Document:

<PAGE>

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

                                 TRUST AGREEMENT

                                     between

                            SLM FUNDING CORPORATION,
                                  as Depositor

                                       and

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

                          Dated as of September 1, 2000

================================================================================
<PAGE>

                                TABLE OF CONTENTS
                                -----------------
                                                                            Page
                                                                            ----
                                    ARTICLE I
                              DEFINITIONS AND USAGE

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

                                  ARTICLE II
                                 ORGANIZATION

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

                                   ARTICLE III
            BENEFICIAL OWNERSHIP AND EXCESS DISTRIBUTION CERTIFICATE

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

                                  ARTICLE IV
                      ACTIONS BE ELIGIBLE LENDER TRUSTEE

SECTION 4.1       Prior Notice to the Holder of the Excess Distribution
                  Certificate With Respect to Certain Matters ..............   8
SECTION 4.2       Action  with Respect to Sale of the Trust Student Loans...   9
SECTION 4.3       Action with Respect to Bankruptcy.........................   9
SECTION 4.4       Restrictions .............................................   9

                                       2
<PAGE>

SECTION 4.5       Intentionally Omitted.....................................   9

                                    ARTICLE V
                           APPLICATION OF TRUST FUNDS

SECTION 5.1       Application of Trust Funds................................   9
SECTION 5.2       Method of Payment.........................................  10
SECTION 5.3       No Segregation of Moneys; No Interest.....................  10
SECTION 5.4       Reports to the Holder of the Excess Distribution
                  Certificate, the Internal Revenue Service and Others......  10
SECTION 5.5       Intentionally Omitted.....................................  10
SECTION 5.6       Intentionally Omitted.....................................  10

                                  ARTICLE VI
                AUTHORITY AND DUTIES OF ELIGIBLE LENDER TRUSTEE

SECTION 6.1       General Authority.........................................  11
SECTION 6.2       General Duties............................................  11
SECTION 6.3       Action upon Instruction...................................  12
SECTION 6.4       No Duties Except as Specified in
                  this Agreement or in Instructions.........................  13
SECTION 6.5       No Action Except Under Specified Documents or Instructions  13
SECTION 6.6       Restrictions..............................................  13

                                   ARTICLE VII
                     CONCERNING THE ELIGIBLE LENDER TRUSTEE

SECTION 7.1       Acceptance of Trusts and Duties...........................  13
SECTION 7.2       Furnishing of Documents...................................  15
SECTION 7.3       Representations and Warranties............................  15
SECTION 7.4       Reliance; Advice of Counsel...............................  15
SECTION 7.5       Not Acting in Individual Capacity.........................  16
SECTION 7.6       Eligible Lender Trustee Not Liable for Excess
                  Distribution Certificate or Trust Student Loans...........  16
SECTION 7.7       Eligible Lender Trustee May Own
                  Notes.....................................................  17

                                  ARTICLE VIII
              COMPENSATION AND INDEMNITY OF ELIGIBLE LENDER TRUSTEE

SECTION 8.1       Eligible Lender Trustee's Fees and Expenses...............  17
SECTION 8.2       Payments to the Eligible Lender Trustee...................  17
SECTION 8.3       Indemnity.................................................  17

                                   ARTICLE IX
                         TERMINATION OF TRUST AGREEMENT

SECTION 9.1       Termination of Trust Agreement............................  17

                                       3
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SECTION 9.2       Dissolution upon Insolvency of the Depositor..............  18

                                    ARTICLE X
      SUCCESSOR ELIGIBLE LENDER TRUSTEES AND ADDITIONAL ELIGIBLE LENDER
                                   TRUSTEES

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

                                   ARTICLE XI
                                  MISCELLANEOUS

SECTION 11.1      Supplements and Amendments................................  22
SECTION 11.2      No Legal Title to Trust Estate in
                  Holders of Excess Distribution Certificate................  23
SECTION 11.3      Limitations on Rights of Others...........................  23
SECTION 11.4      Notices...................................................  24
SECTION 11.5      Severability..............................................  24
SECTION 11.6      Separate Counterparts.....................................  24
SECTION 11.7      Successors and Assigns....................................  24
SECTION 11.8      No Petition                                                 24
SECTION 11.9      No Recourse...............................................  25
SECTION 11.10     Headings..................................................  25
SECTION 11.11     Governing Law.............................................  25

Exhibit A         Reserved
Exhibit B         Reserved
Exhibit C         Form of Excess Distribution Certificate

Annex 1 to Trust Agreement

                                       4
<PAGE>

     TRUST AGREEMENT dated as of September 1, 2000, between SLM FUNDING
CORPORATION, a Delaware corporation, as Depositor, and CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION, a national banking association, not in its individual
capacity but solely as Eligible Lender Trustee.

     The Depositor and the Eligible Lender Trustee hereby agree as follows:

                                    ARTICLE I

     SECTION 1.1 Definitions and Usage. Except as otherwise specified herein or
                 ---------------------
as the context may otherwise require, capitalized terms used but not otherwise
defined herein are defined in Appendix A hereto, which also contains rules as to
usage that shall be applicable herein.

                                   ARTICLE II

                                  Organization
                                  ------------

     SECTION 2.1 Creation of Trust; Name. There is hereby created a Trust which
                 -----------------------
shall be known as "SLM Student Loan Trust 2000-4", in which name the Eligible
Lender Trustee may conduct the business of the Trust, make and execute contracts
and other instruments on behalf of the Trust and sue and be sued. The Trust
shall constitute a business trust within the meaning of Section 3801(a) of the
Delaware Business Trust Act for which the Trustee has filed a certificate of
trust with the Secretary of State of the State of Delaware pursuant to Section
3810(a) of the Delaware Business Trust Act.

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

     SECTION 2.3 Purposes and Powers. The purpose of the Trust is to engage in
                 -------------------
the following activities:

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

          (ii) with the proceeds of the sale of the Notes, to fund the Reserve
     Account pursuant to Section 2.8 of the Administration Agreement and to
     purchase the Trust Student Loans pursuant to the Sale Agreement;

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

          (iv) to enter into and perform its obligations under the Basic
     Documents to which it is to be a party;
<PAGE>

          (v) to engage in those activities, including entering into agreements,
     that are necessary, suitable or convenient to accomplish the foregoing or
     are incidental thereto or connected therewith including but not limited to
     entering into and performing its obligations under any Swap Agreements to
     which it is to be a party; and

          (vi) subject to compliance with the Basic Documents, to engage in such
     other activities as may be required in connection with conservation of the
     Trust Estate and the making of distributions to the Noteholders and the
     others specified in Sections 2.7 and 2.8 of the Administration Agreement.

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

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

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

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

     SECTION 2.7 Liability of the Holders of Excess Distribution Certificate.
                 -----------------------------------------------------------

     (a)  Notwithstanding the provisions of Section 3803 of the Delaware
          Business Trust Act, the Depositor shall be liable directly to and
          shall indemnify the injured party for all losses, claims, damages,
          liabilities and expenses of the Trust (including Expenses, to the
          extent that the assets of the Trust that would remain if all of the
          Notes were paid in full would not be sufficient to pay any such
          liabilities, or if such liabilities in fact are not paid out of the
          Trust Estate) to the extent that the Depositor would be liable if the
          Trust were a partnership under the Delaware Revised Uniform Limited
          Partnership Act in which the Depositor were a general

                                       2
<PAGE>

          partner; provided, however, that the Depositor shall not be liable for
                   --------  -------
          any losses incurred by a beneficial owner of a Note in its capacity as
          a holder of limited recourse debt or to any holder of the Excess
          Distribution Certificate. In addition, any third party creditors of
          the Trust (other than in connection with the obligations to
          Noteholders excepted above) shall be third party beneficiaries of this
          paragraph.

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

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

     SECTION 2.9 Representations, Warranties, and Covenants of the Depositor.
                 -----------------------------------------------------------
The Depositor hereby represents, warrants and covenants to the Eligible Lender
Trustee as follows:

     (a)  The Depositor is duly organized and validly existing as a Delaware
          corporation in good standing under the laws of the State of Delaware,
          with power and authority to own its properties and to conduct its
          business as such properties are currently owned and such business is
          presently conducted.

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

     (c)  This Agreement constitutes a legal, valid and binding obligation of
          the Depositor enforceable in accordance with its terms, subject to
          applicable bankruptcy, insolvency, reorganization and similar laws
          relating to creditors' rights generally and subject to general
          principles of equity.

     (d)  The consummation of the transactions contemplated by this Agreement
          and the fulfillment of the terms hereof do not conflict with, result
          in any breach of any of the terms and provisions of, or constitute
          (with or without notice or lapse of time or both) a default under, the
          Certificate of Incorporation or by-laws of the Depositor, or any
          indenture, agreement or other instrument to which the Depositor is a
          party or by which it is bound; nor result in the creation or
          imposition of any Lien upon any of its properties pursuant to the
          terms of any such indenture,

                                       3
<PAGE>

          agreement or other instrument (other than pursuant to the Basic
          Documents); nor violate any law or, to the Depositor's knowledge, any
          order, rule or regulation applicable to the Depositor of any court or
          of any Federal or state regulatory body, administrative agency or
          other governmental instrumentality having jurisdiction over the
          Depositor or its properties.

     (e)  The Depositor agrees for the benefit of the Noteholders and the holder
          of the Excess Distribution Certificate that it will comply with each
          of the requirements set forth in Article IX, X, and XII of its
          Certificate of Incorporation and with each of the undertakings set
          forth in Annex I hereto.

     SECTION 2.10 Intentionally Omitted.
                  ---------------------

                                   ARTICLE III

                            Beneficial Ownership and
                            ------------------------
                         Excess Distribution Certificate
                         -------------------------------

     SECTION 3.1 Initial Beneficial Ownership. Upon the formation of the Trust
                 ----------------------------
by the contribution by the Depositor pursuant to Section 2.5 and until the
issuance of the Excess Distribution Certificate, the Depositor shall be the sole
beneficial owner of the Trust.

     SECTION 3.2 Intentionally Omitted.
                 ---------------------

     SECTION 3.3 Intentionally Omitted.
                 ---------------------

     SECTION 3.4 Intentionally Omitted.
                 ---------------------

     SECTION 3.5 Intentionally Omitted.
                 ---------------------

     SECTION 3.6 Intentionally Omitted.
                 ---------------------

     SECTION 3.7 Intentionally Omitted.
                 ---------------------

     SECTION 3.8 Corporate Trust Office. The Eligible Lender Trustee initially
                 ----------------------
designates 1201 Market Street, Wilmington, Delaware, as its principal Corporate
Trust Office. The Eligible Lender Trustee's New York office and its
authenticating agent's office are located at 450 West 33rd Street, 15th Floor,
New York, New York 10001, Attention: Structured Finance Services.

     SECTION 3.9 Intentionally Omitted.
                 ---------------------

     SECTION 3.10 Intentionally Omitted.
                  ---------------------

     SECTION 3.11 Intentionally Omitted.
                  ---------------------

                                       4
<PAGE>

     SECTION 3.12 Intentionally Omitted.
                  ---------------------

     SECTION 3.13  The Excess Distribution Certificate.
                   -----------------------------------

     (a) General. The Excess Distribution Certificate shall be issued without
         -------
denomination. The Excess Distribution Certificate shall receive payments as
provided in Section 2.8C.1(F)(ii) of the Administration Agreement. The Excess
Distribution Certificate shall be executed on behalf of the Trust by manual or
facsimile signature of an authorized officer of the Eligible Lender Trustee. An
Excess Distribution Certificate bearing the manual or facsimile signatures of
individuals who were, at the time when such signatures were affixed, authorized
to sign on behalf of the Trust, shall be valid and binding obligations of the
Trust, notwithstanding that such individuals or any of them shall have ceased to
be so authorized prior to the authentication and delivery of such Excess
Distribution Certificate or did not hold such offices at the date of
authentication and delivery of such Excess Distribution Certificate.

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

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

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

                                       5
<PAGE>

maintained pursuant to paragraph (f) below.

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

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

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

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

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

                                       6
<PAGE>

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

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

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

     (g) Appointment of Excess Distribution Certificate Paying Agent. The Excess
         -----------------------------------------------------------
Distribution Certificate Paying Agent shall make distributions to the holder of
the Excess Distribution Certificate from the amounts received from the Indenture
Trustee pursuant to Section 2.8C.1F(ii) of the Administration Agreement and
shall report the amounts of such distributions to the Eligible Lender Trustee.
Any Excess Distribution Certificate Paying Agent shall have the revocable power
to receive such funds from the Indenture Trustee for the purpose of making the
distributions referred to above. The Eligible Lender Trustee may revoke such
power and remove the Excess Distribution Certificate Paying Agent if the
Eligible Lender Trustee determines in its sole discretion that the Excess
Distribution Certificate Paying Agent shall have failed to perform its
obligations under this Agreement in any material respect. The Excess
Distribution Certificate Paying Agent shall initially be the Eligible Lender
Trustee, and any co-paying agent chosen by the Eligible Lender Trustee and
consented to by the Administrator (which consent shall not be unreasonably
withheld). The co-paying agent shall initially be the Indenture Trustee. The
Eligible Lender Trustee shall be permitted to resign as Excess Distribution
Certificate Paying Agent upon 30 days' written notice to the Eligible Lender
Trustee. In the event that the Eligible Lender Trustee shall no longer be the
Excess Distribution Certificate Paying Agent, the Eligible Lender Trustee shall
appoint a successor to act as Excess Distribution Certificate Paying Agent
(which shall be a bank or trust company). The Eligible Lender Trustee shall
cause such successor Excess Distribution Certificate Paying Agent or any
additional Excess

                                       7
<PAGE>

Distribution Certificate Paying Agent appointed by the Eligible Lender Trustee
to execute and deliver to the Eligible Lender Trustee an instrument in which
such successor Excess Distribution Certificate Paying Agent or additional Excess
Distribution Certificate Paying Agent shall agree with the Eligible Lender
Trustee that as Excess Distribution Certificate Paying Agent, such successor
Excess Distribution Certificate Paying Agent or additional Excess Distribution
Certificate Paying Agent will hold all sums, if any, held by it for payment to
the holder of the Excess Distribution Certificate in trust for the benefit of
such holder until such sums shall be paid to such holder. The Excess
Distribution Certificate Paying Agent shall return all unclaimed funds to the
Eligible Lender Trustee and upon removal of an Excess Distribution Certificate
Paying Agent such Excess Distribution Certificate Paying Agent shall also return
all funds in its possession to the Eligible Lender Trustee. The provisions of
Sections 7.1, 7.3, 7.4, 7.5 and 8.1 shall apply to the Eligible Lender Trustee
also in its role as Excess Distribution Certificate Paying Agent, for so long as
the Eligible Lender Trustee shall act as Certificate Paying Agent and, to the
extent applicable, to any other paying agent appointed hereunder. Any reference
in this Agreement to the Excess Distribution Certificate Paying Agent shall
include any co-paying agent unless the context requires otherwise.

                                   ARTICLE IV

                       Actions by Eligible Lender Trustee
                       ----------------------------------

     SECTION 4.1 Prior Notice to the Holder of the Excess Distribution
                 -----------------------------------------------------
Certificate With Respect to Certain Matters. With respect to the following
-------------------------------------------
matters, the Eligible Lender Trustee shall not take action unless at least 30
days before the taking of such action, the Eligible Lender Trustee shall have
notified the holder of the Excess Distribution Certificate and each of the
Rating Agencies in writing of the proposed action and the holder shall not have
notified the Eligible Lender Trustee in writing prior to the 30th day after such
notice is given that it has withheld consent or provided alternative direction:

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

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

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

     (d)  the amendment of any Swap Agreement in circumstances where the consent
          of any class of Noteholders is required or in circumstances where the
          consent of Noteholders is not required but where such amendment
          materially adversely affects the interest of the holder of the Excess
          Distribution Certificate.

     SECTION 4.2 Action with Respect to Sale of the Trust Student Loans. The
                 ------------------------------------------------------
Eligible

                                       8
<PAGE>

Lender Trustee shall not have the power, except upon the written direction of
the Depositor and except as expressly provided in the Basic Documents, to sell
the Trust Student Loans after the payment in full of the Notes.

     SECTION 4.3 Action with Respect to Bankruptcy . The Eligible Lender Trustee
                 ---------------------------------
shall not have the power to commence a voluntary proceeding in bankruptcy
relating to the Trust without the prior approval of the Depositor and the
delivery to the Eligible Lender Trustee by the Depositor of a certificate
certifying that the Depositor reasonably believes that the Trust is insolvent.

     SECTION 4.4 Restrictions. Neither the Depositor nor the holder of the
                 ------------
Excess Distribution Certificate shall direct the Eligible Lender Trustee to take
or refrain from taking any action if such action or inaction would be contrary
to any obligation of the Trust or the Eligible Lender Trustee under this
Agreement or any of the other Basic Documents or would be contrary to Section
2.3 nor shall the Eligible Lender Trustee be permitted to follow any such
direction, if given.

     SECTION 4.5 Intentionally Omitted.
                 ---------------------

                                    ARTICLE V

                   Application of Trust Funds; Certain Duties
                   ------------------------------------------

     SECTION 5.1 Application of Trust Funds.
                 --------------------------

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

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

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

     SECTION 5.3 No Segregation of Moneys; No Interest. Subject to Section 5.1,
                 -------------------------------------
moneys received by the Eligible Lender Trustee hereunder need not be segregated
in any manner except

                                       9
<PAGE>

to the extent required by law or the Administration Agreement and may be
deposited under such general conditions as may be prescribed by law, and the
Eligible Lender Trustee shall not be liable for any interest thereon.

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

     SECTION 5.5 Intentionally Omitted.
                 ---------------------

     SECTION 5.6 Intentionally Omitted.
                 ---------------------

                                      10
<PAGE>

                                   ARTICLE VI

                 Authority and Duties of Eligible Lender Trustee
                 -----------------------------------------------

     SECTION 6.1 General Authority. The Eligible Lender Trustee is authorized
                 -----------------
and directed to execute and deliver the Basic Documents to which the Trust is to
be a party and each certificate or other document attached as an exhibit to or
contemplated by the Basic Documents to which the Trust is to be a party, in each
case, in such form as the Depositor shall approve as evidenced conclusively by
the Eligible Lender Trustee's execution thereof, and, on behalf of the Trust, to
direct the Indenture Trustee to authenticate and deliver Notes in the aggregate
principal amount of $2,054,482,000. The Eligible Lender Trustee is also
authorized and directed on behalf of the Trust (i) to acquire and hold legal
title to the Trust Student Loans from the Depositor and (ii) to take all actions
required pursuant to Section 3.2C of the Administration Agreement and otherwise
follow the direction of and cooperate with the Servicer in submitting, pursuing
and collecting any claims to and with the Department with respect to any
Interest Subsidy Payments and Special Allowance Payments relating to the Trust
Student Loans.

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

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

                                      11
<PAGE>

     SECTION 6.3 Action upon Instruction.
                 -----------------------

     (a)  [Reserved]

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

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

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

                                      12
<PAGE>

     SECTION 6.4 No Duties Except as Specified in this Agreement or in
                 -----------------------------------------------------
Instructions. The Eligible Lender Trustee shall not have any duty or obligation
------------
to manage, make any payment with respect to, register, record, sell, service,
dispose of or otherwise deal with the Trust Estate, or to otherwise take or
refrain from taking any action under, or in connection with, any document
contemplated hereby to which the Eligible Lender Trustee is a party, except as
expressly provided by the terms of this Agreement or in any document or written
instruction received by the Eligible Lender Trustee pursuant to Section 6.3; and
no implied duties or obligations shall be read into this Agreement or any other
Basic Document against the Eligible Lender Trustee. The Eligible Lender Trustee
shall have no responsibility for filing any financing or continuation statement
in any public office at any time or to otherwise perfect or maintain the
perfection of any security interest or lien granted to it hereunder or to
prepare or file any Commission filing for the Trust or to record this Agreement
or any other Basic Document. The Eligible Lender Trustee nevertheless agrees
that it will, at its own cost and expense, promptly take all action as may be
necessary to discharge any Liens on any part of the Trust Estate that result
from actions by, or claims against, Chase Manhattan Bank USA, National
Association in its individual capacity or as the Eligible Lender Trustee that
are not related to the ownership or the administration of the Trust Estate.

     SECTION 6.5 No Action Except Under Specified Documents or Instructions. The
                 ----------------------------------------------------------
Eligible Lender Trustee shall not otherwise deal with any part of the Trust
Estate except (i) in accordance with the powers granted to and the authority
conferred upon the Eligible Lender Trustee pursuant to this Agreement, (ii) in
accordance with the other Basic Documents to which it is a party and (iii) in
accordance with any document or instruction delivered to the Eligible Lender
Trustee pursuant to Section 6.3.

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

                                   ARTICLE VII

                     Concerning the Eligible Lender Trustee
                     --------------------------------------

     SECTION 7.1 Acceptance of Trusts and Duties. The Eligible Lender Trustee
                 -------------------------------
accepts the trusts hereby created and agrees to perform its duties hereunder
with respect to such trusts but only upon the terms of this Agreement. The
Eligible Lender Trustee also agrees to disburse all moneys actually received by
it constituting part of the Trust Estate upon the terms of this Agreement and
the other Basic Documents. The Eligible Lender Trustee shall not be answerable
or accountable hereunder or under any other Basic Document under any
circumstances, except (i)

                                      13
<PAGE>

for its own willful misconduct or negligence or (ii) in the case of the
inaccuracy of any representation or warranty contained in Section 7.3 expressly
made by the Eligible Lender Trustee. In particular, but not by way of limitation
(and subject to the exceptions set forth in the preceding sentence):

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

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

     (c)  no provision of this Agreement or any other Basic Document shall
          require the Eligible Lender Trustee to expend or risk funds or
          otherwise incur any financial liability in the performance of any of
          its rights or powers hereunder or under any other Basic Document, if
          the Eligible Lender Trustee shall have reasonable grounds for
          believing that repayment of such funds or adequate indemnity against
          such risk or liability is not reasonably assured or provided to it;

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

     (e)  the Eligible Lender Trustee shall not be responsible for or in respect
          of the validity or sufficiency of this Agreement or for the due
          execution hereof by the Depositor or for the form, character,
          genuineness, sufficiency, value or validity of any of the Trust Estate
          or for or in respect of the validity or sufficiency of the Basic
          Documents, other than the certificate of authentication on the Excess
          Distribution Certificate, and the Eligible Lender Trustee shall in no
          event assume or incur any liability, duty, or obligation to any
          Noteholder or the holder of the Excess Distribution Certificate, other
          than as expressly provided for herein and in the other Basic
          Documents;

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

     (g)  the Eligible Lender Trustee shall be under no obligation to exercise
          any of the rights or powers vested in it by this Agreement, or to
          institute, conduct or defend

                                      14
<PAGE>

          any litigation under this Agreement or otherwise or in relation to
          this Agreement, any other Basic Document, at the request, order or
          direction of the Depositor or holder of the Excess Distribution
          Certificate, unless the Depositor or such holder has offered to the
          Eligible Lender Trustee security or indemnity satisfactory to it
          against the costs, expenses and liabilities that may be incurred by
          the Eligible Lender Trustee therein or thereby. The right of the
          Eligible Lender Trustee to perform any discretionary act enumerated in
          this Agreement or in any other Basic Document shall not be construed
          as a duty, and the Eligible Lender Trustee shall not be answerable for
          other than its negligence or willful misconduct in the performance of
          any such act.

     SECTION 7.2 Intentionally Omitted.
                 ---------------------

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

     (a)  It is duly organized and validly existing in good standing under the
          laws of its governing jurisdiction and has an office located within
          the State of Delaware. It has all requisite corporate power and
          authority to execute, deliver and perform its obligations under this
          Agreement.

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

     (c)  Neither the execution nor the delivery by it of this Agreement, nor
          the consummation by it of the transactions contemplated hereby nor
          compliance by it with any of the terms or provisions hereof will
          contravene any Federal or Delaware state law, governmental rule or
          regulation governing the banking or trust powers of the Eligible
          Lender Trustee or any judgment or order binding on it, or constitute
          any default under its charter documents or by-laws or any indenture,
          mortgage, contract, agreement or instrument to which it is a party or
          by which any of its properties may be bound.

     (d)  It is and will maintain its status as an "eligible lender" (as such
          term is defined in Section 435(d) of the Higher Education Act) for
          purposes of holding legal title to the Trust Student Loans as
          contemplated by this Agreement and the other Basic Documents, it has a
          lender identification number with respect to the Trust Student Loans
          from the Department and has and will maintain in effect a Guarantee
          Agreement with each of the Guarantors with respect to the Trust
          Student Loans.

     SECTION 7.4 Reliance; Advice of Counsel.
                 ---------------------------

                                      15
<PAGE>

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

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

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

     SECTION 7.6 Eligible Lender Trustee Not Liable for Excess Distribution
                 ----------------------------------------------------------
Certificates or Trust Student Loans. The recitals contained herein and in the
-----------------------------------
Excess Distribution Certificate (other than the signature of and authentication
by the Eligible Lender Trustee on the Excess Distribution Certificate) shall be
taken as the statements of the Depositor and the Eligible Lender Trustee assumes
no responsibility for the correctness thereof. The Eligible Lender Trustee makes
no representations as to the validity or sufficiency of this Agreement, the
Excess Distribution Certificate, or any other Basic Document (other than the
signature of and authentication by the Eligible Lender Trustee on the Excess
Distribution Certificate), or the Notes, or of any Trust Student Loan or related
documents. The Eligible Lender Trustee shall at no time have any responsibility
(or liability except for willfully or negligently terminating or allowing to be
terminated any of the Guarantee Agreements, in a case where the Eligible Lender

                                      16
<PAGE>

Trustee knows of any facts or circumstances which will or could reasonably be
expected to result in any such termination) for or with respect to the legality,
validity, enforceability and eligibility for Guarantee Payments, federal
reinsurance, Interest Subsidy Payments or Special Allowance Payments, as
applicable, in respect of any Trust Student Loan, or for or with respect to the
sufficiency of the Trust Estate or its ability to generate the payments to be
distributed to the holder of the Excess Distribution Certificate under this
Agreement or the Noteholders under the Indenture, including the existence and
contents of any computer or other record of any Trust Student Loan; the validity
of the assignment of any Trust Student Loan to the Eligible Lender Trustee on
behalf of the Trust; the completeness of any Trust Student Loan; the performance
or enforcement (except as expressly set forth in any Basic Document) of any
Trust Student Loan; the compliance by the Depositor or the Servicer with any
warranty or representation made under any Basic Document or in any related
document or the accuracy of any such warranty or representation or any action or
inaction of the Administrator, the Indenture Trustee or the Servicer or any
subservicer taken in the name of the Eligible Lender Trustee.

     SECTION 7.7 Eligible Lender Trustee May Own Notes. The Eligible Lender
                 -------------------------------------
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may deal with the Depositor, the Administrator, the Indenture
Trustee, the Servicer or the Swap Counterparties in banking transactions with
the same rights as it would have if it were not Eligible Lender Trustee.

                                  ARTICLE VIII

              Compensation and Indemnity of Eligible Lender Trustee
              -----------------------------------------------------
     SECTION 8.1 Eligible Lender Trustee's Fees and Expenses. The Eligible
                 -------------------------------------------
Lender Trustee shall receive as compensation for its services hereunder such
fees as have been separately agreed upon before the date hereof between the
Depositor and the Eligible Lender Trustee, and the Eligible Lender Trustee shall
be entitled to be reimbursed by the Depositor, to the extent provided in such
separate agreement, for its other reasonable expenses (including the reasonable
fees and expenses of counsel and independent accountants) hereunder.

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

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

                                      17
<PAGE>

                                   ARTICLE IX

                         Termination of Trust Agreement
                         ------------------------------
     SECTION 9.1 Termination of Trust Agreement.
                 ------------------------------
     (a)  This Agreement (other than Article VIII) and the Trust shall terminate
          and be of no further force or effect upon the earlier of (i) the final
          distribution by the Eligible Lender Trustee of all moneys or other
          property or proceeds of the Trust Estate in accordance with the terms
          of the Indenture, the Administration Agreement and Article V, and (ii)
          the time provided in Section 9.2. The bankruptcy, liquidation,
          dissolution, death or incapacity of the holder of the Excess
          Distribution Certificate, other than the Depositor as described in
          Section 9.2, shall not (x) operate to terminate this Agreement or the
          Trust, nor (y) entitle such holder's legal representatives or heirs to
          claim an accounting or to take any action or proceeding in any court
          for a partition or winding up of all or any part of the Trust or Trust
          Estate nor (z) otherwise affect the rights, obligations and
          liabilities of the parties hereto.

     (b)  Except as provided in Section 9.1(a), neither the Depositor nor any
          Noteholder nor the holder of the Excess Distribution Certificate shall
          be entitled to revoke or terminate the Trust.

