SLM Student Loan Trust by alicejenny

VIEWS: 2 PAGES: 9

									                         SLM Student Loan Trust            2004-4
                                Quarterly Servicing Report




                               Distribution Date 07/25/2012

                         Collection Period 04/01/2012 - 06/30/2012



                               SLM Funding LLC - Depositor

                        Sallie Mae, Inc. - Servicer and Administrator

                 Deutsche Bank National Trust Company - Indenture Trustee
              Deutsche Bank Trust Company Americas - Eligible Lender Trustee

                SLM Investment Corp. - Excess Distribution Certificateholder




Page 1 of 9
 I.                Deal Parameters


 A             Student Loan Portfolio Characteristics                                                                                                  05/05/2004                                    03/31/2012                                        06/30/2012


               Principal Balance                                                                                                                       $ 2,481,550,006.64                             $ 232,739,796.67                                  $ 218,478,046.28
               Interest to be Capitalized Balance                                                                                                          19,617,795.41                                    1,353,677.75                                      1,200,741.31

               Pool Balance                                                                                                                            $ 2,501,167,802.05                             $ 234,093,474.42                                  $ 219,678,787.59

               Specified Reserve Account Balance                                                                                                            6,252,920.00                                - N/A -                                           - N/A -

                                          (1)
               Adjusted Pool                                                                                                                           $ 2,507,420,722.05                              $ 234,093,474.42                                  $ 219,678,787.59


               Weighted Average Coupon (WAC)                                                                                                                         3.33%                                            2.38%                                             2.39%

               Weighted Average Remaining Term                                                                                                                      121.79                                          101.42                                            101.93

               Number of Loans                                                                                                                                   727,222                                            97,196                                            92,230

               Number of Borrowers                                                                                                                               352,794                                            51,237                                            48,594

               Aggregate Outstanding Principal Balance - Tbill                                                                                                                                          $ 26,609,457.92                                   $ 24,265,552.40

               Aggregate Outstanding Principal Balance - LIBOR                                                                                                                                        $ 207,484,016.50                                  $ 195,413,235.19

               Pool Factor                                                                                                                                                                                   0.093593670                                       0.087830488


               Since Issued Constant Prepayment Rate                                                                                                                                                                12.54%                                            11.71%



         (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                                                                                    04/25/2012                                                                                      07/25/2012

               A4                                        78442GLQ7                                                                                      $ 157,079,940.49                                                                                $ 142,055,037.13
               B                                         78442GLR5                                                                                       $ 75,786,000.00                                                                                  $ 75,786,000.00


 C             Account Balances                                                                                                                        04/25/2012                                                                                      07/25/2012

               Reserve Account Balance                                                                                                                     $ 2,501,168.00                                                                                  $ 2,501,168.00


 D             Asset / Liability                                                                                                                       04/25/2012                                                                                      07/25/2012

               Adjusted Pool Balance                                                                                                                    $ 234,093,474.42                                                                                $ 219,678,787.59
               Total Notes                                                                                                                              $ 232,865,940.49                                                                                $ 217,841,037.13
               Difference                                                                                                                                  $ 1,227,533.93                                                                                  $ 1,837,750.46

               Parity Ratio                                                                                                                                      1.00527                                                                                            1.00844




Page 2 of 9                                                                                                                                                                 Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
   II.        Trust Activity 04/01/2012 through 06/30/2012

          A        Student Loan Principal Receipts
                         Borrower Principal                                             5,566,139.32
                         Guarantor Principal                                            5,306,046.66
                         Consolidation Activity Principal                               4,005,239.85
                         Seller Principal Reimbursement                                            -
                         Servicer Principal Reimbursement                                     784.89
                         Rejected Claim Repurchased Principal                              51,036.13
                         Other Principal Deposits                                           5,489.67
                         Total Principal Receipts                                     $ 14,934,736.52
          B        Student Loan Interest Receipts
                         Borrower Interest                                                492,110.88
                         Guarantor Interest                                                97,680.38
                         Consolidation Activity Interest                                   28,786.32
                         Special Allowance Payments                                       115,333.12
                         Interest Subsidy Payments                                        148,429.72
                         Seller Interest Reimbursement                                          1.10
                         Servicer Interest Reimbursement                                    4,791.73
                         Rejected Claim Repurchased Interest                                1,733.79
                         Other Interest Deposits                                          117,598.34
                         Total Interest Receipts                                       $ 1,006,465.38
          C        Reserves in Excess of Requirement                                             $-
          D        Investment Income                                                       $ 5,319.76

