<PAGE>


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


                              AMENDED AND RESTATED
                                 TRUST AGREEMENT



                                     between


                                SLM FUNDING LLC,
                                as the Depositor


                                       and


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









                            Dated as of March 4, 2003


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




<PAGE>


                                TABLE OF CONTENTS
<TABLE>
<CAPTION>
                                                                                                                PAGE
<S>          <C>                                                                                                <C>

                                    ARTICLE I

SECTION 1.1  Definitions and Usage................................................................................1


                                   ARTICLE II
                                  ORGANIZATION

SECTION 2.1  Creation of Trust; Name..............................................................................1
SECTION 2.2  Office...............................................................................................1
SECTION 2.3  Purposes and Powers..................................................................................1
SECTION 2.4  Appointment of Eligible Lender Trustee...............................................................2
SECTION 2.5  Initial Capital Contribution of Trust Estate.........................................................2
SECTION 2.6  Declaration of Trust.................................................................................2
SECTION 2.7  Liability of the Holders of the Excess Distribution Certificate......................................3
SECTION 2.8  Title to Trust Property..............................................................................3
SECTION 2.9  Representations, Warranties, and Covenants of the Depositor..........................................3
SECTION 2.10  Intentionally Omitted...............................................................................4


                                   ARTICLE III
            BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE

SECTION 3.1  Initial Beneficial Ownership.........................................................................4
SECTION 3.2  Intentionally Omitted................................................................................4
SECTION 3.3  Intentionally Omitted................................................................................4
SECTION 3.4  Intentionally Omitted................................................................................4
SECTION 3.5  Intentionally Omitted................................................................................4
SECTION 3.6  Intentionally Omitted................................................................................5
SECTION 3.7  Intentionally Omitted................................................................................5
SECTION 3.8  Corporate Trust Office...............................................................................5
SECTION 3.9  Intentionally Omitted................................................................................5
SECTION 3.10  Intentionally Omitted...............................................................................5
SECTION 3.11  Intentionally Omitted...............................................................................5
SECTION 3.12  Intentionally Omitted...............................................................................5
SECTION 3.13  The Excess Distribution Certificate.................................................................5


                                   ARTICLE IV
                       ACTIONS BY ELIGIBLE LENDER TRUSTEE

SECTION 4.1  Prior Notice to the Holder of the Excess Distribution Certificate With Respect to Certain Matters...10
SECTION 4.2  Action with Respect to Sale of the Trust Student Loans..............................................11
SECTION 4.3  Action with Respect to Bankruptcy...................................................................11
SECTION 4.4  Restrictions........................................................................................11
</TABLE>
                                       i
<PAGE>

<TABLE>
<S>          <C>                                                                                                <C>
SECTION 4.5  Intentionally Omitted...............................................................................11


                                    ARTICLE V
                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

SECTION 5.1  Application of Trust Funds..........................................................................11
SECTION 5.2  Method of Payment...................................................................................11
SECTION 5.3  No Segregation of Moneys; No Interest...............................................................12
SECTION 5.4  Reports to the Holder of the Excess Distribution Certificate, the Internal Revenue Service and
                      Others.....................................................................................12
SECTION 5.5  Intentionally Omitted...............................................................................12
SECTION 5.6  Intentionally Omitted...............................................................................12


                                   ARTICLE VI
                 AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE

SECTION 6.1  General Authority...................................................................................12
SECTION 6.2  General Duties......................................................................................13
SECTION 6.3  Action upon Instruction.............................................................................13
SECTION 6.4  No Duties Except as Specified in this Agreement or in Instructions..................................14
SECTION 6.5  No Action Except Under Specified Documents or Instructions..........................................14
SECTION 6.6  Restrictions........................................................................................15


                                   ARTICLE VII
                     CONCERNING THE ELIGIBLE LENDER TRUSTEE

SECTION 7.1  Acceptance of Trusts and Duties.....................................................................15
SECTION 7.2  Intentionally Omitted...............................................................................16
SECTION 7.3  Representations and Warranties......................................................................16
SECTION 7.4  Reliance; Advice of Counsel.........................................................................17
SECTION 7.5  Not Acting in Individual Capacity...................................................................17
SECTION 7.6  Eligible Lender Trustee Not Liable for Excess Distribution Certificates or Trust Student Loans......18
SECTION 7.7  Eligible Lender Trustee May Own Notes...............................................................18


                                  ARTICLE VIII
              COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE

SECTION 8.1  Eligible Lender Trustee's Fees and Expenses.........................................................18
SECTION 8.2  Payments to the Eligible Lender Trustee.............................................................19
SECTION 8.3  Indemnity...........................................................................................19


                                   ARTICLE IX
                         TERMINATION OF TRUST AGREEMENT

SECTION 9.1  Termination of Trust Agreement......................................................................19
</TABLE>

                                       ii
<PAGE>

<TABLE>
<S>          <C>                                                                                                <C>
                                    ARTICLE X
   SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER TRUSTEES

SECTION 10.1  Eligibility Requirements for Eligible Lender Trustee...............................................19
SECTION 10.2  Resignation or Removal of Eligible Lender Trustee..................................................20
SECTION 10.3 Successor Eligible Lender Trustee..................................................................21
SECTION 10.4  Merger or Consolidation of Eligible Lender Trustee.................................................21
SECTION 10.5  Appointment of Co-Eligible Lender Trustee or Separate Eligible Lender Trustee......................22


                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.1  Supplements and Amendments.........................................................................23
SECTION 11.2  No Legal Title to Trust Estate in Holder of the Excess Distribution Certificate....................24
SECTION 11.3  Limitations on Rights of Others....................................................................24
SECTION 11.4  Notices 24
SECTION 11.5  Severability.......................................................................................24
SECTION 11.6  Separate Counterparts..............................................................................25
SECTION 11.7  Successors and Assigns.............................................................................25
SECTION 11.8  No Petition........................................................................................25
SECTION 11.9  No Recourse........................................................................................25
SECTION 11.10  Headings..........................................................................................25
SECTION 11.11  Governing Law.....................................................................................26

Exhibit A.........Form of Excess Distribution Certificate Exhibit B.........Form
of Certificate of Trust Exhibit C.........Form of Transferor Letter Exhibit
D-1.......Form of Transferee Letter (Non-Rule 144A) Exhibit D-2.......From of
Transferee Letter (Rule 144A)

Appendix A to Trust Agreement
</TABLE>

                                      iii

<PAGE>


         THIS AMENDED AND RESTATED TRUST AGREEMENT dated as of March 1, 2003,
between SLM FUNDING LLC, a Delaware limited liability company, as the Depositor,
and CHASE MANHATTAN BANK USA, NATIONAL ASSOCIATION, a national banking
association, not in its individual capacity but solely as the Eligible Lender
Trustee.

                                   WITNESSETH:


         The Depositor and the Eligible Lender Trustee are party to the Trust
Agreement dated as of February 14, 2003 (the "Short-Form Trust Agreement")
pursuant to which a Trust known as "SLM Student Loan Trust 2003-2" was
established;

          The Depositor and the Eligible Lender Trustee desire to amend and
restate the Short-Form Trust Agreement upon the terms and conditions set forth
herein as follows:

                               ARTICLE I

         SECTION 1.1 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

                                  ORGANIZATION

         SECTION 2.1 CREATION OF TRUST; NAME. There is hereby created a Trust
which shall be known as "SLM Student Loan Trust 2003-2", in which name the
Eligible Lender Trustee may conduct the business of the Trust, make and execute
contracts and other instruments on behalf of the Trust and sue and be sued. The
Trust shall constitute a statutory trust within the meaning of Section 3801(a)
of the Delaware Statutory Trust Act for which the Eligible Lender Trustee has
filed a certificate of trust with the Secretary of State of the State of
Delaware pursuant to Section 3810(a) of the Delaware Statutory Trust Act.

         SECTION 2.2 OFFICE. The office of the Trust shall be in care of the
Eligible Lender Trustee at its Corporate Trust Office or at such other address
as the Eligible Lender Trustee may designate by written notice to the Depositor.

         SECTION 2.3  PURPOSES AND POWERS. The purpose of the Trust is to
engage in the following activities:

                  (i) to issue the Notes pursuant to the Indenture and the
         Excess Distribution Certificate pursuant to this Agreement and to sell
         the Notes in one or more transactions;

                  (ii) with the proceeds of the sale of the Notes, to fund the
         Reserve Account pursuant to Section 2.8.1 of the Administration
         Agreement, to fund the Capitalized Interest Account pursuant to Section
         2.8.2 of the Administration Agreement and to purchase the Trust Student
         Loans pursuant to the Sale Agreement;

<PAGE>


                  (iii) to Grant the Trust Estate to the Indenture Trustee
         pursuant to the Indenture, and to hold, manage and distribute to the
         holder of the Excess Distribution Certificate pursuant to the terms of
         this Agreement any portion of the Trust Estate released from the Lien
         of, and remitted to the Trust pursuant to, the Indenture;

                  (iv) to enter into and perform its obligations under the Basic
         Documents to which it is to be a party, including, but not limited to,
         making the required payments set forth under the Currency Swaps, if
         any;

                  (v) 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; and

                  (vi) subject to compliance with the Basic Documents, to engage
         in such other activities as may be required in connection with
         conservation of the Trust Estate and the making of distributions to the
         Noteholders and the others specified in Sections 2.7, 2.8.1 and 2.8.2
         of the Administration Agreement.

The Trust shall not engage in any activity other than in connection with the
foregoing or other than as required or authorized by the terms of this Agreement
or the other Basic Documents.

         SECTION 2.4 APPOINTMENT OF ELIGIBLE LENDER TRUSTEE. The Depositor
hereby appoints the Eligible Lender Trustee as trustee of the Trust, effective
as of the date hereof, to have all the rights, powers and duties set forth
herein.

         SECTION 2.5 INITIAL CAPITAL CONTRIBUTION OF TRUST ESTATE. The Depositor
hereby sells, assigns, transfers, conveys and sets over to the Eligible Lender
Trustee, as of the date hereof, the sum of $100.00. The Eligible Lender Trustee
hereby acknowledges receipt in trust from the Depositor, as of the date hereof,
of the foregoing contribution, which shall constitute the Initial Trust Estate
and shall be deposited in the Collection Account. The Depositor shall pay the
organizational expenses of the Trust as they may arise or shall, upon the
request of the Eligible Lender Trustee, promptly reimburse the Eligible Lender
Trustee for any such expenses paid by the Eligible Lender Trustee.

         SECTION 2.6 DECLARATION OF TRUST. The Eligible Lender Trustee hereby
declares that it will hold the Trust Estate in trust upon and subject to the
conditions set forth herein for the use and benefit of the holder of the Excess
Distribution Certificate, subject to the obligations of the Trust under the
other Basic Documents. It is the intention of the parties hereto that the Trust
constitute a statutory trust under Delaware law and that this Agreement
constitute the governing instrument of such trust. Effective as of the date
hereof, the Eligible Lender Trustee shall have all rights, powers and duties set
forth herein with respect to accomplishing the purposes of the Trust.

         SECTION 2.7 LIABILITY OF THE HOLDERS OF THE EXCESS DISTRIBUTION
CERTIFICATE.

         (a)      Notwithstanding the provisions of Section 3803 of the Delaware
                  Statutory Trust Act, the Depositor shall be liable directly to
                  and shall indemnify the injured party for all losses, claims,
                  damages, liabilities and expenses of the Trust (including
                  Expenses, to the extent that the assets of the Trust that
                  would remain if all of the


                                       2
<PAGE>

                  Notes were paid in full would not be sufficient to pay any
                  such liabilities, or if such liabilities in fact are not paid
                  out of the Trust Estate) to the extent that the Depositor
                  would be liable if the Trust were a partnership under the
                  Delaware Revised Uniform Limited Partnership Act in which the
                  Depositor were a general partner; PROVIDED, HOWEVER, that the
                  Depositor shall not be liable for any losses incurred by a
                  beneficial owner of a Note in its capacity as a holder of
                  limited recourse debt or to any holder of the Excess
                  Distribution Certificate. In addition, any third party
                  creditors of the Trust (other than in connection with the
                  obligations to Noteholders excepted above) shall be third
                  party beneficiaries of this paragraph.

         (b)      No holder of the Excess Distribution Certificate (in such
                  capacity) shall have any personal liability for any liability
                  or obligation of the Trust.

         SECTION 2.8 TITLE TO TRUST PROPERTY. Legal title to all of the Trust
Estate shall be vested at all times in the Trust as a separate legal entity
except where applicable law in any jurisdiction requires title to any part of
the Trust Estate to be vested in a trustee or trustees, in which case title
shall be deemed to be vested in the Eligible Lender Trustee, a co-trustee and/or
a separate trustee, as the case may be; provided that legal title to the Trust
Student Loans shall be vested at all times in the Eligible Lender Trustee on
behalf of the Trust.