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

     SECTION 9.2 Dissolution upon Insolvency of the Depositor. Notwithstanding
                 --------------------------------------------
the provisions of Section 3808 of the Delaware Business Trust Act, in the event
that an Insolvency Event shall occur with respect to the Depositor, (x) the
Trust created hereunder shall dissolve and (y) this Agreement shall be
terminated in accordance with Section 9.1 90 days after the date of such
Insolvency Event. Promptly after the occurrence of any Insolvency Event with
respect to the Depositor, (i) the Depositor shall give the Indenture Trustee,
the Eligible Lender Trustee, any Swap Counterparties, and each Rating Agency
written notice of such Insolvency Event, and (ii) the Eligible Lender Trustee
shall, upon the receipt of such written notice from the Depositor, give prompt
written notice to the holder of the Excess Distribution Certificate and the
Indenture Trustee, of the occurrence of such event and of the effect of such
event under this Section 9.2; provided, however, that any failure to give a
                              --------  -------
notice required by this sentence shall not prevent or delay, in any manner, a
termination of the Trust pursuant to the first sentence of this Section 9.2.
Upon a termination of the Trust pursuant to this Section, the Eligible Lender
Trustee shall direct the Indenture Trustee promptly to sell the assets of the
Trust (other than the Trust Accounts) in a commercially reasonable manner and on
commercially reasonable terms. The proceeds of such a sale of the assets of the
Trust shall be treated as collections under the Administration Agreement.

                                      18
<PAGE>

                                    ARTICLE X

                     Successor Eligible Lender Trustees and
                     --------------------------------------
                       Additional Eligible Lender Trustees
                       -----------------------------------

     SECTION 10.1 Eligibility Requirements for Eligible Lender Trustee. The
                  ----------------------------------------------------
Eligible Lender Trustee shall at all times be a corporation or association (i)
qualifying as an "eligible lender" as such term is defined in Section 435(d) of
the Higher Education Act for purposes of holding legal title to the Trust
Student Loans on behalf of the Trust, with a valid lender identification number
with respect to the Trust Student Loans from the Department; (ii) being
authorized to exercise corporate trust powers and hold legal title to the Trust
Student Loans; (iii) having in effect Guarantee Agreements with each of the
Guarantors; (iv) having a combined capital and surplus of at least $50,000,000
and being subject to supervision or examination by Federal or state authorities;
(v) having its principal place of business in the State of Delaware and
otherwise complying with Section 3807 of the Delaware Business Trust Act; and
(vi) having (or having a parent which has) a rating in respect of its long-term
senior unsecured debt of at least BBB- (or the equivalent) by each of the Rating
Agencies (or which, if the long-term senior unsecured debt of such corporation
or association is not rated by any Rating Agency, shall have provided to the
Indenture Trustee written confirmation from such Rating Agency that the
appointment of such corporation or association to serve as Eligible Lender
Trustee will not result in and of itself in a reduction or withdrawal of the
then current rating of any of the Notes). If the Eligible Lender Trustee shall
publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of the Eligible Lender
Trustee shall be deemed to be its combined capital and surplus as set forth in
its most recent report of condition so published. In case at any time the
Eligible Lender Trustee shall cease to be eligible in accordance with the
provisions of this Section, the Eligible Lender Trustee shall resign immediately
in the manner and with the effect specified in Section 10.2.

     SECTION 10.2 Resignation or Removal of Eligible Lender Trustee. The
                  -------------------------------------------------
Eligible Lender Trustee may at any time resign and be discharged from the trusts
hereby created by giving written notice thereof to the Administrator. Upon
receiving such notice of resignation, the Administrator shall promptly appoint a
successor Eligible Lender Trustee meeting the eligibility requirements of
Section 10.1 by written instrument, in duplicate, one copy of which instrument
shall be delivered to the resigning Eligible Lender Trustee and one copy to the
successor Eligible Lender Trustee. If no successor Eligible Lender Trustee shall
have been so appointed and have accepted appointment within 30 days after the
giving of such notice of resignation, the resigning Eligible Lender Trustee may
petition any court of competent jurisdiction for the appointment of a successor
Eligible Lender Trustee; provided, however, that such right to appoint or to
                         --------  -------
petition for the appointment of any such successor shall in no event relieve the
resigning Eligible Lender Trustee from any obligations otherwise imposed on it
under the Basic Documents until such successor has in fact assumed such
appointment.

     If at any time the Eligible Lender Trustee shall cease to be or shall be
likely to cease to be eligible in accordance with the provisions of Section 10.1
and shall fail to resign after written

                                      19
<PAGE>

request therefor by the Administrator, or if at any time an Insolvency Event
with respect to the Eligible Lender Trustee shall have occurred and be
continuing, then the Administrator may remove the Eligible Lender Trustee. If
the Administrator shall remove the Eligible Lender Trustee under the authority
of the immediately preceding sentence, the Administrator shall promptly appoint
a successor Eligible Lender Trustee by written instrument, in duplicate, one
copy of which instrument shall be delivered to the outgoing Eligible Lender
Trustee so removed and one copy to the successor Eligible Lender Trustee and
payment of all fees owed to the outgoing Eligible Lender Trustee.

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

     SECTION 10.3 Successor Eligible Lender Trustee. Any successor Eligible
                  ---------------------------------
Lender Trustee appointed pursuant to Section 10.2 shall execute, acknowledge and
deliver to the Administrator and to its predecessor Eligible Lender Trustee an
instrument accepting such appointment under this Agreement, and thereupon the
resignation or removal of the predecessor Eligible Lender Trustee shall become
effective and such successor Eligible Lender Trustee, without any further act,
deed or conveyance, shall become fully vested with all the rights, powers,
duties and obligations of its predecessor under this Agreement, with like effect
as if originally named as Eligible Lender Trustee. The predecessor Eligible
Lender Trustee shall upon payment of its fees and expenses deliver to the
successor Eligible Lender Trustee all documents, statements, moneys and
properties held by it under this Agreement and shall assign, if permissible, to
the successor Eligible Lender Trustee the lender identification number obtained
from the Department on behalf of the Trust; and the Administrator and the
predecessor Eligible Lender Trustee shall execute and deliver such instruments
and do such other things as may reasonably be required for fully and certainly
vesting and confirming in the successor Eligible Lender Trustee all such rights,
powers, duties and obligations.

     No successor Eligible Lender Trustee shall accept such appointment as
provided in this Section unless at the time of such acceptance such successor
Eligible Lender Trustee shall be eligible pursuant to Section 10.1.

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

     SECTION 10.4 Merger or Consolidation of Eligible Lender Trustee. Any
                  --------------------------------------------------
corporation

                                      20
<PAGE>

into which the Eligible Lender Trustee may be merged or converted or with which
it may be consolidated, or any corporation resulting from any merger, conversion
or consolidation to which the Eligible Lender Trustee shall be a party, or any
corporation succeeding to all or substantially all the corporate trust business
of the Eligible Lender Trustee, shall, without the execution or filing of any
instrument or any further act on the part of any of the parties hereto, anything
herein to the contrary notwithstanding, be the successor of the Eligible Lender
Trustee hereunder; provided that such corporation shall be eligible pursuant to
                   --------
Section 10.1; and provided further that the Eligible Lender Trustee shall mail
                  ----------------
notice of such merger or consolidation to the Rating Agencies not less than 15
days prior to the effective date thereof.

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

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

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

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

                                      21
<PAGE>

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

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

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

                                   ARTICLE XI

                                  Miscellaneous
                                  -------------

     SECTION 11.1 Supplements and Amendments. This Agreement may be amended by
                  --------------------------
the Depositor and the Eligible Lender Trustee, with prior written notice to the
Rating Agencies, without the consent of any of the Noteholders or the Swap
Counterparties, to cure any ambiguity, to correct or supplement any provisions
in this Agreement or for the purpose of adding any provisions to or changing in
any manner or eliminating any of the provisions in this Agreement or modifying
in any manner the rights of the Noteholders or the Swap Counterparties;
provided, however, that such action shall not, as evidenced by an Opinion of
--------  -------
Counsel, adversely affect in any material respect the interests of any
Noteholder or Swap Counterparty.

This Agreement may also be amended from time to time by the Depositor and the
Eligible Lender Trustee, with prior written notice to the Rating Agencies, with
the consent of (i) the Class A Noteholders evidencing not less than a majority
of the Outstanding Amount of the Class A Notes and (ii) the Class B Noteholders
evidencing not less than a majority of the Class B Notes, for the purpose of
adding any provisions to or changing in any manner or eliminating any of the
provisions of this Agreement or modifying in any manner the rights of the Class
A Noteholders or Class B Noteholders, as the case may be; provided, however,
                                                          --------  -------
that no such amendment shall (a) increase or reduce in any manner the amount of,
or accelerate or delay the timing of, collections of payments on Trust Student
Loans or distributions that shall be required to be made for the

                                      22
<PAGE>

benefit of the Noteholders or (b) reduce the aforesaid percentage of the
Outstanding Amount of any class of Notes required to consent to any such
amendment, without the consent of all the outstanding Noteholders of such class.

     This Agreement may also be amended from time to time by the Depositor and
the Eligible Lender Trustee, with prior written notice to the Rating Agencies,
with the consent of the affected Swap Counterparty for the purpose of adding any
provisions to, changing in any manner, or eliminating any of the provisions of
this Agreement or modifying in any manner the rights of a Swap Counterparty if
in the Opinion of Counsel such amendment materially adversely affects the
interests of such Swap Counterparty.

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

     It shall not be necessary for the consent of the Noteholders, the Indenture
Trustee or any Swap Counterparty pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of provided for in this Agreement or in
any other Basic Document) and of evidencing the authorization of the execution
thereof shall be subject to such reasonable requirements as the Eligible Lender
Trustee may prescribe.

     Prior to the execution of any amendment to this Agreement, the Eligible
Lender Trustee shall be entitled to receive and rely upon an Opinion of Counsel
stating that the execution of such amendment is authorized or permitted by this
Agreement. The Eligible Lender Trustee may, but shall not be obligated to, enter
into any such amendment which affects the Eligible Lender Trustee's own rights,
duties or immunities under this Agreement or otherwise.

     SECTION 11.2 No Legal Title to Trust Estate in Holder of the Excess
                  ------------------------------------------------------
Distribution Certificate. The holder of the Excess Distribution Certificate
------------------------
shall not have legal title to any part of the Trust Estate. The holder of the
Excess Distribution Certificate shall be entitled to receive distributions with
respect to its undivided beneficial ownership interest therein only in
accordance with Section 3.13 of this Agreement. No transfer, by operation of law
or otherwise, of any right, title, or interest of the holder of the Excess
Distribution Certificate to and in its beneficial ownership interest in the
Trust Estate shall operate to terminate this Agreement or the trusts hereunder
or entitle any transferee to an accounting or to the transfer to it of legal
title to any part of the Trust Estate.

     SECTION 11.3 Limitations on Rights of Others. Except for Section 2.7, the
                  -------------------------------
provisions of this Agreement are solely for the benefit of the Eligible Lender
Trustee, the Depositor, the holder of the Excess Distribution Certificate, the
Administrator and, to the extent expressly provided herein, the Indenture
Trustee, the Noteholders and the Swap Counterparties, and nothing in this
Agreement (other than Section 2.7), whether express or implied, shall be

                                      23
<PAGE>

construed to give to any other Person any legal or equitable right, remedy or
claim in the Trust Estate or under or in respect of this Agreement or any
covenants, conditions or provisions contained herein.

     SECTION 11.4 Notices. Unless otherwise expressly specified or permitted by
                  -------
the terms hereof, all notices shall be in writing and shall be deemed given upon
receipt by the intended recipient or three Business Days after mailing if mailed
by certified mail, postage prepaid (except that notice to the Eligible Lender
Trustee shall be deemed given only upon actual receipt by the Eligible Lender
Trustee), if to the Eligible Lender Trustee, addressed to its Corporate Trust
Office; if to the Depositor, addressed to SLM Funding Corporation, 777 Twin
Creek Drive, Killeen, Texas 76543, or, as to each party, at such other address
as shall be designated by such party in a written notice to each other party.

     SECTION 11.5 Severability. Any provision of this Agreement that is
                  ------------
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

     SECTION 11.6 Separate Counterparts. This Agreement may be executed by the
                  ---------------------
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

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

     SECTION 11.8 No Petition.
                  -----------

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

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

                                      24
<PAGE>

          States Federal or state bankruptcy or similar law in connection with
          any obligations relating to the Notes, this Agreement or any of the
          other Basic Documents.

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

     SECTION 11.10 Headings. The headings of the various Articles and Sections
                   --------
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

     SECTION 11.11 Governing Law. This Agreement shall be governed by and
                   -------------
construed in accordance with the laws of the State of Delaware, without
reference to its conflict of law provisions, and the obligations, rights and
remedies of the parties hereunder shall be determined in accordance with such
laws.

                                      25
<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Trust Agreement to
be duly executed by their respective officers hereunto duly authorized, as of
the day and year first above written.

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

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

                                 SLM FUNDING CORPORATION,
                                 Depositor,

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

                                      26
<PAGE>

                                                                       EXHIBIT A
                                                          TO THE TRUST AGREEMENT

                                    RESERVED

                                       1
<PAGE>

                                                                       EXHIBIT B
                                                          TO THE TRUST AGREEMENT

                                    RESERVED
<PAGE>

                                                                       EXHIBIT C
                                                          TO THE TRUST AGREEMENT

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

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

                          SLM STUDENT LOAN TRUST 2000-4
                         EXCESS DISTRIBUTION CERTIFICATE

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

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

                                       1
<PAGE>

          THIS CERTIFIES THAT SLM Funding Corporation is the registered owner of
a 100% percentage interest in this Excess Distribution Certificate. The SLM
Student Loan Trust 2000-4 (the "Trust") was formed under the laws of the State
of Delaware by SLM Funding Corporation, a Delaware corporation (the
"Depositor"). The Trust was created pursuant to a Trust Agreement dated as of
September 1, 2000 (the "Trust Agreement"), between the Depositor and Chase
Manhattan Bank USA, National Association, a national banking association, not in
its individual capacity but solely as eligible lender trustee on behalf of the
Trust (the "Eligible Lender Trustee"), a summary of certain of the pertinent
provisions of which is set forth below. To the extent not otherwise defined
herein, the capitalized terms used herein have the meanings assigned to them in
Appendix A to the Trust Agreement.

          Issued under the Indenture dated as of September 1, 2000, between the
Trust and Bankers Trust Company, as Indenture Trustee, are Notes designated as
"Floating Rate Student Loan-Backed Notes" (the "Notes"). This Excess
Distribution Certificate is issued under and is subject to the terms, provisions
and conditions of the Trust Agreement, to which Trust Agreement the holder of
this Excess Distribution Certificate by virtue of the acceptance hereof assents
and by which such holder is bound. The property of the Trust includes a pool of
student loans (the "Trust Student Loans"), all moneys paid thereunder on or
after July 24, 2000, certain bank accounts and the proceeds thereof and certain
other rights under the Trust Agreement, the Sale Agreement, the Purchase
Agreement, the Administration Agreement and the Servicing Agreement and all
proceeds of the foregoing.

          To the extent of funds available therefor, amounts owing hereon will
be distributed on the 25th day of each January, April, July and October (or, if
such 25th day is not a Business Day, the next succeeding Business Day) (each a
"Distribution Date"), commencing on October 25, 2000, to the person in whose
name this Excess Distribution Certificate is registered as of the close of
business on the day immediately preceding the Distribution Date (such day the
"Record Date"), in each case to the extent of such holder's fractional and
undivided interest in the amount to be distributed hereon on such Distribution
Date pursuant to Section 2.8C.1(F)(ii) of the Administration Agreement.

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

          It is the intent of the Depositor, and the holder of this Excess
Distribution Certificate that, for purposes of Federal, state and local income
and franchise and any other income taxes, the Notes will be treated as newly-
issued debt and this Excess

                                       2
<PAGE>

Distribution Certificate will be treated as equity in the Trust. The holder of
this Excess Distribution Certificate agrees to treat, and to take no action
inconsistent with the treatment of, this Excess Distribution Certificate for
such tax purposes as equity in the Trust.

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

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

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

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

                                       3
<PAGE>

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

                                            SLM STUDENT LOAN TRUST 2000-4

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

                                            By:
                                               ---------------------------------
                                                     Authorized Signatory

Date: September __, 2000

                                       4
<PAGE>

                     TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

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

                                            By:
                                               ---------------------------------
                                                     Authorized Signatory

                                            OR

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

                                            By:
                                               ---------------------------------
                                                     Authenticating Agent

Date: September  __, 2000

                                       5
<PAGE>

                  [Reverse of Excess Distribution Certificate]

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

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

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

          As provided in the Trust Agreement and subject to certain limitations
therein set forth, this Excess Distribution Certificate is exchangeable for a
new Excess

                                       6
<PAGE>

Distribution Certificate as requested by the holder surrendering the same. No
service charge will be made for any such registration of transfer or exchange,
but the Eligible Lender Trustee or the Excess Distribution Certificate Registrar
may require payment of a sum sufficient to cover any tax or governmental charge
payable in connection therewith.

          The Eligible Lender Trustee, the Certificate Registrar and any agent
of the Eligible Lender Trustee or the Excess Distribution Certificate Registrar
may treat the person in whose name this Excess Distribution Certificate is
registered as the owner hereof for all purposes, and none of the Eligible Lender
Trustee or the Excess Distribution Certificate Registrar or any such agent shall
be affected by any notice to the contrary.

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

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

                                       7
<PAGE>

          This Excess Distribution Certificate shall be construed in accordance
with the laws of the State of Delaware, without reference to its conflict of law
provisions, and the obligations, rights and remedies of the parties hereunder
shall be determined in accordance with such laws.

                                       8
<PAGE>

                                   ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY
OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

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

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

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

Dated:

-------------------------------*
     Signature Guaranteed:

-------------------------------*

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

                                       9
<PAGE>

                                     ANNEX 1
                             TO THE TRUST AGREEMENT
                          DATED AS OF SEPTEMBER 1, 2000
                        BETWEEN SLM FUNDING CORPORATION,
                                AS DEPOSITOR, AND
                         CHASE MANHATTAN BANK DELAWARE,
                           AS ELIGIBLE LENDER TRUSTEE

          All defined terms are used herein as defined in the Trust Agreement
referred to above.

          Existence. The Depositor will maintain its corporate existence and its
          ---------
good standing under the laws of the State of Delaware.

          Procedures Observed. The Depositor will observe all corporate
          -------------------
procedures required by its Certificate of Incorporation, its by-laws and the
corporation law of the State of Delaware.

          Management. The business and affairs of the Depositor will be managed
          ----------
by or under the direction of the Depositor's Board of Directors. The Depositor
will at all times ensure that its Board of Directors duly authorizes all
corporate actions requiring Board authorization. When necessary, the Depositor
will obtain proper authorization from its stockholder for corporate action. Its
stockholder will not be actively involved in the day-to-day management of the
Depositor except as contemplated by an arm's length management services
contract.

          Records. The Depositor will maintain separate corporate records and
          -------
books of account from those of its stockholder or any other affiliate of its
stockholder. The Depositor will keep correct and complete books and records of
account and minutes of the meetings and other proceedings of its stockholder and
Board of Directors. The resolutions, agreements and other instruments underlying
the transactions contemplated by the Trust Agreement will be continuously
maintained as official records by the Depositor.

          Offices. The Depositor will have an address and telephone number
          -------
distinguishable from those of its stockholder. To the extent the Depositor's
office is located in the office of its stockholder or any affiliate of its
stockholder, the Depositor will pay fair market rent for any such office space
and a fair share of any material overhead costs.

                                       i
<PAGE>

          Identifiable Assets. Except in connection with the customary operation
          -------------------
of such cash management system as its stockholder may from time to time in the
ordinary course of business implement for itself and its consolidated
subsidiaries (which cash management system will be operated such that all
transfers of funds are properly documented and the respective assets and
liabilities of the Depositor and its stockholder are ascertainable at all
times), the Depositor's funds and other assets will be identifiable and will not
be commingled with those of its stockholder or any other entity. The Depositor
will maintain separate banking records and books of account from those of its
stockholder or any other affiliate of its stockholder.

          Capitalization. The Depositor will not engage in any business for
          --------------
which its capitalization would not be adequate.

          Expenses. The Depositor will pay from its own funds and assets all
          --------
obligations and indebtedness incurred by it and will provide for its own
material operating expenses and liabilities from its own funds. General overhead
and administrative expenses of its stockholder will not be charged or otherwise
allocated to the Depositor (unless directly attributable to services provided to
or for the account of the Depositor) and such expenses of the Depositor which
are material will not be charged or otherwise allocated to its stockholder. Any
organizational expenses of the Depositor and expenses relating to the
preparation, negotiation, execution and delivery of the Transaction Documents
paid by its stockholder will be charged back to the Depositor. Such expenses
will be paid by the Depositor from amounts available to it as a result of the
capital contributions made by its stockholder, or from the payments made to it
on the Excess Distribution Certificate.

          Conduct. The Depositor will conduct its business solely in its own
          -------
name so as not to mislead others as to the identity of the Depositor. Without
limiting the generality of the foregoing, all oral and written communications
related to the Depositor, including without limitation letters, invoices,
purchase orders, contracts, statements and applications, will be made solely in
the name of the Depositor except for items pursuant to the Facilities and
Services Agreement between the Depositor and its stockholder. The Depositor will
utilize its own separate stationery.

          Inter-company Claims. The Depositor will not enter into any guarantees
          --------------------
made by its stockholder with respect to obligations of the Depositor and the
Depositor will make no guarantees with respect to obligations of its
stockholder. There will be no

                                      ii
<PAGE>

inter-company debt or claims between the Depositor and its stockholder other
than (i) the obligation of the Depositor to pay to its stockholder the Deferred
Payment under the Purchase Agreement, (ii) the demand note of its stockholder
contributed to the Depositor as part of the Depositor's capitalization, (iii)
such inter-company claims as may arise in connection with the management
services contract referred to above, including a cash management system for its
stockholder and its consolidated subsidiaries as described above, and (iv) such
amounts as may temporarily be carried in inter-company accounts relating to
expenses incurred by its stockholder or its affiliates, to the extent the
Depositor is properly obligated to reimburse its stockholder or any such
affiliate for amounts allocable to the Depositor. The demand note referred to
above will be properly documented on the books and records of the Depositor.

          Reliance by Others. The Depositor will act solely in its name and
          ------------------
through its duly authorized officers or agents in the conduct of its businesses.
The Depositor will not: (a) hold itself out as having agreed to pay or become
liable for the debts of its stockholder; (b) fail to correct any known
misrepresentation with respect to the foregoing; (c) operate or purport to
operate as an integrated, single economic unit with respect to its stockholder
or in its dealings with any other affiliated or unaffiliated entity; (d) seek or
obtain credit or incur any obligation to any third party based upon the assets
of its stockholder or any other affiliated or unaffiliated entity; or (e) induce
any such third party to reasonably rely on the creditworthiness of its
stockholder or any other affiliated or unaffiliated entity for the payment or
performance of the Depositor.

          Arm's Length. The Depositor will maintain an arm's length relationship
          ------------
between the Depositor and its stockholder and between the Depositor and any
affiliates of its stockholder.

          Disclosure of the Transactions. The annual financial statements of the
          ------------------------------
Depositor will disclose the effects of the Transactions in accordance with
generally accepted accounting principles. The transfer of the Loans by its
stockholder to the Depositor pursuant to the Purchase Agreement will be treated
as a purchase by the Depositor under generally accepted accounting principles.
In particular, the financial statements of the Depositor will clearly indicate
its existence separate from its stockholder and will reflect its separate assets
and liabilities. None of such financial statements, nor any consolidated
financial statements for its stockholder, will suggest in any way that the
assets of the Depositor are available to pay the claims of creditors

                                      iii
<PAGE>

of its stockholder or any other entity. Any consolidated financial statements of
its stockholder and its subsidiaries prepared for the benefit of third parties
will disclose, through appropriate footnotes or otherwise, the separate
corporate existence of the Depositor.

                                      iv<PAGE>

                                                                     Exhibit 4.3
================================================================================

                                   INDENTURE

                                     among

                        SLM STUDENT LOAN TRUST 2000-4,
                                  as Issuer,

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

                                      and

                            BANKERS TRUST COMPANY,
                      not in its individual capacity but
                          solely as Indenture Trustee

                         Dated as of September 1, 2000

================================================================================
<PAGE>

                                      ii

                               TABLE OF CONTENTS
                               -----------------

<TABLE>
<CAPTION>
                                                                         Page
<S>                                                                      <C>
                                   ARTICLE I

                             Definitions and Usage

     SECTION 1.1   Definitions and Usage...................................  3
     SECTION 1.2   Incorporation by Reference of Trust Indenture Act.......  3

                                  ARTICLE II

                                   The Notes

     SECTION 2.1   Form....................................................  4
     SECTION 2.2   Execution, Authentication and Delivery..................  4
     SECTION 2.3   Temporary Notes.........................................  5
     SECTION 2.4   Registration; Registration of Transfer and Exchange.....  5
     SECTION 2.5   Mutilated, Destroyed, Lost or Stolen Notes..............  7
     SECTION 2.6   Persons Deemed Owner....................................  8
     SECTION 2.7   Payment of Principal and Interest; Note Interest
                   Shortfall...............................................  8
     SECTION 2.8   Cancellation............................................  9
     SECTION 2.9   Release of Collateral................................... 10
     SECTION 2.10  Book-Entry Notes........................................ 10
     SECTION 2.11  Notices to Clearing Agency.............................. 11
     SECTION 2.12  Definitive Notes........................................ 11

                                  ARTICLE III

                                   Covenants

     SECTION 3.1   Payment to Noteholders.................................. 12
     SECTION 3.2   Maintenance of Office or Agency......................... 12
     SECTION 3.3   Money for Payments To Be Held in Trust.................. 13
     SECTION 3.4   Existence............................................... 15
</TABLE>
<PAGE>

                                      iii

<TABLE>
<S>                                                                                                      <C>
     SECTION 3.5   Protection of Indenture Trust Estate................................................. 15
     SECTION 3.6   Opinions as to Indenture Trust Estate................................................ 15
     SECTION 3.7   Performance of Obligations; Servicing of Trust Student Loans......................... 16
     SECTION 3.8   Negative Covenants................................................................... 19
     SECTION 3.9   Annual Statement as to Compliance.................................................... 20
     SECTION 3.10  Issuer May Consolidate, etc., Only on Certain Terms.................................. 21
     SECTION 3.11  Successor or Transferee.............................................................. 23
     SECTION 3.12  No Other Business.................................................................... 23
     SECTION 3.13  No Borrowing......................................................................... 23
     SECTION 3.14  Obligations of Servicer and Administrator............................................ 23
     SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities.................................... 24
     SECTION 3.16  Capital Expenditures................................................................. 24
     SECTION 3.17  Restricted Payments.................................................................. 24
     SECTION 3.18  Notice of Events of Default.......................................................... 24
     SECTION 3.19  Further Instruments and Acts......................................................... 25

                                                   ARTICLE IV

                                           Satisfaction and Discharge

     SECTION 4.1   Satisfaction and Discharge of Indenture.............................................. 25
     SECTION 4.2   Application of Trust Money........................................................... 26
     SECTION 4.3   Repayment of Moneys Held by Paying Agent............................................. 27
     SECTION 4.4   Auction of Trust Student Loans....................................................... 27

                                                 ARTICLE IV

                                                  Remedies

     SECTION 5.1   Events of Default.................................................................... 28
     SECTION 5.2   Acceleration of Maturity; Rescission and Annulment................................... 29
     SECTION 5.3   Collection of Indebtedness and Suits for Enforcement by Indenture Trustee............ 30
     SECTION 5.4   Remedies; Priorities................................................................. 33
     SECTION 5.5   Optional Preservation of the Trust Student Loans..................................... 35
</TABLE>
<PAGE>

                                      iv

<TABLE>
 <S>                                                                                                <C>
     SECTION 5.6    Limitation of Suits...........................................................  36
     SECTION 5.7    Unconditional Rights of Noteholders To Receive Principal and Interest.........  36
     SECTION 5.8    Restoration of Rights and Remedies............................................  37
     SECTION 5.9    Rights and Remedies Cumulative................................................  37
     SECTION 5.10   Delay or Omission Not a Waiver................................................  37
     SECTION 5.11   Control by Noteholders........................................................  37
     SECTION 5.12   Waiver of Past Defaults.......................................................  38
     SECTION 5.13   Undertaking for Costs.........................................................  39
     SECTION 5.14   Waiver of Stay or Extension Laws..............................................  39
     SECTION 5.15   Action on Notes...............................................................  39
     SECTION 5.16   Performance and Enforcement of Certain Obligations............................  40

