SLM Private Credit Student Loan Trust 2003-C
Quarterly Servicing Report
Report Date: 11/30/2004 Reporting Period: 9/1/04-11/30/04

I. Deal Parameters


	Student Loan Portfolio Characteristics		8/31/2004			Activity			11/30/2004
A	i	Portfolio Balance	$	1,186,032,124.48			($1,370,137.70	)	$	1,184,661,986.78
	ii	Interest to be Capitalized		50,020,280.80						43,166,983.90

	iii	Total Pool	$	1,236,052,405.28					$	1,227,828,970.68
	iv	Cash Capitalization Account (Cii)		102,811,061.00						74,402,741.74

	v	Asset Balance	$	1,338,863,466.28					$	1,302,231,712.42

	i	Weighted Average Coupon (WAC)		4.907	%					5.391	%
	ii	Weighted Average Remaining Term		183.32						182.67
	iii	Number of Loans		130,825						129,518
	iv	Number of Borrowers		89,057						88,198
	v	Prime Loans Outstanding	$	1,093,674,344					$	1,089,950,140
	vi	T-bill Loans Outstanding	$	140,952,520					$	136,469,856
	vii	Fixed Loans Outstanding	$	1,425,541					$	1,408,974


							% of					% of
	Notes		Cusips	Spread	Balance 9/15/04		O/S Securities**			Balance 12/15/04		O/S Securities**
B	i	A-1 Notes	78443CAY0	0.100%	$	565,794,923.83		43.131	%	$	529,163,169.97		41.497	%
	ii	A-2 Notes	78443CAZ7	0.390%		421,173,000.00		32.106	%		421,173,000.00		33.029	%
	iii	A-3 ARS	78443CBA1	ARS		75,000,000.00		5.717	%		75,000,000.00		5.882	%
	iv	A-4 ARS	78443CBB9	ARS		75,000,000.00		5.717	%		75,000,000.00		5.882	%
	v	A-5 ARS	78443CBC7	ARS		70,000,000.00		5.336	%		70,000,000.00		5.489	%
	vi	B Notes	78443CBD5	0.800%		43,965,000.00		3.352	%		43,965,000.00		3.448	%
	vii	C Notes	78443CBE3	1.600%		60,875,000.00		4.641	%		60,875,000.00		4.774	%

	viii	Total Notes			$	1,311,807,923.83		100.000	%	$	1,275,176,169.97		100.000	%


			9/15/2004		12/15/2004
C	i	Specified Reserve Account Balance ($)	$	3,124,915.00	$	3,124,915.00
	ii	Reserve Account Balance ($)	$	3,124,915.00	$	3,124,915.00
	iii	Cash Capitalization Acct Balance ($)	$	102,811,061.00	$	74,402,741.74
	iv	Initial Asset Balance	$	1,352,777,122.47	$	1,352,777,122.47
	v	Specified Overcollateralization Amount	$	27,055,542.45	$	27,055,542.45
	vi	Actual Overcollateralization Amount	$	27,055,542.45	$	27,055,542.45
	vii	Has the Stepdown Date Occurred?*	No		No

*		The Stepdown Date is the earlier of the distribution date following the reduction of the Class A Notes to zero and September 15, 2008. At the Stepdown Date, principal payments made on the Class B and Class C Notes may begin to be paid pro-rata with the Class A Notes. See the prospectus for complete information concerning the Stepdown Date.

**		Percentages may not total 100% due to rounding

II. 2003-C Transactions from: 8/31/2004 through: 11/30/2004


A	Student Loan Principal Activity
	i	Principal Payments Received	$	14,588,045.37
	ii	Purchases by Servicer (Delinquencies >180)		2,977,902.56
	iii	Other Servicer Reimbursements		68,476.55
	iv	Seller Reimbursements		38,982.99

	v	Total Principal Collections	$	17,673,407.47

B	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		(15,050,635.24	)
	iii	Capitalized Insurance Fee		(1,222,921.88	)
	iv	Other Adjustments		(29,712.65	)

	v	Total Non-Cash Principal Activity	$	(16,303,269.77	)


