-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G67x0p7tepaEm8WrDhMhOdg/omBnp05GDPhK032XXiHUL038E18X/FcE+Qit7Mca jMcO++0BpjodXWpwlbdWLA== 0000882377-05-000879.txt : 20050425 0000882377-05-000879.hdr.sgml : 20050425 20050425150450 ACCESSION NUMBER: 0000882377-05-000879 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050425 ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20050425 DATE AS OF CHANGE: 20050425 FILER: COMPANY DATA: COMPANY CONFORMED NAME: National Collegiate Student Loan Trust 2005-1 CENTRAL INDEX KEY: 0001317703 STANDARD INDUSTRIAL CLASSIFICATION: ASSET-BACKED SECURITIES [6189] FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-118894-02 FILM NUMBER: 05769890 BUSINESS ADDRESS: STREET 1: 800 BOYLSTON STREET 34TH FLOOR CITY: BOSTON STATE: MA ZIP: 02199-8157 BUSINESS PHONE: (800) 895-4283 8-K 1 ncslt2005-1_8k.txt NATIONAL COLLEGIATE FUNDING LLC - -------------------------------------------------------------------------------- UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): April 25, 2005 The National Collegiate Student Loan Trust 2005-1 ------------------------------------------------- (Exact Name of Registrant as Specified in Charter) Delaware 333-118894-02 32-6039331 -------- ------------- ---------- (State or Other Jurisdiction (Commission (IRS Employer of Incorporation) File Number) Identification No.) 800 Boylston Street, 34th Floor, Boston, MA 02199-8157 - ------------------------------------------- ---------- (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code (800) 895-4283 -------------- Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12(b) under the Exchange Act (17 CFR 240.14a-12(b)) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) - -------------------------------------------------------------------------------- Section 8 - Other Events Item 8.01 Other Events. ------------ Attached hereto is a copy of the monthly distribution report to the noteholders and certificateholders which was derived from the monthly information submitted by the servicer of the student loans owned by the trust to the indenture trustee and grantor trustee. Section 9 - Financial Statements and Exhibits Item 9.01 Financial Statements and Exhibits. --------------------------------- (a) Not applicable (b) Not applicable (c) Exhibits: Exhibit Number Description - -------------- ----------- 99.1 Monthly Distribution Report to the Noteholders and Certificateholders distributed on April 25, 2005. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1 By: FIRST MARBLEHEAD DATA SERVICES, INC., Administrator By: /s/ Rosalyn Bonaventure --------------------------------- Name: Rosalyn Bonaventure Title: VP and Treasurer, FMDS Dated: April 25, 2005 EXHIBIT INDEX Exhibit Number Description - -------------- ----------- 99.1 Monthly Distribution Report to the Noteholders and Certificateholders distributed on April 25, 2005. EX-99.1 2 ncslt2005-1_ex99.txt MONTHLY DISTRIBUTION REPORT NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1 CLOSING DATE: FEBRUARY 23, 2005 MONTHLY DISTRIBUTION REPORT COLLECTION PERIOD 02/23/05 TO 03/31/05 MONTHLY DISTRIBUTION DATE 04/25/05 VOLUME 1
- ------------------------------------------------------------------------------------------------------------------------------------ I ASSET AND LIABILITY SUMMARY - ------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------------- A. STUDENT LOAN PORTFOLIO 02/23/05 CHANGE --------------------------------------------------------------------------------------------------------------------------- 1 Student Loan Principal $ 701,602,074.74 $ (3,075,402.47) 2 Student Loan Accrued Interest + Accrued Late Fees 13,873,442.01 3,309,632.55 ----------------- ---------------- 3 Pool Balance $ 715,475,516.75 $ 234,230.08 ----------------- ---------------- 4 Weighted Average Coupon (WAC) 6.16% 0.00% 5 Weighted Average Maturity (WAM) 264.9 Months -0.9 Months 6 Number of Loans 67,976 -193 7 Number of Borrowers 61,222 -169 --------------------------------------------------------------------------------------------------------------------------- B. TRUST ACCOUNTS AND TERI PLEDGE FUND 02/23/05 CHANGE --------------------------------------------------------------------------------------------------------------------------- 1 Collection