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Date of Issue: April 29, 1996

Issue Amount: $283,600,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of $194,576,000.
Rate: T-Bill + 0.70%
CUSIP: 784582AJ7

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of $79,098,000.
Rate: 30 day LIBOR + 0.24%
CUSIP: 784582AK4

Floating Rate Asset-Backed Subordinate Notes in the aggregate principal amount of $9,926,000.
Rate: 30 day LIBOR + 0.60%
CUSIP: 784582AL2

Underwriter: CS First Boston

Servicer: Sallie Mae Servicing LP

Eligible Lender Trustee: Bank One

Indenture Trustee: Deutsche Bank Trust Company Americas

Administrator: Sallie Mae