<PAGE>





                                                                     Exhibit 4.1

--------------------------------------------------------------------------------

                            INTERIM TRUST AGREEMENT



                                     between


                            SLM FUNDING CORPORATION,
                                    as Seller


                                       and


                         CHASE MANHATTAN BANK DELAWARE,
                    not in its individual capacity but solely
                       as Interim Eligible Lender Trustee










                          Dated as of December 1, 1999








--------------------------------------------------------------------------------


<PAGE>









                                TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                               PAGE

         <S>                                                                                                     <C>

                                    ARTICLE I

                              DEFINITIONS AND USAGE.............................................................  1

                                   ARTICLE II

                  APPOINTMENT OF INTERIM ELIGIBLE LENDER TRUSTEE................................................  1

         SECTION 2.1  APPOINTMENT OF INTERIM ELIGIBLE
                           LENDER TRUSTEE.......................................................................  1
         SECTION 2.2  DECLARATION OF TRUST......................................................................  2
         SECTION 2.3  TITLE TO INTERIM TRUST LOANS..............................................................  2


                                   ARTICLE III

                    REPRESENTATIONS AND WARRANTIES OF THE SELLER................................................  2


                                   ARTICLE IV

             AUTHORITY AND DUTIES OF INTERIM ELIGIBLE LENDER TRUSTEE

         SECTION 4.1  GENERAL AUTHORITY.........................................................................  3
         SECTION 4.2  GENERAL DUTIES............................................................................  3
         SECTION 4.3  NO DUTIES EXCEPT AS SPECIFIED IN THIS
                           AGREEMENT............................................................................  4
         SECTION 4.4  NO ACTION EXCEPT UNDER SPECIFIED
                           DOCUMENTS............................................................................  4
         SECTION 4.5  RESTRICTIONS..............................................................................  4

                                    ARTICLE V

                 CONCERNING THE INTERIM ELIGIBLE LENDER TRUSTEE

         SECTION 5.1  ACCEPTANCE OF TRUST AND DUTIES............................................................  4
         SECTION 5.2  REPRESENTATIONS AND WARRANTIES............................................................  5
         SECTION 5.3  NOT ACTING IN INDIVIDUAL CAPACITY.........................................................  6
         SECTION 5.4  INTERIM ELIGIBLE LENDER TRUSTEE
                      NOT LIABLE FOR THE INTERIM
                      TRUST LOANS ..............................................................................  6
</TABLE>

                                        i


<PAGE>





<TABLE>
<CAPTION>
         <S>                                                                                                     <C>
                                   ARTICLE VI

                   COMPENSATION OF INTERIM ELIGIBLE LENDER TRUSTEE..............................................  6

                                   ARTICLE VII

                        TERMINATION OF INTERIM TRUST AGREEMENT..................................................  7


                                  ARTICLE VIII

                     SUCCESSOR INTERIM ELIGIBLE LENDER TRUSTEES.................................................  7

         SECTION 8.1  ELIGIBILITY REQUIREMENTS FOR INTERIM
                               ELIGIBLE LENDER TRUSTEE..........................................................  7
         SECTION 8.2  RESIGNATION OR REMOVAL OF INTERIM
                               ELIGIBLE LENDER TRUSTEE..........................................................  7
         SECTION 8.3  SUCCESSOR INTERIM ELIGIBLE LENDER
                               TRUSTEE..........................................................................  8
         SECTION 8.4  MERGER OR CONSOLIDATION OF INTERIM
                               ELIGIBLE LENDER TRUSTEE..........................................................  9


                                   ARTICLE IX

                                  MISCELLANEOUS
         SECTION 9.1  SUPPLEMENTS AND AMENDMENTS................................................................  9
         SECTION 9.2  NOTICES................................................................................... 10
         SECTION 9.3  SEVERABILITY.............................................................................. 10
         SECTION 9.4  SEPARATE COUNTERPARTS..................................................................... 11
         SECTION 9.5  SUCCESSORS AND ASSIGNS.................................................................... 11
         SECTION 9.6  HEADINGS.................................................................................. 11
         SECTION 9.7  GOVERNING LAW............................................................................. 11
</TABLE>











                                       ii



<PAGE>

         INTERIM TRUST AGREEMENT dated as of December 1, 1999, between SLM
FUNDING CORPORATION, a Delaware corporation (the "Seller") and CHASE MANHATTAN
BANK DELAWARE, a Delaware banking corporation, not in its individual capacity
but solely as Interim Eligible Lender Trustee (the "Interim Eligible Lender
Trustee").