         SECTION 2.9  REPRESENTATIONS, WARRANTIES, AND COVENANTS OF THE
DEPOSITOR. The Depositor hereby represents, warrants and covenants to the
Eligible Lender Trustee as follows:

         (a)      The Depositor is duly organized and validly existing as a
                  Delaware limited liability company 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.

         (b)      The Depositor has the necessary power and authority to execute
                  and deliver this Agreement and to carry out its terms; the
                  Depositor has full power and authority to sell and assign the
                  property to be sold and assigned to and deposited with the
                  Trust (or with the Eligible Lender Trustee on behalf of the
                  Trust) and the Depositor has duly authorized such sale and
                  assignment and deposit to the Trust (or to the Eligible Lender
                  Trustee on behalf of the Trust) by all necessary action; and
                  the execution, delivery and performance of this Agreement has
                  been duly authorized by the Depositor by all necessary action.

         (c)      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.

         (d)      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 Formation
                  or limited liability company


                                       3
<PAGE>

                  operating agreement 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, agreement or other instrument
                  (other than pursuant to the Basic Documents); nor violate any
                  law or, to the Depositor's knowledge, 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.

         (e)      The Depositor agrees for the benefit of the Noteholders and
                  the holder of the Excess Distribution Certificate that it will
                  comply with each of the requirements set forth in Certificate
                  of Formation and its limited liability company operating
                  agreement and with each of the undertakings set forth in Annex
                  I hereto.

         SECTION 2.10 INTENTIONALLY OMITTED.

                                  ARTICLE III

                            BENEFICIAL OWNERSHIP AND
                         EXCESS DISTRIBUTION CERTIFICATE

         SECTION 3.1 INITIAL BENEFICIAL OWNERSHIP. Upon the formation of the
Trust by the contribution by the Depositor pursuant to Section 2.5 and until the
issuance of the Excess Distribution Certificate, the Depositor shall be the sole
beneficial owner of the Trust.

         SECTION 3.2 INTENTIONALLY OMITTED.

         SECTION 3.3 INTENTIONALLY OMITTED.

         SECTION 3.4 INTENTIONALLY OMITTED.

         SECTION 3.5 INTENTIONALLY OMITTED.

         SECTION 3.6 INTENTIONALLY OMITTED.

         SECTION 3.7 INTENTIONALLY OMITTED.

         SECTION 3.8 CORPORATE TRUST OFFICE. The Eligible Lender Trustee
initially designates Christiana Center/OPS4, 500 Stanton Christiana Road,
Newark, Delaware 19713, as its principal Corporate Trust Office, at which it
shall act as Trustee of the Trust. The Eligible Lender Trustee's New York office
and its authenticating agent's office are located at 450 West 33rd Street, 15th
Floor, New York, New York 10001, Attention: Structured Finance Services.

         SECTION 3.9 INTENTIONALLY OMITTED.

         SECTION 3.10 INTENTIONALLY OMITTED.

         SECTION 3.11 INTENTIONALLY OMITTED.

                                       4
<PAGE>


         SECTION 3.12 INTENTIONALLY OMITTED.

         SECTION 3.13 THE EXCESS DISTRIBUTION CERTIFICATE.

         (a) GENERAL. The Excess Distribution Certificate shall be issued in one
or more registered, definitive physical certificates substantially in the form
of Exhibit A hereto, in minimum percentage interests of at least 10% and
integral multiples of 10% in excess thereof. The Excess Distribution Certificate
shall receive payments as provided in Sections 2.7.C.18, 2.8.1D and 2.8.2B.2 of
the Administration Agreement. The Excess Distribution Certificate shall be
executed on behalf of the Trust by manual or facsimile signature of an
authorized officer of the Eligible Lender Trustee. An Excess Distribution
Certificate bearing the manual or facsimile signatures of individuals who were,
at the time when such signatures were affixed, authorized to sign on behalf of
the Trust, shall be valid and binding obligations of the Trust, notwithstanding
that such individuals or any of them shall have ceased to be so authorized prior
to the authentication and delivery of such Excess Distribution Certificate or
did not hold such offices at the date of authentication and delivery of such
Excess Distribution Certificate.

         (b) AUTHENTICATION. Concurrently with the sale of the Trust Student
Loans to the Trust pursuant to the Purchase Agreement, the Eligible Lender
Trustee shall cause the Excess Distribution Certificate to be executed on behalf
of the Trust, authenticated and delivered to or upon the written order of the
Depositor, signed by its chairman of the board, its president or any vice
president, without further action by the Depositor. No Excess Distribution
Certificate shall entitle its holder to any benefit under this Agreement, or
shall be valid for any purpose, unless there shall appear on such Excess
Distribution Certificate a certificate of authentication substantially in the
form set forth in Exhibit A, executed by the Eligible Lender Trustee or JPMorgan
Chase Bank, as the Eligible Lender Trustee's authenticating agent, by manual
signature; such authentication shall constitute conclusive evidence that such
Excess Distribution Certificate shall have been duly authenticated and delivered
hereunder. The Excess Distribution Certificate shall be dated the date of its
authentication. No further Excess Distribution Certificates shall be issued
except pursuant to paragraph (c) or (d) below.

         (c) REGISTRATION OF TRANSFER AND EXCHANGE. The Excess Distribution
Certificate Registrar shall keep or cause to be kept, at the office or agency
maintained pursuant to paragraph (f) below, an Excess Distribution Certificate
Register in which, subject to such reasonable regulations as it may prescribe,
the Eligible Lender Trustee shall provide for the registration of the Excess
Distribution Certificate and of transfers and exchanges of the Excess
Distribution Certificate as herein provided. Chase Manhattan Bank USA, National
Association shall be the initial Excess Distribution Certificate Registrar.

         Upon surrender for registration of transfer of the Excess Distribution
Certificate at the office or agency maintained pursuant to paragraph (f) below,
the Eligible Lender Trustee shall execute, authenticate and deliver (or shall
cause JPMorgan Chase Bank as its authenticating agent to authenticate and
deliver), in the name of the designated transferee, a new Excess Distribution
Certificate dated the date of authentication by the Eligible Lender Trustee or
any authenticating agent. At the option of the holder of the Excess Distribution
Certificate, the Excess Distribution Certificate may be exchanged for another
Excess Distribution Certificate

                                       5
<PAGE>

upon surrender of the Excess Distribution Certificate to be exchanged at the
office or agency maintained pursuant to paragraph (f) below.

         An Excess Distribution Certificate presented or surrendered for
registration of transfer or exchange shall be accompanied by a written
instrument of transfer in form satisfactory to the Eligible Lender Trustee and
the Excess Distribution Certificate Registrar duly executed by the holder
thereof or his attorney duly authorized in writing, with such signature
guaranteed by a member firm of the New York Stock Exchange or a commercial bank
or trust company. An Excess Distribution Certificate surrendered for
registration of transfer or exchange shall be cancelled and subsequently
disposed of by the Eligible Lender Trustee in accordance with its customary
practice.

         No service charge shall be made for any registration of transfer or
exchange of the Excess Distribution Certificate, but the Eligible Lender Trustee
or the Excess Distribution Certificate Registrar may require payment of a sum
sufficient to cover any tax or governmental charge that may be imposed in
connection with any transfer or exchange of the Excess Distribution Certificate.

         The preceding provisions of this Section notwithstanding, the Eligible
Lender Trustee shall not be required to make and the Excess Distribution
Certificate Registrar need not register transfers or exchanges of the Excess
Distribution Certificate for a period of 15 days preceding any Distribution Date
with respect to the Excess Distribution Certificate.

         The Excess Distribution Certificate and any beneficial interest in the
Excess Distribution Certificate may not be acquired by (a) employee benefit
plans (as defined in section 3(3) of ERISA) that are subject to the provisions
of Title I of ERISA, (b) plans described in section 4975(e)(1) of the Code,
including individual retirement accounts described in Section 408(a) of the Code
or Keogh plans, or (c) Benefit Plans. By accepting and holding the Excess
Distribution Certificate or an interest therein, the holder thereof shall be
deemed to have represented and warranted that it is not a Benefit Plan, is not
purchasing the Excess Distribution Certificate on behalf of a Benefit Plan and
is not using assets of a Plan to purchase the Excess Distribution Certificate
and to have agreed that if the Excess Distribution Certificate is deemed to be a
plan asset, the holder thereof will promptly dispose of the Excess Distribution
Certificate.

         (d) MUTILATED, DESTROYED, LOST OR STOLEN EXCESS DISTRIBUTION
CERTIFICATE. If (1) the mutilated Excess Distribution Certificate shall be
surrendered to the Excess Distribution Certificate Registrar, or if the Excess
Distribution Certificate Registrar shall receive evidence to its satisfaction of
the destruction, loss or theft of the Excess Distribution Certificate, and (2)
there shall be delivered to the Excess Distribution Certificate Registrar and
the Eligible Lender Trustee such security or indemnity as may be required by
them to save each of them and the Trust harmless, then in the absence of notice
that such Excess Distribution Certificate shall have been acquired by a bona
fide purchaser, the Eligible Lender Trustee on behalf of the Trust shall execute
and the Eligible Lender Trustee shall authenticate and deliver, in exchange for
or in lieu of any such mutilated, destroyed, lost or stolen Excess Distribution
Certificate, a new Excess Distribution Certificate of like tenor. In connection
with the issuance of any new Excess Distribution Certificate under this Section,
the Eligible Lender Trustee and the Excess Distribution Certificate Registrar
may require the payment of a sum sufficient to cover any tax or

                                       6
<PAGE>

other governmental charge that may be imposed in connection therewith. Any
duplicate Excess Distribution Certificate issued pursuant to this paragraph
shall constitute conclusive evidence of ownership in the Trust, as if originally
issued, whether or not the lost, stolen or destroyed Excess Distribution
Certificate shall be found at any time.

         (e) PERSONS DEEMED OWNERS. Prior to due presentation of the Excess
Distribution Certificate for registration of transfer, the Eligible Lender
Trustee and the Excess Distribution Certificate Registrar and any agent of
either of them may treat the Person in whose name the Excess Distribution
Certificate shall be registered in the Excess Distribution Certificate Register
as the owner of such Excess Distribution Certificate for the purpose of
receiving distributions thereon and for all other purposes whatsoever, and
neither the Eligible Lender Trustee, the Excess Distribution Certificate
Registrar nor any agent thereof shall be bound by any notice to the contrary.

         (f) MAINTENANCE OF OFFICE OR AGENCY. The Eligible Lender Trustee shall
maintain in the Borough of Manhattan, The City of New York, an office or offices
or agency or agencies where the Excess Distribution Certificate may be
surrendered for registration of transfer or exchange and where notices and
demands to or upon the Eligible Lender Trustee in respect of the Excess
Distribution Certificate may be served.

         (g) APPOINTMENT OF EXCESS DISTRIBUTION CERTIFICATE PAYING AGENT. The
Excess Distribution Certificate Paying Agent shall make distributions to the
holder of the Excess Distribution Certificate from the amounts received from the
Indenture Trustee pursuant to Sections 2.7.C.18, 2.8.1D and 2.8.2B.2 of the
Administration Agreement and shall report the amounts of such distributions to
the Eligible Lender Trustee. Any Excess Distribution Certificate Paying Agent
shall have the revocable power to receive such funds from the Indenture Trustee
for the purpose of making the distributions referred to above. The Eligible
Lender Trustee may revoke such power and remove the Excess Distribution
Certificate Paying Agent if the Eligible Lender Trustee determines in its sole
discretion that the Excess Distribution Certificate Paying Agent shall have
failed to perform its obligations under this Agreement in any material respect.
The Excess Distribution Certificate Paying Agent shall initially be the Eligible
Lender Trustee, and any co-paying agent chosen by the Eligible Lender Trustee
and consented to by the Administrator (which consent shall not be unreasonably
withheld). The co-paying agent shall initially be the Indenture Trustee. The
Eligible Lender Trustee shall be permitted to resign as Excess Distribution
Certificate Paying Agent upon 30 days' written notice to the Eligible Lender
Trustee. In the event that the Eligible Lender Trustee shall no longer be the
Excess Distribution Certificate Paying Agent, the Eligible Lender Trustee shall
appoint a successor to act as Excess Distribution Certificate Paying Agent
(which shall be a bank or trust company). The Eligible Lender Trustee shall
cause such successor Excess Distribution Certificate Paying Agent or any
additional Excess Distribution Certificate Paying Agent appointed by the
Eligible Lender Trustee to execute and deliver to the Eligible Lender Trustee an
instrument in which such successor Excess Distribution Certificate Paying Agent
or additional Excess Distribution Certificate Paying Agent shall agree with the
Eligible Lender Trustee that as Excess Distribution Certificate Paying Agent,
such successor Excess Distribution Certificate Paying Agent or additional Excess
Distribution Certificate Paying Agent will hold all sums, if any, held by it for
payment to the holder of the Excess Distribution Certificate in trust for the
benefit of such holder until such sums shall be paid to such holder. The Excess
Distribution Certificate Paying Agent

                                       7
<PAGE>

shall return all unclaimed funds to the Eligible Lender Trustee and upon removal
of an Excess Distribution Certificate Paying Agent such Excess Distribution
Certificate Paying Agent shall also return all funds in its possession to the
Eligible Lender Trustee. The provisions of Sections 7.1, 7.3, 7.4, 7.5 and 8.1
shall apply to the Eligible Lender Trustee also in its role as Excess
Distribution Certificate Paying Agent, for so long as the Eligible Lender
Trustee shall act as Certificate Paying Agent and, to the extent applicable, to
any other paying agent appointed hereunder. Any reference in this Agreement to
the Excess Distribution Certificate Paying Agent shall include any co-paying
agent unless the context requires otherwise.