                                                ARTICLE VI

                                           The Indenture Trustee

     SECTION 6.1    Duties of Indenture Trustee...................................................  41
     SECTION 6.2    Rights of Indenture Trustee...................................................  42
     SECTION 6.3    Individual Rights of Indenture Trustee........................................  43
     SECTION 6.4    Indenture Trustee's Disclaimer................................................  43
     SECTION 6.5    Notice of Defaults; Seller Insolvency.........................................  44
     SECTION 6.6    Reports by Indenture Trustee to Noteholders...................................  44
     SECTION 6.7    Compensation and Indemnity....................................................  45
     SECTION 6.8    Replacement of Indenture Trustee..............................................  45
     SECTION 6.9    Successor Indenture Trustee by Merger.........................................  47
     SECTION 6.10   Appointment of Co-Trustee or Separate Trustee.................................  47
     SECTION 6.11   Eligibility; Disqualification.................................................  49
     SECTION 6.12   Preferential Collection of Claims Against Issuer..............................  49

                                                ARTICLE VII

                                       Noteholders' Lists and Reports

     SECTION 7.1    Issuer To Furnish Indenture Trustee Names and
</TABLE>
<PAGE>

                                       v

<TABLE>
<S>                                                                                                           <C>
                    Addresses of Noteholders ................................................................ 49
     SECTION 7.2    Preservation of Information; Communications to Noteholders............................... 50
     SECTION 7.3    Reports by Issuer........................................................................ 50

                                                         ARTICLE VIII

                                              Accounts, Disbursements and Releases

     SECTION 8.1    Collection of Money...................................................................... 52
     SECTION 8.2    Trust Accounts........................................................................... 52
     SECTION 8.3    General Provisions Regarding Accounts.................................................... 53
     SECTION 8.4    Release of Indenture Trust Estate........................................................ 54
     SECTION 8.5    Opinion of Counsel....................................................................... 55

                                                        ARTICLE IX

                                                   Supplemental Indentures

     SECTION 9.1    Supplemental Indentures Without Consent of Noteholders................................... 55
     SECTION 9.2    Supplemental Indentures with Consent of Noteholders...................................... 57
     SECTION 9.3    Execution of Supplemental Indentures..................................................... 59
     SECTION 9.4    Effect of Supplemental Indenture......................................................... 59
     SECTION 9.5    Conformity with Trust Indenture Act...................................................... 59
     SECTION 9.6    Reference in Notes to Supplemental Indentures............................................ 59

                                                         ARTICLE X

                                                     Redemption of Notes

     SECTION 10.1    Redemption.............................................................................. 60
     SECTION 10.2    Form of Redemption Notice............................................................... 60
     SECTION 10.3    Notes Payable on Redemption Date........................................................ 61

                                                         ARTICLE XI
</TABLE>
<PAGE>

                                      vi

<TABLE>
<S>                                                                                                              <C>
                                                      Miscellaneous

     SECTION 11.1   Compliance Certificates and Opinions, etc..................................................  61
     SECTION 11.2   Form of Documents Delivered to Indenture Trustee...........................................  63
     SECTION 11.3   Acts of Noteholders........................................................................  64
     SECTION 11.4   Notices, etc., to Indenture Trustee, Issuer and Rating Agencies............................  65
     SECTION 11.5   Notices to Noteholders; Waiver.............................................................  66
     SECTION 11.6   Alternate Payment and Notice Provisions....................................................  67
     SECTION 11.7   Conflict with Trust Indenture Act..........................................................  67
     SECTION 11.8   Effect of Headings and Table of Contents...................................................  67
     SECTION 11.9   Successors and Assigns.....................................................................  67
     SECTION 11.10  Separability...............................................................................  68
     SECTION 11.11  Benefits of Indenture......................................................................  68
     SECTION 11.12  Legal Holidays.............................................................................  68
     SECTION 11.13  Governing Law..............................................................................  68
     SECTION 11.14  Counterparts...............................................................................  68
     SECTION 11.15  Recording of Indenture.....................................................................  68
     SECTION 11.16  Trust Obligations..........................................................................  69
     SECTION 11.17  No Petition................................................................................  69
     SECTION 11.18  Inspection.................................................................................  69
</TABLE>
<PAGE>

                                      vii

                      APPENDICES, SCHEDULES AND EXHIBITS

APPENDIX A   Definitions and Usage

SCHEDULE A   Schedule of Trust Student Loans
SCHEDULE B   Location of Trust Student Loan Files

EXHIBIT A    Forms of Notes
EXHIBIT B    Form of Note Depository Agreement
<PAGE>

                                       1

          INDENTURE dated as of September 1, 2000, among SLM STUDENT LOAN TRUST
2000-4, a Delaware business trust (the "Issuer"), CHASE MANHATTAN BANK USA,
NATIONAL ASSOCIATION, a Delaware banking corporation, not in its individual
capacity but solely as trustee on behalf of the Issuer (the "Eligible Lender
Trustee"), and BANKERS TRUST COMPANY, a New York banking corporation, as trustee
and not in its individual capacity (the "Indenture Trustee").

          Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the holders of the Issuer's Floating Rate
Student Loan-Backed Notes (the "Notes"):

                                GRANTING CLAUSE

          The Issuer and, with respect to the Trust Student Loans, the Eligible
Lender Trustee hereby Grant to the Indenture Trustee, as trustee for the benefit
of the Noteholders, effective as of the Closing Date all of their right, title
and interest in and to the following:

  (a)  the Trust Student Loans, and all obligations of the Obligors thereunder
including all moneys accrued and paid thereunder on or after the Cutoff Date and
all guaranties and other rights relating to the Trust Student Loans;

  (b)  the Servicing Agreement, including the right of the Issuer to cause the
Servicer to purchase Trust Student Loans from the Issuer under circumstances
described therein;

  (c)  the Sale Agreement, including the right of the Issuer to cause the Seller
to repurchase Trust Student Loans from the Issuer under circumstances described
therein and including the rights of the Seller under the Purchase Agreement;

  (d)  the Purchase Agreement, to the extent that the rights of the Seller
thereunder have been assigned to the Issuer pursuant to the Sale Agreement,
including the right of the Seller to cause the Student Loan Marketing
Association to repurchase Trust Student Loans from the Seller under
circumstances described therein;

  (e)  the Administration Agreement;

  (f)  the Swap Agreements;
<PAGE>

                                       2

  (g)  each Guarantee Agreement, including the right of the Issuer to cause the
related Guarantor to make Guarantee Payments in respect of the Trust Student
Loans;

  (h)  the Trust Accounts and all funds on deposit from time to time in the
Trust Accounts, including the Reserve Account Initial Deposit, and all
investments and proceeds thereof (including all income thereon); and

  (i)  all present and future claims, demands, causes and choices in action in
respect of any or all of the foregoing and all payments on or under and all
proceeds of every kind and nature whatsoever in respect of any or all of the
foregoing, including all proceeds of the conversion, voluntary or involuntary,
into cash or other liquid property, all cash proceeds, accounts, accounts
receivable, notes, drafts, acceptances, chattel paper, checks, deposit accounts,
insurance proceeds, condemnation awards, rights to payment of any and every kind
and other forms of obligations and receivables, instruments and other property
which at any time constitute all or part of or are included in the proceeds of
any of the foregoing (collectively, the "Collateral").

          The foregoing Grant is made in trust to secure the payment of
principal of and interest on, and any other amounts owing in respect of, the
Notes, equally and ratably without prejudice, priority or distinction, and to
secure compliance with the provisions of this Indenture, all as provided in this
Indenture.

     The Indenture Trustee, as Indenture Trustee on behalf of the Noteholders,
acknowledges such Grant, accepts the trusts under this Indenture in accordance
with the provisions of this Indenture and agrees to perform its duties required
in this Indenture to the best of its ability to the end that the interests of
the Noteholders may be adequately and effectively protected.
<PAGE>

                                       3

                                   ARTICLE I

                             Definitions and Usage
                             ---------------------

          SECTION 1.1   Definitions and Usage. Except as otherwise specified
                        ---------------------
herein or as the context may otherwise require, capitalized terms used but not
otherwise defined herein are defined in Appendix A hereto, which also contains
rules as to usage that shall be applicable herein.

          SECTION 1.2  Incorporation by Reference of Trust Indenture Act.
                        -------------------------------------------------
Whenever this Indenture refers to a provision of the TIA, the provision is
incorporated by reference in and made a part of this Indenture. The following
TIA terms used in this Indenture have the following meanings:

          "Commission" means the Securities and Exchange Commission.

          "indenture securities" means the Notes.

          "indenture security holder" means a Noteholder.

          "indenture to be qualified" means this Indenture.

          "indenture trustee" or "institutional trustee" means the Indenture
Trustee.

          "obligor" on the indenture securities means the Issuer and any other
obligor on the indenture securities.

          All other TIA terms used in this Indenture that are defined by the
TIA, defined by TIA reference to another statute or defined by Commission rule
have the meaning assigned to them by such definitions.
<PAGE>

                                       4

                                  Article II

                                   The Notes
                                   ---------

          SECTION 2.1  Form.  The Notes, together with the Indenture Trustee's
                       ----
certificate of authentication, shall be in substantially the forms set forth in
Exhibit A, with such appropriate insertions, omissions, substitutions and other
variations as are required or permitted by this Indenture and may have such
letters, numbers or other marks of identification and such legends or
endorsements placed thereon as may, consistently herewith, be determined by the
officers executing the Notes, as evidenced by their execution of the Notes.  Any
portion of the text of any Note may be set forth on the reverse thereof, with an
appropriate reference thereto on the face of the Note.

          The Definitive Notes shall be typewritten, printed, lithographed or
engraved or produced by any combination of these methods (with or without steel
engraved borders), all as determined by the officers executing such Notes, as
evidenced by their execution of such Notes.

          Each Note shall be dated the date of its authentication. The terms of
the Notes set forth in Exhibit A are part of the terms of this Indenture.

          SECTION 2.2  Execution, Authentication and Delivery. The Notes shall
                       --------------------------------------
be executed on behalf of the Issuer by any of its Authorized Officers. The
signature of any such Authorized Officer on the Notes may be manual or
facsimile.

          Notes bearing the manual or facsimile signature of individuals who
were at any time Authorized Officers of the Issuer shall bind the Issuer,
notwithstanding that such individuals or any of them have ceased to hold such
offices prior to the authentication and delivery of such Notes or did not hold
such offices at the date of such Notes.

          The Indenture Trustee shall upon Issuer Order authenticate and deliver
Notes for original issue in an aggregate principal amount of $2,054,482,000. The
aggregate principal amount of Notes outstanding at any time may not exceed such
amount except as provided in Section 2.5.

          Each Note shall be dated the date of its authentication. The Class A
Notes shall be issuable as registered Class A Notes in the minimum denomination
of
<PAGE>

                                       5

$1,000 and in integral multiples of $1,000 in excess thereof. The Class B Notes
shall be issuable as registered Class B Notes in the minimum denomination of
$100,000 and in integral multiples of $1,000 in excess thereof.

          No Note shall be entitled to any benefit under this Indenture or be
valid or obligatory for any purpose, unless there appears on such Note a
certificate of authentication substantially in the form provided for herein
executed by the Indenture Trustee by the manual signature of one of its
authorized signatories, and such certificate upon any Note shall be conclusive
evidence, and the only evidence, that such Note has been duly authenticated and
delivered hereunder.

          SECTION 2.3  Temporary Notes. Pending the preparation of Definitive
                       ---------------
Notes, the Issuer may execute, and upon receipt of an Issuer Order the Indenture
Trustee shall authenticate and deliver, temporary Notes which are printed,
lithographed, typewritten, mimeographed or otherwise produced, of the tenor of
the Definitive Notes in lieu of which they are issued and with such variations
not inconsistent with the terms of this Indenture determined to be appropriate
by the Responsible Officer of the Issuer executing the temporary Notes, as
evidenced by his or her execution of such temporary Notes.

          If temporary Notes are issued, the Issuer will cause Definitive Notes
to be prepared without unreasonable delay. After the preparation of Definitive
Notes, the temporary Notes shall be exchangeable for Definitive Notes upon
surrender of the temporary Notes at the office or agency of the Issuer to be
maintained as provided in Section 3.2, without charge to the Noteholder. Upon
surrender for cancellation of any one or more temporary Notes, the Issuer shall
execute and the Indenture Trustee shall authenticate and deliver in exchange
therefor a like principal amount of Definitive Notes of authorized
denominations. Until so exchanged, the temporary Notes shall in all respects be
entitled to the same benefits under this Indenture as Definitive Notes.

          SECTION 2.4  Registration; Registration of Transfer and Exchange. The
                       ---------------------------------------------------
Issuer shall cause to be kept a register (the "Note Register") in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for
the registration of Notes and the registration of transfers of Notes. The
Indenture Trustee shall be "Note Registrar" for the purpose of registering Notes
and transfers of Notes as herein provided. Upon any resignation of any Note
Registrar, the Issuer shall promptly appoint a successor or, if it elects not to
make such an appointment, assume the duties of Note Registrar.
<PAGE>

                                       6

          If a Person other than the Indenture Trustee is appointed by the
Issuer as Note Registrar, the Issuer shall give the Indenture Trustee prompt
written notice of the appointment of such Note Registrar and of the location,
and any change in the location, of the Note Register, and the Indenture Trustee
shall have the right to inspect the Note Register at all reasonable times and to
obtain copies thereof, and the Indenture Trustee shall have the right to rely
upon a certificate executed on behalf of the Note Registrar by an Executive
Officer thereof as to the names and addresses of the Noteholders and the
principal amounts and number of such Notes.

          Upon surrender for registration of transfer of any Note at the office
or agency of the Issuer to be maintained as provided in Section 3.2, if the
requirements of Section 8-401(1) of the UCC are met, the Issuer shall execute,
and the Indenture Trustee shall authenticate and the Noteholder shall obtain
from the Indenture Trustee, in the name of the designated transferee or
transferees, one or more new Notes in any authorized denominations and a like
aggregate principal amount.

          At the option of the Noteholder, Notes may be exchanged for other
Notes in any authorized denominations and a like aggregate principal amount,
upon surrender of the Notes to be exchanged at such office or agency. Whenever
any Notes are so surrendered for exchange, the Issuer shall execute, and the
Indenture Trustee shall authenticate and the Noteholder shall obtain from the
Indenture Trustee, the Notes which the Noteholder making the exchange is
entitled to receive.

          All Notes issued upon any registration of transfer or exchange of
Notes shall be the valid obligations of the Issuer, evidencing the same debt,
and entitled to the same benefits under this Indenture, as the Notes surrendered
upon such registration of transfer or exchange.

          Every Note presented or surrendered for registration of transfer or
exchange shall be duly endorsed by, or be accompanied by a written instrument of
transfer in form satisfactory to the Indenture Trustee duly executed by the
Noteholder thereof or such Noteholder's attorney duly authorized in writing,
with such signature guaranteed by an "eligible guarantor institution" meeting
the requirements of the Note Registrar, which requirements include membership or
participation in Securities Transfer Agent's Medallion Program ("STAMP") or such
other "signature guarantee program" as may be determined by the Note Registrar
in addition to, or in substitution for, STAMP, all in accordance with the
Exchange Act.
<PAGE>

                                       7

          No service charge shall be made to a Noteholder for any registration
of transfer or exchange of Notes, but the Indenture Trustee may require payment
of a sum sufficient to cover any tax or other governmental charge that may be
imposed in connection with any registration of transfer or exchange of Notes,
other than exchanges pursuant to Section 2.3 or 9.6 not involving any transfer.

          The preceding provisions of this Section notwithstanding, the Issuer
shall not be required to make and the Note Registrar need not register transfers
or exchanges of Notes selected for redemption or of any Note for a period of 15
days preceding the due date for any payment with respect to the Note.

          SECTION 2.5  Mutilated, Destroyed, Lost or Stolen Notes. If (i) any
                       ------------------------------------------
mutilated Note is surrendered to the Indenture Trustee, or the Indenture Trustee
receives evidence to its satisfaction of the destruction, loss or theft of any
Note, and (ii) there is delivered to the Issuer and the Indenture Trustee such
security or indemnity as may be required by each of them to hold the Issuer and
the Indenture Trustee harmless, then, in the absence of notice to the Issuer,
the Note Registrar or the Indenture Trustee that such Note has been acquired by
a bona fide purchaser, and provided that the requirements of Section 8-405 of
the UCC are met, the Issuer shall execute and upon its request the Indenture
Trustee shall authenticate and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Note, a replacement Note; provided,
                                                               --------
however, that if any such destroyed, lost or stolen Note, but not a mutilated
-------
Note, shall have become or within 15 days shall be due and payable, or shall
have  been called for redemption, instead of issuing a replacement Note, the
Issuer may pay such destroyed, lost or stolen Note when so due or payable or
upon the Redemption Date without surrender thereof.  If, after the delivery of
such replacement Note or payment of a destroyed, lost or stolen Note pursuant to
the proviso to the preceding sentence, a bona fide purchaser of the original
Note in lieu of which such replacement Note was issued presents for payment such
original Note, the Issuer and the Indenture Trustee shall be entitled to recover
such replacement Note (or such payment) from the Person to whom it was delivered
or any Person taking such replacement Note from such Person to whom such
replacement Note was delivered or any assignee of such Person, except a bona
fide purchaser, and shall be entitled to recover upon the security or indemnity
provided therefor to the extent of any loss, damage, cost or expense incurred by
the Issuer or the Indenture Trustee in connection therewith.

          Upon the issuance of any replacement Note under this Section, the
Issuer may require the payment by the Noteholder thereof of a sum sufficient to
cover
<PAGE>

                                       8

any tax or other governmental charge that may be imposed in relation thereto and
any other reasonable expenses (including the fees and expenses of the Indenture
Trustee) connected therewith.

          Every replacement Note issued pursuant to this Section in replacement
of any mutilated, destroyed, lost or stolen Note shall constitute an original
additional contractual obligation of the Issuer, whether or not the mutilated,
destroyed, lost or stolen Note shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Notes duly issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to
the extent lawful) all other rights and remedies with respect to the replacement
or payment of mutilated, destroyed, lost or stolen Notes.

          SECTION 2.6  Persons Deemed Owner. Prior to due presentment for
                       --------------------
registration of transfer of any Note, the Issuer, the Indenture Trustee and any
agent of the Issuer or the Indenture Trustee may treat the Person in whose name
any Note is registered (as of the day of determination) as the owner of such
Note for the purpose of receiving payments of principal of, interest, if any, on
such Note and for all other purposes whatsoever, whether or not such Note be
overdue, and neither the Issuer, the Indenture Trustee nor any agent of the
Issuer or the Indenture Trustee shall be affected by notice to the contrary.

          SECTION 2.7  Payment of Principal and Interest; Note Interest
                       ------------------------------------------------
Shortfall. (a) The Notes shall accrue interest as provided in the forms of Notes
---------
set forth in Exhibit A, and such interest shall be payable on each Distribution
Date as specified therein, subject to Section 3.1. Any installment of interest
or principal, if any, payable on any Note which is punctually paid or duly
provided for by the Issuer on the applicable Distribution Date shall be paid to
the Person in whose name such Note (or one or more Predecessor Notes) is
registered on the Record Date by check mailed first-class, postage prepaid to
such Person's address as it appears on the Note Register on such Record Date,
except that, unless Definitive Notes have been issued pursuant to Section 2.12,
with respect to Notes registered on the Record Date in the name of the nominee
of the Clearing Agency (initially, such nominee to be Cede & Co.), payment shall
be made by wire transfer in immediately available funds to the account
designated by such nominee and except for the final installment of principal
payable with respect to such Note on a Distribution Date or on the Note Final
Maturity Date for such Note which shall be payable as provided below. The
<PAGE>

                                       9

funds represented by any such checks returned undelivered shall be held in
accordance with Section 3.3.

     (b)  The principal of each Note shall be payable in installments on each
Distribution Date as provided in the forms of Note set forth in Exhibit A.
Notwithstanding the foregoing, the entire unpaid principal amount of each class
of the Notes shall be due and payable, if not previously paid, on the Note Final
Maturity Date for such class of Notes and on the date on which an Event of
Default shall have occurred and be continuing if the Indenture Trustee or the
Noteholders of the Notes representing not less than a majority of the
Outstanding Amount of the Notes have declared the Notes to be immediately due
and payable in the manner provided in Section 5.2.  All principal payments on
the Notes shall be made pro rata to the Noteholders entitled thereto, subject,
however, to the last paragraph of Section 2.7C of the Administration Agreement.
The Indenture Trustee shall notify the Person in whose name a Note is registered
at the close of business on the Record Date preceding the Distribution Date on
which the Issuer expects that the final installment of principal of and interest
on such Note will be paid.  Such notice shall be mailed or transmitted by
facsimile prior to such final Distribution Date and shall specify that such
final installment will be payable only upon presentation and surrender of such
Note and shall specify the place where such Note may be presented and
surrendered for payment of such Installment.  Notices in connection with
redemptions of Notes shall be mailed to Noteholders as provided in Section 10.2.

     (c)  If the Issuer defaults in a payment of interest on the Notes, the
Issuer shall pay the resulting Note Interest Shortfall on the following
Distribution Date as provided in the Administration Agreement.

          SECTION 2.8  Cancellation. All Notes surrendered for payment,
                       ------------
registration of transfer, exchange or redemption shall, if surrendered to any
Person other than the Indenture Trustee, be delivered to the Indenture Trustee
and shall be promptly cancelled by the Indenture Trustee. The Issuer may at any
time deliver to the Indenture Trustee for cancellation any Notes previously
authenticated and delivered hereunder which the Issuer may have acquired in any
manner whatsoever and all Notes so delivered shall be promptly cancelled by the
Indenture Trustee. No Notes shall be authenticated in lieu of or in exchange for
any Notes cancelled as provided in this Section, except as expressly permitted
by this Indenture. All canceled Notes may be held or disposed of by the
Indenture Trustee in accordance with its standard retention or disposal policy
as in effect at the time, unless the Issuer shall direct by an Issuer Order that
they be returned to it and so long as such Issuer
<PAGE>

                                      10

Order is timely and the Notes have not been previously disposed of by the
Indenture Trustee.

          SECTION 2.9  Release of Collateral. Subject to Section 11.1 and the
                       ---------------------
terms of the Basic Documents, the Indenture Trustee shall release property from
the lien of this Indenture only upon receipt of an Issuer Request accompanied by
an Officers' Certificate of the Issuer, an Opinion of Counsel and Independent
Certificates in accordance with TIA (S)(S) 314(c) and 314(d)(1) or an Opinion of
Counsel in lieu of such Independent Certificates to the effect that the TIA does
not require any such Independent Certificates.

          SECTION 2.10 Book-Entry Notes. The Notes, upon original issuance, will
                       ----------------
be issued in the form of typewritten Notes representing the Book-Entry Notes, to
be delivered to The Depository Trust Company, the initial Clearing Agency, by,
or on behalf of, the Issuer. Such Notes shall initially be registered on the
Note Register in the name of Cede & Co., the nominee of the initial Clearing
Agency, and no Note Owner shall receive a Definitive Note (as defined below)
representing such Note Owner's interest in such Note, except as provided in
Section 2.12. Unless and until definitive, fully registered Notes (the
"Definitive Notes") have been issued to Note Owners pursuant to Section 2.12:

          (i)   the provisions of this Section shall be in full force and
effect;

          (ii)  the Note Registrar and the Indenture Trustee, and their
respective directors, officers, employees and agents, may deal with the Clearing
Agency for all purposes (including the payment of principal of and interest and
other amounts on the Notes) as the authorized representative of the Note Owners;

          (iii) to the extent that the provisions of this Section conflict with
any other provisions of this Indenture, the provisions of this Section shall
control;

          (iv)  the rights of Note Owners shall be exercised only through the
Clearing Agency and shall be limited to those established by law and agreements
between such Note Owners and the Clearing Agency and/or the Clearing Agency
Participants pursuant to the Note Depository Agreement; and unless and until
Definitive Notes are issued pursuant to Section 2.12, the initial Clearing
Agency will make book-entry transfers among the Clearing Agency Participants and
receive and transmit payments of principal of and interest and other amounts on
the Notes to such Clearing Agency Participants; and
<PAGE>

                                      11

          (v)  whenever this Indenture requires or permits actions to be taken
based upon instructions or directions of Noteholders of Notes evidencing a
specified percentage of the Outstanding Amount of the Notes, the Clearing Agency
shall be deemed to represent such percentage only to the extent that it has
received  instructions to such effect from Note Owners and/or Clearing Agency
Participants owning or representing, respectively, such required percentage of
the beneficial interest in the Notes and has delivered such instructions to the
Indenture Trustee.

          SECTION 2.11  Notices to Clearing Agency.  Whenever a notice or other
                        --------------------------
communication to the Noteholders is required under this Indenture, unless and
until Definitive Notes shall have been issued to Note Owners pursuant to Section
2.12, the Indenture Trustee shall give all such notices and communication
specified herein to be given to Noteholders to the Clearing Agency.

          SECTION 2.12  Definitive Notes.  If (i) the Administrator advises the
                        ----------------
Indenture Trustee in writing that the Clearing Agency is no longer willing or
able to discharge its responsibilities with respect to the Notes, and the
Administrator is unable to locate a successor, (ii) the Administrator at its
option advises the Indenture Trustee in writing that it elects to terminate the
book-entry system through the Clearing Agency or (iii) after the occurrence of
an Event of Default, a Servicer Default or an Administrator Default, Note Owners
representing beneficial interests aggregating at least a majority of the
Outstanding Amount of the Notes advise the Clearing Agency (which shall then
notify the Indenture Trustee) in writing that the continuation of a book-entry
system through the Clearing Agency is no longer in the best interests of the
Note Owners, then the Indenture Trustee shall cause the Clearing Agency to
notify all Note Owners, through the Clearing Agency, of the occurrence of any
such event and of the availability of Definitive Notes to Note Owners requesting
the same.  Upon surrender to the Indenture Trustee of the typewritten Notes
representing the Book-Entry Notes by the Clearing Agency, accompanied by
registration instructions, the Issuer shall execute and the Indenture Trustee
shall authenticate the Definitive Notes in accordance with the instructions of
the Clearing Agency.  None of the Issuer, the Note Registrar or the Indenture
Trustee shall be liable for any delay in delivery of such instructions and may
conclusively rely on, and shall be protected in relying on, such instructions.
Upon the issuance of Definitive Notes, the Indenture Trustee shall recognize the
holders of the Definitive Notes as Noteholders.

                                  ARTICLE III
<PAGE>

                                      12

                                   Covenants
                                   ---------

          SECTION 3.1  Payment to Noteholders.  The Issuer shall duly and
                       ----------------------
punctually pay the principal and interest, if any, with respect to the Notes in
accordance with the terms of the Notes and this Indenture. Without limiting the
foregoing, subject to Section 8.2(c), the Issuer shall cause to be distributed
to Noteholders in accordance with the Administration Agreement that portion of
the amounts on deposit in the Trust Accounts on a Distribution Date (other than
any Eligible Investments deposited therein that will mature on the Business Day
preceding a subsequent Distribution Date) which the Noteholders are entitled to
receive pursuant to the Administration Agreement. Amounts properly withheld
under the Code by any Person from a payment to any Noteholder of interest and/or
principal shall be considered as having been paid by the Issuer to such
Noteholder for all purposes of this Indenture.

          SECTION 3.2  Maintenance of Office or Agency.  The Issuer shall
                       -------------------------------
maintain in the Borough of Manhattan, The City of New York, an office or agency
where Notes may be surrendered for registration of transfer or exchange, and
where notices and demands to or upon the Issuer in respect of the Notes and this
Indenture may be served. The Issuer hereby initially appoints the Indenture
Trustee to serve as its agent for the foregoing purposes. The Issuer shall give
prompt written notice to the Indenture Trustee of the location, and of any
change in the location, of any such office or agency. If at any time the Issuer
shall fail to maintain any such office or agency or shall fail to furnish the
Indenture Trustee with the address thereof, such surrenders, notices and demands
may be made or served at the Corporate Trust Office, and the Issuer hereby
appoints the Indenture Trustee as its agent to receive all such surrenders,
notices and demands.

          SECTION 3.3  Money for Payments To Be Held in Trust.  As provided in
                       --------------------------------------
Section 8.2(a) and (b), all payments of amounts due and payable with respect to
any Notes that are to be made from amounts distributed from the Collection
Account or any other Trust Account pursuant to Section 8.2(c) shall be made on
behalf of the Issuer by the Indenture Trustee or by another Paying Agent, and no
amounts so distributed from the Collection Account for payments of Notes shall
be paid over to the Issuer except as provided in this Section.

          On or before the Business Day next preceding each Distribution Date
and Redemption Date, the Issuer shall distribute or cause to be distributed to
the
<PAGE>

                                      13

Indenture Trustee (or any other Paying Agent) an aggregate sum sufficient to pay
the amounts then becoming due under the Notes, such sum to be held in trust for
the benefit of the Persons entitled thereto and (unless the Paying Agent is the
Indenture Trustee) shall promptly notify the Indenture Trustee of its action or
failure so to act.