          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                                                         $ 10,473.02

          J        Less: Funds Previously Remitted:

                         Servicing Fees to Servicer                                     $(345,978.41)

                         Consolidation Loan Rebate Fees to Dept. of Education                    $-

                         Total Funds Previously Remitted                                $(345,978.41)

          K        AVAILABLE FUNDS                                                    $ 15,611,016.27

          L        Non-Cash Principal Activity During Collection Period                 $(672,986.13)

          M        Non-Reimbursable Losses During Collection Period                      $ 86,037.94

          N        Aggregate Purchased Amounts by the Depositor, Servicer or Seller      $ 52,769.92

          O        Aggregate Loan Substitutions                                                  $-




Page 3 of 9                                                                                             Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
   III.       2004-4 Portfolio Characteristics


                                                                               06/30/2012                                                                         03/31/2012


                                                    Wtd Avg                                                                     Wtd Avg
                                                    Coupon       # Loans                Principal             % of Principal    Coupon            # Loans                     Principal                % of Principal


   INTERIM:            IN SCHOOL                         1.76%              587              $1,982,346.82             0.907%        1.76%                    722                  $2,439,188.53                  1.048%


                       GRACE                             1.76%              193                $646,589.27             0.296%        1.76%                    191                    $578,889.12                  0.249%


                       DEFERMENT                         1.89%         16,174               $45,135,498.66            20.659%        1.90%                 17,971                $49,792,187.44                  21.394%




   REPAYMENT:          CURRENT                           2.53%         49,787               $92,962,786.99            42.550%        2.54%                 52,368                $98,719,345.73                  42.416%


                       31-60 DAYS DELINQUENT             2.55%             4,927            $13,138,767.73             6.014%        2.55%                  5,229                $14,877,441.11                   6.392%


                       61-90 DAYS DELINQUENT             2.55%             2,822             $8,106,525.46             3.710%        2.59%                  2,577                  $7,697,650.44                  3.307%


                       91-120 DAYS DELINQUENT            2.53%             1,908             $5,790,526.44             2.650%        2.54%                  1,378                  $4,487,234.50                  1.928%


                       > 120 DAYS DELINQUENT             2.52%             6,039            $18,293,376.87             8.373%        2.55%                  6,285                $19,612,906.47                   8.427%




                       FORBEARANCE                       2.50%             8,271            $28,376,917.06            12.988%        2.48%                  8,960                $30,160,846.20                  12.959%


                       CLAIMS IN PROCESS                 2.49%             1,484             $3,945,159.56             1.806%        2.60%                  1,485                  $4,304,963.68                  1.850%


                       AGED CLAIMS REJECTED              2.44%               38                 $99,551.42             0.046%        2.48%                      30                     $69,143.45                 0.030%




   TOTAL                                                               92,230               $218,478,046.28           100.00%                              97,196                $232,739,796.67                 100.00%




 * Percentages may not total 100% due to rounding




Page 4 of 9                                                                                                                                  Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
   IV.         2004-4 Portfolio Characteristics (cont'd)


                                                           06/30/2012            03/31/2012


          Pool Balance                                      $219,678,787.59       $234,093,474.42
          Total # Loans                                                 92,230                97,196
          Total # Borrowers                                             48,594                51,237
          Weighted Average Coupon                                       2.39%                 2.38%
          Weighted Average Remaining Term                               101.93                101.42
          m
          Non-Reimbursable Losses                                $86,037.94            $81,400.93
          Cumulative Non-Reimbursable Losses                  $3,482,277.25         $3,396,239.31
          Since Issued Constant Prepayment Rate (CPR)                   11.71%                12.54%