C	Total Student Loan Principal Activity		$	1,370,137.70


D	Student Loan Interest Activity
	i	Interest Payments Received	$	6,399,699.05
	ii	Purchases by Servicer (Delinquencies >180)		129,968.23
	iii	Other Servicer Reimbursements		5,682.57
	iv	Seller Reimbursements		756.08
	v	Late Fees		93,549.58
	vi	Collection Fees/Return Items		0.00

	vii	Total Interest Collections	$	6,629,655.51

E	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	0.00
	ii	Capitalized Interest		15,050,635.24
	iii	Other Interest Adjustments		19,596.01

	iv	Total Non-Cash Interest Adjustments	$	15,070,231.25


F	Total Student Loan Interest Activity		$	21,699,886.76


III. 2003-C Collection Account Activity 8/31/2004 through: 11/30/2004
A	Principal Collections
	i	Principal Payments Received	$	13,960,870.04
	ii	Consolidation Principal Payments		627,175.33
	iii	Purchases by Servicer (Delinquencies >180)		2,977,902.56
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		68,476.55
	vi	Other Re-purchased Principal		38,982.99

	vii	Total Principal Collections	$	17,673,407.47

B	Interest Collections
	i	Interest Payments Received	$	6,393,885.44
	ii	Consolidation Interest Payments		5,813.61
	iii	Purchases by Servicer (Delinquencies >180)		129,968.23
	iv	Reimbursements by Seller		0.00
	v	Reimbursements by Servicer		5,682.57
	vi	Other Re-purchased Interest		756.08
	vii	Collection Fees/Return Items		0.00
	viii	Late Fees		93,549.58

	ix	Total Interest Collections	$	6,629,655.51

C	Recoveries on Realized Losses		$	0.00

D	Funds Borrowed from Next Collection Period		$	0.00

E	Funds Repaid from Prior Collection Periods		$	0.00

F	Investment Income		$	486,188.78

G	Borrower Incentive Reimbursements		$	39,151.34

H	Interest Rate Cap Proceeds		$	0.00

I	Gross Swap Receipt		$	5,197,383.52

J	Other Deposits		$	55,117.34

	TOTAL FUNDS RECEIVED		$	30,080,903.96

	LESS FUNDS PREVIOUSLY REMITTED:
	i Funds Allocated to the Future Distribution Account		$	(7,983,811.03	)
	ii Funds Released from the Future Distribution Account		$	5,514,273.83

	AVAILABLE FUNDS PRIOR TO RELEASE FROM CASH CAPITALIZATION ACCOUNT		$	27,611,366.76

K	Amount released from Cash Capitalizaton Account		$	28,408,319.26

L	AVAILABLE FUNDS		$	56,019,686.02

M	Servicing Fees Due for Current Period		$	687,791.78

N	Carryover Servicing Fees Due		$	0.00

O	Administration Fees Due		$	20,000.00


P	Total Fees Due for Period		$	707,791.78

IV. 2003-C Future Distribution Account Activity


A	Account Reconciliation

	i	Beginning Balance	9/15/2004	$	2,338,059.91
	ii	Total Allocations for Distribution Period		$	5,645,751.12
	iii	Total Payments for Distribution Period		$	(2,469,537.20	)
	iv	Funds Released to the Collection Account		$	(5,514,273.83	)

	v	Total Balance Prior to Current Month Allocations		$	0.00

	vi	Ending Balance	12/15/2004	$	3,093,549.61

B	Monthly Allocations to the Future Distribution Account

	Monthly Allocation Date		9/15/2004
	i	Primary Servicing Fees		$	693,831.47
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			38,225.00
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			1,599,336.78
	v	Interest Accrued on the Class B Notes			0.00

	vi	Balance as of	9/15/2004	$	2,338,059.91

	Monthly Allocation Date		10/15/2004
	i	Primary Servicing Fees		$	691,852.07
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			39,499.17
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,106,042.20
	v	Interest Accrued on the Class B Notes			0.00

	vi	Total Allocations		$	2,844,060.10

	Monthly Allocation Date		11/15/2004
	i	Primary Servicing Fees		$	690,110.67
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			38,225.00
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,066,688.69
	v	Interest Accrued on the Class B Notes			0.00

	vi	Total Allocations		$	2,801,691.02

C	Total Future Distribution Account Deposits Previously Allocated			$	7,983,811.03


D	Current Month Allocations		12/15/2004
	i	Primary Servicing		$	687,791.78
	ii	Admin fees			6,666.66
	iii	Broker Dealer, Auction Agent and Remarketing Fees			43,321.66
	iv	Interest Accrued on the Class A Notes and Swap Counterparty			2,355,769.51
	v	Interest Accrued on the Class B & C Notes			0.00