         (h) RESTRICTIONS ON TRANSFER OF THE EXCESS DISTRIBUTION CERTIFICATE.
(i) The Excess Distribution Certificate may be transferred to the Depositor or
to any Affiliate of the Depositor, without any requirement to provide any
officer's certificates or legal opinions that would otherwise be required if
such proposed transfer was being made to a Person who is not an Affiliate of the
Depositor.

                  (i) Except as provided above, the Excess Distribution
         Certificate shall not be sold, pledged, transferred or assigned except
         as provided below:

                           (A) The Excess Distribution Certificate has not been
         registered or qualified under the Securities Act of 1933, as amended
         (the "Securities Act") or any state securities law. No transfer, sale,
         pledge or other disposition of the Excess Distribution Certificate or
         any interest therein shall be made unless such transfer is made
         pursuant to an effective registration statement under the Securities
         Act and effective registration or qualification under applicable state
         securities laws, or is made in a transaction which does not require
         such registration or qualification. In the event that a transfer is to
         be made without registration or qualification, the Eligible Lender
         Trustee shall require, in order to assure compliance with such laws,
         that the prospective transferor and transferee each certify to the
         Eligible Lender Trustee, the Excess Distribution Certificate Registrar,
         the Administrator, and, if it is not the proposed transferor, the
         Depositor, in writing, the facts surrounding the transfer. Such
         certifications shall be substantially in the forms of Exhibit C hereto
         and Exhibit D-1 or D-2 hereto, as applicable. In the event that such a
         transfer is to be made within two years from the date of the initial
         issuance of the Excess Distribution Certificate pursuant hereto (other
         than a transfer as to which the proposed transferee has provided a
         certificate in the form of Exhibit D-2), the Eligible Lender Trustee in
         its sole discretion, may require that there shall also be delivered to
         the Eligible Lender Trustee, the Excess Distribution Certificate
         Registrar, the Administrator, or, if it is not the proposed transferor,
         the Depositor, at the expense of the transferor, an opinion of counsel
         that such transfer may be made pursuant to an exemption from the
         Securities Act and such state securities laws. Any such opinion of
         counsel shall not be an expense of the Eligible Lender Trustee, the
         Excess Distribution Certificate Registrar, the Administrator, and, if
         it is not the proposed transferor, the Depositor. None of the
         Depositor, the Administrator or the Eligible Lender Trustee is
         obligated to register or qualify the Excess Distribution Certificate
         under the Securities Act or any other securities law or to take any
         action not otherwise required under this Agreement to permit the
         transfer of the Excess Distribution Certificate without registration or
         qualification. Any such holder of the Excess Distribution Certificate
         desiring to effect such transfer shall, and does hereby agree to,
         indemnify the Eligible Lender Trustee, the Excess Distribution


                                       8
<PAGE>

         Certificate Registrar, the Administrator, and, if it is not the
         proposed transferor, the Depositor, against any liability that may
         result if the transfer is not so exempt or is made in accordance with
         such applicable federal and state laws.

                           (B) No transfer of the Excess Distribution
         Certificate will be registered by the Eligible Lender Trustee or the
         Excess Distribution Certificate Registrar unless the Eligible Lender
         Trustee, the Certificate Registrar, the Administrator, and, if it is
         not the proposed transferor, the Depositor receives a representation
         from the proposed transferee of the Excess Distribution Certificate,
         substantially in the form of Exhibit D-1 or D-2, as the case may be,
         that such transferee is not acquiring the Excess Distribution
         Certificate directly or indirectly for, on behalf of or with the assets
         of a Plan. If any proposed transferee shall become a holder of the
         Excess Distribution Certificate in violation of these provisions, then
         the last preceding permitted transferee shall be restored, to the
         extent permitted by law, to all rights as holder of the Excess
         Distribution Certificate, retroactive to the date of registration of
         such transfer of the Excess Distribution Certificate. Neither the
         Eligible Lender Trustee nor the Excess Distribution Certificate
         Registrar shall have any liability to any person for any registration
         or transfer of the Excess Distribution Certificate that is not
         permitted or for making any payments due on the Excess Distribution
         Certificate to the holder or taking any action with respect to such
         holder under this Agreement. Any proposed transferee who becomes a
         holder of the Excess Distribution Certificate shall agree to indemnify
         the Eligible Lender Trustee, the Excess Distribution Certificate
         Registrar, each Swap Counterparty, the Administrator, and, if it is not
         the proposed transferor, the Depositor, against any loss, damage or
         penalty incurred as a result of the transfer of the Excess Distribution
         Certificate to such proposed transferee in violation of such
         restrictions.

                           (C) The prospective transferee shall be aware that
         the Excess Distribution Certificate shall bear legends referring to the
         restrictions contained in sub-clauses (A) and (B) above and by its
         acceptance of the Excess Distribution Certificate agrees to abide by
         such restrictions.

                           (D) The prospective transferee shall deliver an
         opinion of counsel addressed to the Eligible Lender Trustee, each Swap
         Counterparty, the Administrator, and, if it is not the proposed
         transferor, the Depositor, to the effect that, (1) as a matter of
         federal income tax law, such prospective transferee is permitted to
         accept the transfer of the Excess Distribution Certificate, (2) such
         transfer or pledge would not jeopardize the tax treatment of the Trust,
         (3) such transfer or pledge would not subject the Trust to any
         entity-level tax, (4) such transfer or pledge would not jeopardize the
         status of the Notes as debt for all purposes, and (5) such pledge or
         transfer would not cause the Trust to be treated, for federal income
         tax purposes, as an association or a publicly traded partnership
         taxable as a corporation.

                           (E) No pledge or transfer of the Excess Distribution
         Certificate shall be effective unless such purchase or transfer is to a
         single beneficial owner who shall be the registered holder of the
         Excess Distribution Certificate.

                                       9
<PAGE>

                                   ARTICLE IV

                       ACTIONS BY ELIGIBLE LENDER TRUSTEE

         SECTION 4.1 PRIOR NOTICE TO THE HOLDER OF THE EXCESS DISTRIBUTION
CERTIFICATE WITH RESPECT TO CERTAIN MATTERS. With respect to the following
matters, the Eligible Lender Trustee shall not take action unless at least 30
days before the taking of such action, the Eligible Lender Trustee shall have
notified the holder of the Excess Distribution Certificate and each of the
Rating Agencies in writing of the proposed action and the holder shall not have
notified the Eligible Lender Trustee in writing prior to the 30th day after such
notice is given that it has withheld consent or provided alternative direction:

         (a)      the initiation of any material claim or lawsuit by the Trust
                  (except claims or lawsuits brought in connection with the
                  collection of the Trust Student Loans) and the compromise of
                  any material action, claim or lawsuit brought by or against
                  the Trust (except with respect to the aforementioned claims or
                  lawsuits for collection of Trust Student Loans);

         (b)      the amendment of the Indenture by a supplemental indenture in
                  circumstances where the consent of any class of Noteholders is
                  required; or

         (c)      the amendment of the Indenture by a supplemental indenture in
                  circumstances where the consent of any class of Noteholder is
                  not required and such amendment materially adversely affects
                  the interest of the holder of the Excess Distribution
                  Certificate.

         SECTION 4.2 ACTION WITH RESPECT TO SALE OF THE TRUST STUDENT LOANS. The
Eligible Lender Trustee shall not have the power, except upon the written
direction of the Depositor and except as expressly provided in the Basic
Documents, to sell the Trust Student Loans after the payment in full of the
Notes.

         SECTION 4.3 ACTION WITH RESPECT TO BANKRUPTCY. The Eligible Lender
Trustee shall not have the power to commence a voluntary proceeding in
bankruptcy relating to the Trust without the prior approval of the Depositor and
the delivery to the Eligible Lender Trustee by the Depositor of a certificate
certifying that the Depositor reasonably believes that the Trust is insolvent.
SECTION 4.4....... RESTRICTIONS. Neither the Depositor nor the holder of the
Excess Distribution Certificate shall direct the Eligible Lender Trustee to take
or refrain from taking any action if such action or inaction would be contrary
to any obligation of the Trust or the Eligible Lender Trustee under this
Agreement or any of the other Basic Documents or would be contrary to Section
2.3 nor shall the Eligible Lender Trustee be permitted to follow any such
direction, if given.

         SECTION 4.5 INTENTIONALLY OMITTED.

                                       10
<PAGE>

                                    ARTICLE V

                   APPLICATION OF TRUST FUNDS; CERTAIN DUTIES

         SECTION 5.1 APPLICATION OF TRUST FUNDS.

         (a)      On each Distribution Date, the Eligible Lender Trustee shall
                  distribute to the holder of the Excess Distribution
                  Certificate any amounts payable in respect of the Excess
                  Distribution Certificate in accordance with the Administration
                  Agreement.

         (b)      In the event that any withholding tax is imposed on the
                  Trust's payment to the holder of the Excess Distribution
                  Certificate, such tax shall reduce the amount otherwise
                  distributable on the Excess Distribution Certificate.

         SECTION 5.2 METHOD OF PAYMENT. Subject to Section 9.1(c), distributions
required to be made to the holder of the Excess Distribution Certificate on any
Distribution Date shall be made to the holder of record on the preceding Record
Date either by wire transfer, in immediately available funds, to the account of
such holder at a bank or other entity having appropriate facilities therefor, if
such holder shall have provided to the Excess Distribution Certificate Registrar
appropriate written instructions signed by two authorized officers, if any, at
least five Business Days prior to such Distribution Date, or, if not, by check
mailed to such holder at the address of such holder appearing in the Excess
Distribution Certificate Register.

         SECTION 5.3 NO SEGREGATION OF MONEYS; NO INTEREST. Subject to
Section 5.1, moneys received by the Eligible Lender Trustee hereunder need not
be segregated in any manner except to the extent required by law or the
Administration Agreement and may be deposited under such general conditions as
may be prescribed by law, and the Eligible Lender Trustee shall not be liable
for any interest thereon.

         SECTION 5.4 REPORTS TO THE HOLDER OF THE EXCESS DISTRIBUTION
CERTIFICATE, THE INTERNAL REVENUE SERVICE AND Others. The Eligible Lender
Trustee shall provide (or cause to be provided) any reports or other information
required to be provided to the holder of the Excess Distribution Certificate
pursuant to the Code, the regulations promulgated thereunder or other applicable
law. In addition, the Eligible Lender Trustee shall provide (or cause to be
provided) any information concerning the Excess Distribution Certificate to the
Internal Revenue Service or other taxing authority as required under the Code,
the regulations promulgated thereunder or other applicable law. The Eligible
Lender Trustee shall be entitled to hire an independent accounting firm to
perform the functions described in this Section 5.4, the reasonable fees and
expenses of which shall be paid by the Depositor.

         SECTION 5.5 INTENTIONALLY OMITTED.

         SECTION 5.6 INTENTIONALLY OMITTED.


                                       11
<PAGE>

                                   ARTICLE VI

                 AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE

         SECTION 6.1 GENERAL AUTHORITY. The Eligible Lender Trustee is
authorized and directed to execute and deliver the Basic Documents to which the
Trust is to be a party and each certificate or other document attached as an
exhibit to or contemplated by the Basic Documents to which the Trust is to be a
party, in each case, in such form as the Depositor shall approve as evidenced
conclusively by the Eligible Lender Trustee's execution thereof, and, on behalf
of the Trust, to direct the Indenture Trustee to authenticate and deliver Notes
in the aggregate principal amount of $2,025,076,000. The Eligible Lender Trustee
is also authorized and directed on behalf of the Trust (i) to acquire and hold
legal title to the Trust Student Loans from the Depositor and (ii) to take all
actions required pursuant to Section 3.2C of the Administration Agreement and
otherwise follow the direction of and cooperate with the Servicer in submitting,
pursuing and collecting any claims to and with the Department with respect to
any Interest Subsidy Payments and Special Allowance Payments relating to the
Trust Student Loans.

         In addition to the foregoing, the Eligible Lender Trustee is authorized
to take all actions required of the Trust pursuant to the Basic Documents. The
Eligible Lender Trustee is further authorized from time to time to take such
action as the Administrator directs or instructs with respect to the Basic
Documents and is directed to take such action to the extent that the
Administrator is expressly required pursuant to the Basic Documents to cause the
Eligible Lender Trustee to act.

