Exhibit 99.1

ANNEX A

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by SLMA, VG Funding and SLM ELC by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

•

was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

•

contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

•

was fully disbursed;

•

was not more than 210 days past due;

•

did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

•

had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of August 31, 2023, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date. The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $2,767,458 to be capitalized as of the statistical disclosure date. Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding. The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans. For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan. The following tables reflect those loan segments within the number of loans. In addition, 5 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction. Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

A-1

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.

Percentages and dollar amounts in any table may not total 100% of the initial trust student loan balance, as applicable, due to rounding.

COMPOSITION OF THE TRUST STUDENT LOANS AS OF

THE STATISTICAL DISCLOSURE DATE

Aggregate Outstanding Principal Balance	$	491,834,509
Aggregate Outstanding Principal Balance – Treasury Bill	$	76,077,999
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		15.47	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	415,756,510
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		84.53	%
Number of Borrowers		12,398
Average Outstanding Principal Balance Per Borrower	$	39,670
Number of Loans		21,739
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	46,991
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	20,664
Weighted Average Remaining Term to Scheduled Maturity	182 months
Weighted Average Annual Interest Rate		4.87	%

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments. The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.11% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date. See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY BORROWER INTEREST RATES AS OF THE STATISTICAL

DISCLOSURE DATE

Interest Rates	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%		3,889	$	60,048,877		12.2	%
3.01% to 3.50%		4,806		74,865,017		15.2
3.51% to 4.00%		4,803		96,020,184		19.5
4.01% to 4.50%		4,530		99,672,147		20.3
4.51% to 5.00%		745		21,779,585		4.4
5.01% to 5.50%		307		10,596,983		2.2
5.51% to 6.00%		256		10,101,944		2.1
6.01% to 6.50%		223		9,910,443		2.0
6.51% to 7.00%		246		10,324,573		2.1
7.01% to 7.50%		199		7,339,870		1.5
7.51% to 8.00%		658		29,928,913		6.1
8.01% to 8.50%		524		22,635,547		4.6
Equal to or greater than 8.51%		553		38,610,425		7.9

Total		21,739	$	491,834,509		100.0	%

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date. Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS BY

OUTSTANDING PRINCIPAL BALANCE PER BORROWER

AS OF THE STATISTICAL DISCLOSURE DATE

Range of Outstanding Principal Balance	Number of Borrowers		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Less than $5,000.00		1,845	$	4,124,500		0.8	%
$ 5,000.00-$ 9,999.99		1,494		11,184,343		2.3
$10,000.00-$14,999.99		1,342		16,740,963		3.4
$15,000.00-$19,999.99		1,117		19,410,783		3.9
$20,000.00-$24,999.99		909		20,372,034		4.1
$25,000.00-$29,999.99		780		21,333,141		4.3
$30,000.00-$34,999.99		635		20,601,158		4.2
$35,000.00-$39,999.99		498		18,645,199		3.8
$40,000.00-$44,999.99		439		18,581,367		3.8
$45,000.00-$49,999.99		354		16,751,587		3.4
$50,000.00-$54,999.99		347		18,150,503		3.7
$55,000.00-$59,999.99		282		16,206,916		3.3
$60,000.00-$64,999.99		245		15,266,615		3.1
$65,000.00-$69,999.99		234		15,762,283		3.2
$70,000.00-$74,999.99		144		10,462,405		2.1
$75,000.00-$79,999.99		163		12,618,063		2.6
$80,000.00-$84,999.99		144		11,905,581		2.4
$85,000.00-$89,999.99		126		10,999,502		2.2
$90,000.00-$94,999.99		107		9,885,766		2.0
$95,000.00-$99,999.99		83		8,084,284		1.6
$100,000.00 and above		1,110		194,747,517		39.6

Total		12,398	$	491,834,509		100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DELINQUENCY STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

Number of Days Delinquent	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0-30 days		20,437	$	448,033,245		91.1	%
31-60 days		437		14,022,165		2.9
61-90 days		227		7,087,438		1.4
91-120 days		175		6,342,578		1.3
121-150 days		85		3,132,638		0.6
151-180 days		116		4,535,705		0.9
181-210 days		53		2,504,593		0.5
Greater than 210 days		209		6,176,147		1.3

Total		21,739	$	491,834,509		100.0	%

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY REMAINING TERM TO SCHEDULED MATURITY

