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 February 29, 2024, 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 $3,112,050 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, 4 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	$	451,861,717
Aggregate Outstanding Principal Balance – Treasury Bill	$	70,289,847
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill		15.56	%
Aggregate Outstanding Principal Balance – One-Month LIBOR	$	381,571,870
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR		84.44	%
Number of Borrowers		11,262
Average Outstanding Principal Balance Per Borrower	$	40,123
Number of Loans		19,759
Average Outstanding Principal Balance Per Loan – Treasury Bill	$	49,570
Average Outstanding Principal Balance Per Loan – One-Month LIBOR	$	20,804
Weighted Average Remaining Term to Scheduled Maturity	182 months
Weighted Average Annual Interest Rate		4.88	%

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%		3,568	$	54,573,631		12.1%
3.01% to 3.50%		4,370		68,579,449		15.2
3.51% to 4.00%		4,403		88,272,456		19.5
4.01% to 4.50%		4,107		90,966,141		20.1
4.51% to 5.00%		673		20,437,947		4.5
5.01% to 5.50%		267		9,158,128		2.0
5.51% to 6.00%		233		9,574,959		2.1
6.01% to 6.50%		209		9,354,948		2.1
6.51% to 7.00%		219		9,627,920		2.1
7.01% to 7.50%		168		6,201,926		1.4
7.51% to 8.00%		596		27,974,136		6.2
8.01% to 8.50%		453		21,111,670		4.7
Equal to or greater than 8.51%		493		36,028,407		8.0

Total		19,759	$	451,861,717		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		1,592	$	3,547,492		0.8%
$5,000.00-$ 9,999.99		1,368		10,182,147		2.3
$10,000.00-$14,999.99		1,267		15,688,756		3.5
$15,000.00-$19,999.99		1,030		17,876,941		4.0
$20,000.00-$24,999.99		827		18,571,275		4.1
$25,000.00-$29,999.99		707		19,372,765		4.3
$30,000.00-$34,999.99		572		18,476,560		4.1
$35,000.00-$39,999.99		484		18,133,718		4.0
$40,000.00-$44,999.99		392		16,610,670		3.7
$45,000.00-$49,999.99		338		16,053,690		3.6
$50,000.00-$54,999.99		294		15,396,632		3.4
$55,000.00-$59,999.99		268		15,441,474		3.4
$60,000.00-$64,999.99		207		12,924,351		2.9
$65,000.00-$69,999.99		197		13,255,312		2.9
$70,000.00-$74,999.99		141		10,216,721		2.3
$75,000.00-$79,999.99		145		11,226,455		2.5
$80,000.00-$84,999.99		127		10,470,939		2.3
$85,000.00-$89,999.99		114		9,968,678		2.2
$90,000.00-$94,999.99		101		9,336,192		2.1
$95,000.00-$99,999.99		72		7,011,756		1.6
$100,000.00 and above		1,019		182,099,193		40.3

Total		11,262	$	451,861,717		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		18,773	$	418,480,210		92.6%
31-60 days		366		11,117,931		2.5
61-90 days		168		5,602,454		1.2
91-120 days		113		3,908,930		0.9
121-150 days		75		3,152,995		0.7
151-180 days		46		2,386,850		0.5
181-210 days		52		1,872,239		0.4
Greater than 210 days		166		5,340,108		1.2

Total		19,759	$	451,861,717		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		244	$	52,957		*
4 to12		652		547,349		0.1%
13 to 24		736		1,569,979		0.3
25 to 36		725		3,047,330		0.7
37 to 48		586		3,526,071		0.8
49 to 60		850		5,721,864		1.3
61 to 72		2,146		14,318,433		3.2
73 to 84		937		8,825,718		2.0
85 to 96		702		8,207,789		1.8
97 to 108		677		9,858,810		2.2
109 to 120		1,142		18,125,770		4.0
121 to 132		2,997		55,855,317		12.4
133 to 144		1,475		36,893,984		8.2
145 to 156		1,181		34,449,108		7.6
157 to 168		897		32,656,919		7.2
169 to 180		724		27,786,102		6.1
181 to 192		639		26,288,935		5.8
193 to 204		457		21,638,942		4.8
205 to 216		340		15,811,983		3.5
217 to 228		211		12,375,697		2.7
229 to 240		226		11,982,791		2.7
241 to 252		170		9,807,783		2.2
253 to 264		105		5,048,825		1.1
265 to 276		105		6,434,747		1.4
277 to 288		92		7,273,417		1.6
289 to 300		179		15,761,371		3.5
301 to 312		388		40,162,824		8.9
313 to 324		30		3,478,461		0.8
325 to 336		22		1,674,240		0.4
337 to 348		26		2,435,192		0.5
349 to 360		58		6,596,195		1.5
361 and above		40		3,646,815		0.8

