SLM Student Loan Trust 2005-4 Quarterly Servicing Report
Report Date: 06/30/2005 Reporting Period: 5/19/05 — 6/30/05

I. Deal Parameters



	Student Loan Portfolio Characteristics		05/19/2005			Activity			06/30/2005

A	i	Portfolio Balance	$	2,499,953,813.48			($9,862,121.55	)	$	2,490,091,691.93
	ii	Interest to be Capitalized		3,369,119.43						2,673,178.61

	iii	Total Pool	$	2,503,322,932.91					$	2,492,764,870.54

	iv	Capitalized Interest		38,000,000.00						38,000,000.00
	v	Add-on Consolidation Loan Account Balance		10,000,000.00						7,065,610.34
	vi	Specified Reserve Account Balance		6,289,554.00						6,231,912.18

	vii	Total Adjusted Pool	$	2,557,612,486.91					$	2,544,062,393.06


B	i	Weighted Average Coupon (WAC)		3.832	%					3.831	%
	ii	Weighted Average Remaining Term		276.85						276.24
	iii	Number of Loans		142,681						142,166
	iv	Number of Borrowers		85,774						85,388
	v	Aggregate Outstanding Principal Balance — T-Bill	$	13,848,676.06					$	14,040,537.11
	vi	Aggregate Outstanding Principal Balance — Commercial Paper	$	2,489,474,256.85					$	2,478,724,333.43



									% of					% of
	Notes			Spread			Balance 5/19/05		O/S Securities			Balance 7/25/05		O/S Securities

C	i	A-1 Notes	78442GPE0		0.010	%	$	700,000,000.00		27.143	%	$	684,272,991.92		26.695	%
	ii	A-2 Notes	78442GPF7		0.080	%		600,000,000.00		23.265	%		600,000,000.00		23.408	%
	iii	A-3 Notes	78442GPG5		0.120	%		735,000,000.00		28.500	%		735,000,000.00		28.675	%
	iv	A-4 Notes	78442GPH3		0.170	%		466,611,000.00		18.093	%		466,611,000.00		18.204	%
	vii	B Notes	78442GPL4		0.180	%		77,369,000.00		3.000	%		77,369,000.00		3.018	%

	viii	Total Notes					$	2,578,980,000.00		100.000	%	$	2,563,252,991.92		100.000	%



	Reserve Account		05/19/2005		07/25/2005

D	i	Required Reserve Acct Deposit (%)		0.25%		0.25%
	ii	Reserve Acct Initial Deposit ($)	$	6,289,554.00
	iii	Specified Reserve Acct Balance ($)	$	6,289,554.00	$	6,231,912.18
	iv	Reserve Account Floor Balance ($)	$	3,773,732.00	$	3,773,732.00
	v	Current Reserve Acct Balance ($)	$	6,289,554.00	$	6,231,912.18



	Other Accounts		05/19/2005		07/25/2005

E	i	Supplemental Loan Purchase Account	$	2,498,472.16	$	0.00
	ii	Add-on Consolidation Loan Account	$	10,000,000.00	$	7,065,610.34
	iii	Capitalized Interest Account	$	38,000,000.00	$	38,000,000.00



	Asset/Liability		05/19/2005			07/25/2005

F	i	Total Adjusted Pool	$	2,557,612,486.91		$	2,544,062,393.06
	ii	Total Outstanding Balance Notes	$	2,578,980,000.00		$	2,563,252,991.92
	iii	Difference	$	(21,367,513.09	)	$	(19,190,598.86	)
	iv	Parity Ratio		0.99171			0.99251

II. 2005-4 Transactions from: 05/18/2005 through: 06/30/2005


A	Student Loan Principal Activity
	i	Regular Principal Collections	$	17,770,074.02
	ii	Principal Collections from Guarantor		478,626.88
	iii	Principal Reimbursements		974,599.90
	iv	Other System Adjustments		0.00

	v	Total Principal Collections	$	19,223,300.80

B	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	2,717.36
	ii	Capitalized Interest		(3,959,350.78	)

	iii	Total Non-Cash Principal Activity	$	(3,956,633.42	)

C	Student Loan Principal Purchases		$	(5,404,545.83	)


