ANNEX A

THE TRUST STUDENT LOAN POOL

The trust student loans owned by the trust were originally selected from a portfolio of consolidation student loans owned by SLMA, VG Funding and SLM ELC by employing several criteria, including requirements that each trust student loan as of the original statistical cutoff date (and with respect to each additional trust student loan as of its related subsequent cutoff date):

•	was guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

•	contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

•	was fully disbursed;

•	was not more than 210 days past due;

•	did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

•	had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

No trust student loan as of the applicable cutoff date was subject to any prior obligation to sell that loan to a third party.

Unless otherwise specified, all information with respect to the trust student loans is presented as of May 31, 2021, which is the statistical disclosure date.

The following tables provide a description of specified characteristics of the trust student loans as of the statistical disclosure date.  The aggregate outstanding principal balance of the loans in each of the following tables includes the principal balance due from borrowers, plus accrued interest of $2,688,867 to be capitalized as of the statistical disclosure date.  Percentages and dollar amounts in any table may not total 100% or whole dollars due to rounding.  The following tables also contain information concerning the total number of loans and total number of borrowers in the portfolio of trust student loans.  For ease of administration, the servicer separates a consolidation loan on its system into two separate loan segments representing subsidized and unsubsidized segments of the same loan.  The following tables reflect those loan segments within the number of loans.  In addition, 6 borrowers have more than one trust student loan.

The distribution by weighted average interest rate applicable to the trust student loans on any date following the statistical disclosure date may vary significantly from that in the following tables as a result of variations in the effective rates of interest applicable to the trust student loans and in rates of principal reduction.  Moreover, the information below about the weighted average remaining term to maturity of the trust student loans as of the statistical disclosure date may vary significantly from the actual term to

maturity of any of the trust student loans as a result of prepayments or the granting of deferment and forbearance periods.

The following tables also contain information concerning the total number of loans and the total number of borrowers in the portfolio of initial trust student loans.

Percentages and dollar amounts in any table may not total 100% of the initial trust student loan balance, as applicable, due to rounding.

COMPOSITION OF THE TRUST STUDENT LOANS AS OF
THE STATISTICAL DISCLOSURE DATE

We determined the weighted average remaining term to maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future.  See Appendix A to the preliminary remarketing memorandum.

The weighted average annual borrower interest rate shown in the table is exclusive of special allowance payments.  The weighted average spread for special allowance payments to the 91-day Treasury bill rate was 3.11% as of the statistical disclosure date.

The weighted average spread for special allowance payments to the one-month LIBOR rate was 2.64% as of the statistical disclosure date.  See “Special Allowance Payments” in Appendix A to the preliminary remarketing memorandum.

For these purposes, the 91-day Treasury bill rate is the weighted average per annum discount rate, expressed on a bond equivalent basis and applied on a daily basis, for direct obligations of the United States with a maturity of thirteen weeks, as reported by the U.S. Department of the Treasury.

DISTRIBUTION OF THE TRUST STUDENT LOANS
BY BORROWER INTEREST RATES AS OF THE STATISTICAL
DISCLOSURE DATE

We determined the interest rates shown in the table above using the interest rates applicable to the trust student loans as of the statistical disclosure date.  Because trust student loans with different interest rates are likely to be repaid at different rates, this information is not likely to remain applicable to the trust student loans after the statistical disclosure date.  See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY
OUTSTANDING PRINCIPAL BALANCE PER BORROWER
AS OF THE STATISTICAL DISCLOSURE DATE