         WHEREAS, the Seller is a special purpose corporation established for
the purpose of purchasing Loans from the Student Loan Marketing Association for
immediate resale to special purpose trusts established for the purpose of
financing the purchase of such Loans; and

         WHEREAS, the Seller has entered into the Purchase Agreement with the
Student Loan Marketing Association and the Sale Agreement with SLM Student Loan
Trust 1999-3 for the purpose of effecting such a purchase and resale; and

         WHEREAS, the Seller is not an "eligible lender" within the meaning of
Section 435(d) of the Higher Education Act for the purpose of holding legal
title to the Loans to be purchased under the Purchase Agreement and any Trust
Student Loans required to be repurchased from the Trust pursuant to the Sale
Agreement;

         WHEREAS, the Interim Eligible Lender Trustee is an "eligible lender"
within the meaning of Section 435(d) of the Higher Education Act and is willing
to hold legal title to such Loans and any such Trust Student Loans
(collectively, the "Interim Trust Loans") on behalf and for the benefit of the
Seller;

         NOW, THEREFORE, the Seller and the Interim Eligible Lender Trustee
hereby agree as follows:


                                    ARTICLE I

                              DEFINITIONS AND USAGE

         Except as otherwise specified herein or as the context may otherwise
require, capitalized terms used but not otherwise defined herein are defined in
Appendix A hereto, which also contains rules as to usage that shall be
applicable herein.


                                   ARTICLE II

                 APPOINTMENT OF INTERIM ELIGIBLE LENDER TRUSTEE

         SECTION 2.1 APPOINTMENT OF INTERIM ELIGIBLE LENDER TRUSTEE. The Seller
hereby appoints the Interim Eligible Lender Trustee, effective as of the date
hereof, as trustee, to have all the rights, powers and duties set forth herein,
including, without



<PAGE>

limitation:

         a.       to hold legal title to the Interim Trust Loans on behalf and
                  for the benefit of the Seller;

         b.       to enter into and perform its obligations as the Interim
                  Eligible Lender Trustee under the Purchase Agreement, the Sale
                  Agreement and this Agreement; and

         c.       to engage in those activities, including entering into
                  agreements, that are necessary, suitable or convenient to
                  accomplish the foregoing or are incidental thereto or
                  connected therewith.

         SECTION 2.2 DECLARATION OF TRUST. The Interim Eligible Lender Trustee
hereby declares that it will hold the Interim Trust Loans in trust upon and
subject to the conditions set forth herein for the use and benefit of the
Seller, subject to the obligations of the Interim Eligible Lender Trustee under
the Purchase Agreement and the Sale Agreement. Effective as of the date hereof,
the Interim Eligible Lender Trustee shall have all rights, powers and duties set
forth herein with respect to accomplishing the purposes of this Agreement.

         SECTION 2.3 TITLE TO INTERIM TRUST LOANS. Legal title to all of the
Interim Trust Loans shall be vested at all times in the Interim Eligible Lender
Trustee on behalf of and for the benefit of the Seller.


                                  ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE SELLER

         The Seller hereby represents and warrants to the Interim Eligible
Lender Trustee that:

         1.       The Seller is duly organized and validly existing as a
                  Delaware corporation in good standing under the laws of the
                  State of Delaware, with power and authority to own its
                  properties and to conduct its business as such properties are
                  currently owned and such business is presently conducted.

         2.       The Seller has the corporate power and authority to execute
                  and deliver this Agreement and to carry out its terms; and the
                  execution, delivery and performance of this Agreement has been
                  duly authorized by the Seller by all necessary corporate
                  action.


                                       2
<PAGE>

         3.       This Agreement constitutes a legal, valid and binding
                  obligation of the Seller enforceable in accordance with its
                  terms, subject to applicable bankruptcy, insolvency,
                  reorganization and similar laws relating to creditors' rights
                  generally and subject to general principles of equity.

         4.       The consummation of the transactions contemplated by this
                  Agreement and the fulfillment of the terms hereof do not
                  conflict with, result in any breach of any of the terms and
                  provisions of, or constitute (with or without notice or lapse
                  of time or both) a default under, the certificate of
                  incorporation or by-laws of the Seller, or any indenture,
                  agreement or other instrument to which the Seller is a party
                  or by which it is bound; nor result in the creation or
                  imposition of any Lien upon any of its properties pursuant to
                  the terms of any such indenture, agreement or other instrument
                  (other than other than as contemplated by the Basic
                  Documents); nor violate any law or any order, rule or
                  regulation applicable to the Seller of any court or of any
                  Federal or state regulatory body, administrative agency or
                  other governmental instrumentality having jurisdiction over
                  the Seller or its properties.