	vi	Allocations on the Distribution Date		$	3,093,549.61

V. 2003-C Auction Rate Security Detail


A	Auction Rate Securities — Payments During Distribution Period

		Payment	Security	Interest			No. of
	i	Date	Description	Rate			Days		Start Date		End Date		Interest Payment
		09/23/2004	SLMPC TRUST 2003C A5		1.700000	%		28		08/26/2004		09/23/2004		92,555.56
		10/05/2004	SLMPC TRUST 2003C A3		1.750000	%		28		09/07/2004		10/05/2004		102,083.33
		10/12/2004	SLMPC TRUST 2003C A4		1.830000	%		28		09/14/2004		10/12/2004		106,750.00
		10/21/2004	SLMPC TRUST 2003C A5		1.910000	%		28		09/23/2004		10/21/2004		103,988.89
		11/02/2004	SLMPC TRUST 2003C A3		1.910000	%		28		10/05/2004		11/02/2004		111,416.67
		11/09/2004	SLMPC TRUST 2003C A4		1.950000	%		28		10/12/2004		11/09/2004		113,750.00
		11/18/2004	SLMPC TRUST 2003C A5		1.950000	%		28		10/21/2004		11/18/2004		106,166.67
		11/30/2004	SLMPC TRUST 2003C A3		2.050000	%		28		11/02/2004		11/30/2004		119,583.33
		12/07/2004	SLMPC TRUST 2003C A4		2.130000	%		28		11/09/2004		12/07/2004		124,250.00

	ii	Auction Rate Note Interest Paid During Distribution Period						9/15/04-12/15/04					$	980,544.45
	iii	Broker/Dealer Fees Paid During Distribution Period						9/15/04-12/15/04					$	102,666.69
	iv	Auction Agent Fees Paid During Distribution Period						9/15/04-12/15/04					$	4,363.32
	v	Primary Servicing Fees Remitted						9/15/04-12/15/04					$	1,381,962.74

	vi	Total											$	2,469,537.20
		- Less: Auction Rate Security Interest Payments due on the Distribution Date											$	0.00
		- Less: Auction Rate Security Auction Agent Fees due on the Distribution Date											$	0.00
		- Less: Auction Rate Security Broker Dealer Fees due on the Distribution Date											$	0.00

B	Total Payments Out of Future Distribution Account During Collection Period												$	2,469,537.20

C	Funds Released to Collection Account												$	5,514,273.83

D	Auction Rate Student Loan Rates			Sep-04			Oct-04		Nov-04
				3.97043%			3.97040%		4.45340%

VI. 2003-C Loss and Recovery Detail


A	i	Cumulative Realized Losses Test		% of Original Pool					8/31/2004		11/30/2004

			December 15, 2003 to June 16, 2008		15	%		$	187,494,909.22	$	187,494,909.22
			September 15, 2008 to June 15, 2011		18	%
			September 15, 2011 and thereafter		20	%
	ii	Cumulative Realized Losses (Net of Recoveries)						$	0.00	$	0.00

	iii	Is Test Satisfied (ii < i)?					Yes

B	i	Recoveries on Realized Losses This Collection Period

	ii	Principal Cash Recovered During Collection Period						$	0.00	$	0.00
	iii	Interest Cash Recovered During Collection Period						$	0.00	$	0.00
	iv	Late Fees and Collection Costs Recovered During Collection Period						$	0.00	$	0.00

	v	Total Recoveries for Period						$	0.00	$	0.00

C	i	Gross Defaults:
	ii	Cumulative Principal Purchases by Servicer						$	3,657,617.19	$	6,635,519.75
	iii	Cumulative Interest Purchases by Servicer							128,850.93		258,819.16


	iv	Total Gross Defaults:						$	3,786,468.12	$	6,894,338.91

VII. 2003-C Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				%*						Principal Amount				%*
STATUS	8/31/2004			11/30/2004			8/31/2004		11/30/2004		8/31/2004			11/30/2004			8/31/2004		11/30/2004		8/31/2004			11/30/2004
INTERIM:
In School		4.784	%		5.262	%		37,323		35,188		28.529	%		27.168	%	$	309,124,211.02	$	289,883,952.60		26.064	%		24.470	%

Grace		4.769	%		5.429	%		20,667		9,880		15.797	%		7.628	%	$	204,882,077.52	$	102,678,499.14		17.275	%		8.667	%

Deferment		4.947	%		5.489	%		4,628		6,973		3.538	%		5.384	%	$	39,399,572.93	$	60,500,621.15		3.322	%		5.107	%

