SLM Student Loan Trust 2001-1 Quarterly Servicing Report

Collection Period 04/01/2005 - 06/30/2005 Distribution Date 07/25/2005

Indenture Trustee: Deutsche Bank

I. Deal Parameters



A	Student Loan Portfolio Characteristics		03/08/2001			03/31/2005			06/30/2005

	Principal Balance		$	1,492,831,995.11		$	395,752,796.52		$	343,460,911.99
	Interest to be Capitalized Balance			8,911,897.13			2,092,615.66			1,666,644.31

	Pool Balance		$	1,501,743,892.24		$	397,845,412.18		$	345,127,556.30
	Specified Reserve Account Balance			3,754,360.00			- N/A -			- N/A -

	Adjusted Pool (1)		$	1,505,498,252.24		$	397,845,412.18		$	345,127,556.30

	Weighted Average Coupon (WAC)			8.29	%		3.65	%		3.66	%
	Weighted Average Remaining Term			113.28			93.71			92.35
	Number of Loans			415,358			146,164			131,203
	Number of Borrowers			168,546			65,087			59,033

	Since Issued CPR						19.34	%		20.98	%

(1)	The Specified Reserve Account balance is included in the Adjusted Pool until the Pool Balance is less than 40% of the original pool.


B	Debt Securities	Cusip/Isin	04/25/2005						07/25/2005

	A1	78442GCM6	$	—					$	—
	A2	78442GCP9	$	344,285,412.18					$	291,567,556.30
	B	78442GCR5	$	53,560,000.00					$	53,560,000.00


C	Account Balances		04/25/2005						07/25/2005

	Reserve Account Balance		$	1,501,744.00					$	1,501,744.00


D	Asset/Liability		04/25/2005						07/25/2005

	Adjusted Pool Balance		$	397,845,412.18					$	345,127,556.30
	Total Notes		$	397,845,412.18					$	345,127,556.30
	Difference		$	—					$	—

	Parity Ratio			1.00000						1.00000

Page 1 of 9

II. Trust Activity 04/01/2005 through 06/30/2005


A	Student Loan Principal Receipts
		Borrower Principal		10,978,598.81
		Guarantor Principal		4,389,570.64
		Consolidation Activity Principal		38,388,859.83
		Seller Principal Reimbursement		4,249.45
		Servicer Principal Reimbursement		448.14
		Rejected Claim Repurchased Principal		13,672.61
		Other Principal Deposits		15,289.93

		Total Principal Receipts	$	53,790,689.41

B	Student Loan Interest Receipts
		Borrower Interest		1,383,626.60
		Guarantor Interest		181,826.00
		Consolidation Activity Interest		257,083.04
		Special Allowance Payments		1,826,136.06
		Interest Subsidy Payments		387,537.76
		Seller Interest Reimbursement		2,167.01
		Servicer Interest Reimbursement		26,479.19
		Rejected Claim Repurchased Interest		1,179.68
		Other Interest Deposits		200,748.34

		Total Interest Receipts	$	4,266,783.68

C	Interest Rate Swap Proceeds		$	—

D	Investment Income		$	290,405.80

E	Funds Borrowed from Next Collection Period		$	—

F	Funds Repaid from Prior Collection Period		$	—

G	Loan Sale or Purchase Proceeds		$	—

H	Initial Deposits to Collection Account		$	—

I	Other Deposits		$	231,515.28
	Less: Funds Previously Remitted:
		Servicing Fees	$	(581,577.58	)
		Consolidation Loan Rebate Fees	$	—

		Total Funds Previously Remitted	$	(581,577.58	)


J	AVAILABLE FUNDS		$	57,997,816.59


K	Non-Cash Principal Activity During Collection Period		$	(1,498,804.88	)

L	Non-Reimbursable Losses During Collection Period		$	487.38

M	Aggregate Purchased Amounts by the Depositor, Servicer or Seller		$	25,813.79

N	Aggregate Loan Substitutions		$	—

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 2 of 9

III. 2001-1 Portfolio Characteristics


		06/30/2005										03/31/2005
		WAC			# Loans		Principal		% of Principal			WAC			# Loans		Principal		% of Principal
INTERIM:	IN SCHOOL		3.69	%		801	$	2,556,766.71		0.744	%		3.65	%		1,320	$	4,383,294.83		1.108	%

