$501,000,000 Class A-1 Student Loan-Backed Notes
$280,000,000 Class A-2 Student Loan-Backed Notes
$254,843,000 Class A-3 Student Loan-Backed Notes
$46,666,000 Class B Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus 
Historical Reports

Date of Issue: July 20, 2006

Issue Amount: $1,082,509,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR - .01%
CUSIP: 83149FAA2

Class A-2 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .08%
CUSIP: 83149FAB0

Class A-3 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .11%
CUSIP: 83149FAC8

Class B Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .21%
CUSIP: 83149FAD6

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:
Barclays Capital
Credit Suisse
Morgan Stanley