TOTAL INTERIM		4.790	%		5.330	%		62,618		52,041		47.864	%		40.181	%	$	553,405,861.47	$	453,063,072.89		46.661	%		38.244	%
REPAYMENT
Active
Current		4.853	%		5.277	%		53,750		66,209		41.085	%		51.120	%	$	489,127,130.59	$	615,474,418.88		41.241	%		51.954	%
31-60 Days Delinquent		5.491	%		6.520	%		2,011		1,735		1.537	%		1.340	%		16,965,231.87	$	15,154,278.02		1.430	%		1.279	%
61-90 Days Delinquent		5.764	%		6.757	%		992		762		0.758	%		0.588	%		9,555,835.48	$	7,232,304.36		0.806	%		0.610	%
91-120 Days Delinquent		6.222	%		6.511	%		538		488		0.411	%		0.377	%		4,548,896.11	$	4,346,537.58		0.384	%		0.367	%
121-150 Days Delinquent		6.783	%		6.542	%		300		652		0.229	%		0.503	%		2,313,025.12	$	5,501,100.85		0.195	%		0.464	%
151-180 Days Delinquent		6.394	%		6.637	%		180		295		0.138	%		0.228	%		1,688,808.60	$	2,879,033.02		0.142	%		0.243	%
> 180 Days Delinquent		6.000	%		0.000	%		2		0		0.002	%		0.000	%		9,986.41	$	—		0.001	%		0.000	%

Forbearance		5.457	%		6.084	%		10,434		7,336		7.976	%		5.664	%		108,417,348.83	$	81,011,241.18		9.141	%		6.838	%

TOTAL REPAYMENT		5.009	%		5.429	%		68,207		77,477		52.136	%		59.819	%	$	632,626,263.01	$	731,598,913.89		53.339	%		61.756	%

GRAND TOTAL		4.907	%		5.391	%		130,825		129,518		100.000	%		100.000	%	$	1,186,032,124.48	$	1,184,661,986.78		100.000	%		100.000	%

* Percentages may not total 100% due to rounding

VIII. 2003-C Portfolio Characteristics by Loan Program


LOAN TYPE	WAC			# Loans		$ Amount		%

-Signature Loans		5.468	%		98,954	$	863,831,923.80		72.918	%
-Law Loans		5.577	%		19,454		174,789,515.24		14.754	%
-Med Loans		4.904	%		3,391		30,493,418.45		2.574	%
-MBA Loans		4.623	%		7,719		115,547,129.29		9.754	%


- Total		5.391	%		129,518	$	1,184,661,986.78		100.000	%

* Percentages may not total 100% due to rounding

IX. 2003-C Interest Rate Swap and Cap Calculations


A	Swap Payments
					Counterparty A			Counterparty B

	i	Notional Swap Amount — Aggregate Prime Loans Outstanding			$	546,837,172.18		$	546,837,172.18
	Counterparty Pays:
	ii	3 Month Libor				1.88000	%		1.88000	%
	iii	Gross Swap Receipt Due Trust			$	2,598,691.76		$	2,598,691.76
	iv	Days in Period	9/15/2004	12/15/2004		91			91

	SLM Private Credit Trust Pays:
	v	Prime Rate (WSJ) Less	2.6500%			1.85000	%		1.85000	%
	vi	Gross Swap Payment Due Counterparty			$	2,515,301.58		$	2,515,301.58
	vii	Days in Period	9/15/2004	12/15/2004		91			91

B	Cap Payments				Cap Calculation

	i	Notional Swap Amount			$	860,000,000.00
	Counterparty Pays:
	ii	3 Month Libor (interpolated for first accrual period)				1.88000	%
	iii	Cap Rate				6.00000	%

	iv	Excess (if any) of Libor over Cap Rate (ii-iii)				0.00000	%
	v	Days in Period	9/15/2004	12/15/2004		91
	vi	Cap Payment due Trust			$	0.00

X. 2003-C Accrued Interest Factors

Accrued

Int Factor

Accrual Period

Rate

Class A-1 Interest Rate

0.0050050

(9/15/04—12/15/04)

1.98000

Class A-2 Interest Rate

0.0057381

(9/15/04—12/15/04)

2.27000

Class B Interest Rate

0.0067744

(9/15/04—12/15/04)

2.68000

Class C Interest Rate

0.0087967

(9/15/04—12/15/04)

3.48000

XI. 2003-C Inputs From Prior Period 8/31/2004


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance			$	1,186,032,124.48
	ii	Interest To Be Capitalized				50,020,280.80

	iii	Total Pool			$	1,236,052,405.28
	iv	Cash Capitalization Account (CI)				102,811,061.00

	v	Asset Balance			$	1,338,863,466.28

B	Total Note and Certificate Factor					0.9745879
C	Total Note Balance				$	1,311,807,923.83

