<Page>

                                                                     EXHIBIT 4.2

================================================================================

                             INTERIM TRUST AGREEMENT


                                     between


                            SLM FUNDING CORPORATION,
                                as the Depositor


                                       and


                            CHASE MANHATTAN BANK USA,
                              NATIONAL ASSOCIATION,
                    not in its individual capacity but solely
                     as the Interim Eligible Lender Trustee


                          Dated as of December 1, 2002

================================================================================

<Page>

                                TABLE OF CONTENTS

<Table>
<Caption>
                                                                                          Page
                                                                                          ----
<S>                                                                                          <C>
                                    ARTICLE I

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

                                   ARTICLE II

                 APPOINTMENT OF INTERIM ELIGIBLE LENDER TRUSTEE

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 DEPOSITOR..........................  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...............................  3
SECTION 4.4  NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS....................................  3
SECTION 4.5  RESTRICTIONS..................................................................  3

                                    ARTICLE V

                 CONCERNING THE INTERIM ELIGIBLE LENDER TRUSTEE

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

                                        i
<Page>

<Table>
<S>                                                                                          <C>
                                   ARTICLE VI

                 COMPENSATION OF INTERIM ELIGIBLE LENDER TRUSTEE...........................  5

                                   ARTICLE VII

                      TERMINATION OF INTERIM TRUST AGREEMENT...............................  6

                                  ARTICLE VIII

                   SUCCESSOR INTERIM ELIGIBLE LENDER TRUSTEES

SECTION 8.1  ELIGIBILITY REQUIREMENTS FOR INTERIM ELIGIBLE LENDER TRUSTEE..................  6
SECTION 8.2  RESIGNATION OR REMOVAL OF INTERIM ELIGIBLE LENDER TRUSTEE.....................  6
SECTION 8.3  SUCCESSOR INTERIM ELIGIBLE LENDER TRUSTEE.....................................  7
SECTION 8.4  MERGER OR CONSOLIDATION OF INTERIM ELIGIBLE LENDER TRUSTEE....................  8

                                   ARTICLE IX

                                  MISCELLANEOUS

SECTION 9.1  SUPPLEMENTS AND AMENDMENTS....................................................  8
SECTION 9.2  NOTICES.......................................................................  9
SECTION 9.3  SEVERABILITY..................................................................  9
SECTION 9.4  SEPARATE COUNTERPARTS.........................................................  9
SECTION 9.5  SUCCESSORS AND ASSIGNS........................................................  9
SECTION 9.6  HEADINGS......................................................................  9
SECTION 9.7  GOVERNING LAW.................................................................  9
</Table>

                                       ii
<Page>

                             INTERIM TRUST AGREEMENT

     INTERIM TRUST AGREEMENT dated as of December 1, 2002, between SLM FUNDING
CORPORATION, a Delaware corporation (the " DEPOSITOR ") and CHASE MANHATTAN BANK
USA, NATIONAL ASSOCIATION, a national banking association, not in its individual
capacity but solely as Interim Eligible Lender Trustee (the "Interim Eligible
Lender Trustee").

     WHEREAS, the DEPOSITOR 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 DEPOSITOR has entered into the Purchase Agreement with the
Student Loan Marketing Association and the Sale Agreement with SLM Student Loan
Trust 2002-8 for the purpose of effecting such a purchase and resale; and

     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 DEPOSITOR.

     NOW, THEREFORE, the DEPOSITOR 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 DEPOSITOR
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 limitation:

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

     b.   To enter into and perform its obligations as the Interim Eligible
          Lender Trustee

                                        1
<Page>

          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
DEPOSITOR, 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 DEPOSITOR.

                                   ARTICLE III

                 REPRESENTATIONS AND WARRANTIES OF THE DEPOSITOR

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

     1.   The DEPOSITOR 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 DEPOSITOR 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 DEPOSITOR by all necessary corporate action.

     3.   This Agreement constitutes a legal, valid and binding obligation of
          the DEPOSITOR 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 DEPOSITOR, or any
          indenture, agreement or other instrument to which the DEPOSITOR 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,

                                        2
<Page>

          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 DEPOSITOR of any court or of any Federal
          or state regulatory body, administrative agency or other governmental
          instrumentality having jurisdiction over the DEPOSITOR 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 DEPOSITOR 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 DEPOSITOR 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.

     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.

                                        3
<Page>

                                    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
          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.

     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 DEPOSITOR 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 DEPOSITOR 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, at which it acts as trustee for the Trust. 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.

                                        4
<Page>

     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 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 USA,
National Association 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 DEPOSITOR;
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 DEPOSITOR 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 DEPOSITOR and the Interim Eligible Lender Trustee, and the
Interim Eligible Lender Trustee shall be entitled to be reimbursed by the
DEPOSITOR, to the extent provided in such separate agreement, for its other
reasonable expenses hereunder.

                                        5
<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 DEPOSITOR, 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 DEPOSITOR. Upon
receiving such notice of resignation, the DEPOSITOR 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 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
DEPOSITOR, then the DEPOSITOR may remove the Interim Eligible Lender Trustee. If
the DEPOSITOR shall remove the Interim Eligible Lender Trustee under the
authority of the immediately preceding sentence, the DEPOSITOR shall promptly
appoint a successor Interim Eligible Lender Trustee by written instrument, in
duplicate, one copy of which

                                        6
<Page>

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 DEPOSITOR 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 DEPOSITOR 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.

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

                                        7
<Page>

                                   ARTICLE IX

                                  MISCELLANEOUS

     SECTION 9.1 SUPPLEMENTS AND AMENDMENTS. This Agreement may be amended by
the DEPOSITOR and the Interim Eligible Lender Trustee, with prior written notice
to the Rating Agencies, without the consent of any of the Noteholders, 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; 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.

     This Agreement may also be amended from time to time by the DEPOSITOR and
the Interim Eligible Lender Trustee, with prior written notice to the Rating
Agencies, with the consent of the Noteholders evidencing not less than a
majority of the Outstanding Amount of the Notes, 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;
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 distributions that shall be required to be
made for the benefit of the Noteholders or (b) reduce the aforesaid percentage
of the Outstanding Amount of the Notes required to consent to any such
amendment, without the consent of all the outstanding Noteholders.

     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 the Indenture Trustee and each of the Rating
Agencies.

     It shall not be necessary for the consent of the Noteholders 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 of evidencing the
authorization of the execution thereof 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

                                        8
<Page>

Corporate Trust Office; if to the DEPOSITOR, addressed to SLM Funding
Corporation, 304 South Minnesota Street, Suite B, Carson City, Nevada 89703, 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 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 DEPOSITOR 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.

                                        9
<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 USA,
                                     NATIONAL ASSOCIATION,
                                     not in its individual capacity
                                     but solely as the Interim Eligible
                                     Lender Trustee


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


                                     SLM FUNDING CORPORATION,
                                     as the DEPOSITOR


                                     By /s/ MARK L. HELEEN
                                        ---------------------------------
                                        Name:  Mark L. Heleen
                                        Title: Vice President

                                       10