Range of Outstanding Principal Balance		Number of Borrowers				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Less than $5,000.00			2,691			$	7,330,220				1.0	%
$5,000.00-$ 9,999.99			2,186				15,888,399				2.3
$10,000.00-$14,999.99			1,998				24,832,094				3.5
$15,000.00-$19,999.99			1,712				29,744,048				4.2
$20,000.00-$24,999.99			1,415				31,741,050				4.5
$25,000.00-$29,999.99			1,133				31,145,970				4.4
$30,000.00-$34,999.99			970				31,516,596				4.5
$35,000.00-$39,999.99			800				29,861,272				4.2
$40,000.00-$44,999.99			673				28,581,996				4.1
$45,000.00-$49,999.99			603				28,546,730				4.1
$50,000.00-$54,999.99			502				26,368,561				3.7
$55,000.00-$59,999.99			458				26,279,023				3.7
$60,000.00-$64,999.99			381				23,776,460				3.4
$65,000.00-$69,999.99			318				21,463,689				3.0

Range of Outstanding Principal Balance		Number of Borrowers				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
$70,000.00-$74,999.99			302				21,890,993				3.1
$75,000.00-$79,999.99			251				19,458,442				2.8
$80,000.00-$84,999.99			219				18,029,983				2.6
$85,000.00-$89,999.99			178				15,565,158				2.2
$90,000.00-$94,999.99			167				15,428,536				2.2
$95,000.00-$99,999.99			154				14,997,358				2.1
$100,000.00 and above			1,460				241,515,073				34.3
Total			18,571			$	703,961,651				100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS
BY DELINQUENCY STATUS AS OF THE
STATISTICAL DISCLOSURE DATE

Number of Days Delinquent		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0-30 days			31,644			$	672,325,448				95.5	%
31-60 days			355				11,577,206				1.6
61-90 days			172				5,096,310				0.7
91-120 days			159				5,777,057				0.8
121-150 days			82				3,091,787				0.4
151-180 days			47				1,323,165				0.2
181-210 days			23				691,913				0.1
Greater than 210 days			143				4,078,765				0.6
Total			32,625			$	703,961,651				100.0	%

DISTRIBUTION OF THE TRUST STUDENT LOANS
BY REMAINING TERM TO SCHEDULED MATURITY
AS OF THE STATISTICAL DISCLOSURE DATE

Number of Months Remaining to Scheduled Maturity		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0 to 3			71			$	21,427				*
4 to 12			306				354,611				0.1	%
13 to 24			583				1,643,654				0.2
25 to 36			2,628				6,427,440				0.9
37 to 48			2,030				8,316,331				1.2
49 to 60			1,387				8,853,983				1.3
61 to 72			1,056				8,270,125				1.2
73 to 84			850				8,184,457				1.2
85 to 96			2,397				21,992,108				3.1
97 to 108			2,516				27,281,193				3.9
109 to 120			1,464				21,090,397				3.0
121 to 132			2,060				43,389,457				6.2
133 to 144			1,758				47,201,352				6.7
145 to 156			2,893				72,772,468				10.3
157 to 168			3,283				84,991,591				12.1
169 to 180			1,474				45,770,811				6.5
181 to 192			1,193				41,048,640				5.8
193 to 204			891				32,919,983				4.7
205 to 216			689				28,036,050				4.0
217 to 228			695				32,531,984				4.6
229 to 240			493				22,818,948				3.2
241 to 252			376				18,753,705				2.7
253 to 264			238				14,139,726				2.0
265 to 276			204				12,657,762				1.8
277 to 288			157				9,520,760				1.4
289 to 300			237				19,306,639				2.7
301 to 312			412				40,224,645				5.7
313 to 324			49				3,448,727				0.5
325 to 336			56				4,927,774				0.7
337 to 348			34				3,220,534				0.5
349 to 360			81				8,472,839				1.2
361 and above			64				5,371,526				0.8
Total			32,625			$	703,961,651				100.0	%

We have determined the number of months remaining to scheduled maturity shown in the table from the statistical disclosure date to the stated maturity date of the applicable trust student loan without giving effect to any deferment or forbearance periods that may be granted in the future.  See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

DISTRIBUTION OF THE TRUST STUDENT LOANS
BY CURRENT BORROWER PAYMENT STATUS
AS OF THE STATISTICAL DISCLOSURE DATE

Current borrower payment status refers to the status of the borrower of each trust student loan as of the statistical disclosure date.  The borrower:

•	may have temporarily ceased repaying the loan through a deferment or a forbearance period; or

•	may be currently required to repay the loan – repayment.

