**UNITED STATESSECURITIES AND EXCHANGE COMMISSION****Washington, DC 20549**

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**FORM 10-K**

**(Mark One)**
| ý | ** ** | **Annual  report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**                                                                                                                        |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   | ** ** | ** **                                                                                                                                                                                                       |
|   |       | **For the fiscal year ended December  31, 2004 or**                                                                                                                                                              |
|   |       | ** **                                                                                                                                                                                                       |
| o      | ** ** | **Transition  report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934**                                                                                                                    |
|   | ** ** | ** **                                                                                                                                                                                                       |
|   | ** ** | **For the transition period from                 to               ** |

** **

**SLMFUNDING LLC, as the Depositor**(Exact name ofregistrant as specified in its charter)

 

**SallieMae Student Loan Trust 1996-1, as the Issuer**

 

| **DELAWARE**                                    | ** ** | **(33-95474)**            |   | **52-1956294**                             |
|-------------------------------------------------|------------|---------------------------|--------|--------------------------------------------|
| (State or other  Jurisdiction of Incorporation) |       | (Commission File  Number) |   | (I.R.S. employer  Identification No.) |

 

**12061 Bluemont Way, V3419RESTON, VA 20190**(Address ofprincipal executive offices)

**(703) 984-6419**Registrant’stelephone number, including area code

Securities registered pursuant to Section 12(b)of the Act: None

Securities registered pursuant to Section 12(g)of the Act: None

Indicate by check mark whether the registrant:(1) has filed all reports required to be filed by Section 13 or 15(d)of the Securities Exchange Act of 1934 during the preceding 12 months (orfor such shorter period that the registrant was required to file such reports),and (2) has been subject to such filing requirements for the past90 days. Yes ý No o

Documents are incorporated by reference into thisForm 10-K: None.

State the aggregate market value of the voting stockheld by non-affiliates of the Registrant: None.

This Annual Report on Form 10-K is filed inreliance upon (i) certain no-action letters issued by the Office of ChiefCounsel, Division of Corporate Finance of the Securities and ExchangeCommission stating that the Division will not object if periodic reports filedby the Registrant pursuant to Sections 13 and 15(d) of the Securities andExchange Act of 1934 are filed in the manner set forth in such letters and therequests for such letters and (ii) the Registrant’s filing letteraccompanying the Registrant’s Current Report on Form 8-K filed with theCommission on or about November 6, 1995 in which the Registrant describedthe manner in which it intended to file such periodic reports.

 

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**PART I.**

**Item 2. Properties.**

SLM Funding LLC, the successor-in-interest to SLMFunding Corporation and Sallie Mae Funding Corporation, is the depositor for theSallie Mae Student Loan Trust 1996-1. The property of the Trust consists ofpools of education loans to students and parents of students made under theFederal Family Education Loan Program, all funds collected in respect thereofand monies on deposit in certain trust accounts.

On an annual basis, the Sallie Mae Student Loan Trust1996-1 is required to provide statements of compliance of its servicers andadministrators. The Annual Statements of Compliance for the Sallie Mae StudentLoan Trust 1996-1 are attached as Exhibit 19.1 hereto. These statementsare required by:

**•**                  the Administration Agreement, dated as ofMarch 6, 1996, among Sallie Mae Funding Corporation, as the Depositor and thepredecessor-in-interest to SLM Funding LLC, Sallie Mae Servicing Corporation,as the Servicer, Sallie Mae Student Loan Trust 1996-1, as the Trust, theStudent Loan Marketing Association, as the Administrator, Bankers TrustCompany, as the Indenture Trustee, and Chase Manhattan Bank (USA), as theEligible Lender Trustee; and

 

**•**                  the Servicing Agreement, dated as of March6, 1996 among the Servicer, the Trust, the Administrator, the Indenture Trusteeand the Eligible Lender Trustee.

**Item 3. Legal Proceedings.**

Nothing to report.

**Item 4. Submission of Matters to a Vote of Security Holders.**

Nothing to report.

 

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**PART II.**

**Item 5. Market for Registrant’s Common Equity and RelatedStockholder Matters.**

At December 31, 2004, there was one(1) registered holder of the Sallie Mae Student Loan Trust 1996-1 FloatingRate Student Loan-Backed Certificates (“Certificates”), That registered holderwas CEDE & Co., as nominee of The Depository Trust Company (“DTC”). AtDecember 31, 2004, there were four (4) different persons registeredon the books of DTC as record owners of Certificates.  An affiliate of the Registrant was abeneficial owner of some of the Certificates.  There is no established trading market for theCertificates.

