EX-99.1 2 ncslt2004-2ex99_1.txt MONTHLY DISTRIBUTION REPORT NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2 CLOSING DATE: OCTOBER 28, 2004 MONTHLY DISTRIBUTION REPORT COLLECTION PERIOD 01/01/05 TO 01/31/05 MONTHLY DISTRIBUTION DATE 02/25/05 VOLUME 3

[TABLE CONTINUED] ------------------------------------------------------------------------ C. SECURITIES CHANGE 02/25/05 % OF SECURITIES ------------------------------------------------------------------------ 1 Class A-1 $ (16,962.11) $ 280,955,246.14 25.24% 2 Class A-2 $ - $ 149,830,000.00 13.46% 3 Class A-3 $ - $ 187,338,000.00 16.83% 4 Class A-4 $ - $ 194,695,000.00 17.49% 5 Class A-5 (b) $ - $ 187,870,000.00 16.88% 6 Class A-IO $ - (c) 0.00% 7 Class B $ - $ 55,800,000.00 5.01% 8 Class C $ - $ 56,800,000.00 5.10% --------------------------------------------------------------------- 9 Total Securities $ (16,962.11) $1,113,288,246.14 100.00% --------------------------------------------------------------------- (a) The Stepdown Date is December 2010. At the Stepdown Date principal payments made on the Class B and Class C Securities may begin to be paid pro-rata with the Class A Securities. See the prospectus for complete information concerning the Stepdown Date. (b) Class A-5 Securities include Class A-5-1 and A-5-2. (c) The initial notional amount, in effect thru Oct. 2008, for Class A-IO (interest-only) equals $100,000,000. Page 1 of 5 NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2

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(1) Loans in Interim Status have not yet had a scheduled payment. Page 4 of 5 NATIONAL COLLEGIATE STUDENT LOAN TRUST 2004-2

(1) Cumulative principal balance of student loans subject to a TERI guaranty event as of the last day of the Collection Period. (2) Section VII.A divided by the principal balance of all Student Loans that have entered repayment status plus cumulative principal payments received by the Trust. (3) Section VII.A adjusted by ( C ) Claims Cancelled and returned to a non-default status divided by the cumulative principal balance defined in footnote (2). Page 5 of 5

National Collegiate Student Loan Trust 2004-2 8-K