%
	Weighted Average Remaining Term			124.45			123.15			120.36
	Number of Loans			469,674			452,584			419,025
	Number of Borrowers			224,931			220,739			207,013

	Since Issued CPR						17.91	%		28.46	%

(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	78442GNN2	$	1,027,192,146.47					$	884,200,306.58
	A2	78442GNP7	$	388,382,000.00					$	388,382,000.00
	B	78442GNQ5	$	46,218,000.00					$	46,218,000.00


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

	Reserve Account Balance		$	3,602,554.26					$	3,245,968.92


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

	Adjusted Pool Balance		$	1,444,624,257.62					$	1,301,633,536.46
	Total Notes		$	1,461,792,146.47					$	1,318,800,306.58
	Difference		$	(17,167,888.85	)				$	(17,166,770.12	)

	Parity Ratio			.98826						.98698

Page 1 of 8

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


A	Student Loan Principal Receipts
		Borrower Principal		15,684,252.26
		Guarantor Principal		1,299,654.68
		Consolidation Activity Principal		128,406,425.82
		Seller Principal Reimbursement		31,574.00
		Servicer Principal Reimbursement		1,298.78
		Rejected Claim Repurchased Principal		—
		Other Principal Deposits		397,586.74

		Total Principal Receipts	$	145,820,792.28

B	Student Loan Interest Receipts
		Borrower Interest		2,885,272.84
		Guarantor Interest		13,540.30
		Consolidation Activity Interest		1,393,016.66
		Special Allowance Payments		4,182,184.87
		Interest Subsidy Payments		2,281,488.49
		Seller Interest Reimbursement		281.46
		Servicer Interest Reimbursement		8,983.17
		Rejected Claim Repurchased Interest		0.00
		Other Interest Deposits		338,318.34

		Total Interest Receipts	$	11,103,086.13

C	Reserves in Excess of Requirement		$	356,585.34

D	Investment Income		$	623,330.18

E	Funds Borrowed from Next Collection Period		$	—

F	Funds Repaid from Prior Collection Period		$	—

G	Loan Sale or Purchase Proceeds		$	—

H	Initial Deposits to Collection Account		$	—

I	Other Deposits		$	41,351.65

J	Less: Funds Previously Remitted:
		Servicing Fees	$	(2,109,784.10	)
		Consolidation Loan Rebate Fees	$	—

		Total Funds Previously Remitted	$	(2,109,784.10	)


K	AVAILABLE FUNDS		$	155,835,361.48


L	Non-Cash Principal Activity During Collection Period		$	(3,991,454.90	)

M	Non-Reimbursable Losses During Collection Period		$	—

N	Aggregate Purchased Amounts by the Depositor, Servicer or Seller		$	343,637.29

O	Aggregate Loan Substitutions		$	—

Trust 2005-1 Quarterly Servicing Report Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 2 of 8

III. 2005-1 Portfolio Characteristics


		06/30/2005										03/31/2005
		WAC			# Loans		Principal		% of Principal			WAC			# Loans		Principal		% of Principal

INTERIM:	IN SCHOOL		2.78	%		109,094	$	350,086,458.51		27.282	%		2.78	%		172,688	$	603,915,714.09		42.379	%

	GRACE		2.77	%		56,015	$	200,937,119.93		15.659	%		2.77	%		33,369	$	105,543,543.94		7.406	%

	DEFERMENT		2.94	%		47,156	$	161,423,109.65		12.580	%		3.08	%		36,473	$	111,645,907.80		7.835	%


REPAYMENT:	CURRENT		3.72	%		126,472	$	347,032,497.88		27.044	%		3.77	%		121,915	$	349,309,024.47		24.512	%

	31-60 DAYS DELINQUENT		3.85	%		8,753	$	23,543,921.18		1.835	%		3.73	%		11,348	$	30,253,820.22		2.123	%

	61-90 DAYS DELINQUENT		3.91	%		5,172	$	13,703,788.95		1.068	%		3.54	%		13,235	$	35,304,283.05		2.477	%

	91-120 DAYS DELINQUENT		3.79	%		3,808	$	9,904,789.37		0.772	%		3.48	%		12,836	$	35,183,659.64		2.469	%

	> 120 DAYS DELINQUENT		3.56	%		26,482	$	65,290,995.43		5.088	%		3.69	%		13,925	$	34,287,955.54		2.406	%


	FORBEARANCE		3.67	%		35,362	$	109,240,885.60		8.513	%		3.70	%		36,633	$	118,908,814.11		8.344	%

	CLAIMS IN PROCESS		3.89	%		711	$	2,041,122.11		0.159	%		4.19	%		162	$	681,303.13		0.048	%



TOTAL						419,025	$	1,283,204,688.61		100.00	%					452,584	$	1,425,034,025.99		100.00	%

Percentages may not total 100% due to rounding

Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 3 of 8

IV. 2005-1 Portfolio Characteristics (cont’d)


	06/30/2005			03/31/2005
Pool Balance	$	1,298,387,567.54		$	1,441,021,703.36
Total # Loans		419,025			452,584
Total # Borrowers		207,013			220,739
Weighted Average Coupon		3.21	%		3.20	%
Weighted Average Remaining Term		120.36			123.15
Non-Reimbursable Losses	$	—		$	—
Cumulative Non-Reimbursable Losses	$	—		$	—
Since Issued CPR		28.46	%		17.91	%
Loan Substitutions	$	—		$	—
Cumulative Loan Substitutions	$	—		$	—
Rejected Claim Repurchases	$	—		$	1,548.42
Cumulative Rejected Claim Repurchases	$	1,548.42		$	1,548.42
Cumulative Claims Filed	$	5,482,330.86		$	1,287,576.13
Unpaid Primary Servicing Fees	$	—		$	—
Unpaid Administration Fees	$	—		$	—
Unpaid Carryover Servicing Fees	$	—		$	—
Note Principal Shortfall	$	17,166,770.12		$	17,167,888.85
Note Interest Shortfall	$	—		$	—
Unpaid Interest Carryover	$	—		$	—
Borrower Interest Accrued	$	7,822,282.51		$	5,994,220.95
Interest Subsidy Payments Accrued	$	3,015,363.81		$	2,193,362.63
Special Allowance Payments Accrued	$	6,927,931.71		$	4,178,148.44

Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 4 of 8

V. 2005-1 Portfolio Statistics by School and Program


A	LOAN TYPE	WAC			# LOANS		$ AMOUNT		% *

	- GSL - Subsidized		3.23	%		249,103	$	678,852,935.10		52.903	%
	- GSL - Unsubsidized		3.02	%		155,038		533,025,856.29		41.539	%
	- PLUS Loans		4.44	%		14,882		71,323,529.67		5.558	%
	- SLS Loans		5.41	%		2		2,367.55		0.000	%
	- Consolidation Loans		0.00	%		0		0.00		0.000	%

	Total		3.21	%		419,025	$	1,283,204,688.61		100.000	%


B	SCHOOL TYPE	WAC			# LOANS		$ AMOUNT		% *

	- Four Year		3.16	%		305,317	$	1,020,514,344.37		79.529	%
	- Two Year		3.26	%		77,339		175,670,366.98		13.690	%
	- Technical		3.59	%		36,366		87,016,309.88		6.781	%
	- Other		3.37	%		3		3,667.38		0.000	%

	Total		3.21	%		419,025	$	1,283,204,688.61		100.000	%

* Percentages may not total 100% due to rounding.

Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 5 of 8

VI. 2005-1 Waterfall for Distributions


				Remaining
		Paid		Funds Balance
Total Available Funds				$	155,835,361.48
A	Primary Servicing Fee	$	1,016,852.49	$	154,818,508.99
B	Administration Fee	$	20,000.00	$	154,798,508.99
C	Class A Noteholders’ Interest Distribution Amount	$	11,414,050.62	$	143,384,458.37
D	Class B Noteholders’ Interest Distribution Amount	$	392,618.48	$	142,991,839.89
E	Class A Noteholders’ Principal Distribution Amount	$	142,991,839.89	$	—
F	Class B Noteholders’ Principal Distribution Amount	$	—	$	—
G	Reserve Account Reinstatement	$	—	$	—
H	Carryover Servicing Fee	$	—	$	—
I	Excess Distribution	$	—	$	—

Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 6 of 8

VII. 2005-1 Distributions


Distribution Amounts	A1			A2			B

Cusip/Isin	78442GNN2			78442GNP7			78442GNQ5
Beginning Balance	$	1,027,192,146.47		$	388,382,000.00		$	46,218,000.00
Index	LIBOR			LIBOR			LIBOR
Spread/Fixed Rate	0.01		%	0.08		%	0.20		%
Record Date	1 NEW YORK BUSINESS DAY			1 NEW YORK BUSINESS DAY			1 NEW YORK BUSINESS DAY
Accrual Period Begin	04/25/2005			04/25/2005			04/25/2005
Accrual Period End	07/25/2005			07/25/2005			07/25/2005
Daycount Fraction		0.25277778			0.25277778			0.25277778
Interest Rate		3.17063	%		3.24063	%		3.36063	%
Accrued Interest Factor		0.008014648			0.008191593			0.008494926
Current Interest Due	$	8,232,583.54		$	3,181,467.08		$	392,618.48
Interest Shortfall from Prior Period Plus Accrued Interest	$	—		$	—		$	—
Total Interest Due	$	8,232,583.54		$	3,181,467.08		$	392,618.48
Interest Paid	$	8,232,583.54		$	3,181,467.08		$	392,618.48
Interest Shortfall	$	—		$	—		$	—
Carryover Interest Shortfall from Prior Period Plus Accrued Interest	$	—		$	—		$	—
Current Interest Carryover Due	$	—		$	—		$	—
Interest Carryover Paid	$	—		$	—		$	—
Unpaid Interest Carryover	$	—		$	—		$	—
Principal Paid	$	142,991,839.89		$	—		$	—
Ending Principal Balance	$	884,200,306.58		$	388,382,000.00		$	46,218,000.00
Paydown Factor		0.129287378			0.000000000			0.000000000
Ending Balance Factor		0.799457782			1.000000000			1.000000000

Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 7 of 8

VIII. 2005-1 Reconciliations


A	Principal Distribution Reconciliation
	Prior Adjusted Pool Balance	$	1,444,624,257.62
	Current Adjusted Pool Balance	$	1,301,633,536.46
	Current Principal Due	$	142,990,721.16
	Principal Shortfall from Previous Collection Period	$	17,167,888.85
	Principal Distribution Amount	$	160,158,610.01

	Principal Paid	$	142,991,839.89
	Principal Shortfall	$	17,166,770.12

B	Reserve Account Reconciliation
	Beginning Period Balance	$	3,602,554.26
	Reserve Funds Utilized		0.00
	Reserve Funds Reinstated		0.00

	Balance Available	$	3,602,554.26
	Required Reserve Acct Balance	$	3,245,968.92
	Release to Collection Account	$	356,585.34
	Ending Reserve Account Balance	$	3,245,968.92


Page 8 of 8		Trust 2005-1 Quarterly Servicing Report: Collection Period 04/01/2005 - 06/30/2005, Distribution Date 07/25/2005

SLM Student Loan Trust 2005-1 8-K