                                   ARTICLE IV

             AUTHORITY AND DUTIES OF INTERIM ELIGIBLE LENDER TRUSTEE

         SECTION 4.1 GENERAL AUTHORITY. The Interim Eligible Lender Trustee is
authorized and directed to execute and deliver the Purchase Agreement, the Sale
Agreement and this Agreement and each certificate or other document attached as
an exhibit to or contemplated by such agreements, in each case, in such form as
the Seller shall approve as evidenced conclusively by the Interim Eligible
Lender Trustee's execution thereof. The Interim Eligible Lender Trustee is also
authorized and directed on behalf and for the benefit of the Seller to acquire
and hold legal title to the Interim Trust Loans and to take all actions required
of the Interim Eligible Lender Trustee pursuant to the Purchase Agreement, the
Sale Agreement and this Agreement.

         SECTION 4.2 GENERAL DUTIES. It shall be the duty of the Interim
Eligible Lender Trustee to discharge (or cause to be discharged) all its
responsibilities as the Interim Eligible Lender Trustee pursuant to the terms of
the Purchase Agreement, the Sale Agreement and this Agreement.


                                       3
<PAGE>

         SECTION 4.3 NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT. The
Interim Eligible Lender Trustee shall not have any duty or obligation to manage,
make any payment with respect to, register, record, sell, service, dispose of or
otherwise deal with the Interim Trust Loans, or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Interim Eligible Lender Trustee is a party, except as
expressly provided by the terms of the Purchase Agreement, the Sale Agreement or
this Agreement; and no implied duties or obligations shall be read into this
Agreement, the Purchase Agreement or the Sale Agreement against the Interim
Eligible Lender Trustee.

         SECTION 4.4 NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS. The Interim
Eligible Lender Trustee shall not otherwise deal with the Interim Trust Loans
except in accordance with the powers granted to and the authority conferred upon
the Interim Eligible Lender Trustee pursuant to this Agreement, the Purchase
Agreement and the Sale Agreement.

         SECTION 4.5 RESTRICTIONS. The Interim Eligible Lender Trustee shall not
take any action that is inconsistent with the purposes of the Trust set forth in
the Basic Documents.


                                    ARTICLE V

                 CONCERNING THE INTERIM ELIGIBLE LENDER TRUSTEE

         SECTION 5.1 ACCEPTANCE OF TRUST AND DUTIES. The Interim Eligible Lender
Trustee accepts the trust hereby created and agrees to perform its duties
hereunder with respect to such trust but only upon the terms of this Agreement.
The Interim Eligible Lender Trustee shall not be answerable or accountable
hereunder or under the Purchase Agreement or the Sale Agreement under any
circumstances, except (i) for its own willful misconduct or negligence or (ii)
in the case of the inaccuracy of any representation or warranty contained in
Section 5.2 expressly made by the Interim Eligible Lender Trustee. In
particular, but not by way of limitation (and subject to the exceptions set
forth in the preceding sentence):

         1.       the Interim Eligible Lender Trustee shall not be liable for
                  any error of judgment made by a responsible officer of the
                  Interim Eligible Lender Trustee;

         2.       no provision of this Agreement, the Purchase Agreement or the
                  Sale Agreement shall require the Interim Eligible Lender
                  Trustee to expend or risk funds or otherwise incur any
                  financial liability in the



                                       4
<PAGE>

                  performance of any of its rights or powers hereunder or under
                  the Purchase Agreement or the Sale Agreement, if the Interim
                  Eligible Lender Trustee shall have reasonable grounds for
                  believing that repayment of such funds or adequate indemnity
                  against such risk or liability is not reasonably assured or
                  provided to it; and

         3.       the Interim Eligible Lender Trustee shall not be responsible
                  for or in respect of the validity or sufficiency of this
                  Agreement or for the due execution hereof by the Seller or for
                  the form, character, genuineness, sufficiency, value or
                  validity of any of the Interim Trust Loans or for or in
                  respect of the validity or sufficiency of the Purchase
                  Agreement or the Sale Agreement.

         SECTION 5.2 REPRESENTATIONS AND WARRANTIES. The Interim Eligible Lender
Trustee hereby represents and warrants to the Seller that:

         1.       It is duly organized and validly existing in good standing
                  under the laws of its governing jurisdiction and has an office
                  located within the State of Delaware. It has all requisite
                  corporate power and authority to execute, deliver and perform
                  its obligations under the Purchase Agreement, the Sale
                  Agreement and this Agreement.

