$476,000,000 Class A-1 Student Loan-Backed Notes
$593,000,000 Class A-2 Student Loan-Backed Notes
$100,000,000 Class A-3 Student Loan-Backed Notes
$400,109,000 Class A-4 Student Loan-Backed Notes
$55,581,000 Class B Student Loan-Backed Notes
$76,957,000 Class C Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus
Historical Reports

Date of Issue: October 27, 2005

Issue Amount: $1,701,647,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .04%
CUSIP: 78443CBY9

Class A-2 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .18%
CUSIP: 78443CBZ6

Class A-3 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .27%
CUSIP: 78443CCA0

Class A-4 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .33%
CUSIP: 78443CCB8

Class B Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .40%
CUSIP: 78443CCC6

Class C Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .70%
CUSIP: 78443CCD4

Servicer:
Sallie Mae, Inc.

Indenture Trustee:
JP Morgan Chase Bank

Administrator:
Sallie Mae, Inc.

Luxembourg Paying Agent:
Deutsche Bank Luxembourg S.A.

Underwriters:
Credit Suisse First Boston
Lehman Brothers
Merrill Lynch & Co.