D	Total Student Loan Principal Activity		$	9,862,121.55


E	Student Loan Interest Activity
	i	Regular Interest Collections	$	7,775,374.67
	ii	Interest Claims Received from Guarantors		4,332.60
	iii	Collection Fees/Returned Items		422.94
	iv	Late Fee Reimbursements		69,845.36
	v	Interest Reimbursements		3,289.48
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		0.00
	viii	Subsidy Payments		0.00

	ix	Total Interest Collections	$	7,853,265.05

F	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(56.10	)
	ii	Capitalized Interest		3,959,350.78

	iii	Total Non-Cash Interest Adjustments	$	3,959,294.68

G	Student Loan Interest Purchases		$	(7,689,850.16	)


H	Total Student Loan Interest Activity		$	4,122,709.57


I	Non-Reimbursable Losses During Collection Period		$	0.00

J	Cumulative Non-Reimbursable Losses to Date		$	0.00

III. 2005-4 Collection Account Activity 05/18/2005 through 06/30/2005


A	Principal Collections
	i	Principal Payments Received	$	8,064,364.01
	ii	Consolidation Principal Payments		10,184,336.89
	iii	Reimbursements by Seller		17.57
	iv	Borrower Benefits Reimbursements		943.08
	v	Reimbursements by Servicer		0.00
	vi	Re-purchased Principal		973,639.25

	vii	Total Principal Collections	$	19,223,300.80

B	Interest Collections
	i	Interest Payments Received	$	7,730,347.48
	ii	Consolidation Interest Payments		49,359.79
	iii	Reimbursements by Seller		0.00
	iv	Borrower Benefits Reimbursements		0.00
	v	Reimbursements by Servicer		0.00
	vi	Re-purchased Interest		3,289.48
	vii	Collection Fees/Return Items		422.94
	viii	Late Fees		69,845.36

	ix	Total Interest Collections	$	7,853,265.05

C	Other Reimbursements		$	135,219.95

D	Reserves in Excess of the Requirement		$	57,641.82

E	Administrator Account Investment Income		$	0.00

F	Investment Earnings for Period in Trust Accounts		$	259,158.04

G	Funds borrowed during previous distribution		$	0.00

H	Funds borrowed from subsequent distribution		$	0.00

I	Excess Transferred from Supplemental Loan Purchase Account		$	235.26

J	Excess Transferred from Add-on Consolidation Loan Account		$	0.00

K	Funds Released from Capitalized Interest Account		$	0.00

L	Initial Deposits into Collection Account		$	9,900,000.00

	TOTAL AVAILABLE FUNDS		$	37,428,820.92

	LESS FUNDS PREVIOUSLY REMITTED:
		Servicing Fees	$	(437,019.10	)
		Consolidation Loan Rebate Fees	$	(4,378,083.96	)

M	NET AVAILABLE FUNDS		$	32,613,717.86

N	Servicing Fees Due for Current Period		$	1,041,088.12

O	Carryover Servicing Fees Due		$	0.00

P	Administration Fees Due		$	20,000.00


Q	Total Fees Due for Period		$	1,061,088.12

IV. 2005-4 Portfolio Characteristics


	Weighted Avg Coupon						# of Loans				% *						Principal Amount				% *
STATUS	05/19/2005			06/30/2005			05/19/2005		06/30/2005		05/19/2005			06/30/2005			05/19/2005		06/30/2005		05/19/2005			06/30/2005
INTERIM:
In School
Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%

Grace
Current		0.000	%		0.000	%		0		0		0.000	%		0.000	%		0.00		0.00		0.000	%		0.000	%

TOTAL INTERIM		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
REPAYMENT
Active
Current		3.825	%		3.805	%		110,647		104,865		77.549	%		73.762	%	$	1,805,760,518.97	$	1,714,051,518.54		72.232	%		68.835	%
31-60 Days Delinquent		4.110	%		4.241	%		7,479		3,870		5.242	%		2.722	%		114,464,764.71		56,953,492.43		4.579	%		2.287	%
61-90 Days Delinquent		4.054	%		4.143	%		2,662		5,555		1.866	%		3.907	%		37,354,551.92		75,091,217.65		1.494	%		3.016	%
91-120 Days Delinquent		4.139	%		4.137	%		656		2,021		0.460	%		1.422	%		8,294,586.51		28,462,315.03		0.332	%		1.143	%
> 120 Days Delinquent		4.277	%		4.171	%		260		1,388		0.182	%		0.976	%		3,550,516.62		17,053,389.85		0.142	%		0.685	%