AS OF THE STATISTICAL DISCLOSURE DATE

Number of Months Remaining to Scheduled Maturity	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
0 to 3		97	$	37,201		*
4 to12		953		752,533		0.2	%
13 to 24		969		1,987,601		0.4
25 to 36		826		3,229,972		0.7
37 to 48		725		4,032,111		0.8
49 to 60		568		4,369,155		0.9
61 to 72		2,174		14,689,736		3.0
73 to 84		1,339		12,213,803		2.5
85 to 96		860		9,570,145		1.9
97 to 108		730		9,811,429		2.0
109 to 120		724		12,876,693		2.6
121 to 132		3,026		55,525,437		11.3
133 to 144		2,098		49,984,512		10.2
145 to 156		1,354		39,930,836		8.1
157 to 168		1,069		37,473,397		7.6
169 to 180		796		31,123,242		6.3
181 to 192		676		26,709,612		5.4
193 to 204		534		24,018,100		4.9
205 to 216		386		18,376,140		3.7
217 to 228		254		13,302,734		2.7
229 to 240		272		13,960,415		2.8
241 to 252		201		10,644,850		2.2
253 to 264		113		6,052,175		1.2
265 to 276		117		6,622,057		1.3
277 to 288		101		6,531,948		1.3
289 to 300		194		19,254,244		3.9
301 to 312		392		38,710,330		7.9
313 to 324		32		4,343,936		0.9
325 to 336		34		2,467,363		0.5
337 to 348		26		2,766,988		0.6
349 to 360		56		5,871,907		1.2
361 and above		43		4,593,907		0.9

Total		21,739	$	491,834,509		100.0	%

*	Represents a percentage greater than 0% but less than 0.05%.

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future. See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

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DISTRIBUTION OF THE TRUST STUDENT LOANS

BY CURRENT BORROWER PAYMENT STATUS

AS OF THE STATISTICAL DISCLOSURE DATE

Current Borrower Payment Status	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Deferment		450	$	13,864,811		2.8	%
Forbearance		1,547		57,026,821		11.6
Repayment
First year in repayment		155		11,473,819		2.3
Second year in repayment		127		7,061,249		1.4
Third year in repayment		167		8,703,880		1.8
More than 3 years in repayment		19,293		393,703,928		80.0

Total		21,739	$	491,834,509		100.0	%

(1) Of the trust student loans in forbearance status, approximately 73 loans with an aggregate outstanding principal balance of $2,334,193 , representing 0.47% of the pool by principal, are in the Coronavirus Disaster Forbearance Program.

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date. The borrower:

•

may have temporarily ceased repaying the loan through a deferment or a forbearance period; or

•

may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 150.0 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

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SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN

STATUS OF THE TRUST STUDENT LOANS BY

CURRENT BORROWER PAYMENT STATUS AS OF THE

STATISTICAL DISCLOSURE DATE

	Scheduled Months in Status Remaining
Current Borrower Payment Status	Deferment		Forbearance		Repayment
Deferment		18.4		-		235.4
Forbearance		-		12.3		207.9
Repayment		-		-		174.8

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future. Of the $13,864,811 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $10,691,670 or approximately 77.1% of such loans are to borrowers who had not graduated as of that date. We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs. As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans. See Appendix A to the preliminary remarketing memorandum.