D	Note Balance 9/15/2004		Class A-1		Class A-2		Class A-3		Class A-4		Class A-5		Class B		Class C

	i	Current Factor		0.9429915		1.0000000		1.0000000		1.0000000		1.0000000		1.0000000		1.0000000
	ii	Expected Note Balance	$	565,794,923.83	$	421,173,000.00	$	75,000,000.00	$	75,000,000.00	$	70,000,000.00	$	43,965,000.00	$	60,875,000.00
F	Interest Shortfall		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
G	Interest Carryover		$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

H	Unpaid Primary Servicing Fees from Prior Month(s)				$	0.00
I	Unpaid Administration fees from Prior Quarter(s)				$	0.00
J	Unpaid Carryover Servicing Fees from Prior Quarter(s)				$	0.00

XII. 2003-C Note Parity Triggers


					Class A		Class B		Class C
			Notes Outstanding	9/15/04	$	1,206,967,924	$	1,250,932,924	$	1,311,807,924
			Asset Balance	8/31/04	$	1,338,863,466	$	1,338,863,466	$	1,338,863,466

			Pool Balance	11/30/04	$	1,227,828,971	$	1,227,828,971	$	1,227,828,971
			Amounts on Deposit*	12/15/04		119,435,515		119,137,677		118,602,180
			Total		$	1,347,264,486	$	1,346,966,648	$	1,346,431,151

			Are the Notes in Excess of the Asset Balance?		No		No		No
			Are the Notes in Excess of the Pool + Amounts on Deposit?		No		No		No

			Are the Notes Parity Triggers in Effect?		No		No		No

			Class A Enhancement		$	131,895,542.45
			Specified Class A Enhancement		$	195,334,756.86	The greater of 15% of the Asset Balance or the Specified Overcollateralization Amount

			Class B Enhancement		$	87,930,542.45
			Specified Class B Enhancement		$	131,850,960.88	The greater of 10.125% of the Asset Balance or the Specified Overcollateralization Amount

			Class C Enhancement		$	27,055,542.45
			Specified Class C Enhancement		$	39,066,951.37	The greater of 3% of the Asset Balance or the Specified Overcollateralization Amount

*Amounts on Deposit in Trust Accounts for the Collection Period after Payment of Section XIII Items B through F for the Class A; Items B through H for the Class B; and Items B through J for the Class C

XIII. 2003-C Cash Capitalization Account Triggers

	A		Cash Capitalization Account Balance as of Collection End Date	11/30/2004			$	102,811,061.00
			Less: Excess of Trust fees & Note interest due over Available Funds	12/15/2004			$	0.00

			Cash Capitalization Account Balance (CI)*				$	102,811,061.00

	B	i	5.50% of Initial Asset Balance				$	74,402,741.74
		ii	Excess, CI over 5.5% of initial Asset Bal				$	28,408,319.26
		iii	Release A(ii) excess to Collection Account?**	12/15/2004			RELEASE FROM CASH CAP

	C	i	3.50% of Initial Asset Balance				$	47,347,199.29
		ii	Excess, CI over 3.5% of initial Asset Bal				$	55,463,861.71
		iii	Release B(ii) excess to Collection Account?**	12/15/2004			DO NOT RELEASE

			Release from Cash Capitalization Account ®*	12/15/2004			$	28,408,319.26

*as defined under “Asset Balance” on page S-78 of the prospectus supplement
**determined based on a comparison of pool balances to notes outstanding and CI, along with certain loan portfolio characteristics, as outlined on page S-58 of the prospectus supplement

XIV. 2003-C Principal Distribution Calculations

Priority Principal Payments (If Note Parity Triggers are not in effect, go to Regular Principal Distribution below):

Is the Class A Note Parity Trigger in Effect?

Aggregate A Notes Outstanding

9/15/2004

1,206,967,923.83

iii

Asset Balance

11/30/2004

1,302,231,712.42

First Priority Principal Distribution Amount

12/15/2004

0.00

Is the Class B Note Parity Trigger in Effect?

Aggregate A and B Notes Outstanding

9/15/2004

1,250,932,923.83

vii

Asset Balance

11/30/2004

1,302,231,712.42

viii

First Priority Principal Distribution Amount

12/15/2004

0.00

Second Priority Principal Distribution Amount

12/15/2004

0.00

Is the Class C Note Parity Trigger in Effect?

