Date of Issue:   November 15, 2005

Issue Amount:   $3,112,668,000 *

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR - .03%
CUSIP:  78442GQU3

Class A-2 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .00%
CUSIP:  78442GQV1

Class A-3 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .05%
CUSIP:  78442GQW9

Class A-4 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .10%
CUSIP:  78442GQX7

Class A-5 Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .12%
CUSIP:  78442GQY5

Class A-6 Reset Rate Asset-Backed Notes
Rate:  Three Month EURIBOR + .07% **
ISIN:  XS0235351904

Class A-7A Reset Rate Asset-Backed Notes
Rate:  Three Month EURIBOR + .10% ***
ISIN:  XS0235359048

Class A-7B Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .16%
CUSIP:  78442GRB4

Class B Floating Rate Asset-Backed Notes
Rate:  Three Month LIBOR + .30%
CUSIP:  78442GRC2

Servicer:
Sallie Mae, Inc.

Eligible Lender Trustee:
The Bank of New York Trust Company, N.A.

Indenture Trustee:
Deutsche Bank Trust Company Americas

Administrator:
Sallie Mae, Inc.

Luxembourg Paying Agent:
Deutsche Bank Luxembourg SA

Underwriters:
Credit Suisse First Boston
Deutsche Bank Securities
Banc of America Securities LLC
Barclays Capital
Merrill Lynch & Co.
DEPFA BANK
Fortis Bank

* Using an exchange rate of $1.195 = €1.00.

** Effective until the class A-6 notes initial reset date, which will occur on October 25, 2012.

*** Effective until the class A-7A notes initial reset date, which will occur on January 25, 2016.