          The Issuer shall cause each Paying Agent other than the Indenture
Trustee to execute and deliver to the Indenture Trustee an instrument in which
such Paying Agent shall agree with the Indenture Trustee (and if the Indenture
Trustee acts as Paying Agent, it hereby so agrees), subject to the provisions of
this Section, that such Paying Agent will:

          (i)     hold all sums held by it for the payment of amounts due with
respect to the Notes in trust for the benefit of the Persons entitled thereto
until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and pay such sums to such Persons as herein provided;

          (ii)    give the Indenture Trustee notice of any default by the Issuer
of which it has actual knowledge (or any other obligor upon the Notes) in the
making of any payment required to be made with respect to the Notes;

          (iii)   at any time during the continuance of any such default, upon
the written request of the Indenture Trustee, forthwith pay to the Indenture
Trustee all sums so held in trust by such Paying Agent;

          (iv)    immediately resign as a Paying Agent and forthwith pay to the
Indenture Trustee all sums held by it in trust for the payment of Notes if at
any time it ceases to meet the standards required to be met by a Paying Agent at
the time of its appointment; and

          (v)     comply with all requirements of the Code with respect to the
withholding from any payments made by it on any Notes of any applicable
withholding taxes imposed thereon and with respect to any applicable reporting
requirements in connection therewith.

          The Issuer may at any time, for the purpose of obtaining the
satisfaction and discharge of this Indenture or for any other purpose, by Issuer
Order direct any Paying Agent to pay to the Indenture Trustee all sums held in
trust by such Paying Agent, such sums to be held by the Indenture Trustee upon
the same trusts as those upon which the sums were held by such Paying Agent; and
upon such payment
<PAGE>

                                      14

by any Paying Agent to the Indenture Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

          Subject to applicable laws with respect to escheat of funds, any money
held by the Indenture Trustee or any Paying Agent in trust for the payment of
any amount due with respect to any Note and remaining unclaimed for two years
after such amount has become due and payable shall be discharged from such trust
and be paid to the Issuer on Issuer Request or if the Issuer has been terminated
to Seller; and the Noteholder thereof shall thereafter, as an unsecured general
creditor, look only to the Issuer for payment thereof (but only to the extent of
the amounts so paid to the Issuer), and all liability of the Indenture Trustee
or such Paying Agent with respect to such trust money shall thereupon cease;
provided, however, that the Indenture Trustee or such Paying Agent, before being
--------  -------
required to make any such repayment, shall at the expense and direction of the
Issuer cause to be published once, in a newspaper published in the English
language, customarily published on each Business Day and of general circulation
in The City of New York, notice that such money remains unclaimed and that,
after a date specified therein, which shall not be less than 30 days from the
date of such publication, any unclaimed balance of such money then remaining
will be repaid to the Issuer.  The Indenture Trustee shall also adopt and
employ, at the expense of the Issuer, any other reasonable means of notification
of such repayment (including mailing notice of such repayment to Noteholders
whose Notes have been called but have not been surrendered for redemption or
whose right to or interest in moneys due and payable but not claimed is
determinable from the records of the Indenture Trustee or of any Paying Agent,
at the last address of record for each such Noteholder).

          SECTION 3.4  Existence. The Issuer shall keep in full effect its
                       ---------
existence, rights and franchises as a business trust under the laws of the State
of Delaware (unless it becomes, or any successor Issuer hereunder is or becomes,
organized under the laws of any other State or of the United States of America,
in which case the Issuer shall keep in full effect its existence, rights and
franchises under the laws of such other jurisdiction) and shall obtain and
preserve its qualification to do business in each jurisdiction in which such
qualification is or shall be necessary to protect the validity and
enforceability of this Indenture, the Notes, the Collateral and each other
instrument or agreement included in the Indenture Trust Estate.

          SECTION 3.5  Protection of Indenture Trust Estate.  The Issuer will
                       ------------------------------------
from time to time execute and deliver all such supplements and amendments hereto
<PAGE>

                                      15

and all such financing statements, continuation statements, will take such other
action necessary or advisable to:

          (i)     maintain or preserve the lien and security interest (and the
priority thereof) of this Indenture or carry out more effectively the purposes
hereof;

          (ii)    perfect, publish notice of or protect the validity of any
grant made or to be made by this Indenture;

          (iii)   enforce any of the Collateral; or

          (iv)    preserve and defend title to the Indenture Trust Estate and
the rights of the Indenture Trustee and the Noteholders in such Indenture Trust
Estate against the claims of all persons and parties.

          The Issuer hereby designates the Indenture Trustee its agent and
attorney-in-fact to execute any financing statement, continuation statement or
other instrument required to be executed pursuant to this Section.

          SECTION 3.6  Opinions as to Indenture Trust Estate. (a)  On the
                       -------------------------------------
Closing Date, the Issuer shall furnish to the Indenture Trustee an Opinion of
Counsel either stating that, in the opinion of such counsel, such action has
been taken with respect to the recording and filing of this Indenture as is
necessary to perfect and make effective the lien and security interest of this
Indenture and reciting the details of such action, or stating that, in the
opinion of such counsel, no such action is necessary to make such lien and
security interest effective.

     (b)   On or before December 31 in each calendar year, beginning in 2001,
the Issuer shall furnish to the Indenture Trustee an Opinion of Counsel either
stating that, in the opinion of such counsel, such action has been taken with
respect to the recording, filing, re-recording and refiling of this Indenture
and any indentures supplemental hereto as is necessary to maintain the lien and
security interest created by this Indenture and relating the details of such
action or stating that in the opinion of such counsel no such action is
necessary to maintain such lien and security interest. Such Opinion of Counsel
shall also describe the recording, filing, recording and refiling of this
Indenture and any indentures supplemental hereto that will, in the opinion of
such counsel, be required to maintain the lien and security interest of this
Indenture until December 31 in the following calendar year.
<PAGE>

                                      16

          SECTION 3.7  Performance of Obligations; Servicing of Trust Student
                       ------------------------------------------------------
Loans. (a) The Issuer will not take any action and will use its best efforts not
-----
to permit any action to be taken by others that would release any Person from
any of such Person's material covenants or obligations under any instrument or
agreement included in the Indenture Trust Estate or that would result in the
amendment, hypothecation, subordination, termination or discharge of, or impair
the validity or effectiveness of, any such instrument or agreement, except as
expressly provided in this Indenture, any other Basic Document or such other
instrument or agreement.

     (b)  The Issuer may contract with other Persons to assist it in performing
its duties under this Indenture, and any performance of such duties by a Person
identified to the Indenture Trustee in an Officers' Certificate of the Issuer
shall be deemed to be action taken by the Issuer; provided, however, the Issuer
shall not be liable for any acts of Persons with whom the Issuer has contracted
with reasonable care.  Initially, the Issuer has contracted with the Servicer
and the Administrator to assist the Issuer in performing its duties under this
Indenture.  The Issuer shall give written notice to the Indenture Trustee and
each Rating Agency of any such contract with any other Person.

     (c)  The Issuer shall punctually perform and observe all of its obligations
and agreements contained in this Indenture, the other Basic Documents and the
instruments and agreements included in the Indenture Trust Estate, including
filing or causing to be filed all UCC financing statements and continuation
statements prepared by the Issuer and required to be filed by the terms of this
Indenture and the Administration Agreement in accordance with and within the
time periods provided for herein and therein.  Except as otherwise expressly
provided therein, the Issuer shall not waive, amend, modify, supplement or
terminate any Basic Document or any provision thereof without the consent of the
Indenture Trustee or the Noteholders of at least a majority of the Outstanding
Amount of the Notes.  The Issuer shall give written notice to each Rating Agency
of any such waiver, amendment, modification, supplement or termination.

     (d)  If a Responsible Officer of the Issuer shall have knowledge of the
occurrence of a Servicer Default or an Administrator Default under the Servicing
Agreement or the Administration Agreement, respectively, the Issuer shall
promptly notify the Indenture Trustee and the Rating Agencies thereof, and shall
specify in such notice the action, if any, the Issuer is taking with respect to
such default.  If a Servicer Default shall arise from the failure of the
Servicer to perform any of its duties or obligations under the Servicing
Agreement, or an Administrator Default
<PAGE>

                                      17

shall arise from the failure of the Administrator to perform any of its duties
or obligations under the Administration Agreement, as the case may be, with
respect to the Trust Student Loans, the Issuer shall take all reasonable steps
available to it to enforce its rights under the Basic Documents in respect of
such failure.

     (e)  As promptly as possible after the giving of notice of termination to
the Servicer of the Servicer's rights and powers, pursuant to Section 5.1 of the
Servicing Agreement, or to the Administrator of the Administrator's rights and
powers, pursuant to Section 5.1 of the Administration Agreement, the Issuer
shall appoint a successor servicer (the "Successor Servicer") or a successor
administrator (the "Successor Administrator"), respectively, and such Successor
Servicer or Successor Administrator, as the case may be, shall accept its
appointment by a written assumption in a form acceptable to the Indenture
Trustee. In the event that a Successor Servicer or Successor Administrator has
not been appointed and accepted its appointment at the time when the Servicer or
Administrator, as the case may be, ceases to act as Servicer or Administrator,
respectively, the Indenture Trustee without further action shall automatically
be appointed the Successor Servicer or Successor Administrator, as the case may
be. The Indenture Trustee may resign as the Servicer or the Administrator by
giving written notice of resignation to the Issuer and in such event will be
released from such duties and obligations, such release not to be effective
until the date a new servicer or a new administrator enters into an agreement
with the Issuer as provided below; provided, however, that nothing herein shall
                                   --------  -------
require or permit the Indenture Trustee to act as Servicer, or otherwise service
the Trust Student Loans, in violation of the Higher Education Act. Upon delivery
of any such notice to the Issuer, the Issuer shall obtain a new servicer as the
Successor Servicer under the Servicing Agreement or a new administrator as the
Successor Administrator under the Administration Agreement, as the case may be.
Any Successor Servicer or Successor Administrator, other than the Indenture
Trustee, shall (i) be an established institution (A) that satisfies any
requirements of the Higher Education Act applicable to servicers and (B) whose
regular business includes the servicing or administration of student loans and
(ii) enter into a servicing agreement or an administration agreement,
respectively, with the Issuer having substantially the same provisions as the
provisions of the Servicing Agreement and the Administration Agreement, as
applicable. If within 30 days after the delivery of the notice referred to
above, the Issuer shall not have obtained such a new servicer or new
administrator, as the case may be, the Indenture Trustee may appoint, or may
petition a court of competent jurisdiction to appoint, a Successor Servicer or
Successor Administrator; provided, however, that such right to appoint or to
                         --------  -------
petition for the appointment of any such successor shall in no event relieve the
Indenture Trustee from any obligations otherwise imposed on it
<PAGE>

                                      18

under the Basic Documents until such successor has in fact assumed such
appointment. In connection with any such appointment, the Indenture Trustee may
make such arrangements for the compensation of such successor as it and such
successor shall agree, subject to the limitations set forth below and in the
Servicing Agreement or Administration Agreement, as applicable, and in
accordance with Section 5.2 of the Servicing Agreement and Section 5.2 of the
Administration Agreement, the Issuer shall enter into an agreement with such
successor for the servicing or administration of the Trust Student Loans (such
agreement to be in form and substance satisfactory to the Indenture Trustee). If
the Indenture Trustee shall succeed as provided herein to the Servicer's duties
as Servicer with respect to the Trust Student Loans, or the Administrator's
duties with respect to the Issuer and the Trust Student Loans, as the case may
be, it shall do so in its individual capacity and not in its capacity as
Indenture Trustee and, accordingly, the provisions of Article VI hereof shall be
inapplicable to the Indenture Trustee in its duties as the successor to the
Servicer or the Administrator, as the case may be, and the servicing or
administration of the Trust Student Loans. In case the Indenture Trustee shall
become successor to the Servicer or the Administrator, the Indenture Trustee
shall be entitled to appoint as Servicer or as Administrator, as the case may
be, any one of its Affiliates, provided that such appointment shall not affect
or alter in any way the liability of the Indenture Trustee as Successor Servicer
or Successor Administrator, respectively, in accordance with the terms hereof.

     (f)  Upon any termination of the Servicer's rights and powers pursuant to
the Servicing Agreement, or any termination of the Administrator's rights and
powers pursuant to the Administration Agreement, as the case may be, the Issuer
shall promptly notify the Indenture Trustee and each Rating Agency. As soon as a
Successor Servicer or a Successor Administrator is appointed, the Issuer shall
notify the Indenture Trustee and each Rating Agency of such appointment,
specifying in such notice the name and address of such Successor Servicer or
such Successor Administrator.

     (g)  Without derogating from the absolute nature of the assignment granted
to the Indenture Trustee under this Indenture or the rights of the Indenture
Trustee hereunder, the Issuer agrees that it will not, without the prior written
consent of the Indenture Trustee or the Noteholders of at least a majority in
Outstanding Amount of the Notes, amend, modify, waive, supplement, terminate or
surrender, or agree to any amendment, modification, supplement, termination,
waiver or surrender of, the terms of any Collateral or the Basic Documents,
except to the extent otherwise provided in the Basic Documents, or waive timely
performance or observance by the Servicer, the
<PAGE>

                                      19

Administrator, the Seller, the Student Loan Marketing Association, the Issuer or
the Eligible Lender Trustee under the Basic Documents; provided, however, that
                                                       --------  -------
no such amendment shall (i) increase or reduce in any manner the amount of, or
accelerate or delay the timing of, distributions that are required to be made
for the benefit of the Noteholders, or (ii) reduce the aforesaid percentage of
the Notes which are required to consent to any such amendment, without the
consent of the Noteholders of all the Outstanding Notes. If any such amendment,
modification, supplement or waiver shall be so consented to by the Indenture
Trustee or such Noteholders, the Issuer shall give written notice thereof to
each Rating Agency and agrees, promptly following a request by the Indenture
Trustee to do so, to execute and deliver, in its own name and at its own
expense, such agreements, instruments, consents and other documents as the
Indenture Trustee may deem necessary or appropriate in the circumstances.

          SECTION 3.8  Negative Covenants.  So long as any Notes are
                       ------------------
Outstanding, the Issuer shall not:

          (i)    except as expressly permitted by this Indenture or any other
Basic Document, sell, transfer, exchange or otherwise dispose of any of the
properties or assets of the Issuer, including those included in the Indenture
Trust Estate, unless directed to do so by the Indenture Trustee;

          (ii)   claim any credit on, or make any deduction from the principal
or interest payable in respect of, the Notes (other than amounts properly
withheld from such payments under the Code or applicable state law) or assert
any claim against any present or former Noteholder by reason of the payment of
the taxes levied or assessed upon any part of the Indenture Trust Estate;

          (iii)  (A) permit the validity or effectiveness of this Indenture to
be impaired, or permit the lien of this Indenture to be amended, hypothecated,
subordinated, terminated or discharged, or permit any Person to be released from
any covenants or obligations with respect to the Notes under this Indenture
except as may be expressly permitted hereby, (B) permit any lien, charge,
excise, claim, security interest, mortgage or other encumbrance (other than the
lien of this Indenture) to be created on or extend to or otherwise arise upon or
burden the Indenture Trust Estate or any part thereof or any interest therein or
the proceeds thereof (other than tax liens and other liens that arise by
operation of law, and other than as expressly permitted by the Basic Documents)
or (C) permit the lien of this Indenture not to constitute a valid first
priority (other than with respect to any such tax or other lien) security
interest in the Indenture Trust Estate; or

<PAGE>

                                      20

          (iv)   enter into any amendment to a Swap Agreement requested by the
applicable Swap Counterparty to cure any ambiguity in, or to correct or
supplement any provision of that Swap Agreement, except where the Issuer has
received the consent of the Indenture Trustee so long as the Issuer has
determined, and the Indenture Trustee has agreed in writing at the written
direction of the Issuer, that the amendment will not materially adversely affect
the interests of the Noteholders and provided that the Indenture Trustee has
provided reasonable notice to the Rating Agencies of such amendment.

          SECTION 3.9  Annual Statement as to Compliance.  The Issuer will
                       ---------------------------------
deliver to the Indenture Trustee and each Rating Agency, within 120 days after
the end of each fiscal year of the Issuer (commencing with the fiscal year
2000), an Officers' Certificate of the Issuer stating that:

          (i)    a review of the activities of the Issuer during such year and
of performance under this Indenture has been made under such Authorized
Officers' supervision; and

          (ii)   to the best of such Authorized Officers' knowledge, based on
such review, the Issuer has complied with all conditions and covenants under
this Indenture throughout such year, or, if there has been a default in the
compliance of any such condition or covenant, specifying each such default known
to such Authorized Officers and the nature and status thereof.

          SECTION 3.10 Issuer May Consolidate, etc., Only on Certain Terms.
                       ---------------------------------------------------

     (a)  The Issuer shall not consolidate or merge with or into any other
Person, unless:

          (i)    the Person (if other than the Issuer) formed by or surviving
such consolidation or merger shall be a Person organized and existing under the
laws of the United States of America or any State and shall expressly assume, by
an indenture supplemental hereto, executed and delivered to the Indenture
Trustee, in form satisfactory to the Indenture Trustee, the due and punctual
payment of the principal of, and interest, if any, on all Notes and the
performance or observance of every agreement and covenant of this Indenture on
the part of the Issuer to be performed or observed, all as provided herein;
<PAGE>

                                      21

          (ii)  immediately after giving effect to such transaction, no Default
shall have occurred and be continuing;

          (iii) the Rating Agency Condition shall have been satisfied with
respect to such transaction;

          (iv)  the Issuer shall have received an Opinion of Counsel (and shall
have delivered copies thereof to the Indenture Trustee) to the effect that such
transaction will not have any material adverse Federal or Delaware state tax
consequence to the Issuer or any Noteholder;

          (v)   any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

          (vi)  the Issuer shall have delivered to the Indenture Trustee an
Officers' Certificate of the Issuer and an Opinion of Counsel each stating that
such consolidation or merger and such supplemental indenture comply with this
Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the
Exchange Act).

     (b)  The Issuer shall not convey or transfer all or substantially all its
properties or assets, including those included in the Indenture Trust Estate, to
any Person, unless:

          (i)   the Person that acquires by conveyance or transfer the
properties and assets of the Issuer the conveyance or transfer of which is
hereby restricted shall (A) be a United States citizen or a Person organized and
existing under the laws of the United States of America or any State, (B)
expressly assume, by an indenture supplemental hereto, executed and delivered to
the Indenture Trustee, in form satisfactory to the Indenture Trustee, the due
and punctual payment of the principal of, and interest, if any, on all Notes and
the performance or observance of every agreement and covenant of this Indenture
on the part of the Issuer to be performed or observed, all as provided herein,
(C) expressly agree by means of such supplemental indenture that all right,
title and interest so conveyed or transferred shall be subject and subordinate
to the rights of Noteholders, (D) unless otherwise provided in such supplemental
indenture, expressly agree to indemnify, defend and hold harmless the Issuer
against and from any loss, liability or expense arising under or related to this
Indenture and the Notes and (E) expressly agree by means of such supplemental
indenture that such Person (or if a group of Persons, then one specified
<PAGE>

                                      22

Person) shall make all filings with the Commission (and any other appropriate
Person) required by the Exchange Act in connection with the Notes;

          (ii)    immediately after giving effect to such transaction, no
Default shall have occurred and be continuing;

          (iii)   the Rating Agency Condition shall have been satisfied with
respect to such transaction;

          (iv)    the Issuer shall have received an Opinion of Counsel (and
shall have delivered copies thereof to the Indenture Trustee) to the effect that
such transaction will not have any material adverse Federal or Delaware state
tax consequence to the Issuer or any Noteholder;

          (v)     any action as is necessary to maintain the lien and security
interest created by this Indenture shall have been taken; and

          (vi)    the Issuer shall have delivered to the Indenture Trustee an
Officers' Certificate of the Issuer and an Opinion of Counsel each stating that
such conveyance or transfer and such supplemental indenture comply with this
Article III and that all conditions precedent herein provided for relating to
such transaction have been complied with (including any filing required by the
Exchange Act).

          SECTION 3.11  Successor or Transferee.  (a)  Upon any consolidation or
                        -----------------------
merger of the Issuer in accordance with Section 3.10(a), the Person formed by or
surviving such consolidation or merger (if other than the Issuer) shall succeed
to, and be substituted for, and may exercise every right and power of, the
Issuer under this Indenture with the same effect as if such Person had been
named as the Issuer herein.

     (b)  Upon a conveyance or transfer of all the assets and properties of the
Issuer pursuant to Section 3.10(b), SLM Student Loan Trust 2000-3 will be
released from every covenant and agreement of this Indenture to be observed or
performed on the part of the Issuer with respect to the Notes immediately upon
the delivery by the Issuer of written notice to the Indenture Trustee stating
that SLM Student Loan Trust 2000-3 is to be so released.

          SECTION 3.12  No Other Business.  The Issuer shall not engage in any
                        -----------------
business other than financing, purchasing, owning, selling and managing the
<PAGE>

                                      23

Trust Student Loans in the manner contemplated by this Indenture and the other
Basic Documents and activities incidental thereto.

          SECTION 3.13  No Borrowing.  The Issuer shall not issue, incur,
                        ------------
assume, guarantee or otherwise become liable, directly or indirectly, for any
indebtedness except for the Notes.

          SECTION 3.14  Obligations of Servicer and Administrator.  The Issuer
                        -----------------------------------------
shall cause the Servicer to comply with Sections 3.1, 3.2 and 3.3 of the
Administration Agreement and Section 3.7 of the Servicing Agreement and the
Administrator to comply with Sections 2.9, 3.1, 3.2 and 3.3 of the
Administration Agreement.

          SECTION 3.15  Guarantees, Loans, Advances and Other Liabilities.
                        -------------------------------------------------
Except as contemplated by this Indenture and the other Basic Documents, the
Issuer shall not make any loan or advance or credit to, or guarantee (directly
or indirectly or by an instrument having the effect of assuring another's
payment or performance on any obligation or capability of so doing or
otherwise), endorse or otherwise become contingently liable, directly or
indirectly, in connection with the obligations, stocks or dividends of, or own,
purchase, repurchase or acquire (or agree contingently to do so) any stock,
obligations, assets or securities of, or any other interest in, or make any
capital contribution to, any other Person.

          SECTION 3.16  Capital Expenditures.  The Issuer shall not make any
                        --------------------
expenditure (by long-term or operating lease or otherwise) for capital assets
(either realty or personalty).

          SECTION 3.17  Restricted Payments.  The Issuer shall not, directly or
                        -------------------
indirectly, (i) pay any dividend or make any distribution (by reduction of
capital or otherwise), whether in cash, property, securities or a combination
thereof, to the Eligible Lender Trustee or any owner of a beneficial interest in
the Issuer or otherwise with respect to any ownership or equity interest or
security in or of the Issuer or to the Servicer or the Administrator, (ii)
redeem, purchase, retire or otherwise acquire for value any such ownership or
equity interest or security or (iii) set aside or otherwise segregate any
amounts for any such purpose; provided, however, that the Issuer may make, or
                              --------  -------
cause to be made, distributions to the Servicer, the Eligible Lender Trustee,
the Indenture Trustee, the Noteholders, the Administrator and the Seller as
contemplated by, and to the extent funds are available for such purpose under,
this Indenture and the other Basic Documents.  The Issuer will not, directly or
indirectly, make
<PAGE>

                                      24

payments to or distributions from the Collection Account except in accordance
with this Indenture and the other Basic Documents.

          SECTION 3.18  Notice of Events of Default.  The Issuer shall give the
                        ---------------------------
Indenture Trustee and the Rating Agencies prompt written notice of each Event of
Default hereunder and each default on the part of the Seller of its obligations
under the Sale Agreement, the Student Loan Marketing Association of its
obligations under the Purchase Agreement, the Servicer of its obligations under
the Servicing Agreement, or the Administrator of its obligations under the
Administration Agreement.  In addition, the Issuer shall deliver to the
Indenture Trustee and each Rating Agency, within five days after the occurrence
thereof, written notice in the form of an Officers' Certificate of the Issuer of
any event which with the giving of notice and the lapse of time would become an
Event of Default under Section 5.1(iii), its status and what action the Issuer
is taking or proposes to take with respect thereto.

          SECTION 3.19  Further Instruments and Acts.  Upon request of the
                        ----------------------------
Indenture Trustee, the Issuer will execute and deliver such further instruments
and do such further acts as may be reasonably necessary or proper to carry out
more effectively the purpose of this Indenture.

                                  ARTICLE IV

                          Satisfaction and Discharge
                          --------------------------

          SECTION 4.1   Satisfaction and Discharge of Indenture.  This Indenture
                        ---------------------------------------
shall cease to be of further effect with respect to the Notes except as to (i)
rights of registration of transfer and exchange, (ii) substitution of mutilated,
destroyed, lost or stolen Notes, (iii) rights of Noteholders to receive payments
of principal thereof and interest thereon, (iv) Sections 3.3, 3.4, 3.5, 3.8,
3.10, 3.12 and 3.13, (v) the rights, obligations and immunities of the Indenture
Trustee hereunder (including, without limitation, the rights of the Indenture
Trustee under Section 6.7 and the obligations of the Indenture Trustee under
Section 4.2) and (vi) the rights of Noteholders as beneficiaries hereof with
respect to the property so deposited with the Indenture Trustee payable to all
or any of them, and the Indenture Trustee, on demand of and at the expense of
the Issuer, shall execute proper instruments acknowledging satisfaction and
discharge of this Indenture with respect to the Notes, when:

     (a)  either
<PAGE>

                                      25

          (1)  all Notes theretofore authenticated and delivered (other than (i)
Notes that have been destroyed, lost or stolen and that have been replaced or
paid as provided in Section 2.5 and (ii) Notes for whose payment money has
theretofore been deposited in trust or segregated and held in trust by the
Issuer and thereafter repaid to the Issuer or discharged from such trust, as
provided in Section 3.3) have been delivered to the Indenture Trustee for
cancellation; or

          (2)  all Notes not theretofore delivered to the Indenture Trustee for
cancellation

               (i)   have become due and payable,

               (ii)  will become due and payable at their respective Note Final
Maturity Date, within one year, or

               (iii) are to be called for redemption within one year under
arrangements satisfactory to the Indenture Trustee for the giving of notice of
redemption by the Indenture Trustee in the name, and at the expense, of the
Issuer, and the Issuer, in the case of (i), (ii) or (iii) above, has irrevocably
deposited or caused to be irrevocably deposited with the Indenture Trustee cash
or direct obligations of or obligations guaranteed by the United States of
America (which will mature prior to the date such amounts are payable), in trust
for such purpose, in an amount sufficient to pay and discharge the entire
indebtedness on such Notes not theretofore delivered to the Indenture Trustee
for cancellation when due to the Note Final Maturity Date;

     (b)  the Issuer has paid or caused to be paid all other sums payable
hereunder by the Issuer; and

     (c)  the Issuer has delivered to the Indenture Trustee an Officers'
Certificate of the Issuer, an Opinion of Counsel and (if required by the TIA or
the Indenture Trustee) an Independent Certificate from a firm of certified
public accountants, each meeting the applicable requirements of Section 11.1(a)
and, subject to Section 11.2, each stating that all conditions precedent herein
provided for relating to the satisfaction and discharge of this Indenture have
been complied with.

     SECTION 4.2  Application of Trust Money. All moneys deposited with the
                  --------------------------
Indenture Trustee pursuant to Section 4.1 hereof shall be held in trust and
applied by it, in accordance with the provisions of the Notes and this
Indenture, to the payment, either directly or through any Paying Agent, as the
Indenture Trustee may
<PAGE>

                                      26

determine, to the Noteholders of the particular Notes for the payment or
redemption of which such moneys have been deposited with the Indenture Trustee,
of all sums due and to become due thereon for principal and interest; but such
moneys need not be segregated from other funds except to the extent required
herein or in the Administration Agreement or required by law.

     SECTION 4.3  Repayment of Moneys Held by Paying Agent. In connection with
                  ----------------------------------------
the satisfaction and discharge of this Indenture with respect to the Notes, all
moneys then held by any Paying Agent other than the Indenture Trustee under the
provisions of this Indenture with respect to such Notes shall, upon demand of
the Issuer, be paid to the Indenture Trustee to be held and applied according to
Section 3.3 and thereupon such Paying Agent shall be released from all further
liability with respect to such moneys.