         2.       It has taken all corporate action necessary to authorize the
                  execution and delivery by it of the Purchase Agreement, the
                  Sale Agreement and this Agreement, and the Purchase Agreement,
                  the Sale Agreement and this Agreement have been executed and
                  delivered by one of its officers who is duly authorized to
                  execute and deliver the same on its behalf.

         3.       Neither the execution nor the delivery by it of the Purchase
                  Agreement, the Sale Agreement or this Agreement, nor the
                  consummation by it of the transactions contemplated thereby or
                  hereby nor compliance by it with any of the terms or
                  provisions thereof or hereof will contravene any Federal or
                  Delaware state law, governmental rule or regulation governing
                  the banking or trust powers of the Interim Eligible Lender
                  Trustee or any judgment or order binding on it, or constitute
                  any default under its charter documents or by-laws or any
                  indenture, mortgage, contract, agreement or instrument to
                  which it is a party or by which any of its properties may be


                                       5
<PAGE>

                  bound.

         4.       It is and will maintain its status as an "eligible lender" (as
                  such term is defined in Section 435(d) of the Higher Education
                  Act) for purposes of holding legal title to the Interim Trust
                  Loans as contemplated by this Agreement, the Purchase
                  Agreement and the Sale Agreement.

         SECTION 5.3 NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article V, in accepting the trust hereby created, Chase Manhattan Bank
Delaware acts solely as Interim Eligible Lender Trustee hereunder and not in its
individual capacity.

         SECTION 5.4 INTERIM ELIGIBLE LENDER TRUSTEE NOT LIABLE FOR THE INTERIM
TRUST LOANS. The Interim Eligible Lender Trustee makes no representations as to
the validity or sufficiency of this Agreement, the Purchase Agreement or the
Sale Agreement, or of any Interim Trust Loan or related documents. The Interim
Eligible Lender Trustee shall at no time have any responsibility for or with
respect to the sufficiency of the Interim Trust Loans; the validity or
completeness of the assignment to the Interim Eligible Lender Trustee of legal
title to any Interim Trust Loan on behalf and for the benefit of the Seller; the
performance or enforcement (except as expressly set forth in the Purchase
Agreement or the Sale Agreement) of any Interim Trust Loan; the compliance by
the Seller or the Servicer with any warranty or representation made under any
Basic Document or in any related document or the accuracy of any such warranty
or representation or any action or inaction of the Administrator, the Indenture
Trustee or the Servicer or any subservicer taken in the name of the Interim
Eligible Lender Trustee.


                                   ARTICLE VI

                 COMPENSATION OF INTERIM ELIGIBLE LENDER TRUSTEE

         The Interim Eligible Lender Trustee shall receive as compensation for
its services hereunder such fees as have been separately agreed upon before the
date hereof between the Seller and the Interim Eligible Lender Trustee, and the
Interim Eligible Lender Trustee shall be entitled to be reimbursed by the
Seller, to the extent provided in such separate agreement, for its other
reasonable expenses hereunder.


                                       6
<PAGE>

                                   ARTICLE VII

                     TERMINATION OF INTERIM TRUST AGREEMENT

         This Agreement (other than Article VI) and the trust created hereby
shall terminate and be of no further force or effect upon the earlier of (i) the
termination of the Trust pursuant to Section 9.1 of the Trust Agreement and (ii)
the expiration of 21 years from the death of the last survivor of the
descendants of Joseph P. Kennedy, the late Ambassador of the United States to
the Court of St. James, living on the date hereof.


                                  ARTICLE VIII

                   SUCCESSOR INTERIM ELIGIBLE LENDER TRUSTEES

         SECTION 8.1 ELIGIBILITY REQUIREMENTS FOR INTERIM ELIGIBLE LENDER
TRUSTEE. The Interim Eligible Lender Trustee shall at all times be a corporation
or association (i) qualifying as an "eligible lender" as such term is defined in
Section 435(d) of the Higher Education Act for purposes of holding legal title
to the Interim Trust Loans on behalf and for the benefit of the Seller, with a
valid lender identification number with respect to the Interim Trust Loans from
the Department; and (ii) being authorized to exercise corporate trust powers and
hold legal title to the Interim Trust Loans. In case at any time the Interim
Eligible Lender Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Interim Eligible Lender Trustee shall resign
immediately in the manner and with the effect specified in Section 8.2.