         SECTION 6.2 GENERAL DUTIES. It shall be the duty of the Eligible Lender
Trustee to discharge (or cause to be discharged) all its responsibilities
pursuant to the terms of this Agreement, the other Basic Documents to which the
Trust is a party and to administer the Trust in the interest of the Noteholders
and the holder of the Excess Distribution Certificate subject to and in
accordance with the provisions of this Agreement and the other Basic Documents.
Without limiting the foregoing, the Eligible Lender Trustee shall on behalf of
the Trust file and prove any claim or claims that may exist on behalf of the
Trust against the Depositor in connection with any claims paying procedure as
part of an insolvency or a receivership proceeding involving the Depositor.
Notwithstanding the foregoing, the Eligible Lender Trustee shall be deemed to
have discharged its duties and responsibilities hereunder and under the other
Basic Documents to the extent the Administrator has agreed in the Administration
Agreement to perform and act or to discharge any duty of the Eligible Lender
Trustee hereunder or under any other Basic Document, and the Eligible Lender
Trustee shall not be held liable for the default or failure of the Administrator
to carry out its obligations under the Administration Agreement. Except as
expressly provided in the Basic Documents, the Eligible Lender Trustee shall
have no obligation to administer, service or collect the Trust Student Loans or
to maintain, monitor or otherwise supervise the administration, servicing or
collection of the Trust Student Loans.

         SECTION 6.3 ACTION UPON INSTRUCTION.

         (a)      [Reserved]

                                       12
<PAGE>


         (b)      The Eligible Lender Trustee shall not be required to take any
                  action hereunder or under any other Basic Document if the
                  Eligible Lender Trustee shall have reasonably determined, or
                  shall have been advised by counsel, that such action is likely
                  to result in liability on the part of the Eligible Lender
                  Trustee or is contrary to the terms hereof, any other Basic
                  Document or is otherwise contrary to law.

         (c)      Whenever the Eligible Lender Trustee is unable to determine
                  the appropriate course of action between alternative courses
                  and actions permitted or required by the terms of this
                  Agreement or under any other Basic Document, the Eligible
                  Lender Trustee shall promptly give notice (in such form as
                  shall be appropriate under the circumstances) to the Depositor
                  requiring instruction as to the course of action to be
                  adopted, and to the extent the Eligible Lender Trustee acts in
                  good faith in accordance with any written instruction of the
                  Depositor received, the Eligible Lender Trustee shall not be
                  liable on account of such action to any Person. If the
                  Eligible Lender Trustee shall not have received appropriate
                  instruction within 10 days of such notice (or within such
                  shorter period of time as reasonably may be specified in such
                  notice or may be necessary under the circumstances) it may,
                  but shall be under no duty to, take or refrain from taking
                  such action, not inconsistent with this Agreement, the other
                  Basic Documents, as it shall deem to be in the best interests
                  of the Depositor, and shall have no liability to any Person
                  for such action or inaction.

         (d)      In the event that the Eligible Lender Trustee is unsure as to
                  the application of any provision of this Agreement, any other
                  Basic Document or any such provision is ambiguous as to its
                  application, or is, or appears to be, in conflict with any
                  other applicable provision, or in the event that this
                  Agreement permits any determination by the Eligible Lender
                  Trustee or is silent or is incomplete as to the course of
                  action that the Eligible Lender Trustee is required to take
                  with respect to a particular set of facts, the Eligible Lender
                  Trustee may give notice (in such form as shall be appropriate
                  under the circumstances) to the Depositor requesting
                  instruction and, to the extent that the Eligible Lender
                  Trustee acts or refrains from acting in good faith in
                  accordance with any such instruction received, the Eligible
                  Lender Trustee shall not be liable, on account of such action
                  or inaction, to any Person. If the Eligible Lender Trustee
                  shall not have received appropriate instruction within 10 days
                  of such notice (or within such shorter period of time as
                  reasonably may be specified in such notice or may be necessary
                  under the circumstances) it may, but shall be under no duty
                  to, take or refrain from taking such action, not inconsistent
                  with this Agreement or the other Basic Documents, as it shall
                  deem to be in the best interest of the holder of the Excess
                  Distribution Certificate, and shall have no liability to any
                  Person for such action or inaction.

         SECTION 6.4 NO DUTIES EXCEPT AS SPECIFIED IN THIS AGREEMENT OR IN
INSTRUCTIONS. The 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 Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Eligible Lender Trustee is a party, except as
expressly provided by the terms of this Agreement or in any document or written
instruction


                                       13
<PAGE>

received by the Eligible Lender Trustee pursuant to Section 6.3; and no implied
duties or obligations shall be read into this Agreement or any other Basic
Document against the Eligible Lender Trustee. The Eligible Lender Trustee shall
have no responsibility for filing any financing or continuation statement in any
public office at any time or to otherwise perfect or maintain the perfection of
any security interest or lien granted to it hereunder or to prepare or file any
Commission filing for the Trust or to record this Agreement or any other Basic
Document. The Eligible Lender Trustee nevertheless agrees that it will, at its
own cost and expense, promptly take all action as may be necessary to discharge
any Liens on any part of the Trust Estate that result from actions by, or claims
against, Chase Manhattan Bank USA, National Association in its individual
capacity or as the Eligible Lender Trustee that are not related to the ownership
or the administration of the Trust Estate.

         SECTION 6.5 NO ACTION EXCEPT UNDER SPECIFIED DOCUMENTS OR INSTRUCTIONS.
The Eligible Lender Trustee shall not otherwise deal with any part of the Trust
Estate except (i) in accordance with the powers granted to and the authority
conferred upon the Eligible Lender Trustee pursuant to this Agreement, (ii) in
accordance with the other Basic Documents to which it is a party and (iii) in
accordance with any document or instruction delivered to the Eligible Lender
Trustee pursuant to Section 6.3.

         SECTION 6.6 RESTRICTIONS. The Eligible Lender Trustee shall not take
any action (a) that is inconsistent with the purposes of the Trust set forth in
Section 2.3 or (b) that, to the actual knowledge of the Eligible Lender Trustee,
would result in the Trust's becoming taxable as a corporation for Federal income
tax purposes. Neither the Depositor nor the holder of the Excess Distribution
Certificate shall direct the Eligible Lender Trustee to take action that would
violate the provisions of this Section.

                                   ARTICLE VII

                     CONCERNING THE ELIGIBLE LENDER TRUSTEE

         SECTION 7.1 ACCEPTANCE OF TRUSTS AND DUTIES. The Eligible Lender
Trustee accepts the trusts hereby created and agrees to perform its duties
hereunder with respect to such trusts but only upon the terms of this Agreement.
The Eligible Lender Trustee also agrees to disburse all moneys actually received
by it constituting part of the Trust Estate upon the terms of this Agreement and
the other Basic Documents. The Eligible Lender Trustee shall not be answerable
or accountable hereunder or under any other Basic Document 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 7.3 expressly made by the Eligible Lender Trustee. In particular, but
not by way of limitation (and subject to the exceptions set forth in the
preceding sentence):

         (a)      the Eligible Lender Trustee shall not be liable for any error
                  of judgment made by a responsible officer of the Eligible
                  Lender Trustee;

         (b)      the Eligible Lender Trustee shall not be liable with respect
                  to any action taken or omitted to be taken by it in accordance
                  with the direction or instructions of the Administrator, the
                  Depositor or the holder of the Excess Distribution
                  Certificate;

                                       14
<PAGE>

         (c)      no provision of this Agreement or any other Basic Document
                  shall require the 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
                  any other Basic Document, if the 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;

         (d)      under no circumstances shall the Eligible Lender Trustee be
                  liable for indebtedness evidenced by or arising under any of
                  the Basic Documents, including the principal of and interest
                  on the Notes;

         (e)      the 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 Trust Estate or for or in respect of the validity or
                  sufficiency of the Basic Documents, other than the certificate
                  of authentication on the Excess Distribution Certificate, and
                  the Eligible Lender Trustee shall in no event assume or incur
                  any liability, duty, or obligation to any Noteholder or the
                  holder of the Excess Distribution Certificate, other than as
                  expressly provided for herein and in the other Basic
                  Documents;

         (f)      the Eligible Lender Trustee shall not be liable for the action
                  or inaction, default or misconduct of the Administrator, the
                  Depositor, the Indenture Trustee or the Servicer under any of
                  the other Basic Documents or otherwise and the Eligible Lender
                  Trustee shall have no obligation or liability to perform the
                  obligations of the Trust under this Agreement or the other
                  Basic Documents that are required to be performed by the
                  Administrator under the Administration Agreement, the
                  Indenture Trustee under the Indenture or the Servicer under
                  the Servicing Agreement; and

         (g)      the Eligible Lender Trustee shall be under no obligation to
                  exercise any of the rights or powers vested in it by this
                  Agreement, or to institute, conduct or defend any litigation
                  under this Agreement or otherwise or in relation to this
                  Agreement, any other Basic Document, at the request, order or
                  direction of the Depositor or holder of the Excess
                  Distribution Certificate, unless the Depositor or such holder
                  has offered to the Eligible Lender Trustee security or
                  indemnity satisfactory to it against the costs, expenses and
                  liabilities that may be incurred by the Eligible Lender
                  Trustee therein or thereby. The right of the Eligible Lender
                  Trustee to perform any discretionary act enumerated in this
                  Agreement or in any other Basic Document shall not be
                  construed as a duty, and the Eligible Lender Trustee shall not
                  be answerable for other than its negligence or willful
                  misconduct in the performance of any such act.

         SECTION 7.2 INTENTIONALLY OMITTED.

                                       15
<PAGE>

         SECTION 7.3 REPRESENTATIONS AND WARRANTIES. The Eligible Lender Trustee
hereby represents and warrants to the Depositor, for the benefit of the
Noteholders and the holder of the Excess Distribution Certificate, that:

         (a)      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 this Agreement.

         (b)      It has taken all corporate action necessary to authorize the
                  execution and delivery by it of this Agreement, and this
                  Agreement will be executed and delivered by one of its
                  officers who is duly authorized to execute and deliver this
                  Agreement on its behalf.

         (c)      Neither the execution nor the delivery by it of this
                  Agreement, nor the consummation by it of the transactions
                  contemplated hereby nor compliance by it with any of the terms
                  or provisions hereof will contravene any Federal or Delaware
                  state law, governmental rule or regulation governing the
                  banking or trust powers of the 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.

         (d)      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 Trust Student
                  Loans as contemplated by this Agreement and the other Basic
                  Documents, it has a lender identification number with respect
                  to the Trust Student Loans from the Department and has and
                  will maintain in effect a Guarantee Agreement with each of the
                  Guarantors with respect to the Trust Student Loans.

         SECTION 7.4 RELIANCE; ADVICE OF COUNSEL.

         (a) The Eligible Lender Trustee shall incur no liability to anyone in
acting upon any signature, instrument, direction, notice, resolution, request,
consent, order, certificate, report, opinion, bond or other document or paper
believed by it to be genuine and believed by it to be signed by the proper party
or parties. The Eligible Lender Trustee may accept a certified copy of a
resolution of the board of directors or other governing body of any corporate
party as conclusive evidence that such resolution has been duly adopted by such
body and that the same is in full force and effect. As to any fact or matter the
method of the determination of which is not specifically prescribed herein, the
Eligible Lender Trustee may for all purposes hereof rely on a certificate,
signed by the president or any vice president or by the treasurer or other
authorized officers of the relevant party, as to such fact or matter and such
certificate shall constitute full protection to the Eligible Lender Trustee for
any action taken or omitted to be taken by it in good faith in reliance thereon.


                                       16
<PAGE>

         (b)      In the exercise or administration of the trusts hereunder and
                  in the performance of its duties and obligations under this
                  Agreement or the other Basic Documents, the Eligible Lender
                  Trustee (i) may act directly or through its agents or
                  attorneys pursuant to agreements entered into with any of them
                  and the Eligible Lender Trustee shall not be liable for the
                  conduct or misconduct of such agents or attorneys if such
                  agents or attorneys shall have been selected by the Eligible
                  Lender Trustee with reasonable care, and (ii) may consult with
                  counsel and accountants to be selected with reasonable care
                  and employed by it. The Eligible Lender Trustee shall not be
                  liable for anything done, suffered or omitted in good faith by
                  it in accordance with the written opinion or advice of any
                  such counsel or accountants and not contrary to this Agreement
                  or any other Basic Document.

         SECTION 7.5 NOT ACTING IN INDIVIDUAL CAPACITY. Except as provided in
this Article VII, in accepting the trusts hereby created Chase Manhattan Bank
USA, National Association acts solely as Eligible Lender Trustee hereunder and
not in its individual capacity and all Persons having any claim against the
Eligible Lender Trustee by reason of the transactions contemplated by this
Agreement or any other Basic Document shall look only to the Trust Estate for
payment or satisfaction thereof.