     SECTION 4.4  Auction of Trust Student Loans. Any Trust Student Loans
                  ------------------------------
remaining in the Trust as of the end of the Collection Period immediately
preceding the earliest Distribution Date on which the Pool Balance is equal to
10% or less of the initial Pool Balance three business days prior to such
Distribution Date (the "Trust Auction Date") shall be offered for sale by the
Indenture Trustee unless the Seller has exercised its option to purchase the
Trust Estate as described in Section 6.1A of the Administration Agreement with
respect to such Distribution Date. The Seller will be deemed to have waived such
option if it fails to notify the Eligible Lender Trustee and the Indenture
Trustee of its exercise thereof in writing prior to the Indenture Trustee's
acceptance of a bid to purchase such Trust Student Loans; provided, however,
that there shall be no such offer for sale if the Indenture Trustee fails to
provide notice to the Seller in accordance with this Section 4.4. The Indenture
Trustee shall provide written notice to the Seller of any such offer for sale at
least 5 business days in advance of the Trust Auction Date. The Indenture
Trustee shall permit the Seller or any of its Affiliates to offer bids only if
the Pool Balance as of the applicable Trust Auction Date is equal to 10% or less
of the Initial Pool Balance. If at least two bids are received, the Indenture
Trustee shall solicit and resolicit new bids from all participating bidders
until only one bid remains or the remaining bidders decline to resubmit bids.
The Indenture Trustee shall accept the highest of such remaining bids if it is
equal to or in excess of both the Minimum Purchase Amount and the fair market
value of such Trust Student Loans as of the end of the Collection Period
immediately preceding the Trust Auction Date. If at least two bids are not
received or the highest bid after the resolicitation process is completed is not
equal to or in excess of the higher of the Minimum Purchase Amount and the fair
market value of the Trust Student Loans, the Indenture Trustee shall not
consummate such sale.
<PAGE>

                                      27

The Indenture Trustee may consult, and, at the direction of the Seller, shall
consult, with a financial advisor, including an underwriter of the Notes or the
Administrator, to determine if the fair market value of the Trust Student Loans
has been offered. The proceeds of any such sale will be applied in the order of
priority set forth in Section 5.4 (b). If the sale is not consummated in
accordance with the foregoing, the Indenture Trustee may, but shall not be under
any obligation to, solicit bids for sale of the Trust Student Loans with respect
to future Distribution Dates upon terms similar to those described above,
including the Seller's waiver of its option to purchase the Trust Estate in
accordance with Section 6.1A of the Administration Agreement with respect to
each such future Distribution Date.

                                   ARTICLE V

                                   Remedies
                                   --------

     SECTION 5.1  Events of Default. "Event of Default," wherever used herein,
                  -----------------
means any one of the following events (whatever the reason for such Event of
Default and whether it shall be voluntary or involuntary or be effected by
operation of law or pursuant to any judgment, decree or order of any court or
any order, rule or regulation of any administrative or governmental body):

     (i)   default in the payment of any interest on any Note when the same
becomes due and payable, and such default shall continue for a period of five
days; or

     (ii)  default in the payment of the principal of any Note when the same
becomes due and payable on the related Note Final Maturity Date; or

     (iii) default in the observance or performance of any covenant or agreement
of the Issuer made in this Indenture (other than a covenant or agreement, a
default in the observance or performance of which is elsewhere in this Section
specifically dealt with), or any representation or warranty of the Issuer made
in this Indenture or in any certificate or other writing having been incorrect
in any material respect as of the time when made, such default or breach having
a material adverse effect on the holders of the Notes, and such default or
breach shall continue or not be cured, or the circumstance or condition in
respect of which such misrepresentation or warranty was incorrect shall not have
been eliminated or otherwise cured, for a period of 30 days after there shall
have been given, by registered or certified mail, to the Issuer by the Indenture
Trustee or to the Issuer and the Indenture Trustee by the
<PAGE>

                                      28

Noteholders of at least 25% of the Outstanding Amount of the Notes, a written
notice specifying such default or incorrect representation or warranty and
requiring it to be remedied and stating that such notice is a notice of Default
hereunder; or

     (iv)  the filing of a decree or order for relief by a court having
jurisdiction in the premises in respect of the Issuer or any substantial part of
the Indenture Trust Estate in an involuntary case under any applicable Federal
or state bankruptcy, insolvency or other similar law now or hereafter in effect,
or appointing a receiver, liquidator, assignee, custodian, trustee, sequestrator
or similar official of the Issuer or for any substantial part of the Indenture
Trust Estate, or ordering the winding-up or liquidation of the Issuer's affairs,
and such decree or order shall remain unstayed and in effect for a period of 60
consecutive days; or

     (v)   the commencement by the Issuer of a voluntary case under any
applicable Federal or state bankruptcy, insolvency or other similar law now or
hereafter in effect, or the consent by the Issuer to the entry of an order for
relief in an involuntary case under any such law, or the consent by the Issuer
to the appointment or taking possession by a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official of the Issuer or for any
substantial part of the Indenture Trust Estate, or the making by the Issuer of
any general assignment for the benefit of creditors, or the failure by the
Issuer generally to pay its debts as such debts become due, or the taking of
action by the Issuer in furtherance of any of the foregoing.

     SECTION 5.2  Acceleration of Maturity; Rescission and Annulment. If an
                  --------------------------------------------------
Event of Default should occur and be continuing, then and in every such case the
Indenture Trustee or the Noteholders of Notes representing not less than a
majority of the Outstanding Amount of the Notes may declare all the Notes to be
immediately due and payable, by a notice in writing to the Issuer (and to the
Indenture Trustee if given by Noteholders), and upon any such declaration the
unpaid principal amount of such Notes, together with accrued and unpaid interest
thereon through the date of acceleration, shall become immediately due and
payable, subject, however, to the last paragraph of Section 2.7C of the
Administration Agreement and to Section 5.4 of this Indenture.

     At any time after such declaration of acceleration of maturity has been
made and before a judgment or decree for payment of the money due has been
obtained by the Indenture Trustee as hereinafter in this Article V provided, the
Noteholders of Notes representing a majority of the Outstanding Amount of the
<PAGE>

                                      29

Notes, by written notice to the Issuer and the Indenture Trustee, may rescind
and annul such declaration and its consequences if:

          (i)   the Issuer has paid or deposited with the Indenture Trustee a
sum sufficient to pay:

     (a)  all payments of principal of and interest on all Notes and all other
amounts that would then be due hereunder or upon such Notes if the Event of
Default giving rise to such acceleration had not occurred; and

     (b)  all sums paid or advanced by the Indenture Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel; and

          (ii)  all Events of Default, other than the nonpayment of the
principal of the Notes that has become due solely by such acceleration, have
been cured or waived as provided in Section 5.12.

          No such rescission shall affect any subsequent default or impair any
right consequent thereto.

          SECTION 5.3 Collection of Indebtedness and Suits for Enforcement by
          -------------------------------------------------------------------
Indenture Trustee. The Issuer covenants that if (i) default is made in the
-----------------
payment of any interest on any Note when the same becomes due and payable, and
such default continues for a period of five days, or (ii) default is made in the
payment of the principal of any Note when the same becomes due and payable at
the related Note Final Maturity Date, the Issuer shall, upon demand of the
Indenture Trustee, pay to it, for the benefit of the Noteholders, the whole
amount then due and payable on such Notes for principal and interest, with
interest upon the overdue principal, and, to the extent payment at such rate of
interest shall be legally enforceable, upon overdue installments of interest, at
the rate specified in Section 2.7 and in addition thereto such further amount as
shall be sufficient to cover the costs and expenses of collection, including the
reasonable compensation, expenses, disbursements and advances of the Indenture
Trustee and its agents and counsel.

     (a)  In case the Issuer shall fail forthwith to pay such amounts upon such
demand, the Indenture Trustee, in its own name and as trustee of an express
trust, may institute a Proceeding for the collection of the sums so due and
unpaid, and may prosecute such Proceeding to judgment or final decree, and may
enforce the same
<PAGE>

                                      30

against the Issuer or other obligor upon such Notes and collect in the manner
provided by law out of the property of the Issuer or other obligor upon such
Notes, wherever situated, the moneys adjudged or decreed to be payable.

     (b)  If an Event of Default occurs and is continuing, the Indenture Trustee
may, as more particularly provided in Section 5.4, in its discretion, proceed to
protect and enforce its rights and the rights of the Noteholders, by such
appropriate Proceedings as the Indenture Trustee shall deem most effective to
protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power
granted herein, or to enforce any other proper remedy or legal or equitable
right vested in the Indenture Trustee by this Indenture or by law.

     (c)  In case there shall be pending, relative to the Issuer or any other
obligor upon the Notes or any Person having or claiming an ownership interest in
the Indenture Trust Estate, Proceedings under Title 11 of the United States Code
or any other applicable Federal or state bankruptcy, insolvency or other similar
law, or in case a receiver, assignee or trustee in bankruptcy or reorganization,
liquidator, sequestrator or similar official shall have been appointed for or
taken possession of the Issuer or its property or such other obligor or Person,
or in case of any other, comparable judicial Proceedings relative to the Issuer
or other obligor upon the Notes, or to the creditors or property of the Issuer
or such other obligor, the Indenture Trustee, irrespective of whether the
principal of any Notes shall then be due and payable, as therein expressed or by
declaration or otherwise and irrespective of whether the Indenture Trustee shall
have made any demand pursuant to the provisions of this Section, shall be
entitled and empowered, by intervention in such proceedings or otherwise:

          (i)  to file and prove a claim or claims for the whole amount of
principal and interest owing and unpaid in respect of the Notes and to file such
other papers or documents as may be necessary or advisable in order to have the
claims of the Indenture Trustee (including any claim for reasonable compensation
to the Indenture Trustee and each predecessor Indenture Trustee, and their
respective agents, attorneys and counsel, and for reimbursement of all expenses
and liabilities incurred, and all advances made, by the Indenture Trustee and
each predecessor Indenture Trustee, except as a result of negligence or bad
faith) and of the Noteholders allowed in such Proceedings;
<PAGE>

                                      31

          (ii)  unless prohibited by applicable law and regulations, to vote on
behalf of the Noteholders in any election of a trustee, a standby trustee or
Person performing similar functions in any such Proceedings;

          (iii) to collect and receive any moneys or other property payable or
deliverable on any such claims and to distribute all amounts received with
respect to the claims of the Noteholders and of the Indenture Trustee on their
behalf; and

          (iv)  to file such proofs of claim and other papers or documents as
may be necessary or advisable in order to have the claims of the Indenture
Trustee or the Noteholders allowed in any judicial proceedings relative to the
Issuer, its creditors and its property;

          and any trustee, receiver, liquidator, custodian or other similar
official in any such Proceeding is hereby authorized by each of such Noteholders
to make payments to the Indenture Trustee, and, in the event that the Indenture
Trustee shall consent to the making of payments directly to such Noteholders, to
pay to the Indenture Trustee such amounts as shall be sufficient to cover
reasonable compensation to the Indenture Trustee, each predecessor Indenture
Trustee and their respective agents, attorneys and counsel, and all other
expenses and liabilities incurred, and all advances made, by the Indenture
Trustee and each predecessor Indenture Trustee except as a result of negligence
or bad faith.

          (d)  Nothing herein contained shall be deemed to authorize the
Indenture Trustee to authorize or consent to or vote for or accept or adopt on
behalf of any Noteholder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Noteholder thereof or to
authorize the Indenture Trustee to vote in respect of the claim of any
Noteholder in any such proceeding except, as aforesaid, to vote for the election
of a trustee in bankruptcy or similar Person.

          (e)  All rights of action and of asserting claims under this
Indenture, or under any of the Notes, may be enforced by the Indenture Trustee
without the possession of any of the Notes or the production thereof in any
trial or other Proceedings relative thereto, and any such action or Proceedings
instituted by the Indenture Trustee shall be brought in its own name as trustee
of an express trust, and any recovery of judgment, subject to the payment of the
expenses, disbursements and compensation of the Indenture Trustee, each
predecessor Indenture Trustee and their respective agents and attorneys, shall
be for the ratable benefit of the Noteholders.
<PAGE>

                                      32

     (f)  In any Proceedings brought by the Indenture Trustee (and also any
Proceedings involving the interpretation of any provision of this Indenture to
which the Indenture Trustee shall be a party), the Indenture Trustee shall be
held to represent all the Noteholders, and it shall not be necessary to make any
Noteholder a party to any such Proceedings.

          SECTION 5.4  Remedies; Priorities. If an Event of Default shall have
                       --------------------
occurred and be continuing, the Indenture Trustee may do one or more of the
following (subject to Section 5.5):

     (a)  (i)   institute Proceedings in its own name and as trustee of an
express trust for the collection of all amounts then payable on the Notes or
under this Indenture with respect thereto, whether by declaration or otherwise,
enforce any judgment obtained, and collect from the Issuer and any other obligor
upon such Notes moneys adjudged due;

          (ii)  institute Proceedings from time to time for the complete or
partial foreclosure of this Indenture, with respect to the Indenture Trust
Estate;

          (iii) exercise any remedies of a secured party under the UCC with
respect to the Trust Estate and take any other appropriate action to protect and
enforce the rights and remedies of the Indenture Trustee and the Noteholders;

          (iv)  sell the Indenture Trust Estate or any portion thereof or rights
or interest therein, at one or more public or private sales called and conducted
in any manner permitted by law; and/or

          (v)  elect to have the Eligible Lender Trustee maintain ownership of
the Trust Student Loans and continue to apply collections with respect to the
Trust Student Loans as if there had been no declaration of acceleration.

provided, however, that the Indenture Trustee may not sell or otherwise
--------  -------
liquidate the Indenture Trust Estate following an Event of Default, other than
an Event of Default described in Section 5.1(i) or (ii) with respect to the
Class A Notes, unless (A) the Noteholders of 100% of the Outstanding Amount of
the Class A Notes consent thereto, (B) the proceeds of such sale or liquidation
distributable to the Class A Noteholders are sufficient to discharge in full all
amounts then due and unpaid upon such Class A Notes for principal and interest
or (C) the Indenture Trustee determines
<PAGE>

                                      33

that the Indenture Trust Estate will not continue to provide sufficient funds
for the payment of principal of and interest on the Class A Notes as they would
have become due if the Class A Notes had not been declared due and payable, and
the Indenture Trustee obtains the consent of Noteholders of 66-2/3% of the
Outstanding Amount of the Class A Notes; provided, further, that the Indenture
                                         --------  -------
Trustee may not sell or otherwise liquidate the Indenture Trust Estate following
an Event of Default, other than an Event of Default described in Section 5.1(i)
or (ii) with respect to the Class A Notes, unless (D) the proceeds of such sale
or liquidation distributable to the Class B Noteholders plus the proceeds of the
                                                        ----
sale or liquidation of the Trust Estate distributable to the Class B Noteholders
are sufficient to pay to the Class B Noteholders the outstanding principal plus
accrued and unpaid interest thereon or (E) after receipt of notice from the
Eligible Lender Trustee that the proceeds of such sale or liquidation
distributable to the Class B Noteholders plus the proceeds of the sale or
                                         ----
liquidation of the Trust Estate distributable to the Class B Noteholders would
not be sufficient to pay to the Class B Noteholders the outstanding principal
plus accrued and unpaid interest thereon, the Class B Noteholders of at least a
majority of the principal amount of the Class B Notes consent thereto. In
determining such sufficiency or insufficiency with respect to clauses (B), (C),
(D) and (E), the Indenture Trustee may, but need not, obtain and rely upon an
opinion of an Independent investment banking or accounting firm of national
reputation as to the feasibility of such proposed action and as to the
sufficiency of the Indenture Trust Estate and/or Trust Estate, as applicable,
for such purpose.

     (b)  If the Indenture Trustee collects any money or property pursuant to
this Article V, it shall pay out the money or property in the following order:

          FIRST: to the Indenture Trustee for amounts due under Section 6.7;

          SECOND: to the Servicer for due and unpaid Primary Servicing Fees;

          THIRD: to the applicable Swap Counterparties, in proportion to their
respective entitlements under the applicable Swap Agreements without preference
or priority, for any due and unpaid Swap Fees;

          FOURTH: to the Class A Noteholders for amounts due and unpaid on the
Class A Notes for interest, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Class A Notes for such interest;

          FIFTH: to Class A Noteholders for amounts due and unpaid on the Class
A
<PAGE>

                                      34

Notes for principal, ratably, without preference or priority of any kind,
according to the amounts due and payable on the Notes for principal;

          SIXTH: to the Class B Noteholders for amounts due and unpaid on the
Class B Notes for interest,

          SEVENTH: to the Class B Noteholders for amounts due and unpaid on the
Class B Notes for principal, ratably without preference or priority of any kind,
according to the amounts due and payable on the Class B Notes for principal;

          EIGHTH: to the applicable Swap Counterparties, in proportion to the
respective entitlements under the applicable Swap Agreements without preference
or priority, for any due and unpaid Floating Rate Payments (as defined in the
Swap Agreements);

          NINTH: to the Servicer, for any unpaid Carryover Servicing Fees; and

          TENTH: to the Issuer, for distribution in accordance with the terms of
the Administration Agreement and the Trust Agreement.

          The Indenture Trustee may fix a record date and payment date for any
payment to Noteholders pursuant to this Section. At least 15 days before such
record date, the Indenture Trustee shall mail to each Noteholder and the Issuer
a notice that states the record date, the payment date and the amount to be
paid.

          SECTION 5.5  Optional Preservation of the Trust Student Loans. If the
                       ------------------------------------------------
Notes have been declared to be due and payable under Section 5.2 following an
Event of Default and such declaration and its consequences have not been
rescinded and annulled, the Indenture Trustee may, but need not, elect to
maintain possession of the Indenture Trust Estate. It is the desire of the
parties hereto and the Noteholders that there be at all times sufficient funds
for the payment of principal of and interest on the Notes, and the Indenture
Trustee shall take such desire into account when determining whether or not to
maintain possession of the Indenture Trust Estate. In determining whether to
maintain possession of the Indenture Trust Estate, the Indenture Trustee may,
but need not, obtain and rely upon an opinion of an Independent investment
banking or accounting firm of national reputation as to the
<PAGE>

                                      35

feasibility of such proposed action and as to the sufficiency of the Indenture
Trust Estate for such purpose.

          SECTION 5.6  Limitation of Suits. No Noteholder shall have any right
                       -------------------
to institute any Proceeding, judicial or otherwise, with respect to this
Indenture, or for the appointment of a receiver or trustee, or for any other
remedy hereunder, unless:

          (i)   such Noteholder has previously given written notice to the
Indenture Trustee of a continuing Event of Default;

          (ii)  the Noteholders of not less than 25% of the Outstanding Amount
of the Notes have made written request to the Indenture Trustee to institute
such Proceeding in respect of such Event of Default in its own name as Indenture
Trustee hereunder;

          (iii) such Noteholder or Noteholders have offered to the Indenture
Trustee reasonable indemnity against the costs, expenses and liabilities to be
incurred in complying with such request;

          (iv)  the Indenture Trustee for 60 days after its receipt of such
notice, request and offer of indemnity has failed to institute such Proceeding;
and

          (v)   no direction inconsistent with such written request has been
given to the Indenture Trustee during such 60-day period by the Noteholders of a
majority of the Outstanding Amount of the Notes;

          it being understood and intended that no one or more Noteholders shall
have any right in any manner whatever by virtue of, or by availing of, any
provision of this indenture to affect, disturb or prejudice the rights of any
other Noteholders or to obtain or to seek to obtain priority or preference over
any other Noteholders or to enforce any right under this Indenture, except in
the manner herein provided.

          In the event the Indenture Trustee shall receive conflicting or
inconsistent requests and indemnity from two or more groups of Noteholders, each
representing less than a majority of the Outstanding Amount of the Notes, the
Indenture Trustee in its sole discretion may determine what action, if any,
shall be taken, notwithstanding any other provisions of this Indenture.
<PAGE>

                                      36

  SECTION 5.7 Unconditional Rights of Noteholders To Receive Principal and
              ------------------------------------------------------------
Interest. Notwithstanding any other provisions in this Indenture, any Noteholder
--------
shall have the right, which is absolute and unconditional, to receive payment of
the principal of and interest on such Note on or after the respective due dates
thereof expressed in such Note or in this Indenture (or, in the case of
redemption, on or after the Redemption Date) and to institute suit for the
enforcement of any such payment, and such right shall not be impaired without
the consent of such Noteholder.

  SECTION 5.8 Restoration of Rights and Remedies. If the Indenture Trustee or
              ----------------------------------
any Noteholder has instituted any Proceeding to enforce any right or remedy
under this Indenture and such Proceeding has been discontinued or abandoned for
any reason or has been determined adversely to the Indenture Trustee or to such
Noteholder, then and in every such case the Issuer, the Indenture Trustee and
the Noteholders shall, subject to any determination in such Proceeding, be
restored severally and respectively to their former positions hereunder, and
thereafter all rights and remedies of the Indenture Trustee and the Noteholders
shall continue as though no such Proceeding had been instituted.

  SECTION 5.9 Rights and Remedies Cumulative. No right or remedy herein
              ------------------------------
conferred upon or reserved to the Indenture Trustee or to the Noteholders is
intended to be exclusive of any other right or remedy, and every right and
remedy shall, to the extent permitted by law, be cumulative and in addition to
every other right and remedy given hereunder or now or hereafter existing at law
or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or
employment of any other appropriate right or remedy.

  SECTION 5.10 Delay or Omission Not a Waiver. No delay or omission of the
               ------------------------------
Indenture Trustee or any Noteholder to exercise any right or remedy accruing
upon any Default shall impair any such right or remedy or constitute a waiver of
any such Default or an acquiescence therein. Every right and remedy given by
this Article V or by law to the Indenture Trustee or to the Noteholders may be
exercised from time to time, and as often as may be deemed expedient, by the
Indenture Trustee or by the Noteholders, as the case may be.

  SECTION 5.11 Control by Noteholders. The Noteholders of a majority of the
               ----------------------
Outstanding Amount of the Notes shall have the right to direct the time, method
and place of conducting any Proceeding for any remedy available to the
<PAGE>

                                      37

Indenture Trustee with respect to the Notes or exercising any trust or power
conferred on the Indenture Trustee; provided that
                                    -------

          (i)    such direction shall not be in conflict with any rule of law or
with this Indenture;

          (ii)   subject to the express terms of Section 5.4, any direction to
the Indenture Trustee to sell or liquidate the Indenture Trust Estate shall be
by the Noteholders of not less than 100% of the Outstanding Amount of the Notes;

          (iii)  if the conditions set forth in Section 5.5 have been satisfied
and the Indenture Trustee elects to retain the Indenture Trust Estate pursuant
to such Section, then any direction to the Indenture Trustee by Noteholders of
less than 100% of the Outstanding Amount of the Notes to sell or liquidate the
Indenture Trust Estate shall be of no force and effect; and

          (iv)   the Indenture Trustee may take any other action deemed proper
by the Indenture Trustee that is not inconsistent with such direction; provided,
                                                                       --------
however, that, subject to Section 6.1, the Indenture Trustee need not take any
-------
action that it determines might involve it in liability or might materially
adversely affect the rights of any Noteholders not consenting to such action.

          SECTION 5.12  Waiver of Past Defaults. Prior to the time a judgment or
                        -----------------------
decree for payment of money due has been obtained as described in Section 5.2,
the Noteholders of not less than a majority of the Outstanding Amount of the
Notes may waive any past Default and its consequences except a Default (a) in
payment when due of principal of or interest on any of the Notes or (b) in
respect of a covenant or provision hereof which cannot be modified or amended
without the consent of each Noteholder. In the case of any such waiver, the
Issuer, the Indenture Trustee and the Noteholders shall be restored to their
former positions and rights hereunder, respectively; but no such waiver shall
extend to any subsequent or other Default or impair any right consequent
thereto.

        Upon any such waiver, such Default shall cease to exist and be deemed
to have been cured and not to have occurred for every purpose of this Indenture;
but no such waiver shall extend to any subsequent or other Default or impair any
right consequent thereto.
<PAGE>

                                      38

  SECTION 5.13 Undertaking for Costs. All parties to this Indenture agree, and
               ---------------------
each Noteholder by such Noteholder's acceptance of any Note shall be deemed to
have agreed, that any court may in its discretion require, in any suit for the
enforcement of any right or remedy under this Indenture, or in any suit against
the Indenture Trustee for any action taken, suffered or omitted by it as
Indenture Trustee, the filing by any party litigant in such suit of an
undertaking to pay the costs of such suit, and that such court may in its
discretion assess reasonable costs, including reasonable attorneys' fees,
against any party litigant in such suit, having due regard to the merits and
good faith of the claims or defenses made by such party litigant; but the
provisions of this Section shall not apply to (a) any suit instituted by the
Indenture Trustee, (b) any suit instituted by any Noteholder, or group of
Noteholders, in each case holding in the aggregate more than 10% of the
Outstanding Amount of the Notes or (c) any suit Instituted by any Noteholder for
the enforcement of the payment of principal of or interest on any Note on or
after the respective due dates expressed in such Note and in this Indenture (or,
in the case of redemption, on or after the Redemption Date).

  SECTION 5.14 Waiver of Stay or Extension Laws. The Issuer covenants (to the
               --------------------------------
extent that it may lawfully do so) that it will not at any time insist upon, or
plead or in any manner whatsoever, claim or take the benefit or advantage of,
any stay or extension law wherever enacted, now or at any time hereafter in
force, that may affect the covenants or the performance of this Indenture; and
the Issuer (to the extent that it may lawfully do so) hereby expressly waives
all benefit or advantage of any such law, and covenants that it will not hinder,
delay or impede the execution of any power herein granted to the Indenture
Trustee, but will suffer and permit the execution of every such power as though
no such law had been enacted.

  SECTION 5.15 Action on Notes. The Indenture Trustee's right to seek and
               ---------------
recover judgment on the Notes or under this Indenture shall not be affected by
the seeking, obtaining or application of any other relief under or with respect
to this Indenture. Neither the lien of this Indenture nor any rights or remedies
of the Indenture Trustee or the Noteholders shall be impaired by the recovery of
any judgment by the Indenture Trustee against the Issuer or by the levy of any
execution under such judgment upon any portion of the Indenture Trust Estate or
upon any of the assets of the Issuer. Any money or property collected by the
Indenture Trustee shall be applied in accordance with Section 5.4(b).

  SECTION 5.16  Performance and Enforcement of Certain Obligations.
                --------------------------------------------------
<PAGE>

                                      39

          (a)  Promptly following a request from the Indenture Trustee to do so
     and at the Administrator's expense, the Issuer shall take all such lawful
     action as the Indenture Trustee may request to compel or secure the
     performance and observance by the Seller, the Student Loan Marketing
     Association, the Administrator and the Servicer, as applicable, of each of
     their obligations to the Issuer, whether directly or by assignment, under
     or in connection with the Sale Agreement, the Purchase Agreement, the
     Administration Agreement and the Servicing Agreement, respectively, in
     accordance with the terms thereof, and to exercise any and all rights,
     remedies, powers and privileges lawfully available to the Issuer under or
     in connection with the Sale Agreement, the Purchase Agreement, the
     Administration Agreement and the Servicing Agreement, as the case may be,
     to the extent and in the manner directed by the Indenture Trustee,
     including the transmission of notices of default on the part of the Seller,
     the Student Loan Marketing Association, the Administrator or the Servicer
     thereunder and the institution of legal or administrative actions or
     proceedings to compel or secure performance by the Seller, the Student Loan
     Marketing Association, the Administrator or the Servicer of each of their
     obligations under the Sale Agreement, the Purchase Agreement, the
     Administration Agreement and the Servicing Agreement, respectively.

          (b)  If an Event of Default has occurred and is continuing, the
     Indenture Trustee may, and at the written direction of the Noteholders of
     66-2/3% of the Outstanding Amount of the Notes shall, exercise all rights,
     remedies, powers, privileges and claims of the Issuer against the Seller,
     the Student Loan Marketing Association, the Administrator or the Servicer
     under or in connection with the Sale Agreement, the Purchase Agreement, the
     Administration Agreement and the Servicing Agreement, respectively,
     including the right or power to take any action to compel or secure
     performance or observance by the Seller, the Student Loan Marketing
     Association, the Administrator or the Servicer of each of their obligations
     to the Issuer thereunder, whether directly or by assignment, and to give
     any consent, request, notice, direction, approval, extension or waiver
     under the Sale Agreement, the Purchase Agreement, the Administration
     Agreement and the Servicing Agreement, respectively, and any right of the
     Issuer to take such action shall be suspended.
<PAGE>

                                      40

                                  ARTICLE VI

                             The Indenture Trustee
                             ---------------------

          SECTION 6.1 Duties of Indenture Trustee. (a) If an Event of Default
                      ---------------------------
has occurred and is continuing, the Indenture Trustee shall exercise the rights
and powers vested in it by this Indenture and use the same degree of care and
skill in their exercise as a prudent person would exercise or use under the
circumstances in the conduct such person's own affairs.

     (b)  Except during the continuance of an Event of Default:

          (i)    the Indenture Trustee undertakes to perform such duties and
only such duties as are specifically set forth in this Indenture and no implied
covenants or obligations shall be read into this Indenture against the Indenture
Trustee; and

          (ii)   in the absence of bad faith on its part, the Indenture Trustee
may conclusively rely, as to the truth of the statements and the correctness of
the opinions expressed therein, upon certificates or opinions furnished to the
Indenture Trustee and conforming to the requirements of this Indenture;
provided, however, that the Indenture Trustee shall examine the certificates and
--------  -------
opinions to determine whether or not they conform to the requirements of this
Indenture.