         SECTION 8.2 RESIGNATION OR REMOVAL OF INTERIM ELIGIBLE LENDER TRUSTEE.
The Interim Eligible Lender Trustee may at any time resign and be discharged
from the trust hereby created by giving written notice thereof to the Seller.
Upon receiving such notice of resignation, the Seller shall promptly appoint a
successor Interim Eligible Lender Trustee meeting the eligibility requirements
of Section 8.1 by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Interim Eligible Lender Trustee and one copy
to the successor Interim Eligible Lender Trustee. If no successor Interim
Eligible Lender Trustee shall have been so appointed and have accepted
appointment within 30 days after the giving of such notice of resignation, the
resigning Interim Eligible Lender Trustee may petition any court of competent
jurisdiction for the appointment of a successor Interim Eligible Lender Trustee;
PROVIDED, HOWEVER, that such right to appoint or to petition for the appointment
of any such successor shall in no event relieve the resigning Interim Eligible
Lender Trustee from any



                                       7
<PAGE>

obligations otherwise imposed on it under this Agreement, the Purchase Agreement
or the Sale Agreement until such successor has in fact assumed such appointment.

         If at any time the Interim Eligible Lender Trustee shall cease to be or
shall be likely to cease to be eligible in accordance with the provisions of
Section 8.1 and shall fail to resign after written request therefor by the
Seller, then the Seller may remove the Interim Eligible Lender Trustee. If the
Seller shall remove the Interim Eligible Lender Trustee under the authority of
the immediately preceding sentence, the Seller shall promptly appoint a
successor Interim Eligible Lender Trustee by written instrument, in duplicate,
one copy of which instrument shall be delivered to the outgoing Interim Eligible
Lender Trustee so removed and one copy to the successor Interim Eligible Lender
Trustee together with payment of all fees owed to the outgoing Interim Eligible
Lender Trustee.

         Any resignation or removal of the Interim Eligible Lender Trustee and
appointment of a successor Interim Eligible Lender Trustee pursuant to any of
the provisions of this Section shall not become effective until acceptance of
appointment by the successor Interim Eligible Lender Trustee pursuant to Section
8.3 and payment of all fees and expenses owed to the outgoing Interim Eligible
Lender Trustee.

         SECTION 8.3 SUCCESSOR INTERIM ELIGIBLE LENDER TRUSTEE. Any successor
Interim Eligible Lender Trustee appointed pursuant to Section 8.2 shall execute,
acknowledge and deliver to the Seller and to its predecessor Interim Eligible
Lender Trustee an instrument accepting such appointment under this Agreement,
and thereupon the resignation or removal of the predecessor Interim Eligible
Lender Trustee shall become effective and such successor Interim Eligible Lender
Trustee, without any further act, deed or conveyance, shall become fully vested
with all the rights, powers, duties and obligations of its predecessor under
this Agreement, with like effect as if originally named as Interim Eligible
Lender Trustee. The predecessor Interim Eligible Lender Trustee shall upon
payment of its fees and expenses deliver to the successor Interim Eligible
Lender Trustee all documents, statements, moneys and properties held by it under
this Agreement and shall assign, if permissible, to the successor Interim
Eligible Lender Trustee any lender identification number obtained from the
Department with respect to the Interim Trust Loans; and the Seller and the
predecessor Interim Eligible Lender Trustee shall execute and deliver such
instruments and do such other things as may reasonably be required for fully and
certainly vesting and confirming in the successor Interim Eligible Lender
Trustee all such rights, powers, duties and obligations.


                                       8
<PAGE>

         No successor Interim Eligible Lender Trustee shall accept such
appointment as provided in this Section unless at the time of such acceptance
such successor Eligible Lender Trustee shall be eligible pursuant to Section
8.1.

         SECTION 8.4 MERGER OR CONSOLIDATION OF INTERIM ELIGIBLE LENDER TRUSTEE.
Any corporation into which the Interim Eligible Lender Trustee may be merged or
converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Interim Eligible
Lender Trustee shall be a party, or any corporation succeeding to all or
substantially all the corporate trust business of the Interim Eligible Lender
Trustee, shall, without the execution or filing of any instrument or any further
act on the part of any of the parties hereto, anything herein to the contrary
notwithstanding, be the successor of the Interim Eligible Lender Trustee
hereunder; PROVIDED that such corporation shall be eligible pursuant to Section
8.1.


