$3,963,579,000 Class A Student Loan-Backed Notes
$122,584,000 Class B Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus
Historical Reports

Date of Issue: August 28, 2008

Issue Amount: $4,086,163,000

Securities Offered:
Class A Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + 1.50%
CUSIP: 78445JAA5

Class B Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + 2.25%
CUSIP: 78445JAB3

Servicer:
Sallie Mae, Inc.

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

Indenture Trustee:
Deutsche Bank Trust Company Americas

Luxembourg Paying Agent:
Deutsche Bank Luxembourg SA

Administrator:
Sallie Mae, Inc.

Underwriters:
Banc of America Securities LLC
Credit Suisse
RBC Capital Markets
RBS Greenwich Capital