          Loan Substitutions                                               $-                    $-
          Cumulative Loan Substitutions                                    $-                    $-
          Rejected Claim Repurchases                             $52,769.92            $57,301.16
          Cumulative Rejected Claim Repurchases               $1,456,291.50         $1,403,521.58
          Unpaid Primary Servicing Fees                                    $-                    $-
          Unpaid Administration Fees                                       $-                    $-
          Unpaid Carryover Servicing Fees                                  $-                    $-
          Note Principal Shortfall                                         $-                    $-
          Note Interest Shortfall                                          $-                    $-
          Unpaid Interest Carryover                                        $-                    $-
          Borrower Interest Accrued                           $1,199,737.13         $1,271,374.75
          Interest Subsidy Payments Accrued                     $128,602.35           $134,822.05
          Special Allowance Payments Accrued                    $110,610.34           $115,226.83




Page 5 of 9                                                                                            Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
  V.              2004-4 Portfolio Statistics by School and Program



                                                                        Weighted
          A         LOAN TYPE                                        Average Coupon                         # LOANS               $ AMOUNT                              %*
                             (1)
                    - GSL          - Subsidized                                 2.34%                                    52,598    $ 105,435,399.71                     48.259%

                    - GSL - Unsubsidized                                        2.25%                                    33,776       92,486,707.91                     42.332%
                                   (2)
                    - PLUS               Loans                                  3.18%                                     5,551       19,314,786.03                       8.841%
                             (3)
                    - SLS           Loans                                       3.69%                                      305         1,241,152.63                       0.568%

                    - Consolidation Loans                                       0.00%                                        0                 0.00                       0.000%

                    Total                                                       2.39%                                    92,230     $ 218,478,046.28                   100.000%

                                                                        Weighted
          B         SCHOOL TYPE                                      Average Coupon                         # LOANS               $ AMOUNT                              %*

                    - Four Year                                                 2.39%                                    69,889    $ 177,589,276.86                     81.285%

                    - Two Year                                                  2.37%                                    17,345       32,550,045.00                     14.899%

                    - Technical                                                 2.43%                                     4,990        8,321,921.75                       3.809%
                    - Other                                                     5.03%                                        6            16,802.67                       0.008%

                    Total                                                       2.39%                                    92,230     $ 218,478,046.28                   100.000%




          *Percentages may not total 100% due to rounding.

(1)
      Guaranteed Stafford Loan

(2)
      Parent Loans for Undergraduate Students

(3)
      Supplemental Loans to Students. The Unsubsidized Stafford Loan program replaced the SLS program on July 1, 1994.




Page 6 of 9                                                                                                                                            Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
 VI.            2004-4 Waterfall for Distributions



                                                                                                                                                                                                                            Remaining
                                                                                                                                                                                 Paid                                     Funds Balance

   Total Available Funds                                                                                                                                                                                                        $ 15,611,016.27

   A           Primary Servicing Fee                                                                                                                                                  $ 167,600.92                             $ 15,443,415.35

   B           Administration Fee                                                                                                                                                       $ 20,000.00                            $ 15,423,415.35

   C           Class A Noteholders' Interest Distribution Amount                                                                                                                      $ 236,510.68                             $ 15,186,904.67

   D           Class B Noteholders' Interest Distribution Amount                                                                                                                      $ 162,001.31                             $ 15,024,903.36

   E           Class A Noteholders' Principal Distribution Amount                                                                                                                $ 14,414,686.83                                    $ 610,216.53

   F           Class B Noteholders' Principal Distribution Amount                                                                                                                                 $-                                $ 610,216.53

   G           Reserve Account Reinstatement                                                                                                                                                      $-                                $ 610,216.53

   H           Carryover Servicing Fee                                                                                                                                                            $-                                $ 610,216.53

   I           Excess Distribution Certificateholder *                                                                                                                                $ 610,216.53                                              $-
 * In the event the trust student loans are not sold on the trust auction date, on each subsequent distribution date on which the Pool Balance is equal to 10% or less of the initial Pool Balance, accelerated payments of principal on the notes will be made in place of payments to
 the excess distribution certificateholder.