Aggregate A, B and C Notes Outstanding

9/15/2004

1,311,807,923.83

xii

Asset Balance

11/30/2004

1,302,231,712.42

xiii

First Priority Principal Distribution Amount

12/15/2004

0.00

xiv

Second Priority Principal Distribution Amount

12/15/2004

0.00

Third Priority Principal Distribution Amount

12/15/2004

9,576,211.41

Regular Principal Distribution

Aggregate Notes Outstanding

9/15/2004

1,311,807,923.83

Asset Balance

11/30/2004

1,302,231,712.42

iii

Specified Overcollateralization Amount

12/15/2004

27,055,542.45

First Priority Principal Distribution Amount

12/15/2004

0.00

Second Priority Principal Distribution Amount

12/15/2004

0.00

Third Priority Principal Distribution Amount

12/15/2004

9,576,211.41

vii

Regular Principal Distribution Amount

27,055,542.45

Class A Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

11/30/2004

1,302,231,712.42

iii

85% of Asset Balance

11/30/2004

1,106,896,955.56

Specified Overcollateralization Amount

12/15/2004

27,055,542.45

Lesser of (iii) and (ii — iv)

1,106,896,955.56

Class A Noteholders’ Principal Distribution Amt — Before the Stepdown Date

36,631,753.86

vii

Class A Noteholders’ Principal Distribution Amt — After the Stepdown Date

0.00

Class B Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

11/30/2004

1,302,231,712.42

iii

89.875% of Asset Balance

11/30/2004

1,170,380,751.54

Specified Overcollateralization Amount

12/15/2004

27,055,542.45

Lesser of (iii) and (ii — iv)

1,170,380,751.54

Class B Noteholders’ Principal Distribution Amt — Before the Stepdown Date

0.00

vii

Class B Noteholders’ Principal Distribution Amt — After the Stepdown Date

0.00

Class C Noteholders’ Principal Distribution Amounts

Has the Stepdown Date Occurred?

Asset Balance

11/30/2004

1,302,231,712.42

iii

97% of Asset Balance

11/30/2004

1,263,164,761.05

Specified Overcollateralization Amount

12/15/2004

27,055,542.45

Lesser of (iii) and (ii — iv)

1,263,164,761.05

Class C Noteholders’ Principal Distribution Amt — Before the Stepdown Date

0.00

vii

Class C Noteholders’ Principal Distribution Amt — After the Stepdown Date

0.00

XV. 2003-C Waterfall for Distributions


							Remaining
							Funds Balance

A		Total Available Funds (Sections III-J)			$	56,019,686.02	$	56,019,686.02

B		Primary Servicing Fees — Current Month plus any Unpaid			$	687,791.78	$	55,331,894.24

C		Quarterly Administration Fee plus any Unpaid			$	20,000.00	$	55,311,894.24

D		Auction Agent Fees Due	12/15/2004		$	0.00	$	55,311,894.24
		Broker/Dealer Fees Due	12/15/2004		$	0.00	$	55,311,894.24

E		Gross Swap Payment due Counterparty A			$	2,515,301.58	$	52,796,592.66
		Gross Swap Payment due Counterparty B			$	2,515,301.58	$	50,281,291.08

F	i	Class A-1 Noteholders’ Interest Distribution Amount due		12/15/2004	$	2,831,803.59	$	47,449,487.49
	ii	Class A-2 Noteholders’ Interest Distribution Amount due		12/15/2004	$	2,416,714.07	$	45,032,773.42
	iii	Class A-3 Noteholders’ Interest Distribution Amount due		12/15/2004	$	0.00	$	45,032,773.42
	iv	Class A-4 Noteholders’ Interest Distribution Amount due		12/15/2004	$	0.00	$	45,032,773.42
	v	Class A-5 Noteholders’ Interest Distribution Amount due		12/15/2004	$	0.00	$	45,032,773.42
	vi	Swap Termination Fees due		12/15/2004	$	0.00	$	45,032,773.42

G		First Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	45,032,773.42

H		Class B Noteholders’ Interest Distribuition Amount due		12/15/2004	$	297,838.45	$	44,734,934.97

I		Second Priority Principal Distribution Amount — Principal Distribution Account			$	0.00	$	44,734,934.97

J		Class C Noteholders’ Interest Distribuition Amount			$	535,497.08	$	44,199,437.89

K		Third Priority Principal Distribution Amount — Principal Distribution Account			$	9,576,211.41	$	34,623,226.48

L		Increase to the Specified Reserve Account Balance			$	0.00	$	34,623,226.48

M		Regular Principal Distribution Amount — Principal Distribution Account			$	27,055,542.45	$	7,567,684.03

N		Carryover Servicing Fees			$	0.00	$	7,567,684.03

O		Auction Rate Noteholder’s Interest Carryover
	i	Class A-3			$	0.00	$	7,567,684.03
	ii	Class A-4			$	0.00	$	7,567,684.03
	iii	Class A-5			$	0.00	$	7,567,684.03