**Item 7. Other Related Events and Information.**

Nothing to report.

**Item 9. Changes in and Disagreements with Accountants onAccounting and Financial Disclosure.**

**Item 9B.Other Information.**

Nothing to report.

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**PART III.**

**Item 12. Security Ownership of Certain Beneficial Owners andManagement.**

At December 31, 2004,the Certificates held by an affiliate of the Registrant were registered in thename of CEDE and Co., as nominee of DTC. 

 

At December 31, 2004,the books of DTC indicate that four (4) different participant institutionsare record owners of more than 5% of the Certificates. 

 
| **DTC REGISTERED**                                                     | ** ** | **DTC ID** | ** ** | **Holder**                                                                                                       | ** ** | **Principal Amount** | ** **    | **Percent** | ** ** |
|------------------------------------------------------------------------|------------|------------|------------|------------------------------------------------------------------------------------------------------------------|------------|----------------------|---------------|-------------|------------|
| **1996-1 Floating Rate  Student Loan-Backed  Certificates  795452AF8** |       | 901        |       | Bank Of New York  One Wall Street  New York, NY  10286                                                      |       | $                    | 12,800,000.00 |        | 24.38      | % |
| ** **                                                             |       |       |       |                                                                                                             |       |                 |          |        |       |
|                                                                   |       | 2803       |       | US Bank NA  C/O ADP Proxy Services  51 Mercedes Way  Edgewood, NY  11717                                    |       | $                    | 4,100,000.00  |        | 7.81       | % |
|                                                                   |       |       |       |                                                                                                             |       |                 |          |        |       |
|                                                                   |       | 997        |       | State Street Bank and  Trust Co.  1776 Heritage Dr.  Global Corp Action Unit JAB 5NW  No. Quincy, MA  02171 |       | $                    | 6,800,000.00  |        | 12.95      | % |
|                                                                   |       |       |       |                                                                                                             |       |                 |          |        |       |
|                                                                   |       | 2316       |       | National City Bank  4100 West 150th St  Cleveland, OH  44135                                                |       | $                    | 25,000,000.00 |        | 47.62      | % |

** **

**Item 13. Certain Relationships and Related Transactions.**

Nothing to report.

 

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**PART IV.**

**Item 15. Exhibits, Financial Statement Schedules and Reportson Form 8-K.**

(a)           *Exhibits.*    Thefollowing documents are filed as part of this Annual Report on Form 10-K:

 
| **Designation** | ** ** | **Description**                                                        |
|-----------------|------------|------------------------------------------------------------------------|
| Exhibit 19.1    |       | Annual Statements of  Compliance of the Administrator and the Servicer |
|            |       |                                                                   |
| Exhibit 19.2    |       | Annual Independent Certified Public Accountant’s  Report          |

 

(b)           *Reports on Form 8-K.*    TheRegistrant, on behalf of the Sallie Mae Student Loan Trust 1996-1, filed four(4) Current Reports on Form 8-K with the Commission during the periodcovered by this report. They are:

 

**•****             **On January 30, 2004, in connection withthe January 26, 2004 Quarterly Distribution Report;

•              OnMay 3, 2004, in connection with the April 26, 2004 Quarterly DistributionReport;

•              OnAugust 2, 2004, in connection with the July 26, 2004 Quarterly DistributionReport; and

•              OnNovember 2, 2004, in connection with the October 25, 2004 QuarterlyDistribution Report.

 

 

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**SIGNATURES**

Pursuant to the requirements of Section 13 or15(d) of the Securities Exchange Act of 1934, as amended, the Sallie MaeStudent Loan Trust 1996-1 has duly caused this report to be signed, on itsbehalf by the undersigned hereunto duly authorized. 

 
| Dated: March 30, 2005 | SLM FUNDING LLC |
|-----------------------|-----------------|
|                  |            |   |
|                  |            |   |
|                  |            |   |
|                  | By:             | /s/  JOHN  F. REMONDI |
|                  |            | Name:  John F. Remondi |
|                  |            | Title:    President |

 

Pursuant to the requirements of the SecuritiesExchange Act of 1934, this report has been signed below by the following personson behalf of the Registrant and in the capacities indicated on the datesindicated. 

