$233,000,000 Class A-1 Student Loan-Backed Notes
$446,000,000 Class A-2 Student Loan-Backed Notes
$240,000,000 Class A-3 Student Loan-Backed Notes
$563,000,000 Class A-4 Student Loan-Backed Notes
$278,962,000 Class A-5 Student Loan-Backed Notes
€235,000,000 Class A-6 Student Loan-Backed Notes
€500,000,000 Class A-7A Student Loan-Backed Notes
$380,000,000 Class A-7B Student Loan-Backed Notes
$93,381,000 Class B Student Loan-Backed Notes
| Date of Issue: | November 15, 2005 |
| Issue Amount: | $3,112,668,000* |
Securities Offered:
| Class A-1 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR - .03% |
| CUSIP: | 78442GQU3 |
| Class A-2 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .00% |
| CUSIP: | 78442GQV1 |
| Class A-3 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .05% |
| CUSIP: | 78442GQW9 |
| Class A-4 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .10% |
| CUSIP: | 78442GQX7 |
| Class A-5 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .12% |
| CUSIP: | 78442GQY5 |
| Class A-6 Reset Rate Asset-Backed Notes |
|---|
| Rate: | Three Month EURIBOR + .07% ** |
| ISIN: | XS0235351904 |
| Class A-7A Reset Rate Asset-Backed Notes |
|---|
| Rate: | Three Month EURIBOR + .10% *** |
| ISIN: | XS0235359048 |
| Class A-7B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .16% |
| CUSIP: | 78442GRB4 |
| Class B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .30% |
| CUSIP: | 78442GRC2 |
| 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: | Deutsche Bank Luxembourg SA |
Underwriters:
| Credit Suisse First Boston
Deutsche Bank Securities
Banc of America Securities LLC
Barclays Capital
Merrill Lynch & Co.
DEPFA BANK
Fortis Bank |
* Using an exchange rate of $1.195 = €1.00.
** Effective until the class A-6 notes initial reset date, which will occur on October 25, 2012.
*** Effective until the class A-7A notes initial reset date, which will occur on January 25, 2016.