     (c)  The Indenture Trustee may not be relieved from liability for its own
negligent action, its own negligent failure to act or its own willful
misconduct, except that:

          (i)   this paragraph does not limit the effect of paragraph (b) of
this Section;

          (ii)   the Indenture Trustee shall not be liable for any error of
judgment made in good faith by a Responsible Officer unless it is proved that
the Indenture Trustee was negligent in ascertaining the pertinent facts; and

          (iii)  the Indenture Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction
received by it pursuant to Section 5.11.
<PAGE>

                                      41

     (d)  The Indenture Trustee shall not be liable for interest on any money
received by it except as the Indenture Trustee may agree in writing with the
Issuer.

     (e)  Money held in trust by the Indenture Trustee need not be segregated
from other funds except to the extent required by law or the terms of this
Indenture or the other Basic Documents.

     (f)  No provision of this Indenture shall require the Indenture Trustee to
expend or risk its own funds or otherwise incur financial liability in the
performance of any of its duties hereunder or in the exercise of any of its
rights or powers, if it shall have reasonable grounds to believe that repayments
of such funds or adequate indemnity satisfactory to it against any loss,
liability or expense is not reasonably assured to it.

     (g)  Except as expressly provided in the Basic Documents, the Indenture
Trustee shall have no obligation to administer, service or collect the Trust
Student Loans or to maintain, monitor or otherwise supervise the administration,
servicing or collection of the Trust Student Loans.

     (h)  In the event that the Indenture Trustee is the Paying Agent or the
Note Registrar, the rights and protections afforded to the Indenture Trustee
pursuant to this Indenture shall also be afforded to the Indenture Trustee in
its capacity as Paying Agent or Note Registrar.

          (i)  Every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Indenture Trustee
shall be subject to the provisions of this Section and to the provisions of the
TIA.

          SECTION 6.2 Rights of Indenture Trustee. The Indenture Trustee may
                      ---------------------------
rely on any document believed by it to be genuine and to have been signed or
presented by the proper Person. The Indenture Trustee need not investigate any
fact or matter stated in such document.

     (b)  Before the Indenture Trustee acts or refrains from acting, it may
require and shall be entitled to receive an Officers' Certificate of the Issuer
and/or an Opinion of Counsel. The Indenture Trustee shall not be liable for any
action it takes or omits to take in good faith in reliance on such Officers'
Certificate or Opinion of Counsel.
<PAGE>

                                      42

     (c)  The Indenture Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through
agents or attorneys or a custodian or nominee, and the Indenture Trustee shall
not be responsible for any misconduct or negligence on the part of, or for the
supervision of, any such agent, attorney, custodian or nominee appointed with
due care by it hereunder.

     (d)  The Indenture Trustee shall not be liable for any action it takes or
omits to take in good faith which it believes to be authorized or within its
rights or powers; provided, however, that the Indenture Trustee's conduct does
                  --------  -------
not constitute willful misconduct, negligence or bad faith.

     (e)  The Indenture Trustee may consult with counsel, and the advice or
opinion of counsel with respect to legal matters relating to this Indenture and
the Notes shall be full and complete authorization and protection from liability
in respect to any action taken, omitted or suffered by it hereunder in good
faith and in accordance with the advice or opinion of such counsel.

          SECTION 6.3 Individual Rights of Indenture Trustee. The Indenture
                      --------------------------------------
Trustee in its individual or any other capacity may become the owner or pledgee
of Notes and may otherwise deal with the Issuer or its Affiliates with the same
rights it would have if it were not Indenture Trustee. Any Paying Agent, Note
Registrar, co-registrar or co-paying agent may do the same with like rights.
However, the Indenture Trustee must comply with Sections 6.11 and 6.12.

          SECTION 6.4 Indenture Trustee's Disclaimer. The Indenture Trustee
                      ------------------------------
shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture or the Notes, it shall not be accountable for the
Issuer's use of the proceeds from the Notes, and it shall not be responsible for
any statement of the Issuer in the Indenture or in any document issued in
connection with the sale of the Notes or in the Notes other than the Indenture
Trustee's certificate of authentication.

          SECTION 6.5 Notice of Defaults; Seller Insolvency. (a) If a Default
                      -------------------------------------
occurs and is continuing and if it is either actually known or written notice of
the existence thereof has been delivered to a Responsible Officer of the
Indenture Trustee, the Indenture Trustee shall mail notice of the Default to
each Noteholder within 90 days and to each Rating Agency as soon as practicable
within 30 days after it occurs. Except in the case of a Default in payment of
principal of or interest on any
<PAGE>

                                      43

Note (including payments pursuant to the mandatory redemption provisions of such
Note), the Indenture Trustee may withhold the notice if and so long as a
committee of its Responsible Officers in good faith determines that withholding
the notice is in the interests of Noteholders. Except as provided in the first
sentence of this Section 6.5(a), in no event shall the Indenture Trustee be
deemed to have knowledge of a Default or an Event of Default.

     (b)  If the Indenture Trustee receives notice from the Eligible Lender
Trustee of the occurrence of an Insolvency Event with respect to the Seller
pursuant to Section 9.2 of the Trust Agreement, the Indenture Trustee shall give
prompt written notice to the Noteholders of the occurrence of such event and of
the effect of such event under such Section 9.2. Upon termination of the Trust
pursuant to such Section 9.2, the Indenture Trustee shall, if so directed by the
Eligible Lender Trustee, sell the Trust Estate (other than the Trust Accounts)
in a commercially reasonable manner and on commercially reasonable terms. The
proceeds of any such sale shall be treated as collections under the
Administration Agreement.

          SECTION 6.6  Reports by Indenture Trustee to Noteholders. The
                       -------------------------------------------
Indenture Trustee shall deliver to each Noteholder (and to each Person who was a
Noteholder at any time during the applicable calendar year) such information as
may be required to enable such holder to prepare its Federal and state income
tax returns. Within 60 days after each December 31 beginning with the December
31 following the date of this Indenture, the Indenture Trustee shall mail to
each Noteholder a brief report as of such December 31 that complies with TIA (S)
313(a) if required by said section. The Indenture Trustee shall also comply with
TIA (S) 313(b). A copy of each such report required pursuant to TIA (S) 313(a)
or (b) shall, at the time of such transaction to Noteholders, be filed by the
Indenture Trustee with the Commission and with each securities exchange, if any,
upon which the Notes are listed, provided that the Issuer has previously
notified the Indenture Trustee of such listing.

          SECTION 6.7  Compensation and Indemnity. The Issuer shall cause the
                       --------------------------
Seller to pay to the Indenture Trustee reasonable compensation for its services
in accordance with a separate agreement between the Seller and the Indenture
Trustee and shall cause the Seller to reimburse the Indenture Trustee for all
reasonable out-of-pocket expenses incurred or made by it as provided in such
separate agreement. The Indenture Trustee's compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Issuer shall cause
the Administrator to indemnify the Indenture Trustee and its directors,
officers, employees and agents against any and all loss, liability or expense
(including attorneys' fees) incurred by it in connection
<PAGE>

                                      44

with the administration of this trust and the performance of its duties
hereunder and under the other Basic Documents. The Indenture Trustee shall
notify the Issuer and the Administrator promptly of any claim for which it may
seek indemnity. Failure by the Indenture Trustee to so notify the Issuer and the
Administrator shall not relieve the Issuer or the Administrator of its
obligations hereunder and under the other Basic Documents. The Issuer shall
cause the Administrator to defend the claim and the Administrator shall not be
liable for the legal fees and expenses of the Indenture Trustee after it has
assumed such defense; provided, however, that, in the event that there may be a
                      --------  -------
conflict between the positions of the Indenture Trustee and the Administrator in
conducting the defense of such claim, the Indenture Trustee shall be entitled to
separate counsel acceptable to it in its sole discretion the reasonable fees and
expenses of which shall be paid by the Administrator on behalf of the Issuer.
Neither the Issuer nor the Administrator need reimburse any expense or indemnify
against any loss, liability or expense incurred by the Indenture Trustee through
the Indenture Trustee's own willful misconduct, negligence or bad faith.

     The Issuer's payment obligations to the Indenture Trustee pursuant to this
Section shall survive the discharge of this Indenture. When the Indenture
Trustee incurs expenses after the occurrence of a Default specified in Section
5.1(iv) or (v) with respect to the Issuer, the expenses are intended to
constitute expenses of administration under Title 11 of the United States Code
or any other applicable Federal or state bankruptcy, insolvency or similar law.

     SECTION 6.8 Replacement of Indenture Trustee. No resignation or removal of
                 --------------------------------
the Indenture Trustee and no appointment of a successor Indenture Trustee shall
become effective until the acceptance of appointment by the successor Indenture
Trustee pursuant to this Section 6.8. The Indenture Trustee may resign at any
time by so notifying the Issuer. The Noteholders of a majority in Outstanding
Amount of the Notes may remove the Indenture Trustee by so notifying the
Indenture Trustee and may appoint a successor Indenture Trustee. The Issuer
shall remove the Indenture Trustee if:

     (i)    the Indenture Trustee fails to comply with Section 6.11;

     (ii)   an Insolvency Event occurs with respect to the Indenture Trustee;

     (iii)  a receiver or other public officer takes charge of the Indenture
            Trustee or its property; or
<PAGE>

                                      45

     (iv) the Indenture Trustee otherwise becomes incapable of acting.

     If the Indenture Trustee resigns or is removed or if a vacancy exists in
the office of Indenture Trustee for any reason (the Indenture Trustee in such
event being referred to herein as the retiring Indenture Trustee), the Issuer
shall promptly appoint a successor Indenture Trustee.

     A successor Indenture Trustee shall deliver a written acceptance of its
appointment to the retiring Indenture Trustee and to the Issuer. Thereupon the
resignation or removal of the retiring Indenture Trustee shall become effective,
and the successor Indenture Trustee shall have all the rights, powers and duties
of the Indenture Trustee under this Indenture. The successor Indenture Trustee
shall mail a notice of its succession to Noteholders. The retiring Indenture
Trustee shall promptly transfer all property held by it as Indenture Trustee to
the successor Indenture Trustee.

     If a successor Indenture Trustee does not take office within 60 days after
the retiring Indenture Trustee resigns or is removed, the retiring Indenture
Trustee, the Issuer or the Noteholders of a majority in Outstanding Amount of
the Notes may petition any court of competent jurisdiction for the appointment
of a successor Indenture Trustee. The successor Indenture Trustee shall give
notice of its appointment as successor Indenture Trustee to the Rating Agencies.

     If the Indenture Trustee fails to comply with Section 6.11, any Noteholder
may petition any court of competent jurisdiction for the removal of the
Indenture Trustee and the appointment of a successor Indenture Trustee.

     Notwithstanding the replacement of the Indenture Trustee pursuant to this
Section, the Issuer's and the Administrator's obligations under Section 6.7
shall continue for the benefit of the retiring Indenture Trustee.

     SECTION 6.9 Successor Indenture Trustee by Merger. If the Indenture Trustee
                 -------------------------------------
consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking
association, the resulting, surviving or transferee corporation without any
further act shall be the successor Indenture Trustee, provided that such
corporation or banking association shall be otherwise qualified and eligible
under Section 6.11. The Indenture Trustee shall provide the Rating Agencies
prior written notice of any such transaction.
<PAGE>

                                      46

          In case at the time such successor or successors by merger, conversion
or consolidation to the Indenture Trustee shall succeed to the trusts created by
this Indenture any of the Notes shall have been authenticated but not delivered,
any such successor to the Indenture Trustee may adopt the certificate of
authentication of any predecessor trustee, and deliver such Notes so
authenticated; and in case at that time any of the Notes shall not have been
authenticated, any successor to the Indenture Trustee may authenticate such
Notes either in the name of any predecessor hereunder or in the name of the
successor to the Indenture Trustee; and in all such cases such certificates
shall have the full force which it is anywhere in the Notes or in this Indenture
provided that the certificate of the Indenture Trustee shall have.

          SECTION 6.10 Appointment of Co-Trustee or Separate Trustee. (a)
                       ---------------------------------------------
Notwithstanding any other provisions of this Indenture, at any time, for the
purpose of meeting any legal requirement of any jurisdiction in which any part
of the Indenture Trust Estate may at the time be located, the Indenture Trustee
shall have the power and may execute and deliver all instruments to appoint one
or more Persons to act as a co-trustee or co-trustees, or separate trustee or
separate trustees, of all or any part of the Indenture Trust Estate, and to vest
in such Person or Persons, in such capacity and for the benefit of the
Noteholders, such title to the Indenture Trust Estate, or any part hereof, and,
subject to the other provisions of this Section, such powers, duties,
obligations, rights and trusts as the Indenture Trustee may consider necessary
or desirable. No such appointment shall relieve the Indenture Trustee of its
obligations hereunder. No co-trustee or separate trustee hereunder shall be
required to meet the terms of eligibility as a successor trustee under Section
6.11 and no notice to Noteholders of the appointment of any co-trustee or
separate trustee shall be required under Section 6.8 hereof.

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

          (i) all rights, powers, duties and obligations conferred or imposed
upon the Indenture Trustee shall be conferred or imposed upon and exercised or
performed by the Indenture Trustee and such separate trustee or co-trustee
jointly (it being understood that such separate trustee or co-trustee is not
authorized to act separately without the Indenture Trustee joining in such act),
except to the extent that under any law of any jurisdiction in which any
particular act or acts are to be performed the Indenture Trustee shall be
incompetent or unqualified to perform such act or acts, in which event such
rights, powers, duties and obligations (including the
<PAGE>

                                      47

holding of title to the Indenture Trust Estate or any portion thereof in any
such jurisdiction) shall be exercised and performed singly by such separate
trustee or co-trustee, but solely at the direction of the Indenture Trustee;

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

          (iii)  the Indenture Trustee may at any time accept the resignation of
or remove any separate trustee or co-trustee.

     (c)  Any notice, request or other writing given to the Indenture Trustee
shall be deemed to have been given to each of the then separate trustees and co-
trustees, as effectively as if given to each of them. Every instrument
appointing any separate trustee or co-trustee shall refer to this Indenture and
the conditions of this Article VI. Each separate trustee and co-trustee, upon
its acceptance of the trusts conferred, shall be vested with the estates or
property specified in its instrument of appointment, either jointly with the
Indenture Trustee or separately, as may be provided therein, subject to all the
provisions of this Indenture, specifically including every provision of this
Indenture relating to the conduct of, affecting the liability of, or affording
protection to, the Indenture Trustee. Every such instrument shall be filed with
the Indenture Trustee.

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

          SECTION 6.11 Eligibility; Disqualification. The Indenture Trustee
                       -----------------------------
shall at all times satisfy the requirements of TIA (S) 310(a) and the
requirements of an "eligible lender" under 20 USC (S)1085(d). The Indenture
Trustee shall have a combined capital and surplus of at least $50,000,000 as set
forth in its most recent published annual report of condition and it shall have
a long-term senior unsecured debt rating of not less than investment grade by
each of the Rating Agencies. The Indenture Trustee shall comply with TIA (S)
310(b), including the optional provision permitted by the second sentence of TIA
(S) 310(b)(9); provided, however, that there shall be excluded from the
               --------  -------
operation of TIA (S) 310(b)(1) any indenture or indentures
<PAGE>

                                      48

under which other securities of the Issuer are outstanding if the requirements
for such exclusion set forth in TIA (S) 310(b)(1) are met.

          SECTION 6.12 Preferential Collection of Claims Against Issuer. The
                       ------------------------------------------------
Indenture Trustee shall comply with TIA (S) 311(a), excluding any creditor
relationship listed in TIA (S) 311(b). An Indenture Trustee who has resigned or
been removed shall be subject to TIA (S) 311(a) to the extent indicated.

                                  ARTICLE VII

                        Noteholders' Lists and Reports
                        ------------------------------

          SECTION 7.1  Issuer To Furnish Indenture Trustee Names and Addresses
                       -------------------------------------------------------
of Noteholders. The Issuer will furnish or cause to be furnished to the
--------------
Indenture Trustee (a) not more than five days after the earlier of (i) each
Record Date and (ii) three months after the last Record Date, a list, in such
form as the Indenture Trustee may reasonably require, of the names and addresses
of the Noteholders as of such Record Date, (b) at such other times as the
Indenture Trustee may request in writing, within 30 days after receipt by the
Issuer of any such request, a list of similar form and content as of a date not
more than 10 days prior to the time such list is furnished; provided, however,
                                                            --------  -------
that so long as the Indenture Trustee is the Note Registrar, no such list shall
be required to be furnished.

          SECTION 7.2  Preservation of Information; Communications to
                       -----------------------------------------------
Noteholders. The Indenture Trustee shall preserve, in as current a form as is
-----------
reasonably practicable, the names and addresses of the Noteholders contained in
the most recent list furnished to the Indenture Trustee as provided in Section
7.1 and the names and addresses of Noteholders received by the Indenture Trustee
in its capacity as Note Registrar. The Indenture Trustee may destroy any list
furnished to it as provided in such Section 7.1 upon receipt of a new list so
furnished.

     (a)  Noteholders may communicate pursuant to TIA (S) 312(b) with other
Noteholders with respect to their rights under this Indenture or under the
Notes. Upon receipt by the Indenture Trustee of any request by three or more
Noteholders or by one or more holders of Notes evidencing not less than 25% of
the Outstanding Amount of the Notes to receive a copy of the current list of
Noteholders (whether or not made pursuant to TIA (S) 312(b)), the Indenture
Trustee shall promptly notify the Administrator thereof by providing to the
Administrator a copy of such request and a copy of the list of Noteholders
produced in response thereto.
<PAGE>

                                      49

     (b)  The Issuer, the Indenture Trustee and the Note Registrar shall have
the protection of TIA (S) 312(c).

     (c)  On each Distribution Date the Indenture Trustee shall provide to each
Noteholder of record as of the related Record Date the information provided by
the Administrator to the Indenture Trustee on the related Determination Date
pursuant to Section 2.9 of the Administration Agreement.

     (d)  The Indenture Trustee shall furnish to the Noteholders promptly upon
receipt of a written request therefor, duplicates or copies of all reports,
notices, requests, demands, certificates, financial statements and any other
instruments furnished to the Indenture Trustee under the Basic Documents. The
Indenture Trustee shall furnish to the Noteholders promptly upon receipt thereof
from the Eligible Lender Trustee notice of any amendment of the Administration
Agreement pursuant to Section 8.5 of the Administration Agreement.

          SECTION 7.3  Reports by Issuer.  (a)    The Issuer shall:
                       -----------------

          (i)    file with the Indenture Trustee, within 15 days after the
Issuer is required to file the same with the Commission, copies of the annual
reports and of the information, documents and other reports (or copies of such
portions of any of the foregoing as the Commission may from time to time by
rules and regulations prescribe) which the Issuer may be required to file with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act;

          (ii)   file with the Indenture Trustee and the Commission in
accordance with rules and regulations prescribed from time to time by the
Commission such additional information, documents and reports with respect to
compliance by the Issuer with the conditions and covenants of this Indenture as
may be required from time to time by such rules and regulations; and

          (iii)  supply to the Indenture Trustee (and the Indenture Trustee
shall transmit by mail to all Noteholders described in TIA (S) 313(c)) such
summaries of any information, documents and reports required to be filed by the
Issuer pursuant to clauses (i) and (ii) of this Section 7.3(a) as may be
required by rules and regulations prescribed from time to time by the
Commission.
<PAGE>

                                      50

     (b)  Unless the Issuer otherwise determines, the fiscal year of the Issuer
shall end on December 31 of each year.

                                 ARTICLE VIII

                     Accounts, Disbursements and Releases
                     ------------------------------------

          SECTION 8.1  Collection of Money. Except as otherwise expressly
                       -------------------
provided herein, the Indenture Trustee may demand payment or delivery of, and
shall receive and collect, directly and without intervention or assistance of
any fiscal agent or other intermediary, all money and other property payable to
or receivable by the Indenture Trustee pursuant to this Indenture. The Indenture
Trustee shall apply all such money received by it on behalf of Noteholders
pursuant to the Administration Agreement as provided in this Indenture. Except
as otherwise expressly provided in this Indenture, if any default occurs in the
making of any payment or performance under any agreement or instrument that is
part of the Indenture Trust Estate, the Indenture Trustee may take such action
as may be appropriate to enforce such payment or performance, including the
institution and prosecution of appropriate Proceedings. Any such action shall be
without prejudice to any right to claim a Default under this Indenture and any
right to proceed thereafter as provided in Article V.

          SECTION 8.2  Trust Accounts. (a) On or prior to the Closing Date, the
                       --------------
Issuer shall cause the Administrator to establish and maintain, in the name of
the Indenture Trustee, for the benefit of the Noteholders, the Trust Accounts as
provided in Section 2.3 of the Administration Agreement.

     (b)  On or before the Business Day preceding each Distribution Date, all
Available Funds with respect to the preceding Collection Period will be
deposited in the Collection Account as provided in Section 2.4 of the
Administration Agreement. On or before each Distribution Date, the Noteholders'
Distribution Amount with respect to the preceding Collection Period will be
distributed from the Collection Account and any other Trust Account to the
Indenture Trustee (or any other Paying Agent) on behalf of the Noteholders as
provided in Sections 2.7 and 2.8 of the Administration Agreement.

     (c)  On each Distribution Date and Redemption Date, the Indenture Trustee
(or any other Paying Agent) shall distribute all amounts received by it on
behalf of Noteholders pursuant to paragraph (b) above to Noteholders in respect
of the Notes to
<PAGE>

                                      51

the extent of amounts payable on the Notes for principal and interest in the
following amounts and in the following order of priority (except as otherwise
provided in Section 5.2 or Section 5.4(b)):

          (i)    the Class A Noteholders' Interest Distribution Amount, to the
Class A Noteholders in an amount equal to the accrued and unpaid interest on the
Notes at the respective Class A Note Rates; provided that if there are not
                                            --------
sufficient funds received to pay the entire amount of accrued and unpaid
interest then due on the Class A Notes at the respective Class A Note Rates, the
amounts so received shall be applied to the payment of such interest on the
Class A Notes on a pro rata basis;

          (ii)   the Class B Noteholders' Interest Distribution Amount, to the
Class B Noteholders in an amount equal to the accrued and unpaid interest on the
Notes at the Class B Note Rate; provided that if there are not sufficient funds
                                --------
received to pay the entire amount of accrued and unpaid interest then due on the
Class B Notes at the  Class B Note Rate, the amounts so received shall be
applied to the payment of such interest on the Class B Notes on a pro rata
basis;

          (iii)  the Noteholders' Principal Distribution Amount, to the
Noteholders of the Class A-1 Notes until the Outstanding Amount of the Class A-1
Notes is reduced to zero; provided, that if there are not sufficient funds
received to pay the Outstanding Amount of the Class A-1 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-1 Notes on
a pro rata basis; and

          (iv)   the Noteholders' Principal Distribution Amount, to the
Noteholders of the Class A-2 Notes until the Outstanding Amount of the Class A-2
Notes is reduced to zero; provided, that if there are not sufficient funds
received to pay the Outstanding Amount of the Class A-2 Notes, the amounts so
received shall be applied to the payment of principal on the Class A-2 Notes on
a pro rata basis; and

          (v)    the Noteholders' Principal Distribution Amount, to the
Noteholders of the Class B Notes until the Outstanding Amount of the Class B
Notes is reduced to zero; provided, that if there are not sufficient funds
received to pay the Outstanding Amount of the Class B Notes, the amounts so
received shall be applied to the payment of principal on the Class B Notes on a
pro rata basis

          SECTION 8.3  General Provisions Regarding Accounts.  (a)  So long as
                       -------------------------------------
no Default shall have occurred and be continuing, all or a portion of the funds
in the Trust Accounts shall be invested in Eligible Investments and reinvested
by the
<PAGE>

                                      52

Indenture Trustee upon Issuer Order, subject to the provisions of Section 2.3B
of the Administration Agreement. All income or other gain from investments of
moneys deposited in the Trust Accounts shall be deposited by the Indenture
Trustee in the Collection Account, and any loss resulting from such investments
shall be charged to such Trust Account. The Issuer will not direct the Indenture
Trustee to make any investment of any funds or to sell any investment held in
any of the Trust Accounts unless the security interest granted and perfected in
such account will continue to be perfected in such investment or the proceeds of
such sale, in either case without any further action by any Person, and, in
connection with any direction to the Indenture Trustee to make any such
investment or sale, if requested by the Indenture Trustee, the Issuer shall
deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the
Indenture Trustee, to such effect.

     (b)  Subject to Section 6.1(c), the Indenture Trustee shall not in any way
be held liable for the selection of Eligible Investments or by reason of any
insufficiency in any of the Trust Accounts resulting from any loss on any
Eligible Investment included therein except for losses attributable to the
Indenture Trustee's failure to make payments on such Eligible Investments issued
by the Indenture Trustee, in its commercial capacity as principal obligor and
not as trustee, in accordance with their terms.

     (c)  If (i) the Issuer shall have failed to give investment directions for
any funds on deposit in the Trust Accounts to the Indenture Trustee by 10:00
a.m. Eastern Time (or such other time as may be agreed by the Issuer and
Indenture Trustee) on any Business Day; or (ii) a Default shall have occurred
and be continuing with respect to the Notes but the Notes shall not have been
declared due and payable pursuant to Section 5.2, or, if such Notes shall have
been declared due and payable following an Event of Default, amounts collected
or receivable from the Indenture Trust Estate are being applied in accordance
with Section 5.5 as if there had not been such a declaration; then the Indenture
Trustee shall invest and reinvest funds in the Trust Accounts in the Eligible
Investments described in clause (d) of the definition thereof.

          SECTION 8.4  Release of Indenture Trust Estate.    (a)  Subject to the
                       ---------------------------------
payment of its fees and expenses pursuant to Section 6.7, the Indenture Trustee
may, and when required by the provisions of this Indenture shall, execute
instruments to release property from the lien of this Indenture, or convey the
Indenture Trustee's interest in the same, in a manner and under circumstances
that are not inconsistent with the provisions of this Indenture. No party
relying upon an instrument executed by the Indenture Trustee as provided in this
Article VIII shall be bound to ascertain
<PAGE>

                                      53

the Indenture Trustee's authority, inquire into the satisfaction of any
conditions precedent or see to the application of any moneys.

     (b)  The Indenture Trustee shall, at such time as there are no Notes
Outstanding and all sums due the Indenture Trustee pursuant to Section 6.7 have
been paid, release any remaining portion of the Indenture Trust Estate that
secured the Notes from the lien of this Indenture and release to the Issuer or
any other Person entitled thereto any funds then on deposit in the Trust
Accounts. The Indenture Trustee shall release property from the lien of this
Indenture pursuant to this Section 8.4(b) only upon receipt of an Issuer Request
accompanied by an Officers' Certificate of the Issuer, an Opinion of Counsel and
(if required by the TIA) Independent Certificates in accordance with TIA (S)(S)
314(c) and 314(d)(1) meeting the applicable requirements of Section 11.1.

     (c)  Each Noteholder, by the acceptance of a Note, acknowledges that from
time to time the Indenture Trustee shall release the lien of this Indenture on
any Trust Student Loan to be sold to (i) the Seller in accordance with Section 6
of the Sale Agreement, (ii) to the Servicer in accordance with Section 3.5 of
the Servicing Agreement and (iii) to another eligible lender holding one or more
Serial Loans with respect to such Trust Student Loan, in accordance with Section
3.11E of the Servicing Agreement, and each Noteholder, by the acceptance of a
Note, consents to any such release.

          SECTION 8.5  Opinion of Counsel.  The Indenture Trustee shall receive
                       ------------------
at least seven days' notice when requested by the Issuer to take any action
pursuant to Section 8.4(a), accompanied by copies of any instruments involved,
and the Indenture Trustee shall also require, except in connection with any
action contemplated by Section 8.4(c), as a condition to such action, an Opinion
of Counsel, in form and substance satisfactory to the Indenture Trustee, stating
the legal effect of any such action, outlining the steps required to complete
the same, and concluding that all conditions precedent to the taking of such
action have been complied with and such action will not materially and adversely
impair the security for the Notes or the rights of the Noteholders in
contravention of the provisions of this Indenture; provided, however, that such
                                                   --------  -------
Opinion of Counsel shall not be required to express an opinion as to the fair
value of the Indenture Trust Estate.  Counsel rendering any such opinion may
rely, without independent investigation, on the accuracy and validity of any
certificate or other instrument delivered to the Indenture Trustee in connection
with any such action.
<PAGE>

                                      54

                                  ARTICLE IX

                            Supplemental Indentures
                            -----------------------

          SECTION 9.1  Supplemental Indentures Without Consent of Noteholders.
                       ------------------------------------------------------
Without the consent of any Noteholders but with prior notice to the Rating
Agencies, the Issuer and the Indenture Trustee, when authorized by an Issuer
Order, at any time and from time to time, may enter into one or more indentures
supplemental hereto (which shall conform to the provisions of the Trust
Indenture Act as in force at the date of the execution thereof), in form
satisfactory to the Indenture Trustee, for any of the following purposes:

          (i)   to correct or amplify the description of any property at any
time subject to the lien of this Indenture, or better to assure, convey and
confirm unto the Indenture Trustee any property subject or required to be
subjected to the lien of this Indenture, or to subject to the lien of this
Indenture additional property;

          (ii)  to evidence the succession, in compliance with the applicable
provisions hereof, of another person to the Issuer, and the assumption by any
such successor of the covenants of the Issuer herein and in the Notes contained;

          (iii) to add to the covenants of the Issuer, for the benefit of the
Noteholders, or to surrender any right or power herein conferred upon the
Issuer;

          (iv)  to convey, transfer, assign, mortgage or pledge any property to
the Indenture Trustee;

          (v)   to cure any ambiguity, to correct or supplement any provision
herein or in any supplemental indenture which may be inconsistent with any other
provision herein or in any supplemental indenture or to make any other
provisions with respect to matters or questions arising under this Indenture or
in any supplemental indenture; provided that such action shall not materially
                               --------
adversely affect the interests of the Noteholders;

          (vi)  to evidence and provide for the acceptance of the appointment
hereunder by a successor trustee with respect to the Notes and to add to or
change any of the provisions of this Indenture as shall be necessary to
facilitate the administration
<PAGE>

                                      55

of the trusts hereunder by more than one trustee, pursuant to the requirements
of Article VI; or

          (vii)  to modify, eliminate or add to the provisions of this Indenture
to such extent as shall be necessary to effect the qualification of this
Indenture under the TIA or under any similar Federal statute hereafter enacted
and to add to this Indenture such other provisions as may be expressly required
by the TIA.

