$388,000,000 Class A-1 Student Loan-Backed Notes
$503,000,000 Class A-2 Student Loan-Backed Notes
$205,000,000 Class A-3 Student Loan-Backed Notes
$407,582,000 Class A-4 Student Loan-Backed Notes
$46,502,000 Class B Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus
Historical Reports

Date of Issue: July 2, 2008

Issue Amount: $1,550,084,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .40%
CUSIP: 78445FAA3

Class A-2 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .50%
CUSIP: 78445FAB1

Class A-3 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .65%
CUSIP: 78445FAC9

Class A-4 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .90%
CUSIP: 78445FAD7

Class B Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + 1.85%
CUSIP: 78445FAE5

Servicer:
Sallie Mae, Inc.

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

Indenture Trustee:
Deutsche Bank Trust Company Americas

Luxembourg Paying Agent:
Deutsche Bank Luxembourg SA

Administrator:
Sallie Mae, Inc.

Underwriters:
Barclays Capital
Merrill Lynch & Co.
UBS Investment Bank
Deutsche Bank
JPMorgan
RBC Capital Markets