Deferment
Current		3.488	%		3.523	%		10,246		11,505		7.181	%		8.093	%		262,756,404.82		288,198,794.93		10.510	%		11.574	%

Forbearance
Current		4.049	%		4.061	%		10,726		12,920		7.517	%		9.088	%		267,615,266.71		309,678,870.89		10.705	%		12.436	%

TOTAL REPAYMENT		3.832	%		3.830	%		142,676		142,124		99.996	%		99.970	%	$	2,499,796,610.26	$	2,489,489,599.32		99.994	%		99.976	%
Claims in Process (1)		7.878	%		4.780	%		5		42		0.004	%		0.030	%	$	157,203.22	$	602,092.61		0.006	%		0.024	%
Aged Claims Rejected (2)		0.000	%		0.000	%		0		0		0.000	%		0.000	%	$	0.00	$	0.00		0.000	%		0.000	%
GRAND TOTAL		3.832	%		3.831	%		142,681		142,166		100.000	%		100.000	%	$	2,499,953,813.48	$	2,490,091,691.93		100.000	%		100.000	%

(1) Claims filed and unpaid; includes claims rejected aged less than 6 months.

(2) Claims rejected (subject to cure) aged 6 months or more; also includes claims deemed incurable pending repurchase.

* Percentages may not total 100% due to rounding.

V. 2005-4 Interest Accruals


A	Borrower Interest Accrued During Collection Period	$	10,639,600.69
B	Interest Subsidy Payments Accrued During Collection Period		479,588.48
C	SAP Payments Accrued During Collection Period		6,131,737.84
D	INV Earnings Accrued for Collection Period (TRUST ACCOUNTS)		259,158.04
E	Investment Earnings (ADMINISTRATOR ACCOUNTS)		0.00

F	Net Expected Interest Collections	$	17,510,085.05

VI. 2005-4 Accrued Interest Factors

Accrued

Int Factor

Accrual Period

Rate

Class A-1 Interest Rate

0.005984366

5/19/05-7/25/05

3.21548

Class A-2 Interest Rate

0.006114643

5/19/05-7/25/05

3.28548

Class A-3 Interest Rate

0.006189088

5/19/05-7/25/05

3.32548

Class A-4 Interest Rate

0.006282143

5/19/05-7/25/05

3.37548

Class B Interest Rate

0.006300754

5/19/05-7/25/05

3.38548

VII. 2005-4 Inputs From Initial Period 5/17/05


A	Total Student Loan Pool Outstanding
	i	Portfolio Balance	$	2,499,953,813.48
	ii	Interest To Be Capitalized		3,369,119.43

	iii	Total Pool	$	2,503,322,932.91
	iv	Capitalized Interest		38,000,000.00
	v	Add-on Consolidation Loan Account Balance		10,000,000.00
	vi	Specified Reserve Account Balance		6,289,554.00

	vii	Total Adjusted Pool	$	2,557,612,486.91


B	Total Note and Certificate Factor			1.000000000
C	Total Note Balance		$	2,578,980,000.00


D	Note Balance 05/19/2005		Class A-1		Class A-2		Class A-3		Class A-4		Class B

	i	Current Factor		1.000000000		1.000000000		1.000000000		1.000000000		1.000000000
	ii	Expected Note Balance	$	700,000,000.00	$	600,000,000.00	$	735,000,000.00	$	466,611,000.00	$	77,369,000.00
	iii	Note Principal Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	iv	Interest Shortfall	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00
	v	Interest Carryover	$	0.00	$	0.00	$	0.00	$	0.00	$	0.00


E	Reserve Account Balance		$	6,289,554.00
F	Unpaid Primary Servicing Fees from Prior Month(s)		$	0.00
G	Unpaid Administration fees from Prior Quarter(s)		$	0.00
H	Unpaid Carryover Servicing Fees from Prior Quarter(s)		$	0.00
I	Interest Due on Unpaid Carryover Servicing Fees		$	0.00