       Waterfall Triggers

       A       Student Loan Principal Outstanding                                                                                                                                                                            $ 218,478,046.28

       B       Borrower Interest Accrued                                                                                                                                                                                         $ 1,199,737.13

       C       Interest Subsidy Payments Accrued                                                                                                                                                                                    $ 128,602.35

       D       Special Allowance Payments Accrued                                                                                                                                                                                   $ 110,610.34

       E       Reserve Account Balance (after any reinstatement)                                                                                                                                                                 $ 2,501,168.00

       F       Total                                                                                                                                                                                                         $ 222,418,164.10

       G       Less: Specified Reserve Account Balance                                                                                                                                                                          $(2,501,168.00)

       H       Total                                                                                                                                                                                                         $ 219,916,996.10


       I       Class A Notes Outstanding (after application of available funds)                                                                                                                                              $ 142,055,037.13



       J       Insolvency Event or Event of Default Under Indenture                                                                                                                                                             N



       K       Available Funds Applied to Class A Noteholders’ Distribution Amount Before Any Amounts                                                                                                                           N
               are Applied to the Class B Noteholders’ Distribution Amount (I > H or J = Y)




Page 7 of 9                                                                                                                                                                                                 Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
   VII.        2004-4 Distributions


   Distribution Amounts

                                                                                            A4                        B

          Cusip/Isin                                                                    78442GLQ7                 78442GLR5
          Beginning Balance                                                           $157,079,940.49           $75,786,000.00
          Index                                                                           LIBOR                     LIBOR
          Spread/Fixed Rate                                                               0.13%                     0.38%
          Record Date (Days Prior to Distribution)                               1 NEW YORK BUSINESS DAY   1 NEW YORK BUSINESS DAY
          Accrual Period Begin                                                           4/25/2012                4/25/2012
          Accrual Period End                                                             7/25/2012                7/25/2012
          Daycount Fraction                                                             0.25277778                0.25277778
          Interest Rate                                                                  0.59565%                 0.84565%
          Accrued Interest Factor                                                      0.001505671               0.002137615
          Current Interest Due                                                         $236,510.68               $162,001.31
          Interest Shortfall from Prior Period Plus Accrued Interest                        $-                       $-
          Total Interest Due                                                           $236,510.68               $162,001.31
          Interest Paid                                                                $236,510.68               $162,001.31
          Interest Shortfall                                                                $-                       $-
          Carryover Interest Shortfall from Prior Period Plus Accrued Interest              $-                       $-
          Current Interest Carryover Due                                                    $-                       $-
          Interest Carryover Paid                                                           $-                       $-
          Unpaid Interest Carryover                                                         $-                       $-
          Principal Paid                                                              $15,024,903.36                 $-
          Ending Principal Balance                                                    $142,055,037.13           $75,786,000.00
          Paydown Factor                                                               0.022050275               0.000000000
          Ending Balance Factor                                                        0.208477394               1.000000000




Page 8 of 9                                                                                                               Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012
   VIII.      2004-4 Reconciliations


   A            Principal Distribution Reconciliation
                Prior Adjusted Pool Balance                           $ 234,093,474.42
                Current Adjusted Pool Balance                         $ 219,678,787.59
                Current Principal Due                                  $ 14,414,686.83
                Principal Shortfall from Previous Collection Period               $-
                Principal Distribution Amount                          $ 14,414,686.83

                Principal Paid                                         $ 15,024,903.36
                Principal Shortfall                                               $-

   B            Reserve Account Reconciliation
                Beginning Period Balance                                $ 2,501,168.00
                Reserve Funds Utilized                                            0.00
                Reserve Funds Reinstated                                          0.00
                Balance Available                                       $ 2,501,168.00

                Required Reserve Acct Balance                           $ 2,501,168.00
                Release to Collection Account                                     $-
                Ending Reserve Account Balance                          $ 2,501,168.00




Page 9 of 9                                                                              Trust 2004-4 Quarterly Servicing Report: Collection Period 04/01/2012 - 06/30/2012, Distribution Date 07/25/2012

								
To top