Total		19,759	$	451,861,717		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		415	$	13,491,337		3.0%
Forbearance		1,441		61,032,888		13.5
Repayment
First year in repayment		150		9,397,399		2.1
Second year in repayment		134		7,480,019		1.7
Third year in repayment		135		7,003,857		1.6
More than 3 years in repayment		17,484		353,456,218		78.2

Total		19,759	$	451,861,717		100.0%

(1)Of the trust student loans in forbearance status, approximately 95 loans with an aggregate outstanding principal balance of $2,906,209, representing 0.64% 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 154.3 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		17.0		-		230.7
Forbearance		-		11.5		215.8
Repayment		-		-		172.8

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 $13,491,337 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $10,198,231 or approximately 75.6% 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.

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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		176	$	5,920,342		1.3%
Alaska		32		847,681		0.2
Arizona		506		11,675,303		2.6
Arkansas		94		2,002,060		0.4
California		2,389		54,690,991		12.1
Colorado		275		7,226,766		1.6
Connecticut		319		5,347,652		1.2
Delaware		55		1,472,044		0.3
District of Columbia		81		1,756,765		0.4
Florida		1,606		42,705,319		9.5
Georgia		663		22,507,560		5.0
Hawaii		100		2,411,061		0.5
Idaho		72		2,572,689		0.6
Illinois		754		15,427,313		3.4
Indiana		511		10,981,004		2.4
Iowa		64		885,403		0.2
Kansas		363		5,914,869		1.3
Kentucky		126		3,132,976		0.7
Louisiana		566		14,104,887		3.1
Maine		61		1,520,708		0.3
Maryland		504		12,287,954		2.7
Massachusetts		606		9,882,256		2.2
Michigan		375		9,465,433		2.1
Minnesota		231		4,716,018		1.0
Mississippi		138		3,532,807		0.8
Missouri		387		7,665,811		1.7
Montana		31		775,511		0.2
Nebraska		44		1,766,248		0.4
Nevada		165		5,163,255		1.1
New Hampshire		107		1,930,748		0.4
New Jersey		633		12,729,036		2.8
New Mexico		68		1,735,056		0.4
New York		1,343		28,903,466		6.4
North Carolina		409		7,859,731		1.7
North Dakota		11		138,054		*
Ohio		599		12,945,716		2.9
Oklahoma		368		8,013,597		1.8
Oregon		281		5,517,884		1.2
Pennsylvania		760		14,439,329		3.2
Rhode Island		52		1,288,602		0.3
South Carolina		197		6,212,948		1.4
South Dakota		26		643,910		0.1
Tennessee		280		6,801,909		1.5
Texas		1,674		38,451,397		8.5
Utah		67		1,505,272		0.3
Vermont		15		347,377		0.1
Virginia		519		10,423,862		2.3
Washington		522		10,356,268		2.3
West Virginia		95		1,864,093		0.4
Wisconsin		197		5,046,048		1.1
Wyoming		16		1,128,636		0.2
Other		226		5,220,092		1.2

Total		19,759	$	451,861,717		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		9,421	$	171,201,975		37.9	%
Other Repayment Options⁽¹⁾		7,812		163,247,348		36.1
Income-driven Repayment⁽²⁾		2,526		117,412,394		26.0

Total		19,759	$	451,861,717		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 128 loans with an aggregate outstanding principal balance of $6,966,042 currently in an interest-only period. These interest-only loans represent approximately 1.5% 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		9,405	$	166,776,657		36.9%
Unsubsidized		10,354		285,085,060		63.1

Total		19,759	$	451,861,717		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		85	$	5,844,653		1.3%
October 1, 1993 through June 30, 2006		19,674		446,017,064		98.7
July 1, 2006 and later		0		0		0.0

Total		19,759	$	451,861,717		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		893	$	14,161,502		3.1%
College Assist		11		963,193		0.2
Educational Credit Management Corporation		1,210		28,177,204		6.2
Florida Off Of Student Fin'l Assistance		330		5,102,620		1.1
Great Lakes Higher Education Corporation		10,086		251,281,225		55.6
Kentucky Higher Educ. Asst. Auth.		745		12,629,731		2.8
Michigan Guaranty Agency		192		4,034,539		0.9
Nebraska National Student Loan Program		2		36,353		*
Oklahoma Guaranteed Stud Loan Prog		395		8,261,438		1.8
Pennsylvania Higher Education Assistance Agency		2,038		38,840,877		8.6
Texas Guaranteed Student Loan Corp		3,857		88,373,035		19.6
Total		19,759	$	451,861,717		100.0%

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

A-12

SLM Student Loan Trust 2004-5 8-K