$30,000,000 Floating Rate Class A-1 Student Loan-Backed Notes
$136,173,000 Floating Rate Class A-2 Student Loan-Backed Notes
$6,027,000 Floating Rate Student Loan-Backed Certificates

Quarterly Distribution Reports
Prospectus
Current Libor Rates
Quarterly Distribution Factors
Historical Reports

Date of Issue: June 15, 1994

Issue Amount: $172,200,000

Securities Offered:
Floating Rate Class A-1 Asset-Backed Notes in the aggregate principal amount of $30,000,000.
Rate: 30 day LIBOR + 0.13%
CUSIP: 784582AA6

Floating Rate Class A-2 Asset-Backed Notes in the aggregate principal amount of $136,173,000.
Rate: 30 day LIBOR + 0.38%
CUSIP: 784582AB4

Floating Rate Asset-Backed Certificates in the aggregate principal amount of $6,027,000.
Rate: 30 day LIBOR + 0.70%
CUSIP: 784582AC2

Underwriter: CS First Boston

Servicer: Sallie Mae Servicing LP

Eligible Lender Trustee: Bank One

Indenture Trustee: Deutsche Bank Trust Company Americas

Administrator: Sallie Mae