See Appendix A to the preliminary remarketing memorandum and “The Student Loan Pools – The Student Loan Marketing Association’s Student Loan Financing Business” in the prospectus.

The weighted average number of months in repayment for all trust student loans currently in repayment is approximately 137.4 calculated as the term to maturity at the commencement of repayment less the number of months remaining to scheduled maturity as of the statistical disclosure date.

SCHEDULED WEIGHTED AVERAGE REMAINING MONTHS IN
STATUS OF THE TRUST STUDENT LOANS BY
CURRENT BORROWER PAYMENT STATUS AS OF THE
STATISTICAL DISCLOSURE DATE

We have determined the scheduled weighted average remaining months in status shown in the previous table without giving effect to any deferment or forbearance periods that may be granted in the future.  Of the $20,836,959 aggregate outstanding principal balance of the trust student loans in deferment as of the statistical disclosure date, $15,588,014 or approximately 74.8% of such loans are to borrowers who had not graduated as of that date.  We expect that a significant portion of these loans could qualify for additional deferments or forbearances at the end of their current deferment periods as the related borrowers continue their education beyond their current degree programs.  As a result, the overall duration of any applicable deferment and forbearance periods as well as the likelihood of future deferment and forbearance periods within this pool of trust student loans is likely to be higher than in other pools of student loans without similar numbers of in-school consolidation loans.  See Appendix A to the preliminary remarketing memorandum.

GEOGRAPHIC DISTRIBUTION OF THE TRUST STUDENT LOANS
AS OF THE STATISTICAL DISCLOSURE DATE

State		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Alabama			280			$	8,633,224				1.2	%
Alaska			51				1,474,984				0.2
Arizona			756				17,213,675				2.4
Arkansas			172				3,933,524				0.6
California			3,847				87,294,045				12.4
Colorado			499				10,923,123				1.6
Connecticut			531				9,252,105				1.3
Delaware			105				2,534,310				0.4
District of Columbia			190				3,531,421				0.5
Florida			2,338				59,191,978				8.4
Georgia			1,031				29,885,380				4.2
Hawaii			155				3,591,491				0.5
Idaho			112				3,659,242				0.5
Illinois			1,293				26,499,137				3.8
Indiana			825				15,474,979				2.2
Iowa			123				2,207,648				0.3
Kansas			609				9,442,819				1.3
Kentucky			221				4,736,293				0.7
Louisiana			911				20,609,448				2.9
Maine			90				1,866,820				0.3
Maryland			977				21,547,297				3.1
Massachusetts			1,185				19,562,048				2.8
Michigan			613				14,181,634				2.0
Minnesota			429				7,895,741				1.1
Mississippi			232				5,312,884				0.8
Missouri			674				12,505,946				1.8
Montana			44				1,087,728				0.2
Nebraska			73				2,485,220				0.4
Nevada			237				5,350,906				0.8
New Hampshire			161				3,158,450				0.4
New Jersey			966				20,670,452				2.9
New Mexico			119				2,757,910				0.4

State			Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
New York			2,397				50,579,120				7.2
North Carolina			662				13,587,304				1.9
North Dakota			22				317,847				*
Ohio			978				19,364,769				2.8
Oklahoma			628				12,572,348				1.8
Oregon			445				8,954,555				1.3
Pennsylvania			1,257				23,147,157				3.3
Rhode Island			85				2,078,844				0.3
South Carolina			308				8,933,049				1.3
South Dakota			36				867,403				0.1
Tennessee			418				8,358,209				1.2
Texas			2,606				56,861,803				8.1
Utah			116				3,205,211				0.5
Vermont			33				589,289				0.1
Virginia			972				18,625,339				2.6
Washington			922				17,373,680				2.5
West Virginia			158				3,418,976				0.5
Wisconsin			356				7,445,369				1.1
Wyoming			23				944,301				0.1
Other			354				8,265,214				1.2
Total			32,625			$	703,961,651				100.0	%

We have based the geographic distribution shown in the table on the billing addresses of the borrowers of the trust student loans shown on the servicer’s records as of the statistical disclosure date.