Account + Collections Receivable Account $ 3,045,304.66 $ 4,148,090.00 2 Reserve Account (at market value) $ 178,947,057.00 $ 434,834.22 ----------------- ---------------- 3 Total Trust Accounts $ 181,992,361.66 $ 4,582,924.22 4 TERI Pledge Fund (at market value) $ 41,389,554.23 $ 91,217.03 5 Total Trust Accounts and TERI Pledge Fund $ 223,381,915.89 $ 4,674,141.25 6 Pool Balance + Trust Accounts $ 897,467,878.41 $ 4,817,154.30 7 Pool Balance + Trust Accounts + TERI Pledge Fund $ 938,857,432.64 $ 4,908,371.33 8 Has a Reserve Stepdown Date occurred ? No Trigger Tests: Is the Note Parity Ratio less than 101%? Yes Is the Cumulative Gross Default Rate greater than 10%? No Is the Cumulative Gross Default Rate greater than 15%? No Is Prior Period Trust Assets > 103% of Note Principal? No --------------------------------------------------------------------------------------------------------------------------- C. SECURITIES CUSIP INDEX SPREAD 02/23/05 CHANGE 03/31/05 --------------------------------------------------------------------------------------------------------------------------- 1 Class A-1 63543PBD7 1M LIBOR 0.06% $ 248,980,000.00 $ - $ 248,980,000.00 2 Class A-2 63543PBE5 1M LIBOR 0.09% $ 127,000,000.00 $ - $ 127,000,000.00 3 Class A-3 63543PBF2 1M LIBOR 0.14% $ 157,240,000.00 $ - $ 157,240,000.00 4 Class A-4 63543PBG0 1M LIBOR 0.24% $ 159,720,000.00 $ - $ 159,720,000.00 5 Class A-5 (a) 63543PBM7 & BN5 1M LIBOR 0.48% $ 163,830,000.00 $ - $ 163,830,000.00 6 Class A-IO 63543PBP0 Fixed 6.75% (b) $ - (b) 7 Class B (c) 63543PBK1 1M LIBOR 0.38% $ 46,360,000.00 $ - $ 46,360,000.00 8 Class C (c) 63543PBL9 1M LIBOR 0.70% $ 48,370,000.00 $ - $ 48,370,000.00 --------------------------------------------------------------------------------------------------------------------------- 9 Total Securities $ 951,500,000.00 $ - $ 951,500,000.00 --------------------------------------------------------------------------------------------------------------------------- [TABLE CONTINUED] - ---------------------------------------------------------------------------------------------------------------- I ASSET AND LIABILITY SUMMARY - ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------- A. STUDENT LOAN PORTFOLIO 03/31/05 ------------------------------------------------------------------------------------------------------- 1 Student Loan Principal $ 698,526,672.27 2 Student Loan Accrued Interest + Accrued Late Fees 17,183,074.56 ---------------- 3 Pool Balance $ 715,709,746.83 ---------------- 4 Weighted Average Coupon (WAC) 6.16% 5 Weighted Average Maturity (WAM) 264.0 Months 6 Number of Loans 67,783 7 Number of Borrowers 61,053 ------------------------------------------------------------------------------------------------------- B. TRUST ACCOUNTS AND TERI PLEDGE FUND 03/31/05 ------------------------------------------------------------------------------------------------------- 1 Collection Account + Collections Receivable Account $ 7,193,394.66 2 Reserve Account (at market value) $ 179,381,891.22 ---------------- 3 Total Trust Accounts $ 186,575,285.88 4 TERI Pledge Fund (at market value) $ 41,480,771.26 5 Total Trust Accounts and TERI Pledge Fund $ 228,056,057.14 6 Pool Balance + Trust Accounts $ 902,285,032.71 7 Pool Balance + Trust Accounts + TERI Pledge Fund $ 943,765,803.97 8 Has a Reserve Stepdown Date occurred ? No Trigger Tests: Is the Note Parity Ratio less than 101%? Yes Is the Cumulative Gross Default Rate greater than 10%? No Is the Cumulative Gross Default Rate greater than 15%? No Is Prior Period Trust Assets > 103% of Note Principal? No --------------------------------------------------------------------------------------------------------------------------- C. SECURITIES CUSIP INDEX SPREAD CHANGE 04/25/05 % OF SECURITIES --------------------------------------------------------------------------------------------------------------------------- 1 Class A-1 63543PBD7 1M LIBOR 0.06% $ (579,115.55) $ 248,400,884.45 26.12% 2 Class A-2 63543PBE5 1M LIBOR 0.09% $ - $ 127,000,000.00 13.36% 3 Class A-3 63543PBF2 1M LIBOR 0.14% $ - $ 157,240,000.00 16.54% 4 Class A-4 63543PBG0 1M LIBOR 0.24% $ - $ 159,720,000.00 16.80% 5 Class A-5 (a) 63543PBM7 & BN5 1M LIBOR 0.48% $ - $ 163,830,000.00 17.23% 6 Class A-IO 63543PBP0 Fixed 6.75% $ - (b) 0.00% 7 Class B (c) 63543PBK1 1M LIBOR 0.38% $ - $ 46,360,000.00 4.88% 8 Class C (c) 63543PBL9 1M LIBOR 0.70% $ - $ 48,370,000.00 5.09% --------------------------------------------------------------------------------------------------------------------------- 9 Total Securities $ (579,115.55) $ 950,920,884.45 100.00% ---------------------------------------------------------------------------------------------------------------------------