         SECTION 7.6 ELIGIBLE LENDER TRUSTEE NOT LIABLE FOR EXCESS DISTRIBUTION
CERTIFICATES OR TRUST STUDENT LOANS. The recitals contained herein and in the
Excess Distribution Certificate (other than the signature of and authentication
by the Eligible Lender Trustee on the Excess Distribution Certificate) shall be
taken as the statements of the Depositor and the Eligible Lender Trustee assumes
no responsibility for the correctness thereof. The Eligible Lender Trustee makes
no representations as to the validity or sufficiency of this Agreement, the
Excess Distribution Certificate, or any other Basic Document (other than the
signature of and authentication by the Eligible Lender Trustee on the Excess
Distribution Certificate), or the Notes, or of any Trust Student Loan or related
documents. The Eligible Lender Trustee shall at no time have any responsibility
(or liability except for willfully or negligently terminating or allowing to be
terminated any of the Guarantee Agreements, in a case where the Eligible Lender
Trustee knows of any facts or circumstances which will or could reasonably be
expected to result in any such termination) for or with respect to the legality,
validity, enforceability and eligibility for Guarantee Payments, federal
reinsurance, Interest Subsidy Payments or Special Allowance Payments, as
applicable, in respect of any Trust Student Loan, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be
distributed to the holder of the Excess Distribution Certificate under this
Agreement or the Noteholders under the Indenture, including the existence and
contents of any computer or other record of any Trust Student Loan; the validity
of the assignment of any Trust Student Loan to the Eligible Lender Trustee on
behalf of the Trust; the completeness of any Trust Student Loan; the performance
or enforcement (except as expressly set forth in any Basic Document) of any
Trust Student 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 Eligible Lender Trustee.

         SECTION 7.7 ELIGIBLE LENDER TRUSTEE MAY OWN NOTES. The Eligible Lender
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and

                                       17
<PAGE>

may deal with the Depositor, the Administrator, the Indenture Trustee or the
Servicer in banking transactions with the same rights as it would have if it
were not Eligible Lender Trustee.

                               ARTICLE VIII

              COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE

         SECTION 8.1 ELIGIBLE LENDER TRUSTEE'S FEES AND EXPENSES. The 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 Eligible Lender Trustee, and the 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 (including the reasonable
fees and expenses of counsel and independent accountants) hereunder.

         SECTION 8.2 PAYMENTS TO THE ELIGIBLE LENDER TRUSTEE. Any amounts paid
to the Eligible Lender Trustee pursuant to Section 8.1 hereof or pursuant to
Section 9 of the Sale Agreement, Section 4.2 of the Administration Agreement or
Section 4.2 of the Servicing Agreement shall be deemed not to be a part of the
Trust Estate immediately after such payment.

         SECTION 8.3 INDEMNITY. The Depositor shall cause the Administrator to
indemnify the Eligible Lender Trustee in its individual capacity and any of its
officer, directors, employees and agents as and to the extent provided for in
Section 4.2 of the Administration Agreement.

                                   ARTICLE IX

                         TERMINATION OF TRUST AGREEMENT

         SECTION 9.1 TERMINATION OF TRUST AGREEMENT.

         (a)      This Agreement (other than Article VIII) and the Trust shall
                  terminate and be of no further force or effect upon the final
                  distribution by the Eligible Lender Trustee of all moneys or
                  other property or proceeds of the Trust Estate in accordance
                  with the terms of the Indenture, the Administration Agreement
                  and Article V. The bankruptcy, liquidation, dissolution, death
                  or incapacity of the holder of the Excess Distribution
                  Certificate shall not (x) operate to terminate this Agreement
                  or the Trust, nor (y) entitle such holder's legal
                  representatives or heirs to claim an accounting or to take any
                  action or proceeding in any court for a partition or winding
                  up of all or any part of the Trust or Trust Estate nor (z)
                  otherwise affect the rights, obligations and liabilities of
                  the parties hereto.

         (b)      Except as provided in Section 9.1(a), none of the Depositor,
                  any Noteholder or the holder of the Excess Distribution
                  Certificate shall be entitled to revoke or terminate the
                  Trust.

         Upon final distribution of any funds remaining in the Trust, the
Eligible Lender Trustee shall file a certificate of cancellation of the Trust's
certificate of trust pursuant to Section 3810(c) of the Delaware Statutory Trust
Act.

                                       18
<PAGE>

                                    ARTICLE X

                     SUCCESSOR ELIGIBLE LENDER TRUSTEES AND
                       ADDITIONAL ELIGIBLE LENDER TRUSTEES

         SECTION 10.1  ELIGIBILITY REQUIREMENTS FOR ELIGIBLE LENDER TRUSTEE.
The 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 Trust
Student Loans on behalf of the Trust, with a valid lender identification number
with respect to the Trust Student Loans from the Department; (ii) being
authorized to exercise corporate trust powers and hold legal title to the Trust
Student Loans; (iii) having in effect Guarantee Agreements with each of the
Guarantors; (iv) having a combined capital and surplus of at least $50,000,000
and being subject to supervision or examination by Federal or state authorities;
(v) having its principal place of business in the State of Delaware and
otherwise complying with Section 3807 of the Delaware Statutory Trust Act; and
(vi) having (or having a parent which has) a rating in respect of its long-term
senior unsecured debt of at least BBB- (or the equivalent) by each of the Rating
Agencies (or which, if the long-term senior unsecured debt of such corporation
or association is not rated by any Rating Agency, shall have provided to the
Indenture Trustee written confirmation from such Rating Agency that the
appointment of such corporation or association to serve as Eligible Lender
Trustee will not result in and of itself in a reduction or withdrawal of the
then current rating of any of the Notes). If the Eligible Lender Trustee shall
publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of the Eligible Lender
Trustee shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. In case at any time the
Eligible Lender Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Eligible Lender Trustee shall resign immediately
in the manner and with the effect specified in Section 10.2.

         SECTION 10.2 RESIGNATION OR REMOVAL OF ELIGIBLE LENDER TRUSTEE. The
Eligible Lender Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Administrator. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Eligible Lender Trustee meeting the eligibility requirements of
Section 10.1 by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Eligible Lender Trustee and one copy to the
successor Eligible Lender Trustee. If no successor 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 Eligible Lender Trustee may
petition any court of competent jurisdiction for the appointment of a successor
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 Eligible Lender Trustee from any obligations otherwise imposed on it
under the Basic Documents until such successor has in fact assumed such
appointment.

         If at any time the Eligible Lender Trustee shall cease to be or shall
be likely to cease to be eligible in accordance with the provisions of Section
10.1 and shall fail to resign after written request therefor by the
Administrator, or if at any time an Insolvency Event with respect to the
Eligible Lender Trustee shall have occurred and be continuing, then the
Administrator may

                                       19
<PAGE>

remove the Eligible Lender Trustee. If the Administrator shall remove the
Eligible Lender Trustee under the authority of the immediately preceding
sentence, the Administrator shall promptly appoint a successor Eligible Lender
Trustee by written instrument, in duplicate, one copy of which instrument shall
be delivered to the outgoing Eligible Lender Trustee so removed and one copy to
the successor Eligible Lender Trustee and payment of all fees owed to the
outgoing Eligible Lender Trustee.

         Any resignation or removal of the Eligible Lender Trustee and
appointment of a successor Eligible Lender Trustee pursuant to any of the
provisions of this Section shall not become effective until acceptance of
appointment by the successor Eligible Lender Trustee pursuant to Section 10.3,
payment of all fees and expenses owed to the outgoing Eligible Lender Trustee
and the filing of a certificate of amendment to the Trust's certificate of trust
pursuant to Section 3810(b) of the Delaware Statutory Trust Act. The
Administrator shall provide notice of such resignation or removal of the
Eligible Lender Trustee and to each of the Rating Agencies.

         SECTION 10.3 SUCCESSOR ELIGIBLE LENDER TRUSTEE. Any successor Eligible
Lender Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Eligible Lender Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Eligible Lender Trustee shall become
effective and such successor 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 Eligible Lender Trustee. The predecessor Eligible
Lender Trustee shall upon payment of its fees and expenses deliver to the
successor Eligible Lender Trustee all documents, statements, moneys and
properties held by it under this Agreement and shall assign, if permissible, to
the successor Eligible Lender Trustee the lender identification number obtained
from the Department on behalf of the Trust; and the Administrator and the
predecessor 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 Eligible Lender Trustee all such rights,
powers, duties and obligations.

         No successor 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 10.1.

         Upon acceptance of appointment by a successor Eligible Lender Trustee
pursuant to this Section, the Administrator shall mail notice of the successor
of such Eligible Lender Trustee to the holder of the Excess Distribution
Certificate, the Indenture Trustee, the Noteholders, the Rating Agencies and the
Swap Counterparty. If the Administrator shall fail to mail such notice within 10
days after acceptance of appointment by the successor Eligible Lender Trustee,
the successor Eligible Lender Trustee shall cause such notice to be mailed at
the expense of the Administrator.

         SECTION 10.4 MERGER OR CONSOLIDATION OF ELIGIBLE LENDER TRUSTEE. Any
corporation into which the 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 Eligible Lender Trustee shall be a
party, or any corporation succeeding to all or

                                       20
<PAGE>

substantially all the corporate trust business of the 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 Eligible Lender Trustee hereunder;
PROVIDED that such corporation shall be eligible pursuant to Section 10.1; and
PROVIDED FURTHER that the Eligible Lender Trustee shall mail notice of such
merger or consolidation to the Rating Agencies not less than 15 days prior to
the effective date thereof.

         SECTION 10.5 APPOINTMENT OF CO-ELIGIBLE LENDER TRUSTEE OR SEPARATE
ELIGIBLE LENDER TRUSTEE. Notwithstanding any other provisions of this Agreement,
at any time, for the purpose of meeting any legal requirements of any
jurisdiction in which any part of the Trust may at the time be located, the
Administrator and the Eligible Lender Trustee acting jointly shall have the
power and shall execute and deliver all instruments to appoint one or more
Persons approved by the Eligible Lender Trustee, meeting the eligibility
requirements of clauses (i) through (iii) of Section 10.1, to act as co-trustee,
jointly with the Eligible Lender Trustee, or separate trustee or separate
trustees, of all or any part of the Trust Estate, and to vest in such Person, in
such capacity, such title to the Trust Estate, or any part thereof, and, subject
to the other provisions of this Section, such powers, duties, obligations,
rights and trusts as the Administrator and the Eligible Lender Trustee may
consider necessary or desirable. If the Administrator shall not have joined in
such appointment within 15 days after the receipt by it of a request so to do,
the Eligible Lender Trustee alone shall have the power to make such appointment.
No co-trustee or separate trustee under this Agreement shall be required to meet
the terms of eligibility as a successor trustee pursuant to clauses (iv), (v)
and (vi) of Section 10.1 and no notice of the appointment of any co-trustee or
separate trustee shall be required pursuant to Section 10.3.

         Each separate trustee and co-trustee shall, to the extent permitted by
law, be appointed and act subject to the following provisions and conditions:

                  (i) all rights, powers, duties, and obligations conferred or
         imposed upon the Eligible Lender Trustee shall be conferred upon and
         exercised or performed by the Eligible Lender Trustee and such separate
         trustee or co-trustee jointly (it being understood that such separate
         trustee or co-trustee is not authorized to act separately without the
         Eligible Lender Trustee joining in such act), except to the extent that
         under any law of any jurisdiction in which any particular act or acts
         are to be performed, the Eligible Lender Trustee shall be incompetent
         or unqualified to perform such act or acts, in which event such rights,
         powers, duties, and obligations (including the holding of title to the
         Trust or any portion thereof in any such jurisdiction) shall be
         exercised and performed singly by such separate trustee or co-trustee,
         solely at the direction of the Eligible Lender Trustee;

                  (ii) no trustee under this Agreement shall be personally
         liable by reason of any act or omission of any other trustee under this
         Agreement; and

                  (iii) the Administrator and the Eligible Lender Trustee acting
         jointly may at any time accept the resignation of or remove any
         separate trustee or co-trustee.

         Any notice, request or other writing given to the Eligible Lender
Trustee shall be deemed to have been given to each of the then separate trustees
and co-trustees, as effectively as if given

                                       21
<PAGE>

to each of them. Every instrument appointing any separate trustee or co-trustee
shall refer to this Agreement and the conditions of this Article. Each separate
trustee and co-trustee, upon its acceptance of the trusts conferred, shall be
vested with the estates or property specified in its instrument of appointment,
either jointly with the Eligible Lender Trustee or separately, as may be
provided therein, subject to all the provisions of this Agreement, specifically
including every provision of this Agreement relating to the conduct of,
affecting the liability of, or affording protection to, the Eligible Lender
Trustee. Each such instrument shall be filed with the Eligible Lender Trustee
and a copy thereof given to the Administrator.

         Any separate trustee or co-trustee may at any time appoint the Eligible
Lender Trustee as its agent or attorney-in-fact with full power and authority,
to the extent not prohibited by law, to do any lawful act under or in respect of
this Agreement on its behalf and in its name. If any separate trustee or
co-trustee shall die, become incapable of acting, resign or be removed, all its
estates, properties, rights, remedies and trusts shall vest in and be exercised
by the Eligible Lender Trustee, to the extent permitted by law, without the
appointment of a new or successor trustee.

