<PAGE>

                                                                   Exhibit 19.2



March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 1995-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1995-1, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1995-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 1996-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1996-1, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1996-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 1996-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1996-2, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1996-2. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street,
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1996-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1996-3, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1996-3. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1996-4

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1996-4, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>


This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1996-4. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1997-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1997-1, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>



This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1997-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1997-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1997-2, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>



This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1997-2. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank of Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 1997-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1997-3, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>



This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1997-3. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 1997-4

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1997-4, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1997-4. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1998-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1998-1, for the year ended Dceember 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>



This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1998-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1998-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1998-2, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1998-2. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1999-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1999-1, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1999-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1999-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1999-2, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1999-2. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 1999-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 1999-3, for the year ended December 31, 2000. Management
is responsible for compliance with those requirements. Our responsibility is
to express an opinion on the Company's compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>


This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1999-3. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the year ended December 31, 2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 2000-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 2000-1, for the period February 15, 2000 through December
31, 2000. Management is responsible for compliance with those requirements.
Our responsibility is to express an opinion on the Company's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the period February 15,
2000 through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 2000-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period February 15, 2000 through
December 31, 2000.

March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 2000-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 2000-2, for the period March 28, 2000 through December 31,
2000. Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the period March 28, 2000
through December 31, 2000.

<PAGE>


This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 2000-2. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period March 28, 2000 through December 31,
2000.


March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 2000-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 2000-3, for the period April 26, 2000 through December 31,
2000. Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the period April 26, 2000
through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 2000-3. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period April 26, 2000 through December 31,
2000.

March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>


March 1, 2001

Sallie Mae Servicing Corporation
11600 Sallie Mae Drive
Reston, Virginia 20193

          and

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                            SLM STUDENT LOAN TRUST 2000-4

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER that Sallie Mae
Servicing Corporation (the Company) complied with the terms and conditions of
Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A, 3.6, 3.10, and 3.15 of the
Servicing Agreement among the Company, Chase Manhattan Bank USA, National
Association, Bankers Trust Company, and the Student Loan Marketing
Association, as Administrator, (the Agreement) pursuant to the Sallie Mae
Student Loan Trust 2000-4, for the period September 26, 2000 through December
31, 2000. Management is responsible for compliance with those requirements.
Our responsibility is to express an opinion on the Company's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, Sallie Mae Servicing Corporation complied, in all material
respects, with the aforementioned requirements for the period September 26,
2000 through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>


            REPORT OF MANAGEMENT ON COMPLIANCE BY SERVICER

We acknowledge that as members of management of Sallie Mae Servicing
Corporation (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.2, 2.3, 3.1, 3.2A, 3.2B, 3.2C, 3.5A,
3.6, 3.10, and 3.15 of the Servicing Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, and the
Student Loan Marketing Association, as Administrator, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1995-1. We are also responsible
for reviewing and ensuring implementation of, and ongoing compliance with,
effective internal control over compliance with the terms and conditions of
the Agreement.

On an ongoing basis we evaluate the Company's compliance with the terms and
conditions of the Sections in the Agreement indicated above. Based on this
management oversight and evaluation, we assert that the Company complied, in
all material respects, with the terms and conditions of the Sections in the
Agreement indicated above for the period September 26, 2000 through
December 31, 2000.

March 1, 2001


/s/ ROBERT R. LEVINE
-----------------------------
Robert R. Levine
Executive Vice President


/s/ BARBARA DEEMER
-----------------------------
Barbara Deemer
Vice President and Treasurer


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 1995-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
Sallie Mae Student Loan Trust 1995-1, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1995-1. We are also responsible
for establishing and maintaining effective internal control over compliance
with the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 1996-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
Sallie Mae Student Loan Trust 1996-1, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the Sallie Mae Student Loan Trust 1996-1. We are also responsible
for establishing and maintaining effective internal control over compliance
with the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1996-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1996-2, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1996-2. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1996-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1996-3, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1996-3. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1996-4

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1996-4, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1996-4. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1997-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1997-1, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1997-1. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1997-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1997-2, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1997-2. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 1997-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
Sallie Mae Student Loan Trust 1997-3, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1997-3. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1997-4

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1997-4, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1997-4. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                          SLM STUDENT LOAN TRUST 1998-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1998-1, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1998-1. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 1998-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1998-2, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.