	GRACE		3.66	%		443	$	1,486,755.81		0.433	%		3.73	%		273	$	884,700.34		0.224	%

	DEFERMENT		3.23	%		18,444	$	56,118,684.01		16.339	%		3.22	%		22,439	$	68,955,366.22		17.424	%


REPAYMENT:	CURRENT		3.72	%		78,890	$	175,115,066.04		50.985	%		3.72	%		86,013	$	198,357,893.80		50.122	%

	31-60 DAYS DELINQUENT		3.81	%		5,217	$	14,442,411.27		4.205	%		3.78	%		5,248	$	15,436,578.49		3.901	%

	61-90 DAYS DELINQUENT		3.84	%		2,851	$	8,663,454.27		2.522	%		3.78	%		3,207	$	9,986,407.26		2.523	%

	91-120 DAYS DELINQUENT		3.75	%		1,959	$	5,761,877.83		1.678	%		3.75	%		1,957	$	6,441,763.30		1.628	%

	> 120 DAYS DELINQUENT		3.76	%		6,314	$	19,765,881.53		5.755	%		3.78	%		6,568	$	20,817,681.88		5.260	%


	FORBEARANCE		3.76	%		15,461	$	57,087,970.04		16.621	%		3.76	%		18,047	$	67,303,361.51		17.006	%

	CLAIMS IN PROCESS		3.91	%		819	$	2,453,257.53		0.714	%		3.87	%		1,086	$	3,166,690.45		0.800	%

	AGED CLAIMS REJECTED		5.10	%		4	$	8,786.95		0.003	%		4.60	%		6	$	19,058.44		0.005	%



TOTAL						131,203	$	343,460,911.99		100.00	%					146,164	$	395,752,796.52		100.00	%

Percentages may not total 100% due to rounding

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 3 of 9

IV. 2001-1 Portfolio Characteristics (cont’d)


	06/30/2005			03/31/2005
Pool Balance	$	345,127,556.30		$	397,845,412.18
Total # Loans		131,203			146,164
Total # Borrowers		59,033			65,087
Weighted Average Coupon		3.66	%		3.65	%
Weighted Average Remaining Term		92.35			93.71
Non-Reimbursable Losses	$	487.38		$	3,506.90
Cumulative Non-Reimbursable Losses	$	1,440,856.36		$	1,440,368.98
Since Issued CPR		20.98	%		19.34	%
Loan Substitutions	$	—		$	—
Cumulative Loan Substitutions	$	—		$	—
Rejected Claim Repurchases	$	14,852.29		$	5,109.43
Cumulative Rejected Claim Repurchases	$	448,647.70		$	433,795.41
Cumulative Claims Filed	$	61,079,912.86		$	56,885,942.23
Unpaid Primary Servicing Fees	$	—		$	—
Unpaid Administration Fees	$	—		$	—
Unpaid Carryover Servicing Fees	$	—		$	—
Note Principal Shortfall	$	—		$	—
Note Interest Shortfall	$	—		$	—
Unpaid Interest Carryover	$	—		$	—
Borrower Interest Accrued	$	2,794,154.34		$	3,122,941.86
Interest Subsidy Payments Accrued	$	349,193.27		$	389,127.14
Special Allowance Payments Accrued	$	1,915,963.37		$	1,822,497.86

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 4 of 9

V. 2001-1 Portfolio Statistics by School and Program


A	LOAN TYPE	WAC			# LOANS		$ AMOUNT		% *

	- GSL - Subsidized		3.67	%		88,212	$	208,542,768.19		60.718	%
	- GSL - Unsubsidized		3.49	%		38,968		120,566,711.62		35.103	%
	- PLUS Loans		4.54	%		2,422		9,096,790.83		2.649	%
	- SLS Loans		5.44	%		1,601		5,254,641.35		1.530	%
	- Consolidation Loans		0.00	%		0		0.00		0.000	%

	Total		3.66	%		131,203	$	343,460,911.99		100.000	%


B	SCHOOL TYPE	WAC			# LOANS		$ AMOUNT			% *

	- Four Year		3.68	%		99,466	$	281,145,923.61			81.857	%
	- Two Year		3.56	%		21,887		42,849,171.94			12.476	%
	- Technical		3.55	%		9,850		19,465,816.44			5.668	%
	- Other		0.00	%		0		0.00			0.000	%

	Total		3.66	%		131,203	$	343,460,911.99			100.000	%

C	Student Loan Rate Calculation

	Borrower Interest Accrued							2,794,154.34
	Interest Subsidy Payments Accrued						$	349,193.27
	Special Allowance Payments Accrued						$	1,915,963.37
	Investment Income						$	290,405.80

	Net Expected Interest Collections						$	5,349,716.78
	Accrual Daycount Fraction							0.252777778
	Primary Servicing Fee						$	855,617.98
	Admin Fee						$	20,000.00
	Swap Fees						$	7,542.48
	Pool Balance at Beginning of Collection Pd						$	397,845,412.18
	Student Loan Rate							4.44140	%

* Percentages may not total 100% due to rounding.