                                   ARTICLE XI

                                  MISCELLANEOUS

         SECTION 11.1 SUPPLEMENTS AND AMENDMENTS. This Agreement may be amended
by the Depositor and the 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 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 Eligible Lender Trustee, with prior written notice to the Rating
Agencies, with the consent of (i) the Class A Noteholders evidencing not less
than a majority of the Outstanding Amount of the Class A Notes and (ii) the
Class B Noteholders evidencing not less than a majority of the Class B Notes,
for the purpose of adding any provisions to or changing in any manner or
eliminating any of the provisions of this Agreement or modifying in any manner
the rights of the Class A Noteholders or Class B Noteholders, as the case may
be; 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 any class of Notes required to consent to any such
amendment, without the consent of all the outstanding Noteholders of such class.

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


                                       22
<PAGE>

         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 any
other consents of provided for in this Agreement or in any other Basic Document)
and of evidencing the authorization of the execution thereof shall be subject to
such reasonable requirements as the Eligible Lender Trustee may prescribe.

         Prior to the execution of any amendment to this Agreement, the 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 Eligible Lender Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Eligible Lender Trustee's own rights,
duties or immunities under this Agreement or otherwise.

         SECTION 11.2 NO LEGAL TITLE TO TRUST ESTATE IN HOLDER OF THE EXCESS
DISTRIBUTION CERTIFICATE. The holder of the Excess Distribution Certificate
shall not have legal title to any part of the Trust Estate. The holder of the
Excess Distribution Certificate shall be entitled to receive distributions with
respect to its undivided beneficial ownership interest therein only in
accordance with Section 3.13 of this Agreement. No transfer, by operation of law
or otherwise, of any right, title, or interest of the holder of the Excess
Distribution Certificate to and in its beneficial ownership interest in the
Trust Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Estate.

         SECTION 11.3  LIMITATIONS ON RIGHTS OF OTHERS. Except for Section 2.7,
the provisions of this Agreement are solely for the benefit of the Eligible
Lender Trustee, the Depositor, the holder of the Excess Distribution
Certificate, the Administrator and, to the extent expressly provided herein, the
Indenture Trustee and the Noteholders, and nothing in this Agreement (other than
Section 2.7), whether express or implied, shall be construed to give to any
other Person any legal or equitable right, remedy or claim in the Trust Estate
or under this Agreement or any covenants, conditions or provisions contained
herein.

         SECTION 11.4 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 Eligible
Lender Trustee shall be deemed given only upon actual receipt by the Eligible
Lender Trustee), if to the Eligible Lender Trustee, addressed to its Corporate
Trust Office; if to the Depositor, addressed to SLM Funding LLC, 11600 Sallie
Mae Drive, Reston, Virginia 20193 Attention: Legal Department, 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 11.5 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.


                                       23
<PAGE>

         SECTION 11.6 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 11.7 SUCCESSORS AND ASSIGNS. All covenants and agreements
contained herein shall be binding upon to the benefit of, the Depositor and its
successors, the Eligible Lender Trustee and its successors, each holder of the
Excess Distribution Certificate and its successors and permitted assigns, all as
herein provided. Any request, notice, direction, consent, waiver or other
instrument or action by a Noteholder or the holder of the Excess Distribution
Certificate shall bind the successors and assigns of such holder.

         SECTION 11.8 NO PETITION.

         (a)      The Depositor will not at any time institute against the Trust
                  any bankruptcy proceedings under any United States Federal or
                  state bankruptcy or similar law in connection with any
                  obligations relating to the Excess Distribution Certificate,
                  the Notes, this Agreement or any of the other Basic Documents.

         (b)      The Eligible Lender Trustee (not in its individual capacity
                  but solely as Eligible Lender Trustee), by entering into this
                  Agreement, the holder of the Excess Distribution Certificate
                  by accepting the Excess Distribution Certificate, and the
                  Indenture Trustee and each Noteholder by accepting the
                  benefits of this Agreement, hereby covenant and agree that
                  they will not at any time institute against the Depositor or
                  the Trust, or join in any institution against the Depositor or
                  the Trust of, any bankruptcy, reorganization, arrangement,
                  insolvency, receivership or liquidation proceedings, or other
                  proceedings under any United States Federal or state
                  bankruptcy or similar law in connection with any obligations
                  relating to the Notes, this Agreement or any of the other
                  Basic Documents.

         SECTION 11.9 NO RECOURSE. Each holder of the Excess Distribution
Certificate by accepting the Excess Distribution Certificate acknowledges that
such holder's certificate represents beneficial interests in the Trust only and
do not represent interests in or obligations of the Depositor, the Servicer, the
Administrator, the Eligible Lender Trustee, the Indenture Trustee, any Swap
Counterpartyor any Affiliate thereof or any officer, director or employee of any
thereof and no recourse may be had against such parties or their assets, except
as may be expressly set forth or contemplated in this Agreement, the Excess
Distribution Certificate or the other Basic Documents.

         SECTION 11.10 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 11.11 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.


                                       24
<PAGE>


         IN WITNESS WHEREOF, the parties hereto have caused this 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 Eligible
                                                     Lender Trustee,


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


                                                     SLM FUNDING LLC,
                                                     as the Depositor,


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




                                       25
<PAGE>


                                                                       EXHIBIT A
                                                          TO THE TRUST AGREEMENT

                    [FORM OF EXCESS DISTRIBUTION CERTIFICATE]
                      [SEE REVERSE FOR CERTAIN DEFINITIONS]

No. [__]                                             [___]% Percentage Interest

         THIS EXCESS DISTRIBUTION CERTIFICATE DOES NOT EVIDENCE AN OBLIGATION
OF, OR AN INTEREST IN, AND IS NOT GUARANTEED BY THE DEPOSITOR, THE ELIGIBLE
LENDER TRUSTEE, THE SERVICER, THE SWAP COUNTERPARTY, THE ADMINISTRATOR OR ANY OF
THEIR RESPECTIVE AFFILIATES. THIS EXCESS DISTRIBUTION CERTIFICATE IS NOT INSURED
OR GUARANTEED BY ANY GOVERNMENTAL AGENCY OR INSTRUMENTALITY OR BY ANY PRIVATE
INSURER.

         THIS EXCESS DISTRIBUTION CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES ACT"). THE HOLDER HEREOF, BY
PURCHASING THIS CERTIFICATE, AGREES FOR THE BENEFIT OF THE TRUST THAT THIS
CERTIFICATE MAY BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED ONLY (I) TO A PERSON
WHOM THE TRANSFEROR REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE
ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE
RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, OR (II)
TO A PERSON WHOM THE TRANSFEROR REASONABLY BELIEVES IS AN INSTITUTIONAL
ACCREDITED INVESTOR TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR TRANSFER
IS BEING MADE IN RELIANCE ON REGULATION D, AND IN ACCORDANCE WITH ANY APPLICABLE
SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR OTHER JURISDICTION, OR
(III) TO A PERSON IN A TRANSACTION THAT IS REGISTERED UNDER THE SECURITIES ACT
OR THAT IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THE HOLDER HEREOF, BY PURCHASING
THIS EXCESS DISTRIBUTION CERTIFICATE, REPRESENTS AND AGREES FOR THE BENEFIT OF
THE DEPOSITOR, THE ADMINISTRATOR AND THE ELIGIBLE LENDER TRUSTEE THAT: IT IS
EITHER A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A, OR AN
INSTITUTIONAL ACCREDITED INVESTOR (AS DEFINED IN RULE 501(a)(1)-(3) AND (7) OF
REGULATION D UNDER THE SECURITIES ACT) OR AN ENTITY IN WHICH ALL THE EQUITY
OWNERS COME WITHIN SUCH PARAGRAPHS, OR THAT ITS PURCHASE OF THIS EXCESS
DISTRIBUTION CERTIFICATE IS OTHERWISE EXEMPT FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS, AND THAT IT IS
HOLDING THIS EXCESS DISTRIBUTION CERTIFICATE FOR INVESTMENT PURPOSES AND NOT FOR
DISTRIBUTION.

                                      A-1
<PAGE>

         NO TRANSFER OF THIS EXCESS DISTRIBUTION CERTIFICATE WILL BE REGISTERED
(EXCEPT TO AN AFFILIATE OF THE DEPOSITOR) UNLESS THERE IS PROVIDED A
REPRESENTATION SATISFACTORY TO THE ELIGIBLE LENDER TRUSTEE THAT THIS EXCESS
DISTRIBUTION CERTIFICATE IS NOT BEING ACQUIRED DIRECTLY OR INDIRECTLY FOR, ON
BEHALF OF OR WITH THE ASSETS OF, AN EMPLOYEE BENEFIT PLAN OR OTHER RETIREMENT
ARRANGEMENT SUBJECT TO TITLE I OF THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OF
1974, AS AMENDED ("ERISA") AND/OR SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (EACH A "PLAN").

         THIS EXCESS DISTRIBUTION CERTIFICATE MAY NOT BE ACQUIRED BY OR FOR THE
ACCOUNT OF A BENEFIT PLAN (AS DEFINED BELOW). THIS CERTIFICATE IS NOT GUARANTEED
OR INSURED BY ANY GOVERNMENTAL AGENCY.




                                      A-2
<PAGE>

                          SLM STUDENT LOAN TRUST 2003-2
                         EXCESS DISTRIBUTION CERTIFICATE

         evidencing a fractional undivided interest in the Trust, as defined
         below, the property of which includes a pool of student loans sold to
         the Trust by SLM Funding LLC.

         (This Excess Distribution Certificate does not represent an interest in
         or obligation of SLM Funding LLC, the Servicer (as defined below), the
         Eligible Lender Trustee (as defined below) or any of their respective
         affiliates, except to the extent described below.)

         THIS CERTIFIES THAT SLM Funding LLC is the registered owner of a 100%
percentage interest in this Excess Distribution Certificate. The SLM Student
Loan Trust 2003-2 (the "Trust") was formed under the laws of the State of
Delaware by SLM Funding LLC, a Delaware limited liability company (the
"Depositor"). The Trust was created pursuant to a Trust Agreement dated as of
February 14, 2003, as amended and restated pursuant to an Amended and Restated
Trust Agreement dated as of March 4, 2003, by and between the Depositor and the
Eligible Lender Trustee (collectively, the "Trust Agreement") between the
Depositor and Chase Manhattan Bank USA, National Association, a national banking
association, not in its individual capacity but solely as eligible lender
trustee on behalf of the Trust (the "Eligible Lender Trustee"), a summary of
certain of the pertinent provisions of which is set forth below. To the extent
not otherwise defined herein, the capitalized terms used herein have the
meanings assigned to them in Appendix A to the Trust Agreement.

         Issued under the Indenture dated as of March 1, 2003, between the Trust
and The Bank of New York, as the Indenture Trustee, are Notes designated as
"Student Loan-Backed Notes" (the "Notes"). This Excess Distribution Certificate
is issued under and is subject to the terms, provisions and conditions of the
Trust Agreement, to which Trust Agreement the holder of this Excess Distribution
Certificate by virtue of the acceptance hereof assents and by which such holder
is bound. The property of the Trust includes a pool of student loans (the "Trust
Student Loans"), all moneys paid thereunder on or after February 3, 2003,
certain bank accounts and the proceeds thereof and certain other rights under
the Trust Agreement, the Currency Swap, the Auction Agent Agreement, the
Broker-Dealer Agreements, the Sale Agreement, the Purchase Agreement, the
Administration Agreement and the Servicing Agreement and all proceeds of the
foregoing.

         To the extent of funds available therefor, amounts owing hereon will be
distributed on the 15th day of each March, June, September and December (or, if
such 15th day is not a Business Day, the next succeeding Business Day) (each a
"Quarterly Distribution Date"), commencing on June 16, 2003, to the person in
whose name this Excess Distribution Certificate is registered as of the close of
business on the day immediately preceding the Distribution Date (such day the
"Record Date"), in each case to the extent of such holder's fractional and
undivided interest in the amount to be distributed hereon on such Quarterly
Distribution Date pursuant to Sections 2.7.C.18, 2.8.1D and 2.8.2B.2 of the
Administration Agreement.

                                      A-3
<PAGE>

         The holder of this Excess Distribution Certificate acknowledges and
agrees that its rights to receive distributions in respect of this Excess
Distribution Certificate are subordinated to the rights of the Noteholders as
described in the Basic Documents.

         It is the intent of the Depositor, and the holder of this Excess
Distribution Certificate that, for purposes of Federal, state and local income
and franchise and any other income taxes, the Notes will be treated as
newly-issued debt of, and this Excess Distribution Certificate will be treated
as equity in, the Trust. The holder of this Excess Distribution Certificate
agrees to treat, and to take no action inconsistent with the treatment of, this
Excess Distribution Certificate for such tax purposes as equity in the Trust.

         The holder of this Excess Distribution Certificate, by its acceptance
of this Excess Distribution Certificate, covenants and agrees that it will not
at any time institute against the Depositor or the Trust, or join in any
institution against the Depositor or the Trust of, any bankruptcy,
reorganization, arrangement, insolvency, receivership or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to this
Excess Distribution Certificate, the Notes, the Trust Agreement or any of the
other Basic Documents.