P		Swap Termination Payments			$	0.00	$	7,567,684.03

Q		Additional Principal Distribution Amount — Principal Distribution Account			$	0.00	$	7,567,684.03

R		Remaining Funds to the Certificateholders			$	7,567,684.03	$	0.00

XVI. 2003-C Principal Distribution Account Allocations


					Remaining
					Funds Balance

A		Total from Collection Account	$	36,631,753.86	$	36,631,753.86

B	i	Class A-1 Principal Distribution Amount Paid	$	36,631,753.86	$	0.00
	ii	Class A-2 Principal Distribution Amount Paid	$	0.00	$	0.00
	iii	Class A-3 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00
	iv	Class A-4 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00
	v	Class A-5 Principal Distribution Amount Paid (or allocated)	$	0.00	$	0.00

C		Class B Principal Distribution Amount Paid	$	0.00	$	0.00

D		Class C Principal Distribution Amount Paid	$	0.00	$	0.00

E		Remaining Class C Distribution Paid	$	0.00	$	0.00

F		Remaining Class B Distribution Paid	$	0.00	$	0.00

G	i	Remaining Class A-1 Distribution Paid	$	0.00	$	0.00
	ii	Remaining Class A-2 Distribution Paid	$	0.00	$	0.00
	iii	Remaining Class A-3 Distribution Paid (or allocated)	$	0.00	$	0.00
	iv	Remaining Class A-4 Distribution Paid (or allocated)	$	0.00	$	0.00
	v	Remaining Class A-5 Distribution Paid (or allocated)	$	0.00	$	0.00

XVII. 2003-C Distributions


A	Distribution Amounts		Class A-1		Class A-2		Class A-3		Class A-4		Class B		Class C
	i	Quarterly Interest Due	$	2,831,803.59	$	2,416,714.07	$	0.00	$	0.00	$	297,838.45	$	535,497.08
	ii	Quarterly Interest Paid		2,831,803.59		2,416,714.07		0.00		0.00		297,838.45		535,497.08

	iii	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	iv	Interest Carryover Due	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover Paid		0.00		0.00		0.00		0.00		0.00		0.00

	vi	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00

	vii	Quarterly Principal Distribution Amount	$	36,631,753.86	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid (or allocated)		36,631,753.86		0.00		0.00		0.00		0.00		0.00

	ix	Difference	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00


	x	Total Distribution Amount	$	39,463,557.45	$	2,416,714.07	$	0.00	$	0.00	$	297,838.45	$	535,497.08


B	Note Balances					9/15/2004	Paydown Factors			12/15/2004
	i	A-1 Note Balance		78443CAY0	$	565,794,923.83			$	529,163,169.97
		A-1 Note Pool Factor				0.9429915		0.0610529		0.8819386

	ii	A-2 Note Balance		78443CAZ7	$	421,173,000.00			$	421,173,000.00
		A-2 Note Pool Factor				1.0000000		0.0000000		1.0000000	Next ARS
											Pay Date		Balances
	iii	A-3 Note Balance		78443CBA1	$	75,000,000.00			$	75,000,000.00		12/28/04	$	75,000,000.00
		A-3 Note Pool Factor				1.0000000		0.0000000		1.0000000				1.0000000

	iv	A-4 Note Balance		78443CBB9	$	75,000,000.00			$	75,000,000.00		01/05/05	$	75,000,000.00
		A-4 Note Pool Factor				1.0000000		0.0000000		1.0000000				1.0000000

	v	A-5 Note Balance		78443CBC7	$	70,000,000.00			$	70,000,000.00		12/16/04	$	70,000,000.00
		A-5 Note Pool Factor				1.0000000		0.0000000		1.0000000				1.0000000

	vi	B Note Balance		78443CBD5	$	43,965,000.00			$	43,965,000.00
		B Note Pool Factor				1.0000000		0.0000000		1.0000000

	vii	C Note Balance		78443CBE3	$	60,875,000.00			$	60,875,000.00
		C Note Pool Factor				1.0000000		0.0000000		1.0000000

XVIII. 2003-C Historical Pool Information


			9/1/04-11/30/04			6/1/04-8/31/04			3/1/04-5/31/04			12/01/03-02/29/03			08/18/03-11/30/03
Beginning Student Loan Portfolio Balance			$	1,186,032,124.48		$	1,191,380,848.59		$	1,201,155,217.98		$	1,205,163,347.06		$	1,202,893,173.22

