$317,000,000 Class A-1 Student Loan-Backed Notes
$482,000,000 Class A-2 Student Loan-Backed Notes
$326,000,000 Class A-3 Student Loan-Backed Notes
$507,000,000 Class A-4 Student Loan-Backed Notes
$591,000,000 Class A-5 Student Loan-Backed Notes
$382,946,000 Class A-6A Student Loan-Backed Notes $200,000,000 Class A-6B Student Loan-Backed Notes
$200,000,000 Class A-6C Student Loan-Backed Notes $92,968,000 Class B Student Loan-Backed Notes

Quarterly Distribution Report
Quarterly Distribution Factors
Current Rates
Prospectus
Historical Reports

Date of Issue: June 21, 2006

Issue Amount: $3,098,914,000

Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR - .03%
CUSIP: 83149EAA5

Class A-2 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR - .01%
CUSIP: 83149EAB3

Class A-3 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .03%
CUSIP: 83149EAC1

Class A-4 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .08%
CUSIP: 83149EAD9

Class A-5 Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .11%
CUSIP: 83149EAE7

Class A-6A Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .16%
CUSIP: 83149EAH0

Class A-6B Reset Rate Asset-Backed Notes
Rate: Three Month LIBOR + .12%
CUSIP: 83149EAJ6

Class A-6C Reset Rate Asset-Backed Notes
Rate: Three Month LIBOR + .12%
CUSIP: 83149EAK3

Class B Floating Rate Asset-Backed Notes
Rate: Three Month LIBOR + .21%
CUSIP: 83149EAG2

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:
Deutsche Bank Securities
Lehman Brothers
Barclays Capital
Citigroup
Merrill Lynch & Co.
Wachovia Securities