         Distributions on this Excess Distribution Certificate will be made as
provided in the Administration Agreement to the holder of record hereof without
the presentation or surrender of this Excess Distribution Certificate or the
making of any notation hereon. Except as otherwise provided in the Trust
Agreement and notwithstanding the above, the final distribution on this Excess
Distribution Certificate will be made after due notice by the Administrator of
the pendency of such distribution and only upon presentation and surrender of
this Excess Distribution Certificate at the office or agency maintained for the
purpose by the Eligible Lender Trustee in the Borough of Manhattan, The City of
New York.

         Reference is hereby made to the further provisions of this Excess
Distribution Certificate set forth on the reverse hereof, which further
provisions shall for all purposes have the same effect as if set forth at this
place.

         Unless the certificate of authentication hereon shall have been
executed by an authorized officer of the Eligible Lender Trustee or its
authenticating agent, by manual signature, this Excess Distribution Certificate
shall not entitle the holder hereof to any benefit under the Trust Agreement or
the Administration Agreement or be valid for any purpose.


                                      A-4
<PAGE>


                  IN WITNESS WHEREOF, the Eligible Lender Trustee on behalf of
the Trust and not in its individual capacity has caused this Excess Distribution
Certificate to be duly executed as of the date set forth below.

                                            SLM STUDENT LOAN TRUST 2003-2 by
                                            CHASE MANHATTAN BANK USA, NATIONAL
                                            ASSOCIATION, not in its individual
                                            capacity but solely as Eligible
                                            Lender Trustee



                        By:______________________________
                              Authorized Signatory


Date: ______________ ___, 20___




                                      A-5
<PAGE>


                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

This is the Excess Distribution Certificate referred to in the within-mentioned
Trust Agreement.


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


                         By:____________________________
                              Authorized Signatory

                                            OR

                         JPMORGAN CHASE BANK, solely in its capacity as
                         Authenticating Agent for the Eligible Lender Trustee,


                         By:__________________________
                             Authenticating Agent



Date: __________ ___,200__




                                      A-6
<PAGE>


                  [REVERSE OF EXCESS DISTRIBUTION CERTIFICATE]

         This Excess Distribution Certificate does not represent an obligation
of, or an interest in, the Depositor, Sallie Mae Servicing L.P., as servicer
(the "Servicer"), Student Loan Marketing Association, as administrator (the
"Administrator"), the Eligible Lender Trustee or any affiliates of any of them,
and no recourse may be had against such parties or their assets, except as may
be expressly set forth or contemplated herein, in the Trust Agreement or in the
other Basic Documents. In addition, this Excess Distribution Certificate is not
guaranteed by any governmental agency or instrumentality and is limited in right
of payment to certain collections with respect to the Trust Student Loans, all
as more specifically set forth in the Administration Agreement. A copy of each
of the Trust Agreement, the Sale Agreement, the Purchase Agreement, the
Administration Agreement, the Servicing Agreement, the Currency Swap, and the
Indenture may be examined during normal business hours at the principal office
of the Administrator, and at such other places, if any, designated by the
Administrator, by the holder of this Excess Distribution Certificate upon
request.

         The Trust Agreement permits, with certain exceptions therein provided,
the amendment thereof and the certification of the rights and obligations of the
Depositor and the rights of the holders of this Excess Distribution Certificate
under the Trust Agreement at any time by the Depositor and the Eligible Lender
Trustee with the consent of the holders of the Class A Notes and the Class B
Notes, each voting as a class evidencing not less than a majority of the
outstanding principal balance of each class of the Notes. The Trust Agreement
also permits the amendment thereof, in certain limited circumstances, without
the consent of the Noteholders.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, the transfer of this Excess Distribution Certificate is
registerable in the Excess Distribution Certificate Register upon surrender of
this Excess Distribution Certificate for registration of transfer at the offices
or agencies maintained by Chase Manhattan Bank USA, National Association in its
capacity as Excess Distribution Certificate Registrar, or by any successor
Excess Distribution Certificate Registrar, in the Borough of Manhattan, The City
of New York, accompanied by a written instrument of transfer in form
satisfactory to the Eligible Lender Trustee and the Excess Distribution
Certificate Registrar duly executed by the holder hereof or such holder's
attorney duly authorized in writing, and thereupon a new Excess Distribution
Certificate will be issued to the designated transferee.

         As provided in the Trust Agreement and subject to certain limitations
therein set forth, this Excess Distribution Certificate is exchangeable for a
new Excess Distribution Certificate as requested by the holder surrendering the
same. No service charge will be made for any such registration of transfer or
exchange, but the Eligible Lender Trustee or the Excess Distribution Certificate
Registrar may require payment of a sum sufficient to cover any tax or
governmental charge payable in connection therewith.

         The Eligible Lender Trustee, the Certificate Registrar and any agent of
the Eligible Lender Trustee or the Excess Distribution Certificate Registrar may
treat the person in whose name this Excess Distribution Certificate is
registered as the owner hereof for all purposes, and

                                      A-7
<PAGE>

none of the Eligible Lender Trustee or the Excess Distribution Certificate
Registrar or any such agent shall be affected by any notice to the contrary.

         This Excess Distribution Certificate (including any beneficial interest
herein) may not be acquired by or for the account of (i) an employee benefit
plan (as defined in Section 3(3) of ERISA) that is subject to the provisions of
Title I of ERISA, (ii) a plan described in section 4975(e)(1) of the Internal
Revenue Code of 1986, as amended (the "Code"), including an individual
retirement account described in Section 408(a) of the Code or a Keogh plan or
(iii) any entity whose underlying assets include plan assets by reason of a
plan's investment in the entity (each, a "Benefit Plan"). By accepting and
holding this Excess Distribution Certificate, the holder hereof shall be deemed
to have represented and warranted that it is not a Benefit Plan, it is not
purchasing this Excess Distribution Certificate on behalf of a Benefit Plan, is
not using assets of a Benefit Plan to purchase this Excess Distribution
Certificate and to have agreed that if this Excess Distribution Certificate is
deemed to be a plan asset, the Holder will promptly dispose of this Excess
Distribution Certificate.

         The obligations and responsibilities created by the Trust Agreement and
the Trust created thereby shall terminate upon the payment to Noteholders and
the holder of this Excess Distribution Certificate of all amounts required to be
paid to them pursuant to the Trust Agreement, the Administration Agreement and
the Indenture and the disposition of all property held as part of the Trust. The
Servicer may at its option purchase the corpus of the Trust at a price specified
in the Administration Agreement; however, such right of purchase is exercisable
only on any Distribution Date on or after the date on which the Pool Balance is
less than or equal to 10% of the Initial Pool Balance. Any Trust Student Loans
remaining in the Trust as of the end of the Collection Period immediately
preceding the Trust Auction Date will be offered for sale by the Indenture
Trustee by auction in accordance with the procedure described in the Indenture.

         This Excess Distribution Certificate shall be 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.




                                      A-8
<PAGE>


                                   ASSIGNMENT


    FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE


------------------------------------------------------------------------------
(Please print or type name and address, including postal zip code, of assignee)


------------------------------------------------------------------------------
the within Excess Distribution Certificate, and all rights thereunder, hereby
irrevocably constituting and appointing



______________________________________________________________________Attorney
to transfer said Excess Distribution Certificate on the books of the Excess
Distribution Certificate Registrar, with full power of substitution in the
premises.


Dated:


______________________________*
Signature Guaranteed:


______________________________*

* NOTICE: The signature to this assignment must correspond with the name as it
appears upon the face of the within the Excess Distribution Certificate in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by a member firm of the New York Stock Exchange or
a commercial bank or trust company.



                                      A-9
<PAGE>



                                                                       EXHIBIT B

                                     FORM OF

                              CERTIFICATE OF TRUST
                                       OF
                                SLM STUDENT LOAN
                                  TRUST 2003-2

         This Certificate of Trust of SLM STUDENT LOAN TRUST 2003-2 (the
"Trust") is being duly executed and filed on behalf of the Trust by the
undersigned, as trustee, to form a statutory trust under the Delaware Statutory
Trust Statute (12 Del. C.ss.3801 ET SEQ.) (the "Act").

         1.  NAME. The name of the statutory trust formed by this
Certificate of Trust is SLM STUDENT LOAN TRUST 2003-2.

         2. DELAWARE TRUSTEE. The name and business address of the
eligible lender trustee of the Trust in the State of Delaware are the Chase
Manhattan Bank USA, National Association, c/o JPMorgan Chase Bank, 500 Stanton
Christiana Road, Christiana Center/OPS4/3rd Floor, Newark, Delaware 19713. Attn:
Institutional Trust Services.

         3. Effective Date. This Certificate of Trust shall be effective upon
filing.

         IN WITNESS WHEREOF, the undersigned has duly executed this Certificate
of Trust in accordance with Section 3811(a)(1) of the Act.

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



                     By:  _______________________________
                     Name:
                     Title:



                                      B-1
<PAGE>


                                                                       EXHIBIT C
                                                     [FORM OF TRANSFEROR LETTER]

[Date]

Student Loan Marketing Association
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Eligible Lender Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:      SLM Student Loan Trust 2003-2
         EXCESS DISTRIBUTION CERTIFICATE (THE "CERTIFICATE")

Ladies and Gentlemen:

         In connection with our disposition of the above Certificate, we certify
that (a) we understand that the Certificate has not been registered under the
Securities Act of 1933, as amended (the "Securities Act"), and is being disposed
by us in a transaction that is exempt from the registration requirements of the
Securities Act, and (b) we have not offered or sold the Certificate to, or
solicited offers to buy the Certificate from, any person, or otherwise
approached or negotiated with any person with respect thereto, in a manner that
would be deemed, or taken any other action would result in, a violation of
Section 5 of the Securities Act.


Very truly yours,

-----------------------------------------
[Print Name of Transferor]

By: ______________________________________
      Authorized Officer


                                      C-1

<PAGE>

                                                                     EXHIBIT D-1
                                     [FORM OF TRANSFEREE LETTER (NON-RULE 144A)]

[Date]

Student Loan Marketing Association
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Eligible Lender Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:      SLM Student Loan Trust 2003-2
         EXCESS DISTRIBUTION CERTIFICATE (THE "CERTIFICATE")

Ladies and Gentlemen:

         In connection with our acquisition of the above Certificate, we certify
that (a) we understand that the Certificate is not being registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Securities Act and any such laws, (b)
we are an institutional "accredited investor," as defined in Rule 501 (a) (1),
(2), (3) or (7) of Regulation D under the Securities Act or an entity in which
all of the equity owners come within such paragraphs, and have such knowledge
and experience in financial and business matters that we are capable of
evaluating the merits and risks of investments in the Certificate, (c) we have
had the opportunity to ask questions of and receive answers from the Depositor
concerning the purchase of the Certificate and all matters relating thereto or
any additional information deemed necessary to our decision to purchase the
Certificate, (d) we are not acquiring the Certificate for, on behalf of or with
the assets of, an employee benefit plan or other retirement arrangement (a
"Plan") which is subject to Title I of the Employee Retirement Income Security
Act of 1974, as amended ("ERISA"), and/or Section 4975 of the Internal Revenue
Code of 1986, as amended (the "Code"), (e) we are acquiring the Certificate for
investment for our own account and not with a view to any distribution of the
Certificate (but without prejudice to our right at all times to sell or
otherwise dispose of the Certificate in accordance with clause (g) below), (f)
we have not offered or sold the Certificate to, or solicited offers to buy the
Certificate from, any person, or otherwise approached or negotiated with any
person with respect thereto, or taken any other action which would result in a
violation of Section 5 of the Securities Act, and (g) we will not sell, transfer
or otherwise dispose of the Certificate unless (1) such sale, transfer or other
disposition is made pursuant to an effective registration statement under the
Securities Act or is exempt from such registration requirements, and if
requested, we will at our expense provide an opinion of counsel satisfactory to
the addressees of this Letter that such sale, transfer


                                      D-1-1
<PAGE>

or other disposition may be made pursuant to an exemption from the Securities
Act, (2) the purchaser or transferee of such Certificate has executed and
delivered to you a certificate to substantially the same effect as this
certificate and (3) the purchaser or transferee has otherwise complied with any
conditions for transfer set forth in the Trust Agreement relating to the
Certificate.

