$355,000,000 Class A-1 Student Loan-Backed Notes
$437,000,000 Class A-2 Student Loan-Backed Notes
$408,000,000 Class A-3 Student Loan-Backed Notes
$522,074,000 Class A-4 Student Loan-Backed Notes
€500,000,000 Class A-5 Student Loan-Backed Notes
$92,245,000 Class B Student Loan-Backed Notes
| Date of Issue: | March 4, 2004 |
| Issue Amount: | $2,444,569,000* |
Securities Offered:
| Class A-1 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR - .01% |
| CUSIP: | 78442GKX3 |
| Class A-2 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .02% |
| CUSIP: | 78442GKY1 |
| Class A-3 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .08% |
| CUSIP: | 78442GKZ8 |
| Class A-4 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .13% |
| CUSIP: | 78442GLA2 |
| Class A-5 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month EURIBOR + .18% |
| ISIN: | XS0187454706 |
| Class B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .47% |
| CUSIP: | 78442GLB0 |
| Servicer: | Sallie Mae Servicing LP |
| Eligible Lender Trustee: | Deutsche Bank Trust Company Americas |
| Indenture Trustee: | Deutsche Bank National Trust Company |
| Administrator: | Sallie Mae, Inc. |
| Luxembourg Paying Agent: | The Bank of New York (Luxembourg) S.A. |
| Underwriters: | Credit Suisse First Boston
JPMorgan
Merrill Lynch & Co.
*Assuming $1.2605 coverts to €1.00 |