$450,000,000 Class A-1 Student Loan-Backed Notes
$603,000,000 Class A-2 Student Loan-Backed Notes
$321,000,000 Class A-3 Student Loan-Backed Notes
$388,000,000 Class A-4 Student Loan-Backed Notes
$202,111,000 Class A-5 Student Loan-Backed Notes
$60,746,000 Class B Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus
Historical Reports

Date of Issue:   February 15, 2005

Issue Amount:   $2,024,857,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR - .02%
CUSIP:  78442GNR3

Class A-2 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .01%
CUSIP:  78442GNS1

Class A-3 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .04%
CUSIP:  78442GNT9

Class A-4 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .08%
CUSIP:  78442GNU6

Class A-5 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .09%
CUSIP:  78442GNV4

Class B Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .17%
CUSIP:  78442GNW2

Servicer:
Sallie Mae, Inc.

Eligible Lender Trustee:
The Bank of New York Trust Company, N.A.

Indenture Trustee:
Deutsche Bank Trust Company Americas

Administrator:
Sallie Mae, Inc.

Luxembourg Paying Agent:
Deutsche Bank Luxembourg SA

Underwriters:
Credit Suisse First Boston
Lehman Brothers
Barclays Capital
Merrill Lynch & Co.
Morgan Stanley