          The Indenture Trustee is hereby authorized to join in the execution of
any such supplemental indenture and to make any further appropriate agreements
and stipulations that may be therein contained.

     (b)  The Issuer and the Indenture Trustee, when authorized by an Issuer
Order, may, also without the consent of any of the Noteholders but with prior
notice to the Rating Agencies, enter into an indenture or indentures
supplemental hereto for the purpose of adding any provisions to, or changing in
any manner or eliminating any of the provisions of, this Indenture or of
modifying in any manner the rights of the Noteholders under this Indenture;
provided, however, that such action shall not, as evidenced by an Opinion of
--------  -------
Counsel, adversely affect in any material respect the interests of any
Noteholder.

          SECTION 9.2  Supplemental Indentures with Consent of Noteholders.  The
                       ---------------------------------------------------
Issuer and the Indenture Trustee, when authorized by an Issuer Order, also may,
with prior notice to the Rating Agencies and with the consent of the Noteholders
of not less than a majority of the Outstanding Amount of the Notes, by Act of
such Noteholders delivered to the Issuer and the Indenture Trustee, enter into
an indenture or indentures supplemental hereto for the purpose of adding any
provisions to, or changing in any manner or eliminating any of the provisions
of, this Indenture or of modifying in any manner the rights of the Noteholders
under this Indenture; provided, however, that no such supplemental indenture
                      --------  -------
shall, without the consent of the Noteholder of each Outstanding Note affected
thereby:

          (i)    change the date of payment of any installment of principal of
or interest on any Note, or reduce the principal amount thereof, the interest
rate thereon or the Redemption Price with respect thereto, change the provisions
of this Indenture relating to the application of collections on, or the proceeds
of the sale of, the Indenture Trust Estate to payment of principal of or
interest on the Notes, or change any place of payment where, or the coin or
currency in which, any Note or the interest thereon is payable, or impair the
right to institute suit for the enforcement of the
<PAGE>

                                      56

provisions of this Indenture requiring the application of funds available
therefor, as provided in Article V, to the payment of any such amount due on the
Notes on or after the respective due dates thereof (or, in the case of
redemption, on or after the Redemption Date);

          (ii)   reduce the percentage of the Outstanding Amount of the Notes,
the consent of the Noteholders of which is required for any such supplemental
indenture, or the consent of the Noteholders of which is required for any waiver
of compliance with certain provisions of this Indenture or certain defaults
hereunder and their consequences provided for in this Indenture;

          (iii)  modify or alter the provisions of the proviso to the definition
of the term "Outstanding";

          (iv)   reduce the percentage of the Outstanding Amount of the Notes
required to direct the Indenture Trustee to direct the Issuer to sell or
liquidate the Indenture Trust Estate pursuant to Section 5.4;

          (v)    modify any provision of this Section except to increase any
percentage specified herein or to provide that certain additional provisions of
this Indenture or the other Basic Documents cannot be modified or waived without
the consent of the Noteholder of each Outstanding Note affected thereby;

          (vi)   modify any of the provisions of this Indenture in such manner
as to affect the calculation of the amount of any payment of interest or
principal due on any Note on any Distribution Date (including the calculation of
any of the individual components of such calculation) or to affect the rights of
the Noteholders to the benefit of any provisions for the mandatory redemption of
the Notes contained herein; or

          (vii)  permit the creation of any lien ranking prior to or on a parity
with the lien of this Indenture with respect to any part of the Indenture Trust
Estate or, except as otherwise permitted or contemplated herein, terminate the
lien of this Indenture on any property at any time subject hereto or deprive any
Noteholder of any Note of the security provided by the lien of this Indenture.

          It shall not be necessary for any Act of Noteholders under this
Section to approve the particular form of any proposed supplemental indenture,
but it shall be sufficient if such Act shall approve the substance thereof.
<PAGE>

                                      57

          Promptly after the execution by the Issuer and the Indenture Trustee
of any supplemental indenture pursuant to this Section, the Indenture Trustee
shall mail to the Noteholders of the Notes to which such amendment or
supplemental indenture relates a notice setting forth in general terms the
substance of such supplemental indenture. Any failure of the Indenture Trustee
to mail such notice, or any defect therein, shall not, however, in any way
impair or affect the validity of any such supplemental indenture.

          SECTION 9.3  Execution of Supplemental Indentures.  In executing, or
                       ------------------------------------
permitting the additional trusts created by, any supplemental indenture
permitted by this Article IX or the modifications thereby of the trusts created
by this Indenture, the Indenture Trustee shall be entitled to receive, and
subject to Sections 6.1 and 6.2, shall be fully protected in relying upon, an
Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by this Indenture.  The Indenture Trustee may, but shall
not be obligated to, enter into any such supplemental indenture that affects the
Indenture Trustee's own rights, duties, liabilities or immunities under this
Indenture or otherwise.

          SECTION 9.4  Effect of Supplemental Indenture.  Upon the execution of
                       --------------------------------
any supplemental indenture pursuant to the provisions hereof, this Indenture
shall be and be deemed to be modified and amended in accordance therewith with
respect to the Notes affected thereby, and the respective rights, limitations of
rights, obligations, duties, liabilities and immunities under this Indenture of
the Indenture Trustee, the Issuer and the Noteholders shall thereafter be
determined, exercised and enforced hereunder subject in all respects to such
modifications and amendments, and all the terms and conditions of any such
supplemental indenture shall be and be deemed to be part of the terms and
conditions of this Indenture for any and all purposes.

          SECTION 9.5  Conformity with Trust Indenture Act.  Every amendment of
                       -----------------------------------
this Indenture and every supplemental indenture executed pursuant to this
Article IX shall conform to the requirements of the Trust Indenture Act as then
in effect so long as this Indenture shall then be qualified under the Trust
Indenture Act.

          SECTION 9.6  Reference in Notes to Supplemental Indentures.  Notes
                       ---------------------------------------------
authenticated and delivered after the execution of any supplemental indenture
pursuant to this Article IX may, and if required by the Indenture Trustee shall,
bear a notation in form approved by the Indenture Trustee as to any matter
provided for in
<PAGE>

                                      58

such supplemental indenture. If the Issuer or the Indenture Trustee shall so
determine, new Notes so modified as to conform, in the opinion of the Indenture
Trustee and the Issuer, to any such supplemental indenture may be prepared and
executed by the Issuer and authenticated and delivered by the Indenture Trustee
in exchange for Outstanding Notes.

                                   ARTICLE X

                              Redemption of Notes
                              -------------------

          SECTION 10.1  Redemption.   The Indenture Trustee shall, upon receipt
                        ----------
of written notice from the Eligible Lender Trustee or the Depositor pursuant to
Section 9.2 of the Trust Agreement of an Insolvency Event with respect to the
Depositor, give prompt written notice to the Noteholders of the occurrence of
such event. In the event that the assets of the Trust are sold pursuant to
Section 9.2 of the Trust Agreement, that portion of the amounts on deposit in
the Trust Accounts to be distributed to the Noteholders shall be paid to the
Noteholders up to the Outstanding Amount of the Notes and all accrued and unpaid
interest thereon (but only to the extent provided by Sections 2.7(d) and
8.2(c)). If amounts are to be paid to Noteholders pursuant to this Section 10.1,
the notice of such event from the Indenture Trustee to the Noteholders shall
include notice of the redemption of Notes by application of such amounts on the
next Distribution Date which is not sooner than 15 days after the date of such
notice (the "Redemption Date"), whereupon all such amounts shall be payable on
the Redemption Date.

          SECTION 10.2  Form of Redemption Notice.  Notice of redemption under
                        -------------------------
Section 10.1 shall be given by the Indenture Trustee by first-class mail,
postage prepaid, or by facsimile, mailed or transmitted on or prior to the
applicable Redemption Date to each Noteholder, as of the close of business on
the Record Date preceding the applicable Redemption Date, at such Noteholder's
address or facsimile number appearing in the Note Register.

          All notices of redemption shall state:

          (i)  the Redemption Date;

          (ii) the Redemption Price; and
<PAGE>

                                      59

          (iii)  the place were such Notes are to be surrendered for payment of
the Redemption Price (which shall be the office or agency of the Issuer to be
maintained as provided in Section 3.2).

          Notice of redemption of the Notes shall be given by the Indenture
Trustee in the name and at the expense of the Issuer. Failure to give notice of
redemption, or any defect therein, to any Noteholder of any Note shall not
impair or affect the validity of the redemption of any other Note.

          SECTION 10.3  Notes Payable on Redemption Date.  The Notes or portions
                        --------------------------------
thereof to be redeemed shall on the Redemption Date become due and payable at
the Redemption Price and (unless the Issuer shall default in the payment of the
Redemption Price) no interest shall accrue on the Redemption Price for any
period after the date to which accrued interest is calculated for purposes of
calculating the Redemption Price.

                                  ARTICLE XI

                                 Miscellaneous
                                 -------------

          SECTION 11.1  Compliance Certificates and Opinions, etc.    Upon any
                        ------------------------------------------
application or request by the Issuer to the Indenture Trustee to take any action
under any provision of this Indenture, the Issuer shall furnish to the Indenture
Trustee and the Rating Agencies (i) an Officers' Certificate of the Issuer
stating that all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with, (ii) an Opinion of
Counsel stating that in the opinion of such counsel all such conditions
precedent, if any, have been complied with and (iii) (if required by the TIA) an
Independent Certificate from a firm of certified public accountants meeting the
applicable requirements of this Section, except that, in the case of any such
application or request as to which the furnishing of such documents is
specifically required by any provision of this Indenture, no additional
certificate or opinion need be furnished.

          Every certificate or opinion with respect to compliance with a
condition or covenant provided for in this indenture shall include:
<PAGE>

                                      60

          (i)    a statement that each signatory of such certificate or opinion
has read or has caused to be read such covenant or condition and the definitions
herein relating thereto;

          (ii)   a brief statement as to the nature and scope of the examination
or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

          (iii)  a statement that, in the opinion of each such signatory, such
signatory has made such examination or investigation as is necessary to enable
such signatory to express an informed opinion as to whether or not such covenant
or condition has been complied with; and

          (iv)   a statement as to whether, in the opinion of each such
signatory, such condition or covenant has been complied with.

     (b)  (i)    Prior to the deposit of any Collateral or other property or
securities with the Indenture Trustee that is to be made the basis for the
release of any property or securities subject to the lien of this Indenture, the
Issuer shall, in addition to any obligation imposed in Section 11.1(a) or
elsewhere in this Indenture, furnish to the Indenture Trustee and the Rating
Agencies an Officers' Certificate of the Issuer certifying or stating the
opinion of each person signing such certificate as to the fair value (within 90
days of such deposit) to the Issuer of the Collateral or other property or
securities to be so deposited.

          (ii)   Whenever the Issuer is required to furnish to the Indenture
Trustee and the Rating Agencies an Officers' Certificate of the Issuer
certifying or stating the opinion of any signer thereof as to the matters
described in clause (i) above, the Issuer shall also deliver to the Indenture
Trustee an Independent Certificate as to the same matters, if the fair value to
the Issuer of the securities to be so deposited and of all other such securities
made the basis of any such withdrawal or release since the commencement of the
then-current fiscal year of the Issuer, as set forth in the certificates
delivered pursuant to clause (i) above and this clause (ii), is 10% or more of
the Outstanding Amount of the Notes, but such a certificate need not be
furnished with respect to any securities so deposited, if the fair value thereof
to the Issuer as set forth in the related Officers' Certificate is less than
$25,000 or less than one percent of the Outstanding Amount of the Notes.
<PAGE>

                                      61

          (iii)  Other than any property released as contemplated by clause (v)
below, whenever any property or securities are to be released from the lien of
this Indenture, the Issuer shall also furnish to the Indenture Trustee an
Officers' Certificate of the Issuer certifying or stating the opinion of each
person signing such certificate as to the fair value (within 90 days of such
release) of the property or securities proposed to be released and stating that
in the opinion of such person the proposed release will not impair the security
under this Indenture in contravention of the provisions hereof.

          (iv)   Whenever the Issuer is required to furnish to the Indenture
Trustee an Officers' Certificate of the Issuer certifying or stating the opinion
of any signer thereof as to the matters described in clause (iii) above, the
Issuer shall also furnish to the Indenture Trustee an Independent Certificate as
to the same matters if the fair value of the property or securities and of all
other property, other than property as contemplated by clause (v) below, or
securities released from the lien of this Indenture since the commencement of
the then-current calendar year, as set forth in the certificates required by
clause (iii) above and this clause (iv), equals 10% or more of the Outstanding
Amount of the Notes, but such certificate need not be furnished in the case of
any release of property or securities if the fair value thereof as set forth in
the related Officers' Certificate is less than $25,000 or less than one percent
of the then Outstanding Amount of the Notes.

          (v)    Notwithstanding Section 2.9 or any other provision of this
Section, the Issuer may, without compliance with the requirements of the other
provisions of this Section, (A) collect, liquidate, sell or otherwise dispose of
Trust Student Loans as and to the extent permitted or required by the Basic
Documents, (B) make cash payments out of the Trust Accounts as and to the extent
permitted or required by the Basic Documents and (C) convey to the Seller, the
Servicer or another eligible lender those specified Trust Student Loans as and
to the extent permitted or required by and in accordance with Section 8.4(c)
hereof and Section 6 of the Sale Agreement, Section 3.5 of the Servicing
Agreement or Section 3.11E of the Servicing Agreement, respectively, so long as
the Issuer shall deliver to the Indenture Trustee every six months, commencing
October 25, 2001, an Officers' Certificate of the Issuer stating that all the
dispositions of Collateral described in clauses (A), (B) or (C) above that
occurred during the immediately preceding six calendar months were in the
ordinary course of the Issuer's business and that the proceeds thereof were
applied in accordance with the Basic Documents.

   SECTION 11.2  Form of Documents Delivered to Indenture Trustee.   In any case
                 ------------------------------------------------
where several matters are required to be certified by, or covered by an opinion
<PAGE>

                                      62

of, any specified Person, it is not necessary that all such matters be certified
by, or covered by the opinion of, only one such Person, or that they be so
certified or covered by only one document, but one such Person may certify or
give an opinion with respect to some matters, and one or more other such Persons
as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

     Any certificate or opinion of an Authorized Officer of the Issuer may be
based, insofar as it relates to legal matters, upon a certificate or opinion of,
or representations by, counsel, unless such officer knows, or in the exercise of
reasonable care should know, that the certificate or opinion or representations
with respect to the matters upon which his certificate or opinion is based are
erroneous. Any such certificate of an Authorized Officer or Opinion of Counsel
may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Servicer, the
Seller, the Issuer or the Administrator, stating that the information with
respect to such factual matters is in the possession of the Servicer, the
Seller, the Issuer or the Administrator, unless such counsel knows, or in the
exercise of reasonable care should know, that the certificate or opinion or
representations with respect to such matters are erroneous.

     Where any Person is required to make, give or execute two or more
applications, requests, consents, certificates, statements, opinions or other
instruments under this indenture, they may, but need not, be consolidated and
form one instrument.

     Whenever in this Indenture, in connection with any application or
certificate or report to the Indenture Trustee, it is provided that the Issuer
shall deliver any document as a condition of the granting of such application,
or as evidence of the Issuer's compliance with any term hereof, it is intended
that the truth and accuracy, at the time of the granting of such application or
at the effective date of such certificate or report (as the case may be), of the
facts and opinions stated in such document shall in such case be conditions
precedent to the right of the Issuer to have such application granted or to the
sufficiency of such certificate or report. The foregoing shall not, however, be
construed to affect the Indenture Trustee's right to rely upon the truth and
accuracy of any statement or opinion contained in any such document as provided
in Article VI.

     SECTION 11.3 Acts of Noteholders. (a) Any request, demand, authorization,
                  -------------------
direction, notice, consent, waiver or other action provided by this
<PAGE>

                                      63

Indenture to be given or taken by Noteholders may be embodied in and evidenced
by one or more instruments of substantially similar tenor signed by such
Noteholders in person or by agents duly appointed in writing; and except as
herein otherwise expressly provided such action shall become effective when such
instrument or instruments are delivered to the Indenture Trustee, and, where it
is hereby expressly required, to the Issuer. Such instrument or instruments (and
the action embodied therein and evidenced thereby) are herein sometimes referred
to as the "Act" of the Noteholders signing such instrument or instruments. Proof
of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section
6.1) conclusive in favor of the Indenture Trustee and the Issuer, if made in the
manner provided in this Section.

     (b)  The fact and date of the execution by any person of any such
instrument or writing may be proved in any manner that the Indenture Trustee
deems sufficient.

     (c)  The ownership of Notes shall be proved by the Note Register.

     (d)  Any request, demand, authorization, direction, notice, consent, waiver
or other action by the Noteholder of any Notes shall bind the Noteholder of
every Note issued upon registration of transfer thereof or in exchange therefor
or in lieu thereof, in respect of anything done, omitted or suffered to be done
by the Indenture Trustee or the Issuer in reliance thereon, whether or not
notation of such action is made upon such Note.

     SECTION 11.4 Notices, etc., to Indenture Trustee, Issuer and Rating
                  ------------------------------------------------------
Agencies. Any request, demand, authorization, direction, notice, consent, waiver
--------
or Act of Noteholders or other documents provided or permitted by this Indenture
shall be in writing and if such request, demand, authorization, direction,
notice, consent, waiver or Act of Noteholders is to be made upon, given or
furnished to or filed with:

     (a)  The Indenture Trustee by any Noteholder, the Servicer, the
Administrator or by the Issuer shall be sufficient for every purpose hereunder
if made, given, furnished or filed in writing to or with the Indenture Trustee
at its Corporate Trust Office, or

     (b)  The Issuer by the Indenture Trustee or by any Noteholder shall be
sufficient for every purpose hereunder if in writing and mailed, first-class,
postage prepaid, to the Issuer addressed to: SLM Student Loan Trust 2000-4, in
care of Chase
<PAGE>

                                      64

Manhattan Bank USA, National Association, 1201 Market Street, Wilmington,
Delaware 19801-1167, Attention: Corporate Trust Department; with copies to The
Chase Manhattan Bank, 450 West 33rd Street 15th Fl., New York, New York 10001,
Attention: Structured Finance Services; 11600 Sallie Mae Drive, Reston, VA
20193, Attention: Director, Corporate Finance Operations, or any other address
previously furnished in writing to the Indenture Trustee by the Issuer or the
Administrator. The Issuer shall promptly transmit any notice received by it from
the Noteholders to the Indenture Trustee.

     Notices required to be given to the Rating Agencies by the Issuer, the
Indenture Trustee or the Eligible Lender Trustee shall be in writing, personally
delivered or mailed by certified mail, return receipt requested, to (i) in the
case of Moody's, at the following address: Moody's, ABS Monitoring Department,
99 Church Street, New York, New York 10007, (ii) in the case of Standard &
Poor's, at the following address: Standard & Poor's, 55 Water Street, New York,
New York 10041-0003, Attention of Asset Backed Surveillance Department, and
(iii) in the case of Fitch, at the following address: One State Street Plaza,
New York, New York 10004, Attention Municipal Structured Finance Group; or as to
each of the foregoing, at such other address as shall be designated by written
notice to the other parties.

     SECTION 11.5 Notices to Noteholders; Waiver. Where this Indenture provides
                  ------------------------------
for notice to Noteholders of any event, such notice shall be sufficiently given
(unless otherwise herein expressly provided) if in writing and mailed, first-
class, postage prepaid to each Noteholder affected by such event, at his address
as it appears on the Note Register, not later than the latest date, and not
earlier than the earliest date, prescribed for the giving of such notice. In any
case where notice to Noteholders is given by mail, neither the failure to mail
such notice nor any defect in any notice so mailed to any particular Noteholder
shall affect the sufficiency of such notice with respect to other Noteholders,
and any notice that is mailed in the manner herein provided shall conclusively
be presumed to have been duly given.

     Where this Indenture provides for notice in any manner, such notice may be
waived in writing by any Person entitled to receive such notice, either before
or after the event, and such waiver shall be the equivalent of such notice.
Waivers of notice by Noteholders shall be filed with the Indenture Trustee but
such filing shall not be a condition precedent to the validity of any action
taken in reliance upon such a waiver.
<PAGE>

                                      65

     In case, by reason of the suspension of regular mail service as a result of
a strike, work stoppage or similar activity, it shall be impractical to mail
notice of any event to Noteholders when such notice is required to be given
pursuant to any provision of this Indenture, then any manner of giving such
notice as shall be satisfactory to the Indenture Trustee shall be deemed to be a
sufficient giving of such notice.

     Where this Indenture provides for notice to the Rating Agencies, failure to
give such notice shall not affect any other rights or obligations created
hereunder, and shall not under any circumstance constitute a Default.

     SECTION 11.6 Alternate Payment and Notice Provisions. Notwithstanding any
                  ---------------------------------------
provision of this Indenture or any of the Notes to the contrary, the Issuer may
enter into any agreement with any Noteholder providing for a method of payment,
or notice by the Indenture Trustee or any Paying Agent to such Noteholder, that
is different from the methods provided for in this Indenture for such payments
or notices. The Issuer will furnish to the Indenture Trustee a copy of each such
agreement and the Indenture Trustee will cause payments to be made and notices
to be given in accordance with such agreements.

     SECTION 11.7 Conflict with Trust Indenture Act. If any provision hereof
                  ---------------------------------
limits, qualifies or conflicts with another provision hereof that is required to
be included in this Indenture by any of the provisions of the Trust Indenture
Act, such required provision shall control.

     The provisions of TIA (S)(S) 310 through 317 that impose duties on any
Person (including the provisions automatically deemed included herein unless
expressly excluded by this Indenture) are a part of and govern this Indenture,
whether or not physically contained herein.

     SECTION 11.8 Effect of Headings and Table of Contents. The Article and
                  ----------------------------------------
Section headings herein and the Table of Contents are for convenience only and
shall not affect the construction hereof.

     SECTION 11.9 Successors and Assigns. All covenants and agreements in this
                  ----------------------
Indenture and the Notes by the Issuer shall bind its successor and assigns,
whether so expressed or not. All agreements of the Indenture Trustee in this
Indenture shall bind the successors, co-trustees and agents (excluding any legal
representatives or accountants) of the Indenture Trustee.
<PAGE>

                                      66

     SECTION 11.10 Separability. In case any provision in this Indenture or in
                   ------------
the Notes shall be invalid, illegal or unenforceable, the validity, legality,
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

     SECTION 11.11 Benefits of Indenture. Nothing in this Indenture or in the
                   ---------------------
Notes, express or implied, shall give to any Person, other than the parties
hereto and their successors hereunder, and the Noteholders, and any other party
secured hereunder, and any other Person with an ownership interest in any part
of the Indenture Trust Estate, any benefit or any legal or equitable right,
remedy or claim under this Indenture.

     SECTION 11.12 Legal Holidays. In any case where the date on which any
                   --------------
payment is due shall not be a Business Day, then (notwithstanding any other
provision of the Notes or this Indenture) payment need not be made on such date,
but may be made on the next succeeding Business Day with the same force and
effect as if made on the date on which nominally due, and no interest shall
accrue for the period from and after any such nominal date.

     SECTION 11.13 Governing Law. This Indenture shall be construed in
                   -------------
accordance with the laws of the State of New York, without reference to its
conflict of law provisions (other than (S)5-1401 of the New York General
Obligations Law), and the obligations, rights and remedies of the parties
hereunder shall be determined in accordance with such laws.

     SECTION 11.14 Counterparts. This Indenture may be executed in any number of
                   ------------
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same instrument.

     SECTION 11.15 Recording of Indenture. If this Indenture is subject to
                   ----------------------
recording in any appropriate public recording offices, such recording is to be
effected by the Issuer and at its expense accompanied by an Opinion of Counsel
(which may be counsel to the Indenture Trustee or any other counsel reasonably
acceptable to the Indenture Trustee) to the effect that such recording is
necessary either for the protection of the Noteholders or any other Person
secured hereunder or for the enforcement of any right or remedy granted to the
Indenture Trustee under this Indenture.
<PAGE>

                                      67

     SECTION 11.16 Trust Obligations. No recourse may be taken, directly or
                   -----------------
indirectly, with respect to the obligations of the Issuer, the Seller, the
Administrator, the Servicer, the Eligible Lender Trustee or the Indenture
Trustee on the Notes or under this Indenture or any certificate or other writing
delivered in connection herewith or therewith, against (i) the Indenture Trustee
or the Eligible Lender Trustee in its individual capacity, (ii) any owner of a
beneficial interest in the Issuer or (iii) any partner, owner, beneficiary,
agent, officer, director or employee of the Indenture Trustee or the Eligible
Lender Trustee in its individual capacity, any holder or owner of a beneficial
interest in the Issuer, the Eligible Lender Trustee or the Indenture Trustee or
of any successor or assign thereof in its individual capacity, except as any
such Person may have expressly agreed (it being understood that the Indenture
Trustee and the Eligible Lender Trustee have no such obligations in their
individual capacity) and except that any such partner, owner or beneficiary
shall be fully liable, to the extent provided by applicable law, for any unpaid
consideration for stock, unpaid capital contribution or failure to pay any
installment or call owing to such entity. For all purposes of this Indenture, in
the performance of any duties or obligations of the Issuer hereunder, the
Eligible Lender Trustee shall be subject to, and entitled to the benefits of,
the terms and provisions of Article VI, VII and VIII of the Trust Agreement.

     SECTION 11.17 No Petition. The Indenture Trustee, by entering into this
                   -----------
Indenture, and each Noteholder, by accepting a Note, hereby covenant and agree
that they shall not at any time institute against the Seller or the Issuer, or
join in any institution against the Seller or the Issuer of, any bankruptcy,
reorganization, arrangement, insolvency, receivership or liquidation
proceedings, or other proceedings under any United States Federal or state
bankruptcy or similar law in connection with any obligations relating to the
Notes, this Indenture or any of the other Basic Documents. The foregoing shall
not limit the rights of the Indenture Trustee to file any claim in, or otherwise
take any action with respect to, any insolvency proceeding that was instituted
against the Issuer by any Person other than the Indenture Trustee.

  SECTION 11.18 Inspection. The Issuer agrees that, on reasonable prior notice,
                ----------
it shall permit any representative of the Indenture Trustee, during the Issuer's
normal business hours, to examine all the books of account, records, reports,
and other papers of the Issuer, to make copies and extracts therefrom, to cause
such books to be audited by Independent certified public accountants, and to
discuss the Issuer's affairs, finances and accounts with the Issuer's officers,
employees, and Independent
<PAGE>

                                      68

certified public accountants, all at such reasonable times and as often as may
be reasonably requested. The Indenture Trustee shall and shall cause its
representatives to hold in confidence all such information obtained from such
examination or inspection except to the extent disclosure may be required by law
(and all reasonable applications for confidential treatment are unavailing) and
except to the extent that the Indenture Trustee may reasonably determine that
such disclosure is consistent with its obligations hereunder.
<PAGE>

                                      69

     IN WITNESS WHEREOF, the Issuer and the Indenture Trustee have caused this
Indenture to be duly executed by their respective officers, thereunto duly
authorized and duly attested, all as of the day and year first above written.