Each of the trust student loans provides or will provide for the amortization of its outstanding principal balance over a series of regular payments.  Except as described below, each regular payment consists of an installment of interest which is calculated on the basis of the outstanding principal balance of the trust student loan.  The amount received is applied first to interest accrued to the date of payment and the balance of the payment, if any, is applied to reduce the unpaid principal balance.  Accordingly, if a borrower pays a regular installment before its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be less than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly greater.  Conversely, if a borrower pays a monthly installment after its scheduled due date, the portion of the payment allocable to interest for the period since the preceding payment was made will be greater than it would have been had the payment been made as scheduled, and the portion of the payment applied to reduce the unpaid principal balance will be correspondingly less.

In either case, subject to any applicable deferment periods or forbearance periods, and except as provided below, the borrower pays a regular installment until the final scheduled payment date, at which time the amount of the final installment is increased or decreased as necessary to repay the then outstanding principal balance of that trust student loan.

The servicer makes available to borrowers of student loans it holds (including the trust student loans) payment terms that may result in the lengthening of the remaining term of the student loans.  For example, not all of the loans sold to the trust provide for level payments throughout the repayment term of the loans.  Some student loans provide for interest only payments to be made for a designated portion of the term of the loans, with amortization of the principal of the loans occurring only when payments increase in the latter stage of the term of the loans.  Other loans provide for a graduated phase in of the amortization of principal with a greater portion of principal amortization being required in the latter stages than would be the case if amortization were on a level payment basis.  The servicer also offers an income-sensitive repayment plan, under which repayments are based on the borrower’s income.  Under that plan, ultimate repayment may be delayed up to five years.  Borrowers under trust student loans will continue to be eligible for the graduated payment and income-sensitive repayment plans.  These programs are applicable to the trust student loans and may be offered by the servicer to related borrowers at its discretion.

The following table provides certain information about trust student loans subject to the repayment terms described in the preceding paragraphs.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY REPAYMENT
TERMS AS OF THE STATISTICAL DISCLOSURE DATE

Loan Repayment Terms		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Level Repayment			16,025			$	268,851,933				38.2	%
Other Repayment Options(1)			12,931				275,797,133				39.2
Income-driven Repayment(2)			3,669				159,312,585				22.6
Total			32,625			$	703,961,651				100.0	%

With respect to interest-only loans, as of the statistical disclosure date, there are 247 loans with an aggregate outstanding principal balance of $12,391,111 currently in an interest-only period.  These interest-only loans represent approximately 1.8% of the aggregate outstanding principal balance of the trust student loans.  Interest-only periods range up to 48 months in overall length.

The servicer may in the future offer repayment terms similar to those described above to borrowers of trust student loans who are not entitled to these repayment terms as of the statistical disclosure date.  If repayment terms are offered to and accepted by those borrowers, the weighted average life of the securities could be lengthened.

DISTRIBUTION OF THE TRUST STUDENT LOANS BY LOAN
TYPE AS OF THE STATISTICAL DISCLOSURE DATE

DISTRIBUTION OF THE TRUST STUDENT LOANS
BY DATE OF DISBURSEMENT AS OF
THE STATISTICAL DISCLOSURE DATE

The following table provides information about the trust student loans regarding date of disbursement.

Guaranty Agencies for the Trust Student Loans.  The eligible lender trustee has entered into a separate guarantee agreement with each of the guaranty agencies listed below, under which each of the guarantors has agreed to serve as guarantor for specified trust student loans.

The following table provides information with respect to the portion of the trust student loans guaranteed by each guarantor.

DISTRIBUTION OF THE TRUST STUDENT LOANS
BY GUARANTY AGENCY AS OF
THE STATISTICAL DISCLOSURE DATE

A-10

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