(a) Class A-5 Securities include Class A-5-1 and A-5-2. (b) The notional amount, in effect thru December 2009, for Class A-IO (interest-only) equals the aggregate principal amount of the Class A-5 Securities. (c) The Stepdown Date is the April 2011 Distribution Date. At the Stepdown Date principal payments made on the Class B and Class C Securities may begin to be paid pro-rata with the Class A Securities. See the prospectus for complete information concerning the Stepdown Date. Page 1 of 5
NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1 - ------------------------------------------------------------------------------------------------------------------------------------ II TRANSACTIONS AND ACCRUALS FROM 2/23/05 TO 3/31/05 - ------------------------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------------------------------------------------------- A. STUDENT LOAN CASH PRINCIPAL ACTIVITY --------------------------------------------------------------------------------------------------------------------------- 1 Principal Payments Received $ (2,092,391.41) 2 Principal Claims from Guarantor $ - 3 Repurchased Principal $ - 4 New Loan Additions $ 701,602,074.74 5 Other Adjustments (cancellations, consolidations and other) $ (1,046,688.34) --------------------------------------------------------------------------------------------------------------------------- 6 Total Principal Collections $ 698,462,994.99 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- B. STUDENT LOAN NON-CASH PRINCIPAL ACTIVITY --------------------------------------------------------------------------------------------------------------------------- 1 Capitalized Interest $ 59,727.35 2 Realized Losses $ - 3 New Loan Additions $ 3,850.00 4 Other Adjustments $ 99.93 --------------------------------------------------------------------------------------------------------------------------- 5 Total Non-Cash Principal Activity $ 63,677.28 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- C. TOTAL STUDENT LOAN PRINCIPAL ACTIVITY (II.A.6 + II.B.5) $ 698,526,672.27 --------------------------------------------------------------------------------------------------------------------------- D. STUDENT LOAN CASH INTEREST ACTIVITY 1 Interest Payments Received $ (990,422.08) 2 Interest Claims from Guarantor $ - 3 Repurchased Interest $ - 4 New Loan Additions $ 13,873,442.01 5 Late Fees $ (133.13) 6 Other Adjustments (cancellations, consolidations and other) $ (272.64) --------------------------------------------------------------------------------------------------------------------------- 7 Total Interest Collections $ 12,882,614.16 --------------------------------------------------------------------------------------------------------------------------- E. STUDENT LOAN NON-CASH INTEREST ACTIVITY 1 Interest Accruals $ 4,363,666.96 2 Capitalized Interest $ (59,727.35) 3 Realized Losses $ - 4 Other Adjustments $ (3,800.00) 5 Non-Cash Late Fees $ 320.79 --------------------------------------------------------------------------------------------------------------------------- 6 Total Non-Cash Interest Activity $ 4,300,460.40 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- F. TOTAL STUDENT LOAN INTEREST ACTIVITY (II.D.7 + II.E.6) $ 17,183,074.56 ---------------------------------------------------------------------------------------------------------------------------
