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					USA Group Secondary Market Services
Monthly Servicing Report
SMS Student Loan Trust 1994-B




  I. 1994-B        Reporting Period


  Collection Period Begin Date        04/01/2001
  Collection Period End Date          04/30/2001
  Days In Period                             30




                                                   Page 1
USA Group Secondary Market Services
Monthly Servicing Report
SMS Student Loan Trust 1994-B




         V. 1994-B Student Loan Portfolio Outstanding                            3/31/01                                4/30/01
                                                                                                      Activity



               i      Portfolio Balance                                          $65,821,242.89     ($945,237.58)   $    64,876,005.31
              ii      Interest to be Capitalized                                   1,172,097.45                           1,229,476.04
              iii     Total Pool                                          $       66,993,340.34                     $    66,105,481.35




         VI. 1994-B   Transactions From                                                    4/1/01    through:                 4/30/01

              A       Student Loan Principal Collection Activity
                      i                   Regular Principal Collections                                                    $819,543.30 G10
                      ii                  Principal Collections from Guarantor                                             $243,846.42 G11
                      iii                 Principal Recoveries by SMS                                                             $0.00 G21
                      iv                  Principal Recoveries by Servicer                                                        $0.00 G22
                      v                   Other System Adjustments                                                                $0.00 G24
                      vi                  Total Principal Collections                                                    $1,063,389.72


              B       Student Loan Non-Cash Principal Activity
                      i                   Principal Realized Losses                                                            ($30.05) G34
                      ii                  Other Adjustments                                                                  $8,069.19 G20
                      iii                 Capitalized Interest                                                            ($126,191.28) G40
                      iv                  Total Non-Cash Principal Activity                                               ($118,152.14)


              C       Student Loan Principal Additions
                      i                   New Loan Additions                                                                      $0.00 G30
                      ii                  Serial Loan Additions                                                                   $0.00 G33
                      iii                 Consolidation Loan Additions                                                            $0.00 G32
                      iv                  Total Principal Additions                                                               $0.00

              D       Total Student Loan Principal Activity (A-vi + B-iv + C-iv)                                           $945,237.58



              E       Student Loan Interest Activity
                      i                   Regular Interest Collections                                                     $257,897.10 G10
                      ii                  Interest Claims Received from Guarantors                                          $17,679.88 G11
                      iii                 Late Fees                                                                         $22,996.91 G12
                      iv                  Interest Recoveries by SMS                                                              $0.00 G21
                      v                   Interest Recoveries by Servicer                                                         $0.00 G22
                      vi                  Other System Adjustments                                                                $0.00 G24
                      vii                 Special Allowance Payments                                                              $0.00
                      viii                Subsidy Payments                                                                        $0.00
                      ix                  Total Interest Collections                                                       $298,573.89

              F       Student Loan Non-Cash Interest Activity
                      i                   Interest from New Loan Additions                                                        $0.00 G30
                      ii                  Interest from Serial Loan Additions                                                     $0.00 G33
                      iii                 Interest Realized Losses                                                           $3,122.99 G34
                      iv                  Other Adjustments                                                                 ($5,930.68) G20
                      v                   Capitalized Interest                                                             $126,191.28 G40
                      vi                  Total Non-Cash Interest Adjustments                                              $123,383.59

              G       Total Student Loan Interest Activity (E-ix + F-vi)                                                   $421,957.48




                                                                              Page 2
USA Group Secondary Market Services
Monthly Servicing Report
SMS Student Loan Trust 1994-B


VII. 1994-B Cash Transferred to Collection Account                                                                                                       4/30/01

      A        Principal Collections
               i       Principal Payments Received-Cash                                                                                             $1,063,389.72 G10/11
               ii      Principal Payments Received - Recoveries - SMS                                                                                       $0.00 G21/24
               iii     Principal Payments Received - Recoveries - Servicer                                                                                  $0.00 G22
               iv      Total Principal Collections                                                                                                  $1,063,389.72

      B        Interest Collections
               i        Interest Payments Received-Cash                                                                                              $275,576.98 G10/11
               ii       Interest Payments Received- Special Allowance and Subsidy Payments                                                                 $0.00
               iii      Interest Payments Received - Recoveries - SMS                                                                                      $0.00 G21/24
               iv       Interest Payments Received - Recoveries - Servicer                                                                                 $0.00 G22
               v        Late Fee Activity                                                                                                             $22,996.91 G12
               vi       Total Interest Collections                                                                                                   $298,573.89


      C        Reinvestment Earnings
               i      Collection Account Investment Income                                                                                             $12,594.54
               ii       Reserve Account Investment Income                                                                                              $6,267.95

               iv       Total Investment Income                                                                                                       $18,862.49


      D        TOTAL FUNDS IN COLLECTION ACCOUNT FOR MONTH ( A-iv + B-vi + C-iv )                                                                   $1,380,826.10


      E        Serial Loan Purchases                                                      Principal           Purchased Interest     Premium*
               i       Previous Period Serials                                                    $0.00                     $0.00           $0.00
               ii       Current Period Serials                                                   $0.00                       $0.00          $0.00
               iii      Cumulative Serial Loans this Quarter                                     $0.00                       $0.00          $0.00
               iv       Total Paid This Month - Serial Acquisitions                                                                                        $0.00


      F        New Loan Purchases                                                         Principal           Purchased Interest     Premium*
               i        Previous Period New Loans                                                $0.00                       $0.00          $0.00
               ii       Current Period New Loans                                                 $0.00                       $0.00          $0.00
               iii      Cumulative New Loans this Quarter                                        $0.00                       $0.00          $0.00
               iv       Total Paid This Month - New Loan Acquisitions                                                                                      $0.00


      G        Consolidation Loan Purchases This Period                                   Principal
               i        Previous Period Consolidation Loans                                      $0.00
               ii       Current Period Consolidation Loans                                       $0.00
               iii      Cumulative Consolidation Loans this Quarter                              $0.00
               iv       Total Paid This Month - Consolidation Loans Disbursements                                                                          $0.00


      H        Servicing Fees Due



               iii      Servicing Cost                                                                                 $57,963.03
               iv       Total Paid This Month - Servicing Fees                                                                                        $57,963.03


       I       Administration Fees Due
                        Admin Fee % of Pool                                                                                  0.04%                     $2,203.52


      J        Consolidation Loan Rebate Fees due for Month                                                                                           $17,542.86


      K        Interest Payments due:                        5/25/01
               i                                                                   Class A-2 Notes                                                    $247,050.62
               ii                                                                  Subordinate Notes                                                   $23,263.29




      M        TOTAL DISTRIBUTIONS FOR MONTH ( E-iv + F-iv + G-iv + H-iv + I + J + K-i + K-ii + L)                                                   $348,023.32
      N        Draw from Subsequent Collection Period                                                                                                      $0.00
      O        EXCESS MONTHLY AVAILABLE FUNDS ( D - M + N )                                                                                         $1,032,802.78


                        Cumulative Collection Account Reconciliation this Quarter
                                      Date                                                Activity                 Balance




                                 04/30/2001             Month End                  $      1,032,802.78    $          1,032,802.78


* After Revolving Period End Date, premium is only paid on quarterly distribution dates


                                                                                            Page 3
USA Group Secondary Market Services
Monthly Servicing Report
SMS Student Loan Trust 1994-B




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