VIII. 2005-4 Waterfall for Distributions


					Remaining
					Funds Balance
A	Total Available Funds ( Section III-L )		$	32,613,717.86	$	32,613,717.86

B	Primary Servicing Fees-Current Month		$	1,041,088.12	$	31,572,629.74

C	Administration Fee		$	20,000.00	$	31,552,629.74

D	Class A Noteholders’ Interest Distribution Amounts
	i	Class A-1	$	4,189,055.89	$	27,363,573.85
	ii	Class A-2	$	3,668,786.00	$	23,694,787.85
	iii	Class A-3	$	4,548,979.52	$	19,145,808.33
	iv	Class A-4	$	2,931,317.18	$	16,214,491.15

	vii	Total Class A Interest Distribution	$	15,338,138.59

E	Class B Noteholders’ Interest Distribution Amount		$	487,483.07	$	15,727,008.08

F	Class A Noteholders’ Principal Distribution Amounts
	i	Class A-1	$	15,727,008.08	$	0.00
	ii	Class A-2	$	0.00	$	0.00
	iii	Class A-3	$	0.00	$	0.00
	iv	Class A-4	$	0.00	$	0.00

	vii	Total Class A Principal Distribution	$	15,727,008.08

G	Class B Noteholders’ Principal Distribution Amount		$	0.00	$	0.00

H	Increase to the Specified Reserve Account Balance		$	0.00	$	0.00

I	Carryover Servicing Fees		$	0.00	$	0.00

J	Excess to Certificateholder		$	0.00	$	0.00

IX. 2005-4 Account Reconciliations


Reserve Account
	i	Initial Deposit	$	6,289,554.00
	ii	Deposits to correct Shortfall	$	0.00
	iii	Total Reserve Account Balance Available	$	6,289,554.00
	iv	Required Reserve Account Balance	$	6,231,912.18

	v	Shortfall Carried to Next Period	$	0.00
	vi	Excess Reserve - Release to Waterfall	$	57,641.82
	vii	Ending Reserve Account Balance	$	6,231,912.18

Supplemental Loan Purchase Account
	i	Initial Deposit	$	2,498,472.16
	ii	Supplemental Loan Purchases	$	(2,498,236.90	)
	iii	Transfers to Collection Account	$	(235.26	)

	iv	Ending Balance	$	0.00

Add-on Consolidation Loan Account
	Consolidation Loan Add-on Period end date			09/30/2005
	i	Initial Deposit	$	10,000,000.00
	ii	Add-on Loans Funded	$	(2,934,389.66	)
	iii	Transfers to Collection Account	$	0.00

	iv	Ending Balance	$	7,065,610.34

Capitalized Interest Account
	ii	Initial Deposit	$	38,000,000.00
	iii	Transfers to Collection Account	$	0.00

	iv	Ending Balance	$	38,000,000.00

XI. 2005-4 Distributions and Account Reconciliations


A	Distribution Amounts					Class A-1			Class A-2		Class A-3		Class A-4		Class B
	i	Quarterly Interest Due				$	4,189,055.89		$	3,668,786.00	$	4,548,979.52	$	2,931,317.18	$	487,483.07
	ii	Quarterly Interest Paid					4,189,055.89			3,668,786.00		4,548,979.52		2,931,317.18		487,483.07

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

	vii	Quarterly Principal Due				$	34,917,606.94		$	0.00	$	0.00	$	0.00	$	0.00
	viii	Quarterly Principal Paid					15,727,008.08			0.00		0.00		0.00		0.00

	ix	Quarterly Principal Shortfall				$	19,190,598.86		$	0.00	$	0.00	$	0.00	$	0.00


	x	Total Distribution Amount				$	19,916,063.97		$	3,668,786.00	$	4,548,979.52	$	2,931,317.18	$	487,483.07