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NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1 III COLLECTION ACCOUNT ACTIVITY --------------------------------------------------------------------------------------------------------------------------- A. COLLECTION ACCOUNT --------------------------------------------------------------------------------------------------------------------------- 1 Collections by Servicers $ 4,129,774.47 2 Claim Payments from Guarantor $ - 3 Liquidation Proceeds and Recoveries $ - 4 Sale Proceeds $ - 5 Investment Earnings on Trust Accounts $ 451,477.09 6 Excess of Specified Reserve Account Balance $ - 7 Other Receipts (Late Fees and Other) $ 1,672.66 8 Prior Month Allocation $ - 9 Opening Balance + Receivable $ 3,045,304.66 --------------------------------------------------------------------------------------------------------------------------- 10 Total Available Funds $ 7,628,228.88 --------------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------------- B. ALLOCATIONS THRU 3/31/05 WITH PAYMENTS AND DISTRIBUTIONS FOR 4/25/05 --------------------------------------------------------------------------------------------------------------------------- TOTAL AVAILABLE REMAINING RESERVE FUNDS FUNDS TRANSFER $ 7,628,228.88 $ 7,628,228.88 1 Payment of Trust Expenses, Servicer, Administrator, Paying Agent and Back-up Administrator (a) Payment of Trust Expenses $ 91,500.00 $ 7,536,728.88 $ - (b) Payment of Servicing Fees $ 132,764.71 $ 7,403,964.17 $ - (c) Payment of Administration Fees $ 35,497.72 $ 7,368,466.45 $ - (d) Payment to Irish Paying Agent $ - $ 7,368,466.45 $ - (e) Payment of Back-up Administration Fees $ 1,000.00 $ 7,367,466.45 $ - 2 Allocation of Trust Expenses, Servicer, Administrator, Paying Agent and Back-up Administrator (a) Allocation of Trust Expenses $ - $ 7,367,466.45 $ - (b) Allocation of Servicing Fees $ 124,917.93 $ 7,242,548.52 $ - (c) Allocation of Administration Fees $ - $ 7,242,548.52 $ - (d) Allocation to Irish Paying Agent $ - $ 7,242,548.52 $ - (e) Allocation of Back-up Administration Fees $ - $ 7,242,548.52 $ - 3 Payment to TERI Pledge Fund, additional Guaranty Fees $ - $ 7,242,548.52 $ - 4 Allocation to TERI Pledge Fund, additional Guaranty Fees $ 18,174.51 $ 7,224,374.01 $ - 5 Payment of Interest Distribution Amount to Class A Securities: (a) Class A-1 $ 1,185,762.72 $ 6,038,611.29 $ - (b) Class A-2 $ 611,291.02 $ 5,427,320.27 $ - (c) Class A-3 $ 770,167.39 $ 4,657,152.88 $ - (d) Class A-4 $ 809,378.19 $ 3,847,774.69 $ - (e) Class A-5 $ 896,829.74 $ 2,950,944.95 $ - (f) Class A-IO $ 1,843,087.50 $ 1,107,857.45 $ - 6 Payment of Interest Distribution Amount to Class B Securities: (a) Class B $ 245,926.08 $ 861,931.37 $ - 7 Payment of Interest Distribution Amount to Class C Securities: (b) Class C $ 282,815.82 $ 579,115.55 $ - 8 Payment to Reserve Account up to Specified Reserve Account Balance $ - $ 579,115.55 $ - 9 Payment to TERI, to Purchase Rehabilitated Loans $ - $ 579,115.55 $ - 10 Payment of Principal Distribution Amount to Class A Securities: (a) Class A-1 $ 579,115.55 $ - $ - (b) Class A-2 $ - $ - $ - (c) Class A-3 $ - $ - $ - (d) Class A-4 $ - $ - $ - (e) Class A-5-1 $ - $ - $ - (f) Class A-IO $ - $ - $ - 11 Payment of Principal Distribution Amount to Class B Securities: (a) Class B $ - $ - $ - 12 Payment of Principal Distribution Amount to Class C Securities: (b) Class C $ - $ - $ - 13 Payment of any Unreimbursed Advances: $ - $ - $ - (a) Payment of Trust Expenses $ - $ - $ - (b) Payment of Servicing Fees $ - $ - $ - (c) Payment of Administration Fees $ - $ - $ - (d) Payment of Irish Paying Agent $ - $ - $ - (e) Payment of Back-up Administration Fees $ - $ - $ - (f) Payment to First Marblehead Corporation $ - $ - $ - 14 On and after 10% Pool Balance Distribution Date, $ - $ - $ - (a) Is a Turbo Parity Trigger in effect? No (b) Has a TERI Turbo Trigger occurred? No 15 Remaining Funds to owner trust certificateholders $ - $ - $ -
Page 3 of 5
NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1 - ---------------------------------------------------------------------------------------------------------------- IV PARITY CALCULATIONS (EXCLUDES TERRI PLEDGE FUND) 02/23/05 03/31/05 - ---------------------------------------------------------------------------------------------------------------- 1 Senior Parity (Pool Balance + Trust Accounts / Class A Securities) (a) 104.75% 105.31% 2 Total Parity (Pool Balance + Trust Accounts / Securities) (a) 94.32% 94.83% - --------------------------------------------------------------------------------------------------------------- (a) Parity ratio calculations include all Securities including A-5-2 securities.
