$700,000,000 Class A-1 Student Loan-Backed Notes
$600,000,000 Class A-2 Student Loan-Backed Notes
$735,000,000 Class A-3 Student Loan-Backed Notes
$466,611,000 Class A-4 Student Loan-Backed Notes
$77,369,000 Class B Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus
Historical Reports

Date of Issue:   May 19, 2005

Issue Amount:   $2,578,980,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .01%
CUSIP:  78442GPE0

Class A-2 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .08%
CUSIP:  78442GPF7

Class A-3 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .12%
CUSIP:  78442GPG5

Class A-4 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .17%
CUSIP:  78442GPH3

Class B Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .18%
CUSIP:  78442GPL4

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:
Deutsche Bank Securities
Merrill Lynch & Co.
Citigroup
RBS Greenwich Capital
UBS Investment Bank