Date of Issue:   August 11, 2005

Issue Amount:   $1,568,391,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .00%
CUSIP:  78442GQF6

Class A-2 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .09%
CUSIP:  78442GQG4

Class A-3 Reset Rate Asset-Backed Notes
Rate:  4.41% *
CUSIP:  78442GQH2

Class A-4 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .15%
CUSIP:  78442GQJ8

Class A-5 Reset Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .09% **
CUSIP:  78442GQK5

Class B Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .31%
CUSIP:  78442GQL3

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:
Banc of America Securities LLC
Deutsche Bank Securities
Credit Suisse First Boston
RBS Greenwich Capital
Wachovia Securities

*   Effective until the class A-3 notes initial reset date, which will occur on April 25, 2008.
** Effective until the class A-5 notes initial reset date, which will occur on July 25, 2013.