<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1998-2. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1999-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1999-1, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1999-1. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 1999-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1999-2, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1999-2. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM  STUDENT LOAN TRUST 1999-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 1999-3, for the year ended December 31, 2000.
Management is responsible for compliance with those requirements. Our
responsibility is to express an opinion on the Company's compliance based on
our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the year ended
December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 1999-3. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the year ended December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 2000-1

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 2000-1, for the period February 15, 2000 through
December 31, 2000. Management is responsible for compliance with those
requirements. Our responsibility is to express an opinion on the Company's
compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the period
February 15, 2000 through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 2000-1. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the period February 15, 2000 through December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 2000-2

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 2000-2, for the period March 28, 2000 through December
31, 2000. Management is responsible for compliance with those requirements.
Our responsibility is to express an opinion on the Company's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the period March
28, 2000 through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 2000-2. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the period March 28, 2000 through December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                        SALLIE MAE STUDENT LOAN TRUST 2000-3

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 2000-3, for the period April 26, 2000 through December
31, 2000. Management is responsible for compliance with those requirements.
Our responsibility is to express an opinion on the Company's compliance based
on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the period
April 26, 2000 through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 2000-3. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the period April 26, 2000 through December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association


<PAGE>

                                                [LOGO]
                                                      ARTHUR ANDERSEN

March 1, 2001

Student Loan Marketing Association                    ARTHUR ANDERSEN LLP
11600 Sallie Mae Drive                                8000 Towers Crescent Drive
Reston, Virginia 20193                                Vienna VA 22182-2725

          and                                         Tel 703 962 2100

Chase Manhattan Bank USA, National Association
formerly known as Chase Manhattan Bank Delaware
1201 Market Street
Wilmington, Delaware 19801

          and

Bankers Trust Company
Four Albany Street
New York, New York 10006


                      REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS

                           SLM STUDENT LOAN TRUST 2000-4

We have examined management's assertion included in the accompanying report
titled REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR that the Student
Loan Marketing Association (the Company) complied with the terms and
conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A, 2.7.B, 2.7.C,
2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A, 3.2.C, and 3.2.D
of the Administration Agreement among the Company, Chase Manhattan Bank USA,
National Association, Bankers Trust Company, Sallie Mae Servicing
Corporation, and the SLM Funding Corporation, (the Agreement) pursuant to the
SLM Student Loan Trust 2000-4, for the period September 26, 2000 through
December 31, 2000. Management is responsible for compliance with those
requirements. Our responsibility is to express an opinion on the Company's
compliance based on our examination.

Our examination was conducted in accordance with attestation standards
established by the American Institute of Certified Public Accountants and,
accordingly, included examining, on a test basis, evidence about the
Company's compliance with those requirements and performing such other
procedures as we considered necessary in the circumstances. We believe that
our examination provides a reasonable basis for our opinion. Our examination
does not provide a legal determination on the Company's compliance with
specified requirements.

In our opinion, the Student Loan Marketing Association complied, in all
material respects, with the aforementioned requirements for the
period September 26, 2000 through December 31, 2000.

<PAGE>

This report is intended solely for your information and use of management,
the board of directors, Chase Manhattan Bank USA, National Association and
Bankers Trust Company and is not intended to be and should not be used by
anyone other than these specified parties.

Very truly yours,

/s/ Arthur Andersen LLP


<PAGE>

STUDENT LOAN MARKETING ASSOCIATION
11600 Sallie Mae Drive
Reston, Virginia 20193
703-810-7687, Fax 703-810-7651


          REPORT OF MANAGEMENT ON COMPLIANCE BY ADMINISTRATOR

I acknowledge that as a member of management of the Student Loan Marketing
Association (the "Company"), we are responsible for ensuring compliance with
the terms and conditions of Sections 2.3.A.1, 2.3.A.2, 2.4, 2.6.B, 2.7.A,
2.7.B, 2.7.C, 2.8.B.1, 2.8.B.2, 2.8.B.3, 2.9, 3.1.B, 3.1.C, 3.1.D, 3.2.A,
3.2.C, and 3.2.D of the Administration Agreement among the Company, Chase
Manhattan Bank USA, National Association, Bankers Trust Company, Sallie Mae
Servicing Corporation, and the SLM Funding Corporation, (the "Agreement")
pursuant to the SLM Student Loan Trust 2000-4. We are also responsible for
establishing and maintaining effective internal control over compliance with
the terms and conditions of the Agreement.

We have performed an evaluation of the Company's compliance with the
conditions of the Sections in the Agreement indicated above. Based on the
evaluation, we assert that the Company complied, in all material respects,
with the terms and conditions of the Sections in the Agreement indicated
above for the period September 26, 2000 through December 31, 2000.

March 1, 2001


/s/ J. Lance Franke
---------------------------------------
J. Lance Franke
Authorized Agent
Student Loan Marketing Association