A-7

GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS

AS OF THE STATISTICAL DISCLOSURE DATE

State	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Alabama		193	$	6,518,419		1.3	%
Alaska		32		871,628		0.2
Arizona		544		13,022,098		2.6
Arkansas		99		2,209,802		0.4
California		2,593		60,302,896		12.3
Colorado		303		7,627,621		1.6
Connecticut		359		6,137,754		1.2
Delaware		56		1,490,174		0.3
District of Columbia		82		1,800,697		0.4
Florida		1,735		45,150,577		9.2
Georgia		741		23,878,600		4.9
Hawaii		109		2,558,236		0.5
Idaho		81		2,725,581		0.6
Illinois		845		16,938,928		3.4
Indiana		546		11,360,482		2.3
Iowa		70		1,154,114		0.2
Kansas		403		6,652,744		1.4
Kentucky		140		3,331,019		0.7
Louisiana		613		15,117,983		3.1
Maine		67		1,539,939		0.3
Maryland		598		14,209,571		2.9
Massachusetts		750		12,433,408		2.5
Michigan		401		9,872,978		2.0
Minnesota		258		5,427,334		1.1
Mississippi		159		3,822,488		0.8
Missouri		431		8,240,606		1.7
Montana		33		796,981		0.2
Nebraska		52		2,032,143		0.4
Nevada		190		5,306,859		1.1
New Hampshire		113		2,061,279		0.4
New Jersey		671		13,665,871		2.8
New Mexico		71		1,670,958		0.3
New York		1,484		31,941,520		6.5
North Carolina		445		8,539,795		1.7
North Dakota		13		200,871		*
Ohio		636		13,863,920		2.8
Oklahoma		419		9,039,029		1.8
Oregon		321		5,871,941		1.2
Pennsylvania		832		14,927,740		3.0
Rhode Island		58		1,609,508		0.3
South Carolina		216		6,363,799		1.3
South Dakota		26		650,900		0.1
Tennessee		307		6,646,945		1.4
Texas		1,815		42,329,725		8.6
Utah		73		1,748,627		0.4
Vermont		15		358,767		0.1
Virginia		581		12,154,736		2.5
Washington		561		11,088,907		2.3
West Virginia		110		2,102,809		0.4
Wisconsin		220		5,409,604		1.1
Wyoming		16		1,116,617		0.2
Other		253		5,938,982		1.2
Total		21,739	$	491,834,509		100.0	%

*	Represents a percentage greater than 0% but less than 0.05%.

A-8

We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments. Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan. The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance. Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater. Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans. For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans. Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans. Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis. The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower’s income. Under that plan, ultimate repayment may be delayed up to five years. Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans. These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

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The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT

TERMS AS OF THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Level Repayment		10,496	$	189,832,503		38.6	%
Other Repayment Options⁽¹⁾		8,647		181,322,837		36.9
Income-driven Repayment⁽²⁾		2,596		120,679,170		24.5

Total		21,739	$	491,834,509		100.0	%

(1)	Includes, among others, graduated repayment and interest-only period loans.

(2)	Includes income sensitive and income based repayment.

With respect to interest-only loans, as of the statistical disclosure date, there are 149 loans with an aggregate outstanding principal balance of $7,752,533 currently in an interest-only period. These interest-only loans represent approximately 1.6% of the aggregate outstanding principal balance of the trust student loans. Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date. If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN

TYPE AS OF THE STATISTICAL DISCLOSURE DATE

Loan Type	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
Subsidized		10,347	$	182,785,172		37.2	%
Unsubsidized		11,392		309,049,337		62.8

Total		21,739	$	491,834,509		100.0	%

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The following table provides information about the trust student loans regarding date of disbursement.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY DATE OF DISBURSEMENT AS OF

THE STATISTICAL DISCLOSURE DATE

Disbursement Date	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier		95	$	6,242,876		1.3	%
October 1, 1993 through June 30, 2006		21,644		485,591,633		98.7
July 1, 2006 and later		0		0		0.0

Total		21,739	$	491,834,509		100.0	%

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Guaranty Agencies for the Trust Student Loans. The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

DISTRIBUTION OF THE TRUST STUDENT LOANS

BY GUARANTY AGENCY AS OF

THE STATISTICAL DISCLOSURE DATE

Name of Guaranty Agency	Number of Loans		Aggregate Outstanding Principal Balance		Percent of Pool by Outstanding Principal Balance
American Student Assistance		1,005	$	16,440,173		3.3	%
College Assist		12		943,223		0.2
Educational Credit Management Corporation		1,335		30,081,376		6.1
Florida Off Of Student Fin'l Assistance		356		5,451,381		1.1
Great Lakes Higher Education Corporation		11,147		275,807,858		56.1
Kentucky Higher Educ. Asst. Auth.		802		13,288,431		2.7
Michigan Guaranty Agency		215		4,410,821		0.9
Nebraska National Student Loan Program		2		37,737		*
Oklahoma Guaranteed Stud Loan Prog		434		8,717,434		1.8
Pennsylvania Higher Education Assistance Agency		2,226		41,927,949		8.5
Texas Guaranteed Student Loan Corp		4,205		94,728,126		19.3
Total		21,739	$	491,834,509		100.0	%

*	Represents a percentage greater than 0% but less than 0.05%.

A-12

SLM Student Loan Trust 2004-5 8-K