	Student Loan Principal Activity
	i	Principal Payments Received	$	14,588,045.37		$	14,052,958.69		$	13,747,785.94		$	12,789,181.37		$	13,196,464.40
	ii	Purchases by Servicer (Delinquencies >180)		2,977,902.56			1,411,770.44			1,017,501.03			1,151,451.03			76,894.69
	iii	Other Servicer Reimbursements		68,476.55			27,448.07			(32,006.81	)		1,819.35			1,730.97
	iv	Seller Reimbursements		38,982.99			—			93,452.56			175,765.85			665,294.10

	v	Total Principal Collections	$	17,673,407.47		$	15,492,177.20		$	14,826,732.72		$	14,118,217.60		$	13,940,384.16
	Student Loan Non-Cash Principal Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		(15,050,635.24	)		(9,506,536.21	)		(4,848,056.60	)		(8,930,525.57	)		(14,369,110.75	)
	iii	Capitalized Insurance Fee		($1,222,921.88	)		($636,979.00	)		($206,100.24	)		($1,165,239.70	)		($1,810,969.76	)
	iv	Other Adjustments		(29,712.65	)		62.12			1,793.51			(14,323.25	)		(30,477.49	)

	v	Total Non-Cash Principal Activity	$	(16,303,269.77	)	$	(10,143,453.09	)	$	(5,052,363.33	)	$	(10,110,088.52	)	$	(16,210,558.00	)
(-)	Total Student Loan Principal Activity		$	1,370,137.70		$	5,348,724.11		$	9,774,369.39		$	4,008,129.08		$	(2,270,173.84	)

	Student Loan Interest Activity

	i	Interest Payments Received	$	6,399,699.05		$	5,830,705.16		$	5,369,428.80		$	4,838,239.81		$	4,365,636.18
	ii	Repurchases by Servicer (Delinquencies >180)		129,968.23			53,382.54			34,855.48			40,125.17			487.74
	iii	Other Servicer Reimbursements		5,682.57			2,159.49			(1,906.22	)		61.76			15.64
	iv	Seller Reimbursements		756.08			(0.00	)		7,807.48			11,832.95			46,145.91
	v	Late Fees		93,549.58			78,655.83			67,109.33			62,849.57			51,362.80
	vi	Collection Fees		—			—			—			—			—

	viii	Total Interest Collections		6,629,655.51			5,964,903.02			5,477,294.87			4,953,109.26			4,463,648.27
	Student Loan Non-Cash Interest Activity
	i	Realized Losses/Loans Charged Off	$	—		$	—		$	—		$	—		$	—
	ii	Capitalized Interest		15,050,635.24			9,506,536.21			4,848,056.60			8,930,525.57			14,369,110.75
	iii	Other Interest Adjustments		19,596.01			13,583.52			28,841.20			33,539.19			104,599.84

	iv	Total Non-Cash Interest Adjustments	$	15,070,231.25		$	9,520,119.73		$	4,876,897.80		$	8,964,064.76		$	14,473,710.59

	v	Total Student Loan Interest Activity	$	21,699,886.76		$	15,485,022.75		$	10,354,192.67		$	13,917,174.02		$	18,937,358.86

(=)	Ending Student Loan Portfolio Balance		$	1,184,661,986.78		$	1,186,032,124.48		$	1,191,380,848.59		$	1,201,155,217.98		$	1,205,163,347.06
(+)	Interest to be Capitalized		$	43,166,983.90		$	50,020,280.80		$	51,103,120.52		$	46,965,543.28		$	46,656,743.34

(=)	TOTAL POOL		$	1,227,828,970.68		$	1,236,052,405.28		$	1,242,483,969.11		$	1,248,120,761.26		$	1,251,820,090.40

(+)	Cash Capitalization Account Balance (CI)		$	74,402,741.74		$	102,811,061.00		$	102,811,061.00		$	102,811,061.00		$	102,811,061.00

(=)	Asset Balance		$	1,302,231,712.42		$	1,338,863,466.28		$	1,345,295,030.11		$	1,350,931,822.26		$	1,354,631,151.40

XIX. 2003-C Payment History and CPRs


Distribution	Actual		Since Issued
Date	Pool Balances		CPR *

Dec-03	$	1,251,820,090		2.20	%
Mar-03	$	1,248,120,761		2.03	%
Jun-04	$	1,242,483,969		1.77	%
Sep-04	$	1,236,052,405		1.71	%
Dec-04	$	1,227,828,971		2.00	%

* “Since Issued CPR” is based on the current period’s ending pool balance
calculated against the original pool balance and assuming cutoff date pool data.

SLM EDUCATION CREDIT FUNDING LLC 8-K