                                   ARTICLE IX

                                  MISCELLANEOUS

         SECTION 9.1 SUPPLEMENTS AND AMENDMENTS. This Agreement may be amended
by the Seller and the Interim Eligible Lender Trustee, with prior written notice
to the Rating Agencies, without the consent of any of the Noteholders or the
Certificateholders, to cure any ambiguity, to correct or supplement any
provisions in this Agreement or for the purpose of adding any provisions to or
changing in any manner or eliminating any of the provisions in this Agreement or
of modifying in any manner the rights of the Noteholders or the
Certificateholders; PROVIDED, HOWEVER, that such action shall not, as evidenced
by an Opinion of Counsel, adversely affect in any material respect the interests
of any Noteholder or Certificateholder.

         This Agreement may also be amended from time to time by the Seller and
the Interim Eligible Lender Trustee, with prior written notice to the Rating
Agencies, with the consent of (i) the Noteholders of Notes evidencing not less
than a majority of the Outstanding Amount of the Notes and (ii) the
Certificateholders of Certificates evidencing not less than a majority of the
Certificate Balance, for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions of this Agreement or of
modifying in any manner the rights of the Noteholders or the Certificateholders;
PROVIDED, HOWEVER, that no such amendment shall (a) increase or reduce in any
manner the amount of, or accelerate or delay the timing of, collections of
payments on Trust Student Loans or




                                       9
<PAGE>

distributions that shall be required to be made for the benefit of the
Noteholders or the Certificateholders or (b) reduce the aforesaid percentage of
the Outstanding Amount of the Notes and the Certificate Balance required to
consent to any such amendment, without the consent of all the outstanding
Noteholders and Certificateholders.

         Promptly after the execution of any such amendment or consent, the
Interim Eligible Lender Trustee shall furnish written notification of the
substance of such amendment or consent to each Certificateholder, the Indenture
Trustee and each of the Rating Agencies.

         It shall not be necessary for the consent of Certificateholders, the
Noteholders or the Indenture Trustee pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Certificateholders provided for in this
Agreement or in any other Basic Document) and of evidencing the authorization of
the execution thereof by Certificateholders shall be subject to such reasonable
requirements as the Interim Eligible Lender Trustee may prescribe.

         Prior to the execution of any amendment to this Agreement, the Interim
Eligible Lender Trustee shall be entitled to receive and rely upon an Opinion of
Counsel stating that the execution of such amendment is authorized or permitted
by this Agreement. The Interim Eligible Lender Trustee may, but shall not be
obligated to, enter into any such amendment which affects the Interim Eligible
Lender Trustee's own rights, duties or immunities under this Agreement or
otherwise.

         SECTION 9.2 NOTICES. Unless otherwise expressly specified or permitted
by the terms hereof, all notices shall be in writing and shall be deemed given
upon receipt by the intended recipient or three Business Days after mailing if
mailed by certified mail, postage prepaid (except that notice to the Interim
Eligible Lender Trustee shall be deemed given only upon actual receipt by the
Interim Eligible Lender Trustee), if to the Interim Eligible Lender Trustee,
addressed to its Corporate Trust Office; if to the Seller, addressed to SLM
Funding Corporation, 777 Twin Creek Drive, Killeen, Texas 76543, or, as to each
party, at such other address as shall be designated by such party in a written
notice to each other party.

         SECTION 9.3 SEVERABILITY. Any provision of this Agreement that is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such



                                       10
<PAGE>

prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other jurisdiction.

         SECTION 9.4 SEPARATE COUNTERPARTS. This Agreement may be executed by
the parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

         SECTION 9.5 SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon and to the benefit of, the Seller and its
successors and the Interim Eligible Lender Trustee and its successors, all as
herein provided.

         SECTION 9.6 HEADINGS. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

         SECTION 9.7 GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Delaware, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.



                                       11
<PAGE>



                  IN WITNESS WHEREOF, the parties hereto have caused this
Interim Trust Agreement to be duly executed by their respective officers
hereunto duly authorized, as of the day and year first above written.


                                 CHASE MANHATTAN BANK DELAWARE,
                                 not in its individual capacity
                                 but solely as Interim Eligible
                                 Lender Trustee,


                                 By               /s/ John J. Cashin
                                     -------------------------------------
                                        Name:      John J. Cashin
                                        Title:     Vice President




                                 SLM FUNDING CORPORATION,
                                 Seller,


                                 By               /s/ J. Lance Franke
                                     -------------------------------------
                                        Name:      J. Lance Franke
                                        Title:     Chief Financial Officer



                                       12