 
| **Signature**             | ** ** | **Title**                          | ** ** | **Date**       |
|---------------------------|------------|------------------------------------|------------|----------------|
|                      |       |                               |       |           |
| /s/ JOHN F. REMONDI       |       | President (Principal Executive     |       | March 30, 2005 |
| John F. Remondi           |       | Officer) and  Manager              |       |           |
|                      |       |                               |       |           |
| /s/ C.E. ANDREWS          |       | Chief Financial Officer (Principal |       | March 30, 2005 |
| C. E. Andrews             |       | Financial  Officer) and Manager    |       |           |
|                      |       |                               |       |           |
| /s/ THOMAS J. FITZPATRICK |       | Manager                            |       | March 30, 2005 |
| Thomas J. Fitzpatrick     |       |                               |       |           |
|                      |       |                               |       |           |
|                      |       | Independent Manager                |       |           |
| Victor A. Duva            |       |                               |       |           |
|                      |       |                               |       |           |
|                      |       | Independent Manager                |       |           |
| Kennith J. Uva            |       |                               |       |           |

 

 

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**CERTIFICATION**

I, JohnF. Remondi, certify that:

1.     I havereviewed this annual report on Form 10-K, and all reports on Form 8-Kcontaining distribution or servicing reports filed in respect of periodsincluded in the year covered by this annual report, of Sallie Mae Student LoanTrust 1996-1;

2.     Based onmy knowledge, the information in these reports, taken as a whole, does notcontain any untrue statement of a material fact or omit to state a materialfact necessary to make the statements made, in light of the circumstances underwhich such statements were made, not misleading as of the last day of theperiod covered by this annual report;

3.     Based onmy knowledge, the distribution or servicing information required to be providedto the trustee by the servicer under the pooling and servicing, or similar,agreement, for inclusion in these reports is included in these reports;

4.     Based onmy knowledge and upon the annual compliance statement included in the reportand required to be delivered to the trustee in accordance with the terms of thepooling and servicing, or similar, agreement, and except as disclosed in thereports, the servicer has fulfilled its obligations under the servicingagreement; and

5.     Thereports disclose all significant deficiencies relating to the servicer’scompliance with the minimum servicing standards based upon the report providedby an independent public accountant, after conducting a review in compliancewith the Uniform Single Attestation Program for Mortgage Bankers or similar procedures,as set forth in the pooling and servicing, or similar, agreement, that isincluded in these reports.

Date:March 30, 2005

 

/s/ JOHN F. REMONDIJohn F. RemondiPresidentSLM Funding LLC,

as the Depositorof the Sallie MaeStudent Loan Trust 1996-1

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**CERTIFICATION**

I, C. E.Andrews, certify that:

1.     I havereviewed this annual report on Form 10-K, and all reports on Form 8-Kcontaining distribution or servicing reports filed in respect of periods includedin the year covered by this annual report, of Sallie Mae Student Loan Trust1996-1;

2.     Based onmy knowledge, the information in these reports, taken as a whole, does notcontain any untrue statement of a material fact or omit to state a material factnecessary to make the statements made, in light of the circumstances underwhich such statements were made, not misleading as of the last day of theperiod covered by this annual report;

3.     Based onmy knowledge, the distribution or servicing information required to be providedto the trustee by the servicer under the pooling and servicing, or similar,agreement, for inclusion in these reports is included in these reports;

4.     Based onmy knowledge and upon the annual compliance statement included in the reportand required to be delivered to the trustee in accordance with the terms of thepooling and servicing, or similar, agreement, and except as disclosed in thereports, the servicer has fulfilled its obligations under the servicingagreement; and

5.     Thereports disclose all significant deficiencies relating to the servicer’scompliance with the minimum servicing standards based upon the report providedby an independent public accountant, after conducting a review in compliancewith the Uniform Single Attestation Program for Mortgage Bankers or similarprocedures, as set forth in the pooling and servicing, or similar, agreement,that is included in these reports.

Date:March 30, 2005

 

/s/ C.E. ANDREWSC.E. AndrewsChief Financial OfficerSLM Funding LLC,as the Depositor for Sallie Mae Student Loan Trust 1996-1

 

 

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**INDEX TO EXHIBITS**

 
| **Exhibit   Number** | ** ** | **Exhibit**                                                            | ** ** | **Sequentially  Numbered  Page** | ** ** |
|----------------------|------------|------------------------------------------------------------------------|------------|----------------------------------|------------|
| 19.1                 |       | Annual Statements of  Compliance of the Administrator and the Servicer |       |                             |       |
| 19.2                 |       | Annual Independent  Certified Public Accountant’s Report          |       |                             |       |

 

 

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