<PAGE>

                                                                     Exhibit 4.2
================================================================================


                            INTERIM TRUST AGREEMENT



                                    between


                            SLM FUNDING CORPORATION,
                                   as Seller


                                      and


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



                           Dated as of June  1, 2001

================================================================================
<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 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..... 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>

5

                                       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................................. 7
                   -----------------------


                                  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 dated as of June 1, 2001, between SLM FUNDING
CORPORATION, a Delaware corporation (the "Seller") 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 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 2001-2 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; 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 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 limitation:

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

                                       1
<PAGE>

          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.

     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

                                       2
<PAGE>

          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.

     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

                                       3
<PAGE>

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
          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 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

                                       4
<PAGE>

          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 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 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

                                       5
<PAGE>

entitled to be reimbursed by the Seller, to the extent provided in such separate
agreement, for its other reasonable expenses hereunder.


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

                                       6
<PAGE>

     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.

     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

                                       7
<PAGE>

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, 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 Seller and the
Interim Eligible Lender Trustee, with prior written notice to the Rating
Agencies, with the consent of the Noteholders of Notes 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 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 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.

                                       8
<PAGE>

     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, 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 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.

                                       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 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


                                      10