B	Principal Distribution Reconciliation
	i	Notes Outstanding Principal Balance 6/30/05				$	2,578,980,000.00
	ii	Adjusted Pool Balance 6/30/05					2,544,062,393.06

	iii	Adjusted Pool Exceeding Notes Balance (i-ii)				$	34,917,606.94


	iv	Adjusted Pool Balance 5/18/05				$	2,557,612,486.91
	v	Adjusted Pool Balance 6/30/05					2,544,062,393.06

	vi	Current Principal Due (iv-v)				$	13,550,093.85
	vii	Notes Issued Exceeding Adjusted Pool Balance					21,367,513.09

	viii	Principal Distribution Amount (vi + vii)				$	34,917,606.94


	ix	Principal Distribution Amount Paid				$	15,727,008.08

	x	Principal Shortfall (viii - ix)				$	19,190,598.86

C		Total Principal Distribution				$	15,727,008.08
D		Total Interest Distribution					15,825,621.66

E		Total Cash Distributions				$	31,552,629.74

F	Note Balances				05/19/2005	Paydown Factor				07/25/2005
	i	A-1 Note Balance	78442GPE0	$	700,000,000.00				$	684,272,991.92
		A-1 Note Pool Factor			1.000000000		(0.022467154	)		0.977532846

	ii	A-2 Note Balance	78442GPF7	$	600,000,000.00				$	600,000,000.00
		A-2 Note Pool Factor			1.000000000		0.000000000			1.000000000

	iii	A-3 Note Balance	78442GPG5	$	735,000,000.00				$	735,000,000.00
		A-3 Note Pool Factor			1.000000000		0.000000000			1.000000000

	iv	A-4 Note Balance	78442GPH3	$	466,611,000.00				$	466,611,000.00
		A-4 Note Pool Factor			1.000000000		0.000000000			1.000000000

	v	B Note Balance	78442GPL4	$	77,369,000.00				$	77,369,000.00
		B Note Pool Factor			1.000000000		0.000000000			1.000000000

XII. 2005-4 Historical Pool Information


			5/19/05-6/30/05
	Beginning Student Loan Portfolio Balance		$	2,499,953,813.48

	Student Loan Principal Activity
	i	Regular Principal Collections	$	17,770,074.02
	ii	Principal Collections from Guarantor		478,626.88
	iii	Principal Reimbursements		974,599.90
	iv	Other System Adjustments		0.00

	v	Total Principal Collections	$	19,223,300.80
	Student Loan Non-Cash Principal Activity
	i	Other Adjustments	$	2,717.36
	ii	Capitalized Interest		(3,959,350.78	)

	iii	Total Non-Cash Principal Activity	$	(3,956,633.42	)
	Student Loan Principal Purchases		$	(5,404,545.83	)

(-)	Total Student Loan Principal Activity		$	9,862,121.55

	Student Loan Interest Activity
	i	Regular Interest Collections	$	7,775,374.67
	ii	Interest Claims Received from Guarantors		4,332.60
	iii	Collection Fees/Returned Items		422.94
	iv	Late Fee Reimbursements		69,845.36
	v	Interest Reimbursements		3,289.48
	vi	Other System Adjustments		0.00
	vii	Special Allowance Payments		0.00
	viii	Subsidy Payments		0.00

	ix	Total Interest Collections	$	7,853,265.05

	Student Loan Non-Cash Interest Activity
	i	Interest Accrual Adjustment	$	(56.10	)
	ii	Capitalized Interest		3,959,350.78

	iii	Total Non-Cash Interest Adjustments	$	3,959,294.68
	Student Loan Interest Purchases		$	(7,689,850.16	)

	Total Student Loan Interest Activity		$	4,122,709.57

(=)	Ending Student Loan Portfolio Balance		$	2,490,091,691.93
(+)	Interest to be Capitalized		$	2,673,178.61

(=)	TOTAL POOL		$	2,492,764,870.54

(+)	Capitalized Interest		$	38,000,000.00

(+)	Add-on Consolidation Loan Account Balance		$	7,065,610.34

(+)	Reserve Account Balance		$	6,231,912.18

(=)	Total Adjusted Pool		$	2,544,062,393.06

XIII. 2005-4 Payment History and CPRs


Distribution	Actual		Since Issued
Date	Pool Balances		CPR *

Jul-05	$	2,492,764,871		2.69	%

* “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 Student Loan Trust 2005-4 8-K