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 5 of 9

VI. 2001-1 Waterfall for Distributions


				Remaining
		Paid		Funds Balance
Total Available Funds				$	57,997,816.59
A	Primary Servicing Fee	$	274,040.40	$	57,723,776.19
B	Administration Fee	$	20,000.00	$	57,703,776.19
C	Swap Fees	$	7,542.48	$	57,696,233.71
D	Class A Noteholders’ Interest Distribution Amount	$	2,881,165.19	$	54,815,068.52
E	Class B Noteholders’ Interest Distribution Amount	$	495,604.56	$	54,319,463.96
F	Class A Noteholders’ Principal Distribution Amount	$	52,717,855.88	$	1,601,608.08
G	Class B Noteholders’ Principal Distribution Amount	$	—	$	1,601,608.08
H	Reserve Account Reinstatement	$	—	$	1,601,608.08
I	Swap Payment Reimbursement	$	—	$	1,601,608.08
J	Carryover Servicing Fee	$	—	$	1,601,608.08
K	Excess Distribution	$	1,601,608.08	$	—

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 6 of 9

VII. 2001-1 Distributions


A	Note Distribution Amounts	A2			B

	Cusip/Isin	78442GCP9			78442GCR5
	Beginning Balance	$	344,285,412.18		$	53,560,000.00
	Index	LIBOR			LIBOR
	Spread/Fixed Rate	0.15		%	0.50		%
	Record Date	1 NEW YORK BUSINESS DAY			1 NEW YORK BUSINESS DAY
	Accrual Period Begin	4/25/2005			4/25/2005
	Accrual Period End	7/25/2005			7/25/2005
	Daycount Fraction		0.25277778			0.25277778
	Interest Rate		3.31063	%		3.66063	%
	Accrued Interest Factor		0.008368537			0.009253259
	Current Interest Due	$	2,881,165.19		$	495,604.56
	Interest Shortfall from Prior Period Plus Accrued Interest	$	—		$	—
	Total Interest Due	$	2,881,165.19		$	495,604.56
	Interest Paid	$	2,881,165.19		$	495,604.56
	Interest Shortfall	$	—		$	—
	Carryover Interest Shortfall from Prior Period Plus Accrued Interest	$	—		$	—
	Current Interest Carryover Due	$	—		$	—
	Interest Carryover Paid	$	—		$	—
	Unpaid Interest Carryover	$	—		$	—
	Principal Paid	$	52,717,855.88		$	—
	Ending Principal Balance	$	291,567,556.30		$	53,560,000.00
	Paydown Factor		0.096868648			0.000000000
	Ending Balance Factor		0.535753108			1.000000000

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 7 of 9

VII. 2001-1 Distributions (contd)


B	Interest Rate Swaps

		A2			B

	Student Loan Rate		4.44140	%		4.44140	%
	Interest Rate Excess Over Student Loan Rate		0.00000	%		0.00000	%


	Swap Counterparty	DEUTSCHE BANK NY			DEUTSCHE BANK NY
	Swap Notional	$	172,142,706.09		$	26,780,000.00
	Swap Payments Due Trust	$	—		$	—
	Swap Fee Pay Rate		0.00750	%		0.00750	%
	Swap Fees Due Counterparty	$	3,263.54		$	507.70
	Swap Fees Paid Counterparty	$	3,263.54		$	507.70
	Swap Payment Reimbursement Due Counterparty	$	—		$	—
	Swap Payment Reimbursement Paid Counterparty	$	—		$	—

	Swap Counterparty	JP MORGAN CHASE			JP MORGAN CHASE
	Swap Notional	$	172,142,706.09		$	26,780,000.00
	Swap Payments Due Trust	$	—		$	—
	Swap Fee Pay Rate		0.00750	%		0.00750	%
	Swap Fees Due Counterparty	$	3,263.54		$	507.70
	Swap Fees Paid Counterparty	$	3,263.54		$	507.70
	Swap Payment Reimbursement Due Counterparty	$	—		$	—
	Swap Payment Reimbursement Paid Counterparty	$	—		$	—

Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 — 06/30/2005, Distribution Date 07/25/2005

Page 8 of 9

VIII. 2001-1 Reconciliations



A	Principal Distribution Reconciliation
	Prior Adjusted Pool Balance	$	397,845,412.18
	Current Adjusted Pool Balance	$	345,127,556.30
	Current Principal Due	$	52,717,855.88
	Principal Shortfall from Previous Collection Period	$	—
	Principal Distribution Amount	$	52,717,855.88

	Principal Paid	$	52,717,855.88
	Principal Shortfall	$	—

B	Reserve Account Reconciliation
	Beginning Period Balance	$	1,501,744.00
	Reserve Funds Utilized		0.00
	Reserve Funds Reinstated		0.00
	Excess Distribution Deposit		1,601,608.08

	Balance Available	$	3,103,352.08
	Required Reserve Acct Balance	$	1,501,744.00
	Release to Excess Distribution Certificateholder	$	1,601,608.08
	Ending Reserve Account Balance	$	1,501,744.00


Page 9 of 9		Trust 2001-1 Quarterly Servicing Report: Collection Period 04/01/2005 - 06/30/2005, Distribution Date 07/25/2005

SLM Student Loan Trust 2001-1 8-K