                                     Very truly yours,

                                     ----------------------------------
                                     [Print Name of Transferee]



                                     By:_______________________________
                                     Authorized Officer


                                      D-1-2
<PAGE>

                                                                     EXHIBIT D-2
                                         [FORM OF TRANSFEREE LETTER (RULE 144A)]

[Date]

Student Loan Marketing Association
as Administrator
11600 Sallie Mae Drive
Reston, Virginia  20193

Chase Manhattan Bank USA, National Association
as Eligible Lender Trustee and Excess Distribution Certificate Registrar
Christiana Center/OPS4
500 Stanton Christiana Road
Newark, Delaware  19713

Re:      SLM Student Loan Trust 2003-2
         EXCESS DISTRIBUTION CERTIFICATE (THE "CERTIFICATE")

Ladies and Gentlemen:

         In connection with our acquisition of the above Certificate, we certify
that (a) we understand that the Certificate is not being registered under the
Securities Act of 1933, as amended (the "Securities Act"), or any state
securities laws and are being transferred to us in a transaction that is exempt
from the registration requirements of the Securities Act and any such laws, (b)
we have such knowledge and experience in financial and business matters that we
are capable of evaluating the merits and risks of investments in the
Certificate, (c) we have had the opportunity to ask questions of and receive
answers from the Depositor concerning the purchase of the Certificate and all
matters relating thereto or any additional information deemed necessary to our
decision to purchase the Certificate, (d) we are not acquiring the Certificate
for, on behalf of or with the assets of, an employee benefit plan or other
retirement arrangement (a "Plan") which is subject to Title I of the Employee
Retirement Income Security Act of 1974, as amended ("ERISA"), and/or Section
4975 of the Internal Revenue Code of 1986, as amended (the "Code"), (e) we have
not, nor has anyone acting on our behalf offered, transferred, pledged, sold or
otherwise disposed of the Certificate, any interest in the Certificate or any
other similar security to, or solicited any offer to buy or accept a transfer,
pledge or other disposition of the Certificate, any interest in the Certificate
or any other similar security from, or otherwise approached or negotiated with
respect to the Certificate, any interest in the Certificate or any other similar
security with, any person in any manner, or made any general solicitation by
means of general advertising or in any other manner, or taken any other action,
that would constitute a distribution of the Certificate under the Securities Act
or that would render the disposition of the Certificate a violation of Section 5
of the Securities Act or require registration pursuant thereto, nor will act,
nor has authorized or will authorize any person to act, in such manner with
respect to the Certificate, (f) we are a "qualified institutional buyer" as that
term is defined in Rule 144A under the Securities Act ("Rule 144A") and have
completed either of the forms of certification to


                                      D-2-1
<PAGE>

that effect attached hereto as Annex 1 or Annex 2. We are aware that the sale to
us is being made in reliance on Rule 144A. We are acquiring the Certificate for
our own account or for resale pursuant to Rule 144A and further understand that
the Certificate may be resold, pledged or transferred only (1) to a person
reasonably believed to be a qualified institutional buyer that purchases for its
own account or for the account of a qualified institutional buyer to whom notice
is given that the resale, pledge or transfer is being made in reliance on Rule
144A, or (ii) pursuant to another exemption from registration under the
Securities Act.

                                        Very truly yours,

                                        ----------------------------------
                                        [Print Name of Transferee]



                                        By:_______________________________
                                                Authorized Officer

                                     D-2-2

<PAGE>



                                                                         ANNEX 1
                        QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A


          [For Transferees Other Than Registered Investment Companies]

         The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Letter to which this certification
relates with respect to the Certificate described therein:

         1.       As indicated below, the undersigned is the President, Chief
                  Financial Officer, Senior Vice President or other executive
                  officer of the Buyer.

         2.       In connection with purchases by the Buyer, the Buyer is a
                  "qualified institutional buyer" as that term is defined in
                  Rule 144A under the Securities Act of 1933, as amended ("Rule
                  144A") because (i) the Buyer owned and/or invested on a
                  discretionary basis $____________1 in securities (except for
                  the excluded securities referred to below) as of the end of
                  the Buyer's most recent fiscal year (such amount being
                  calculated in accordance with Rule 144A and (ii) the Buyer
                  satisfies the criteria in the category marked below.

                  ___      CORPORATION, ETC. The Buyer is a corporation (other
                           than a bank, savings and loan association or similar
                           institution), Massachusetts or similar business
                           trust, partnership, or charitable organization
                           described in Section 501 (c) (3) of the Internal
                           Revenue Code of 1986, as amended.

                  ___      BANK. The Buyer (a) is a national bank or banking
                           institution organized under the laws of any State,
                           territory or the District of Columbia, the business
                           of which is substantially confined to banking and is
                           supervised by the State or territorial banking
                           commission or similar official or is a foreign bank
                           or equivalent institution, and (b) has an audited net
                           worth of at least $25,000,000 as demonstrated in its
                           latest annual financial statements, A COPY OF WHICH
                           IS ATTACHED HERETO.

                  ___      SAVINGS AND LOAN. The Buyer (a) is a savings and loan
                           association, building and loan association,
                           cooperative bank, homestead association or similar
                           institution, which is supervised and examined by a
                           State or Federal authority having supervision over
                           any such institutions or is a foreign savings and
                           loan association or equivalent institution and (b)
                           has an audited net worth of at least $25,000,000 as
                           demonstrated in its latest annual financial
                           statements, A COPY OF WHICH IS ATTACHED HERETO.

--------
1        Buyer must own and/or invest on a discretionary basis at least
         $100,000,000 in securities unless Buyer is a dealer, and, in that case,
         Buyer must own and/or invest on a discretionary basis at least
         $10,000,000 in securities.

                                    Annex 1-1

<PAGE>

                  ___      BROKER-DEALER. The Buyer is a dealer registered
                           pursuant to Section 15 of the Securities Exchange Act
                           of 1934.

                  ___      INSURANCE COMPANY. The Buyer is an insurance company
                           whose primary and predominant business activity is
                           the writing of insurance or the reinsuring of risks
                           underwritten by insurance companies and which is
                           subject to supervision by the insurance commissioner
                           or a similar official or agency of a State, territory
                           or the District of Columbia.

                  ___      STATE OR LOCAL PLAN. The Buyer is a plan established
                           and maintained by a State, its political
                           subdivisions, or any agency or instrumentality of the
                           State or its political subdivisions, for the benefit
                           of its employees.

                  ___      ERISA PLAN. The Buyer is an employee benefit plan
                           within the meaning of Title I of the Employee
                           Retirement Income Security Act of 1974.

                  ___      INVESTMENT ADVISOR. The Buyer is an investment
                           advisor registered under the Investment Advisors Act
                           of 1940.

                  ___      SMALL BUSINESS INVESTMENT COMPANY. The Buyer is a
                           small business investment company licensed by the
                           U.S. Small Business Administration under Section
                           301(c) or (d) of the Small Business Investment Act of
                           1958.

                  ___      BUSINESS DEVELOPMENT COMPANY. The Buyer is a business
                           development company as defined in Section 202(a)(22)
                           of the Investment Advisors Act of 1940.

                  ___      QUALIFIED INSTITUTIONAL BUYERS. The Buyer owned
                           and/or invested on a discretionary basis less than
                           $100,000,000, but it is an entity in which all of the
                           equity owners are qualified institutional buyers.

         3.       The term "SECURITIES" as used herein DOES NOT INCLUDE (i)
                  securities of issuers that are affiliated with the Buyer, (ii)
                  securities that are part of an unsold allotment to or
                  subscription by the Buyer, if the Buyer is a dealer, (iii)
                  securities issued or guaranteed by the U.S. or any
                  instrumentality thereof, (iv) bank deposit notes and
                  certificates of deposit, (v) loan participations, (vi)
                  repurchase agreements, (vii) securities owned but subject to a
                  repurchase agreement and (viii) currency, interest rate and
                  commodity swaps.

         4.       For purposes of determining the aggregate amount of securities
                  owned and/or invested on a discretionary basis by the Buyer,
                  the Buyer used the cost of such securities to the Buyer and
                  did not include any of the securities referred to in the
                  preceding paragraph, except (i) where the Buyer reports its
                  securities holdings in its financial statements on the basis
                  of their market value, and (ii) no current information with
                  respect to the cost of those securities has been published. If
                  clause (ii) in the preceding sentence applies, the securities
                  may be valued at market. Further, in determining such
                  aggregate amount, the Buyer may have included securities owned
                  by subsidiaries of the Buyer, but only if such

                                    Annex 1-2

<PAGE>

                  subsidiaries are consolidated with the Buyer in its financial
                  statements prepared in accordance with generally accepted
                  accounting principles and if the investments of such
                  subsidiaries are managed under the Buyer's direction. However,
                  such securities were not included if the Buyer is a
                  majority-owned, consolidated subsidiary of another enterprise
                  and the Buyer is not itself a reporting company under the
                  Securities Exchange Act of 1934, as amended.

         5.       The Buyer acknowledges that it is familiar with Rule 144A and
                  understands that the seller to it and other parties related to
                  the Certificate are relying and will continue to rely on the
                  statements made herein because one or more sales to the Buyer
                  may be in reliance on Rule 144A.

         6.       Until the date of purchase of the Rule 144A Securities, the
                  Buyer will notify each of the parties to which this
                  certification is made of any changes in the information and
                  conclusions herein. Until such notice is given, the Buyer's
                  purchase of the Certificate will constitute a reaffirmation of
                  this certification as of the date of such purchase. In
                  addition, if the Buyer is a bank or savings and loan is
                  provided above, the Buyer agrees that it will furnish to such
                  parties updated annual financial statements promptly after
                  they become available.


------------------------------------
[Print Name of Transferee]



By:_________________________________
Name:
Title:


Date:______________________


                                    Annex 1-3

<PAGE>



                                                                         ANNEX 2
                        QUALIFIED INSTITUTIONAL BUYER STATUS UNDER SEC RULE 144A


           [For Transferees That are Registered Investment Companies]

         The undersigned (the "Buyer") hereby certifies as follows to the
parties listed in the Rule 144A Transferee Letter to which this certification
relates with respect to the Certificate described therein:

         1.       As indicated below, the undersigned is the President, Chief
                  Financial Officer or Senior Vice President of the Buyer or, if
                  the Buyer is a "qualified institutional buyer" as that term is
                  defined in Rule 144A under the Securities Act of 1933, as
                  amended ("Rule 144A") because Buyer is part of a Family of
                  Investment Companies (as defined below), is such an officer of
                  the Adviser.

         2.       In connection with purchases by Buyer, the Buyer is a
                  "qualified institutional buyer" as defined in SEC Rule 144A
                  because (i) the Buyer is an investment company registered
                  under the Investment Company Act of 1940, as amended and (ii)
                  as marked below, the Buyer alone, or the Buyer's Family of
                  Investment Companies, owned at least $100,000,000 in
                  securities (other than the excluded securities referred to
                  below) as of the end of the Buyer's most recent fiscal year.
                  For purposes of determining the amount of securities owned by
                  the Buyer or the Buyer's Family of Investment Companies, the
                  cost of such securities was used, except (i) where the Buyer
                  or the Buyer's Family of Investment Companies reports its
                  securities holdings in its financial statements on the basis
                  of their market value, and (ii) no current information with
                  respect to the cost of those securities has been published. If
                  clause (ii) in the preceding sentence applies, the securities
                  may be valued at market.

                  ___      The Buyer owned $______________ in securities (other
                           than the excluded securities referred to below) as of
                           the end of the Buyer's most recent fiscal year (such
                           amount being calculated in accordance with Rule
                           144A).

                  ___      The Buyer is part of a Family of Investment Companies
                           which owned in the aggregate $_____________ in
                           securities (other than the excluded securities
                           referred to below) as of the end of the Buyer's most
                           recent fiscal year (such amount being calculated in
                           accordance with Rule 144A).

         3.       The term "FAMILY OF INVESTMENT COMPANIES" as used herein means
                  two or more registered investment companies (or series
                  thereof) that have the same investment adviser or investment
                  advisers that are affiliated (by virtue of being majority
                  owned subsidiaries of the same parent or because one
                  investment adviser is a majority owned subsidiary of the
                  other).

                                     Annex 2
<PAGE>

         4.       The tern "SECURITIES" as used herein does not include (i)
                  securities of issuers that are affiliated with the Buyer or
                  are part of the Buyer's Family of Investment Companies, (ii)
                  securities issued or guaranteed by the U.S. or any
                  instrumentality thereof, (iii) bank deposit notes and
                  certificates of deposit, (iv) loan participations, (v)
                  repurchase agreements, (vi) securities owned but subject to a
                  repurchase agreement and (vii) currency, interest rate and
                  commodity swaps.

         5.       The Buyer is familiar with Rule 144A and understands that the
                  parties listed in the Rule 144A Transferee Letter to which
                  this certification relates are relying and will continue to
                  rely on the statements made herein because one or more sales
                  to the Buyer will be in reliance on Rule 144A. In addition,
                  the Buyer will only purchase for the Buyer's own account.

         6.       Until the date of purchase of the Certificate, the undersigned
                  will notify the parties listed in the Rule 144A Transferee
                  Letter to which this certification relates of any changes in
                  the information and conclusions herein. Until such notice is
                  given, the Buyer's purchase of the Certificate will constitute
                  a reaffirmation of this certification by the undersigned as of
                  the date of such purchase.


                                          ----------------------------------
                                          Print Name of Buyer or Adviser


                                          By:_______________________________
                                          Name:
                                          Title:


                                          [IF AN ADVISER:]


                                          ----------------------------------
                                          Print Name of Buyer



                                          Date:______________________




                                     Annex 2