                                        SLM STUDENT LOAN TRUST 2000-4,
                                        By: CHASE MANHATTAN BANK USA, NATIONAL
                                        ASSOCIATION, not in its individual
                                        capacity but solely as Eligible Lender
                                        Trustee,

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

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

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

                                        BANKERS TRUST COMPANY, not in its
                                        individual capacity but solely as
                                        Indenture Trustee,

                                        By: /s/ Charles C. Greiter
                                           -------------------------------------
                                           Name: Charles C. Greiter
                                           Title: Vice President
<PAGE>

                                      70

                                                                      APPENDIX A
                                                                TO THE INDENTURE

                             Definitions and Usage
                             ---------------------
<PAGE>

                                      71

                                  SCHEDULE A
                               TO THE INDENTURE

                        Schedule of Trust Student Loans
                        -------------------------------

                      [See Schedule A to the Bill of Sale
                     (Attachment B to the Sale Agreement)]
<PAGE>

                                      72

                                                                      SCHEDULE B
                                                                TO THE INDENTURE

                     Location of Trust Student Loan Files
                     ------------------------------------

                 [See Attachment B to the Servicing Agreement]
<PAGE>

                                      73

                                                                    EXHIBIT A-1
                                                               TO THE INDENTURE

                           [FORM OF CLASS A-1 NOTE]

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

NUMBER                                  [Note Face Amount]
R-1                                     CUSIP NO.  [CUSIP #]
<PAGE>

                                      74

                      SLM STUDENT LOAN TRUST [Trust Name]

               FLOATING RATE CLASS A-1 STUDENT LOAN-BACKED NOTES

          SLM Student Loan Trust [Trust Name], a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator
of which is [Total Class A-1 Note Amount] by (ii) the aggregate amount, if any,
payable to Class A-1 Noteholders on such Distribution Date in respect of
principal of the Notes pursuant to Section 3.1 of the Indenture dated as of
[Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on
behalf of the Issuer, and Bankers Trust Company, a New York banking corporation,
as Indenture Trustee (the "Indenture Trustee") (capitalized terms used but not
defined herein being defined in Appendix A to the Indenture, which also contains
rules as to usage that shall be applicable herein); provided, however, that the
                                                    --------  -------
entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-1 Distribution Date] (the "Class A-1 Maturity Date").

          The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-1 Rate (as defined on the reverse hereof), on each Distribution
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of
the Indenture. Interest on this Note shall accrue from and including the
preceding Distribution Date (or, in the case of the first Accrual Period, the
Closing Date) to but excluding the following Distribution Date (each an "Accrual
Period"). Interest shall be calculated on the basis of the actual number of days
elapsed in each Accrual Period divided by 360. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to
<PAGE>

                                      75

this Note shall be applied first to interest due and payable on this Note as
provided above and then to the unpaid principal of this Note.

          Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

          Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.
<PAGE>

                                      76

          IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                            SLM STUDENT LOAN TRUST [Trust Name]

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

                                 By:__________________________________
                                             Authorized Signatory

Date: [Closing Date]

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

          This is one of the Notes designated above and referred to in the
within-mentioned Indenture.

                                 BANKERS TRUST COMPANY, not in its
                            individual capacity but solely as Indenture
                                 Trustee,

                                 By:__________________________________
                                             Authorized Signatory

Date: [Closing Date]
<PAGE>

                                      77

                               [REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Floating Rate Class A-1 Student Loan-Backed Notes (the "Class
A-1 Notes"), which, together with the Issuer's Floating Rate Class A-2 Student
Loan-Backed Notes (the "Class A-2 Notes") and the Issuer's Floating Rate Class B
Student Loan-Backed Notes (the "Class B Notes" and, together with the Class A-1
Notes and the Class A-2 Notes the "Notes"), are issued under and secured by the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture.

          The Class A-1 Notes are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture. The Class
A-1 Notes are prior in order of principal payment to the Class A-2 and Class B
Notes and senior to the Class B Notes as and to the extent provided in the
Indenture.

          Principal of the Class A-1 Notes shall be payable on each Distribution
Date in an amount described on the face hereof. "Distribution Date" means the
25th day of each January, April, July and October or, if any such date is not a
Business Day, the next succeeding Business Day, commencing [initial Distribution
Date].

          As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-1 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (i) an Event of Default shall have
occurred and be continuing and (ii) the Indenture Trustee or the Noteholders
representing not less than a majority of the Outstanding Amount of the Notes
shall have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2 of the Indenture. All principal payments on the Class A-
1 Notes shall be made pro rata to the Noteholders entitled thereto.

          Interest on the Class A-1 Notes shall be payable on each Distribution
Date on the principal amount outstanding of the Class A-1 Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class
A-1 Rate. The "Class A-1 Rate" for each Accrual Period shall be equal to Three-
Month [or such other designated maturity, as necessary, for the initial Accrual
Period] LIBOR as
<PAGE>

                                      78

determined on the second business day before the beginning of that Accrual
Period plus [specified percentage points]%.

          Payments of interest on this Note on each Distribution Date, together
with the installment of principal, if any, to the extent not in full payment of
this Note, shall be made by check mailed to the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive
Notes have been issued (initially, such nominee to be Cede & Co.), payments
shall be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment, and the mailing of such check shall constitute payment of
the amount thereof regardless of whether such check is returned undelivered. Any
reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Distribution Date shall be binding
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, shall notify the Person who was the Noteholder hereof
as of the preceding Record Date by notice mailed no later than five days prior
to such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in the Borough of Manhattan, The City of New
York.

          The Issuer shall pay interest on overdue installments of interest on
this Note at the Class A-1 Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note
<PAGE>

                                      79

Registrar, which requirements include membership or participation in Securities
Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee
program" as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP (all in accordance with the Exchange Act), and such
other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount
shall be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i)
the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Eligible Lender Trustee in its individual capacity, any holder or
owner of a beneficial interest in the Issuer, the Eligible Lender Trustee or the
Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Eligible Lender Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner will not
at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
other Basic Documents.

          Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee
<PAGE>

                                      80

may treat the Person in whose name this Note (as of the day of determination or
as of such other date as may be specified in the Indenture) is registered as the
owner hereof for all purposes whether or not this Note be overdue, and neither
the Issuer, the Indenture Trustee nor any such agent shall be affected by notice
to the contrary.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer with the consent of the Noteholders representing a majority of the
Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of all the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such holder and upon all
future holders of this Note and of any Note issued upon registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of holders of the Notes issued thereunder.

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute
<PAGE>

                                      81

and unconditional, to pay the principal of and interest on this Note at the
times, place, and rate, and in the coin or currency, herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Bankers Trust Company in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Eligible Lender Trustee for the sole purposes of binding the interests of
the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
                         --------  -------
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.
<PAGE>

                                      82

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

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

________________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints ___________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: _________________

                                                  _______________________ */
                                                                          -
                                                  Signature Guaranteed:

                                                  _______________________ */
                                                                          -

_____________________
*/   NOTICE:  The signature to this assignment must correspond with the name of
-
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.
<PAGE>

                                      83

                                                                 EXHIBIT A-2
                                                            TO THE INDENTURE

                           [FORM OF CLASS A-2 NOTE]

                      SEE REVERSE FOR CERTAIN DEFINITIONS

          Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

          THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH
HEREIN. ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME
MAY BE LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF. THIS NOTE IS NOT
GUARANTEED OR INSURED BY ANY GOVERNMENTAL AGENCY.

NUMBER                                       [Note Face Amount]
R-1                                          CUSIP NO. [CUSIP #]
<PAGE>

                                      84

                      SLM STUDENT LOAN TRUST [Trust Name]

               FLOATING RATE CLASS A-2 STUDENT LOAN-BACKED NOTES

          SLM Student Loan Trust [Trust Name], a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator
of which is $[Total Class A-2 Note Amount] by (ii) the aggregate amount, if any,
payable to Class A-2 Noteholders on such Distribution Date in respect of
principal of the Notes pursuant to Section 3.1 of the Indenture dated as of
[Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on
behalf of the Issuer, and Bankers Trust Company, a New York banking corporation,
as Indenture Trustee (the "Indenture Trustee") (capitalized terms used but not
defined herein being defined in Appendix A to the Indenture, which also contains
rules as to usage that shall be applicable herein); provided, however, that the
                                                    --------  -------
entire unpaid principal amount of this Note shall be due and payable on the
[Final Class A-2 Distribution Date] (the "Class A-2 Maturity Date").

          The Issuer shall pay interest on this Note at the rate per annum equal
to the Class A-2 Rate (as defined on the reverse hereof), on each Distribution
Date until the principal of this Note is paid or made available for payment, on
the principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of
the Indenture. Interest on this Note shall accrue from and including the
preceding Distribution Date (or, in the case of the first Accrual Period, the
Closing Date) to but excluding the following Distribution Date (each an "Accrual
Period"). Interest shall be calculated on the basis of the actual number of days
elapsed in each Accrual Period divided by 360. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.
<PAGE>

                                      85

          The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts. All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

          Reference is made to the further provisions of this Note set forth on
the reverse hereof, which shall have the same effect as though fully set forth
on the face of this Note.

          Unless the certificate of authentication hereon has been executed by
the Indenture Trustee whose name appears below by manual signature, this Note
shall not be entitled to any benefit under the Indenture referred to on the
reverse hereof, or be valid or obligatory for any purpose.
<PAGE>

                                      86

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                              SLM STUDENT LOAN TRUST [Trust Name]

                              By:  CHASE MANHATTAN BANK USA, NATIONAL
                                    ASSOCIATION, not in its individual capacity
                                    but solely as Eligible Lender Trustee, under
                                    the Trust Agreement,

                                   By:_________________________________
                                             Authorized Signatory

Date:  [Closing Date]

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-
mentioned Indenture.

                                   BANKERS TRUST COMPANY, not in its individual
                                   capacity but solely as Indenture Trustee,

                                   By:_________________________________
                                            Authorized Signatory

Date:  [Closing Date]
<PAGE>

                                      87

                               [REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Floating Rate Class A-2 Student Loan-Backed Notes (the "Class
A-2 Notes"), which, together with the Issuer's Floating Rate Class A-1 Student
Loan-Backed Notes (the "Class A-1 Notes") and the Issuer's Floating Rate Class B
Student Loan-Backed Notes (the "Class B Notes" and, together with the Class A-1
Notes and the Class A-2 Notes, the "Notes"), are issued under and secured by the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders.  The Notes
are subject to all terms of the Indenture.

          The Class A-2 Notes are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture.  The Class
A-1 Notes are prior in order of principal payment to the Class A-2 Notes, and
the Class A-2 Notes are senior to the Class B Notes, as and to the extent
provided in the Indenture.

          Principal of the Class A-2 Notes shall be payable on each Distribution
Date in an amount described on the face hereof.  "Distribution Date" means the
25th day of each January, April, July and October or, if any such date is not a
Business Day, the next succeeding Business Day, commencing [initial Distribution
Date].

          As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class A-2 Maturity Date.
Notwithstanding the foregoing, the entire unpaid principal amount of the Notes
shall be due and payable on the date on which (i) an Event of Default shall have
occurred and be continuing and (ii) the Indenture Trustee or the Noteholders
representing not less than a majority of the Outstanding Amount of the Notes
shall have declared the Notes to be immediately due and payable in the manner
provided in Section 5.2 of the Indenture.  All principal payments on the Class
A-2 Notes shall be made pro rata to the Noteholders entitled thereto.

          Interest on the Class A-2 Notes shall be payable on each Distribution
Date on the principal amount outstanding of the Class A-2 Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class
A-2 Rate.  The "Class A-2 Rate" for each Accrual Period shall be equal to Three-
Month [or such other designated maturity, as necessary, for the initial Accrual
Period] LIBOR as
<PAGE>

                                      88

determined on the second business day before the beginning of that Accrual
Period plus [specified percentage points]%.

          Payments of interest on this Note on each Distribution Date, together
with the installment of principal, if any, to the extent not in full payment of
this Note, shall be made by check mailed to the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive
Notes have been issued (initially, such nominee to be Cede & Co.), payments
shall be made by wire transfer in immediately available funds to the account
designated by such nominee.  Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment, and the mailing of such check shall constitute payment of
the amount thereof regardless of whether such check is returned undelivered.
Any reduction in the principal amount of this Note (or any one or more
Predecessor Notes) effected by any payments made on any Distribution Date shall
be binding upon all future Noteholders of this Note and of any Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof,
whether or not noted hereon.  If funds are expected to be available, as provided
in the Indenture, for payment in full of the then remaining unpaid principal
amount of this Note on a Distribution Date, then the Indenture Trustee, in the
name of and on behalf of the Issuer, shall notify the Person who was the
Noteholder hereof as of the preceding Record Date by notice mailed no later than
five days prior to such Distribution Date and the amount then due and payable
shall be payable only upon presentation and surrender of this Note at the
Indenture Trustee's Corporate Trust Office or at the office of the Indenture
Trustee's agent appointed for such purposes located in the Borough of Manhattan,
The City of New York.

          The Issuer shall pay interest on overdue installments of interest on
this Note at the Class A-2 Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly
authorized in writing, with such signature guaranteed by an "eligible guarantor
institution" meeting the requirements of the Note Registrar, which requirements
include membership or participation in Securities
<PAGE>

                                      89

Transfer Agent's Medallion Program ("STAMP") or such other "signature guarantee
program" as may be determined by the Note Registrar in addition to, or in
substitution for, STAMP (all in accordance with the Exchange Act), and such
other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount
shall be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i)
the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Eligible Lender Trustee in its individual capacity, any holder or
owner of a beneficial interest in the Issuer, the Eligible Lender Trustee or the
Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Eligible Lender Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner will not
at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
other Basic Documents.

          Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of
<PAGE>

                                      90

such other date as may be specified in the Indenture) is registered as the owner
hereof for all purposes whether or not this Note be overdue, and neither the
Issuer, the Indenture Trustee nor any such agent shall be affected by notice to
the contrary.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer with the consent of the Noteholders representing a majority of the
Outstanding Amount of all Notes at the time outstanding.  The Indenture also
contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of all the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such holder and upon all
future holders of this Note and of any Note issued upon registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note.  The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of holders of the Notes issued thereunder.

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency, herein prescribed.
<PAGE>

                                      91

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Bankers Trust Company in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Eligible Lender Trustee for the sole purposes of binding the interests of
the Eligible Lender Trustee in the assets of the Issuer.  The Noteholder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
                         --------  -------
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.
<PAGE>

                                      92

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

________________________________________________________________________________

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

________________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints____________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated:________________

                                                                              */
                                                     ------------------------ -
                                                     Signature Guaranteed:

                                                                              */
                                                     ------------------------ -

______________
*/   NOTICE:  The signature to this assignment must correspond with the name of
-
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever.  Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.
<PAGE>

                                      94

                                                                     EXHIBIT A-3
                                                                TO THE INDENTURE

                           [FORM OF CLASS B NOTE]

                      SEE REVERSE FOR CERTAIN DEFINITIONS

     Unless this Note is presented by an authorized representative of The
Depository Trust Company, a New York corporation ("DTC"), to the Issuer (as
defined below) or its agent for registration of transfer, exchange or payment,
and any Note issued is registered in the name of Cede & Co. or in such other
name as is requested by an authorized representative of DTC (and any payment is
made to Cede & Co. or to such other entity as is requested by an authorized
representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.

     THE PRINCIPAL OF THIS NOTE IS PAYABLE IN INSTALLMENTS AS SET FORTH HEREIN.
ACCORDINGLY, THE OUTSTANDING PRINCIPAL AMOUNT OF THIS NOTE AT ANY TIME MAY BE
LESS THAN THE AMOUNT SHOWN ON THE FACE HEREOF.  THIS NOTE IS NOT GUARANTEED OR
INSURED BY ANY GOVERNMENTAL AGENCY.

NUMBER                                            [Note Face Amount]
R-1                                               CUSIP NO. [CUSIP #]
<PAGE>

                                      95

                      SLM STUDENT LOAN TRUST [Trust Name]

               FLOATING RATE CLASS B STUDENT LOAN-BACKED NOTES

     SLM Student Loan Trust [Trust Name], a business trust organized and
existing under the laws of the State of Delaware (herein referred to as the
"Issuer"), for value received, hereby promises to pay to CEDE & CO., or
registered assigns, the principal sum of [Note Face Amount] DOLLARS payable on
each Distribution Date in an amount equal to the result obtained by multiplying
(i) a fraction the numerator of which is [Note Face Amount] and the denominator
of which is $[Total Class B Note Amount] by (ii) the aggregate amount, if any,
payable to Class B Noteholders on such Distribution Date in respect of
principal of the Notes pursuant to Section 3.1 of the Indenture dated as of
[Indenture Date], among the Issuer, Chase Manhattan Bank USA, National
Association, a Delaware banking corporation, as Eligible Lender Trustee on
behalf of the Issuer, and Bankers Trust Company, a New York banking corporation,
as Indenture Trustee (the "Indenture Trustee") (capitalized terms used but not
defined herein being defined in Appendix A to the Indenture, which also contains
rules as to usage that shall be applicable herein); provided, however, that the
                                                    --------  -------
entire unpaid principal amount of this Note shall be due and payable on the
[Final Class B Distribution Date] (the "Class B Maturity Date").

     The Issuer shall pay interest on this Note at the rate per annum equal to
the Class B Rate (as defined on the reverse hereof), on each Distribution Date
until the principal of this Note is paid or made available for payment, on the
principal amount of this Note outstanding on the preceding Distribution Date
(after giving effect to all payments of principal made on the preceding
Distribution Date), subject to certain limitations contained in Section 3.1 of
the Indenture. Interest on this Note shall accrue from and including the
preceding Distribution Date (or, in the case of the first Accrual Period, the
Closing Date) to but excluding the following Distribution Date (each an "Accrual
Period"). Interest shall be calculated on the basis of the actual number of days
elapsed in each Accrual Period divided by 360. Such principal of and interest on
this Note shall be paid in the manner specified on the reverse hereof.
<PAGE>

                                      96

     The principal of and interest on this Note are payable in such coin or
currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts.  All payments made by the Issuer
with respect to this Note shall be applied first to interest due and payable on
this Note as provided above and then to the unpaid principal of this Note.

     Reference is made to the further provisions of this Note set forth on the
reverse hereof, which shall have the same effect as though fully set forth on
the face of this Note.

     Unless the certificate of authentication hereon has been executed by the
Indenture Trustee whose name appears below by manual signature, this Note shall
not be entitled to any benefit under the Indenture referred to on the reverse
hereof, or be valid or obligatory for any purpose.
<PAGE>

                                      97

     IN WITNESS WHEREOF, the Issuer has caused this instrument to be duly
executed, manually or in facsimile, as of the date set forth below.

                              SLM STUDENT LOAN TRUST [Trust Name]

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

                                   By:___________________________________
                                             Authorized Signatory

Date:  [Closing Date]

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

     This is one of the Notes designated above and referred to in the within-
mentioned Indenture.

                                   BANKERS TRUST COMPANY, not in its individual
                                   capacity but solely as Indenture Trustee,

                                   By:___________________________________
                                            Authorized Signatory

Date:  [Closing Date]
<PAGE>

                                      98

                               [REVERSE OF NOTE]

          This Note is one of a duly authorized issue of Notes of the Issuer,
designated as its Floating Rate Class B Student Loan-Backed Notes (the "Class B
Notes"), which, together with the Issuer's Floating Rate Class A-1 Student Loan-
Backed Notes (the "Class A-1 Notes") and the Issuer's Floating Rate Class A-2
Student Loan-Backed Notes (the "Class A-2 Notes" and, together with the Class A-
1 Notes and the Class B Notes, the "Notes") are issued under and secured by the
Indenture, to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights and obligations
thereunder of the Issuer, the Indenture Trustee and the Noteholders. The Notes
are subject to all terms of the Indenture.

          The Class B Notes are and will be equally and ratably secured by the
Collateral pledged as security therefor as provided in the Indenture. The Class
A-1 and Class A-2 Notes are prior in order of principal payment, and are senior,
to the Class B Notes as and to the extent provided in the Indenture.

          Principal of the Class B Notes shall be payable on each Distribution
Date in an amount described on the face hereof. "Distribution Date" means the
25th day of each January, April, July and October or, if any such date is not a
Business Day, the next succeeding Business Day, commencing [initial Distribution
Date].

          As described on the face hereof, the entire unpaid principal amount of
this Note shall be due and payable on the Class B Maturity Date. Notwithstanding
the foregoing, the entire unpaid principal amount of the Notes shall be due and
payable on the date on which (i) an Event of Default shall have occurred and be
continuing and (ii) the Indenture Trustee or the Noteholders representing not
less than a majority of the Outstanding Amount of the Notes shall have declared
the Notes to be immediately due and payable in the manner provided in Section
5.2 of the Indenture. All principal payments on the Class B Notes shall be made
pro rata to the Noteholders entitled thereto.

          Interest on the Class B Notes shall be payable on each Distribution
Date on the principal amount outstanding of the Class B Notes until the
principal amount thereof is paid in full, at a rate per annum equal to the Class
B Rate. The "Class B Rate" for each Accrual Period shall be equal to Three-Month
[or such other designated maturity, as necessary, for the initial Accrual
Period] LIBOR as
<PAGE>

                                      99

determined on the second business day before the beginning of that Accrual
Period plus [specified percentage points]%.

          Payments of interest on this Note on each Distribution Date, together
with the installment of principal, if any, to the extent not in full payment of
this Note, shall be made by check mailed to the Person whose name appears as the
Registered Holder of this Note (or one or more Predecessor Notes) on the Note
Register on the Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of the Clearing Agency, unless Definitive
Notes have been issued (initially, such nominee to be Cede & Co.), payments
shall be made by wire transfer in immediately available funds to the account
designated by such nominee. Such checks shall be mailed to the Person entitled
thereto at the address of such Person as it appears on the Note Register as of
the applicable Record Date without requiring that this Note be submitted for
notation of payment, and the mailing of such check shall constitute payment of
the amount thereof regardless of whether such check is returned undelivered. Any
reduction in the principal amount of this Note (or any one or more Predecessor
Notes) effected by any payments made on any Distribution Date shall be binding
upon all future Noteholders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not noted hereon. If funds are expected to be available, as provided in the
Indenture, for payment in full of the then remaining unpaid principal amount of
this Note on a Distribution Date, then the Indenture Trustee, in the name of and
on behalf of the Issuer, shall notify the Person who was the Noteholder hereof
as of the preceding Record Date by notice mailed no later than five days prior
to such Distribution Date and the amount then due and payable shall be payable
only upon presentation and surrender of this Note at the Indenture Trustee's
Corporate Trust Office or at the office of the Indenture Trustee's agent
appointed for such purposes located in the Borough of Manhattan, The City of New
York.

          The Issuer shall pay interest on overdue installments of interest on
this Note at the Class B Rate to the extent lawful.

          As provided in the Indenture and subject to certain limitations set
forth therein, the transfer of this Note may be registered on the Note Register
upon surrender of this Note for registration of transfer at the office or agency
designated by the Issuer pursuant to the Indenture, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Indenture Trustee duly executed by, the Noteholder hereof or his attorney duly
authorized in writing, with such signature
<PAGE>

                                      100

guaranteed by an "eligible guarantor institution" meeting the requirements of
the Note Registrar, which requirements include membership or participation in
Securities Transfer Agent's Medallion Program ("STAMP") or such other "signature
guarantee program" as may be determined by the Note Registrar in addition to, or
in substitution for, STAMP (all in accordance with the Exchange Act), and such
other documents as the Indenture Trustee may require, and thereupon one or more
new Notes of authorized denominations and in the same aggregate principal amount
shall be issued to the designated transferee or transferees. No service charge
will be charged for any registration of transfer or exchange of this Note, but
the transferor may be required to pay a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection with any such registration
of transfer or exchange.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in the Note, covenants and agrees that no
recourse may be taken, directly or indirectly, with respect to the obligations
of the Issuer or the Indenture Trustee on the Notes or under the Indenture or
any certificate or other writing delivered in connection therewith, against (i)
the Indenture Trustee or the Eligible Lender Trustee in its individual capacity,
(ii) any owner of a beneficial interest in the Issuer or (iii) any partner,
owner, beneficiary, agent, officer, director or employee of the Indenture
Trustee or the Eligible Lender Trustee in its individual capacity, any holder or
owner of a beneficial interest in the Issuer, the Eligible Lender Trustee or the
Indenture Trustee or of any successor or assign thereof in its individual
capacity, except as any such Person may have expressly agreed (it being
understood that the Indenture Trustee and the Eligible Lender Trustee have no
such obligations in their individual capacity) and except that any such partner,
owner or beneficiary shall be fully liable, to the extent provided by applicable
law, for any unpaid consideration for stock, unpaid capital contribution or
failure to pay any installment or call owing to such entity.

          Each Noteholder or Note Owner, by acceptance of a Note or, in the case
of a Note Owner, a beneficial interest in a Note, covenants and agrees that by
accepting the benefits of the Indenture such Noteholder or Note Owner will not
at any time institute against the Seller or the Issuer, or join in any
institution against the Seller or the Issuer of, any bankruptcy, reorganization,
arrangement, insolvency, receivership or liquidation proceedings or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligations relating to the Notes, the Indenture or the
other Basic Documents.
<PAGE>

                                     101

          Prior to the due presentment for registration of transfer of this
Note, the Issuer, the Indenture Trustee and any agent of the Issuer or the
Indenture Trustee may treat the Person in whose name this Note (as of the day of
determination or as of such other date as may be specified in the Indenture) is
registered as the owner hereof for all purposes whether or not this Note be
overdue, and neither the Issuer, the Indenture Trustee nor any such agent shall
be affected by notice to the contrary.

          The Indenture permits, with certain exceptions as therein provided,
the amendment thereof and the modification of the rights and obligations of the
Issuer and the rights of the Noteholders under the Indenture at any time by the
Issuer with the consent of the Noteholders representing a majority of the
Outstanding Amount of all Notes at the time outstanding. The Indenture also
contains provisions permitting the Noteholders representing specified
percentages of the Outstanding Amount of the Notes, on behalf of all the
Noteholders, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences.
Any such consent or waiver by the holder of this Note (or any one of more
Predecessor Notes) shall be conclusive and binding upon such holder and upon all
future holders of this Note and of any Note issued upon registration of transfer
hereof or in exchange hereof or in lieu hereof whether or not notation of such
consent or waiver is made upon this Note. The Indenture also permits the
Indenture Trustee to amend or waive certain terms and conditions set forth in
the Indenture without the consent of holders of the Notes issued thereunder.

          The term "Issuer" as used in this Note includes any successor to the
Issuer under the Indenture.

          The Issuer is permitted by the Indenture, under certain circumstances,
to merge or consolidate, subject to the rights of the Indenture Trustee and the
Noteholders under the Indenture.

          The Notes are issuable only in registered form in denominations as
provided in the Indenture, subject to certain limitations therein set forth.

          This Note shall be construed in accordance with the laws of the State
of New York, without reference to its conflict of law provisions, and the
obligations, rights and remedies of the parties hereunder and thereunder shall
be determined in accordance with such laws.
<PAGE>

                                      102

          No reference herein to the Indenture and no provision of this Note or
of the Indenture shall alter or impair the obligation of the Issuer, which is
absolute and unconditional, to pay the principal of and interest on this Note at
the times, place, and rate, and in the coin or currency, herein prescribed.

          Anything herein to the contrary notwithstanding, except as expressly
provided in the Basic Documents, neither Bankers Trust Company in its individual
capacity, Chase Manhattan Bank USA, National Association in its individual
capacity, any owner of a beneficial interest in the Issuer, nor any of their
respective partners, beneficiaries, agents, officers, directors, employees or
successors or assigns shall be personally liable for, nor shall recourse be had
to any of them for, the payment of principal of or interest on, or performance
of, or omission to perform, any of the covenants, obligations or
indemnifications contained in this Note or the Indenture; it being expressly
understood that said covenants, obligations and indemnifications have been made
by the Eligible Lender Trustee for the sole purposes of binding the interests of
the Eligible Lender Trustee in the assets of the Issuer. The Noteholder of this
Note by the acceptance hereof agrees that, except as expressly provided in the
Basic Documents, in the case of an Event of Default under the Indenture, the
Noteholder shall have no claim against any of the foregoing for any deficiency,
loss or claim therefrom; provided, however, that nothing contained herein shall
                         --------  -------
be taken to prevent recourse to, and enforcement against, the assets of the
Issuer for any and all liabilities, obligations and undertakings contained in
the Indenture or in this Note.
<PAGE>

                                  ASSIGNMENT

Social Security or taxpayer I.D. or other identifying number of assignee

_______________________________________________________________________________

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

_______________________________________________________________________________
                        (name and address of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes
and appoints __________________________________________________________________
attorney, to transfer said Note on the books kept for registration thereof, with
full power of substitution in the premises.

Dated: _________________

                                                ________________________ */
                                                Signature Guaranteed:    -

                                                ________________________ */
                                                                         -

_______________
*/   NOTICE:  The signature to this assignment must correspond with the name of
-
the registered owner as it appears on the face of the within Note in every
particular, without alteration, enlargement or any change whatever. Such
signature must be guaranteed by an "eligible guarantor institution" meeting the
requirements of the Note Registrar, which requirements include membership or
participation in STAMP or such other "signature guarantee program" as may be
determined by the Note Registrar in addition to, or in substitution for, STAMP,
all in accordance with the Securities Exchange Act of 1934, as amended.
<PAGE>

                                                                       EXHIBIT B
                                                                TO THE INDENTURE

     Note Depository Agreement
     -------------------------

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