- ---------------------------------------------------------------------------------------------------------------- V PORTOLIO CHARACTERISTICS BY PAYMENT STATUS - ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------ WAC # OF LOANS % ------------------------------------------------------------------------ PAYMENT STATUS 02/28/05 03/31/05 02/28/05 03/31/05 02/28/05 03/31/05 - ----------------------------------------------------------------------------------------------------------------------- INTERIM (1) In School 6.14% 6.14% 60,584 60,374 89.27% 89.07% - ----------------------------------------------------------------------------------------------------------------------- TOTAL INTERIM 60,584 60,374 89.27% 89.07% - ----------------------------------------------------------------------------------------------------------------------- REPAYMENT ACTIVE Current 6.29% 6.28% 7,117 7,030 10.49% 10.37% 31-60 Days Delinquent 6.38% 6.57% 66 222 0.10% 0.33% 61-90 Days Delinquent 6.79% 6.31% 35 39 0.05% 0.06% 91-120 Days Delinquent 6.97% 7.34% 12 12 0.02% 0.02% 121-150 Days Delinquent 0.00% 7.01% - 16 0.00% 0.02% 151-180 Days Delinquent 0.00% 0.00% - - 0.00% 0.00% > 180 Days Delinquent 4.79% 4.79% 1 1 0.00% 0.00% FORBEARANCE 5.95% 5.86% 51 89 0.08% 0.13% - ----------------------------------------------------------------------------------------------------------------------- TOTAL REPAYMENT 7,282 7,409 10.73% 10.93% - ----------------------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------------------- GRAND TOTAL 67,866 67,783 100.00% 100.00% - ----------------------------------------------------------------------------------------------------------------------- [TABLE CONTINUED] - ---------------------------------------------------------------------------------------------------------------- V PORTOLIO CHARACTERISTICS BY PAYMENT STATUS - ---------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------- PRINCIPAL AMOUNT % ------------------------------------------------------------- PAYMENT STATUS 02/28/05 03/31/05 02/28/05 03/31/05 - ------------------------------------------------------------------------------------------------------------ INTERIM (1) In School $ 609,368,557.10 $ 606,335,452.97 86.92% 86.80% - ------------------------------------------------------------------------------------------------------------ TOTAL INTERIM $ 609,368,557.10 $ 606,335,452.97 86.92% 86.80% - ------------------------------------------------------------------------------------------------------------ REPAYMENT ACTIVE Current $ 89,735,710.09 $ 88,505,676.70 12.80% 12.67% 31-60 Days Delinquent $ 816,189.41 $ 2,013,922.22 0.12% 0.29% 61-90 Days Delinquent $ 444,159.86 $ 461,636.86 0.06% 0.07% 91-120 Days Delinquent $ 126,450.75 $ 147,105.90 0.02% 0.02% 121-150 Days Delinquent $ - $ 228,602.42 0.00% 0.03% 151-180 Days Delinquent $ - $ - 0.00% 0.00% > 180 Days Delinquent $ 2,038.66 $ 2,038.66 0.00% 0.00% FORBEARANCE $ 558,865.78 $ 832,236.54 0.08% 0.12% - ------------------------------------------------------------------------------------------------------------ TOTAL REPAYMENT $ 91,683,414.55 $ 92,191,219.30 13.08% 13.20% - ------------------------------------------------------------------------------------------------------------ - ------------------------------------------------------------------------------------------------------------ GRAND TOTAL $ 701,051,971.65 $ 698,526,672.27 100.00% 100.00% - ------------------------------------------------------------------------------------------------------------
(1) Loans in Interim Status have not yet had a scheduled payment. Page 4 of 5
NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-1 - ----------------------------------------------------------------------------------------------------------- VI PORTOLIO CHARACTERISTICS BY BORROWER TYPE AND SCHOOL TYPE - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- 02/28/05 03/31/05 ------------------------------------------------------------------- Borrower Type PRINCIPAL AMOUNT % PRINCIPAL AMOUNT % - ----------------------------------------------------------------------------------------------------------- Creditworthy Cosigned Loans $ 559,860,983.74 79.86% $ 557,969,030.44 79.88% Creditworthy Non-Cosigned Loans $ 116,326,186.81 16.59% $ 115,744,396.81 16.57% Creditready Loans $ 24,864,801.10 3.55% $ 24,813,245.02 3.55% - ----------------------------------------------------------------------------------------------------------- TOTAL $ 701,051,971.65 100.00% $ 698,526,672.27 100.00% - ----------------------------------------------------------------------------------------------------------- - ----------------------------------------------------------------------------------------------------------- 02/28/05 03/31/05 ------------------------------------------------------------------- School Type PRINCIPAL AMOUNT % PRINCIPAL AMOUNT % - ----------------------------------------------------------------------------------------------------------- 2 Year Private $ 8,093,793.05 1.15% $ 8,077,445.49 1.16% 2 Year Public $ 73,376,915.21 10.47% $ 72,699,007.63 10.41% 4 Year Private $ 189,505,057.40 27.03% $ 189,367,404.82 27.11% 4 Year Public $ 267,317,614.96 38.13% $ 266,444,866.90 38.14% Graduate $ 92,475,734.53 13.19% $ 92,229,495.97 13.20% K-12 $ 19,642,783.83 2.80% $ 19,278,670.24 2.76% Proprietary $ 39,528,140.42 5.64% $ 39,367,855.93 5.64% N/A $ 11,111,932.25 1.59% $ 11,061,925.29 1.58% - ----------------------------------------------------------------------------------------------------------- TOTAL $ 701,051,971.65 100.00% $ 698,526,672.27 100.00% - -----------------------------------------------------------------------------------------------------------
- --------------------------------------------------------------------------------------------------------------------- VI PORTOLIO CHARACTERISTICS BY BORROWER TYPE AND SCHOOL TYPE - --------------------------------------------------------------------------------------------------------------------- - --------------------------------------------------------------------------------------------------------------------- 2/28/05 3/31/05 ----------------------------------------- PRINCIPAL AMOUNT PRINCIPAL AMOUNT - --------------------------------------------------------------------------------------------------------------------- A. Cumulative Claims Filed to TERI(1) $ - $ 25,798.22 B. Cumulative Gross Default Rate (2) 0.00% 0.03% C. Claims Cancelled (Non-Default) $ - $ - D. Cumulative Net Default Rate (3) 0.00% 0.03% E. Cumulative Claim Payments Made by TERI $ - $ - F. Claims in Process $ - $ 25,798.22 G. Cumulative net loss, claims rejected, aged 24 months or more $ - $ - H. Is TERI Principal Trigger in effect? No No Is TERI Turbo Trigger in effect? No No - ---------------------------------------------------------------------------------------------------------------------
(1) Cumulative principal balance of student loans subject to a TERI guaranty event as of the last day of the Collection Period. (2) Section VII.A divided by the principal balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust. (3) Section VII.A adjusted by ( C ) Claims Cancelled and returned to a non-default status divided by the cumulative principal balance defined in footnote (2). Page 5 of 5 -----END PRIVACY-ENHANCED MESSAGE-----