Common use of Certain Terms of the Notes Clause in Contracts

Certain Terms of the Notes. Trust: SLM Student Loan Trust 2006-5 Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Title of Notes: Class A-[ ] Reset Rate Notes Principal Amount of Notes to be Remarketed: $ Title of Indenture: Indenture dated as of June 1, 2006 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ Floating Rate Spread: ¨ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 2006-5 200__-__ Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 _______________________________ _______________________________ Title of Notes: Class A-[ [__] Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $_________ Title of Indenture: Indenture dated as of June 1___________, 2006 200__ as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association _________________________________ Indenture Trustee: Deutsche Bank Trust Company Americas _________________________________ Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ [ ] Floating Rate Spread: ¨ [ ] Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 6 Remarketing Agents and Addresses: Credit Suisse Securities (USA) LLC Eleven Xxxxxxx Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx00000-0000 Xxxxxxx Lynch, 00xx Pierce, Xxxxxx & Xxxxx Xxx XxxxIncorporated 000 Xxxxx Xxxxxx New York, Xxx Xxxx 00000 New York 10080 Title of Notes: Class A-[ ] A-5B Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $_________ Title of Indenture: Indenture dated as of June July 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase The Bank USAof New York Mellon Trust Company, National Association (formerly known as The Bank of New York Trust Company, N.A.) Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Aaa Standard & Poor’s Ratings Services: AAA Fitch Ratings: AAA Interest Rate Mode: ¨ x Floating Rate Three-Month LIBOR Spread: ¨ Fixed Rate N/A Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: N/A Fixed Rate: N/A The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:: Three-Month LIBOR plus New Interest Rate: As determined by application of the provisions set forth herein and in the Remarketing Agreements and Remarketing Agency Agreement.

Certain Terms of the Notes. Trust: SLM Xxxxx Fargo Student Loan Trust 2006__-5 __ Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 [REMARKETING AGENT 1] [REMARKETING AGENT 2] Title of Notes: Class A-[ ] ___ Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $__________ Title of Indenture: Indenture dated as of June 1__________, 2006 20__ as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association [ELIGIBLE LENDER TRUSTEE] Indenture Trustee: Deutsche Bank Trust Company Americas [INDENTURE TRUSTEE] Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ Floating Rate Spread: ¨ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 Remarketing Agents and Addresses: Xxxxxx Brothers Citigroup Global Markets Inc. 000 0xx Xxxxxxxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. Xxxxxxx, Xxxxx & Co. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Title of Notes: Class A-[ ] A-5 Reset Rate Notes Principal Amount of Notes to be Remarketed: $ Title of Indenture: Indenture dated as of June 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ Floating Rate Spread: ¨ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 7 Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx XxxxxxBanc of America Securities LLC Global Asset Backed Securitization 214 Xxxxx Xxxxx Xx. NC1-027-21-04 Charlotte, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 NC 28255 Deutsche Bank Securities Inc. 00 Xxxx 60 Wxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00005 Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated 250 Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Title Xxtle of Notes: Class A-[ ] A-3 Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $_________ Title of Indenture: Indenture dated as of June August 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase The Bank USAof New York Trust Company, National Association N.A. Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Aaa Standard & Poor’s Ratings Services: AAA Fitch Ratings: AAA Interest Rate Mode: ¨ [X] Floating Rate Spread: ¨ [ ] Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 2006-5 [·] Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 [·] Facsimile: [·] Attention: [·] [·] Facsimile: [·] Attention: [·] [·] Facsimile: [·] Attention: [·] Title of Notes: Class A-[ [·] Reset Rate Notes Principal Amount of Notes to be RemarketedPurchased: $ Title of Indenture: Indenture Indenture, dated as of June 1[·], 2006 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Trustee. Eligible Lender Trustee: Chase Manhattan Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Mxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ Floating Rate Spread: ¨ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Currency Denomination: Currency Exchange Rate: Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 7 Remarketing Agents and Addresses: Xxxxxx Brothers Inc. Banc of America Securities LLC Global Asset Backed Securitization 000 0xx XxxxxxXxxxx Xxxxx Xx. NC1-027-21-04 Charlotte, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 NC 28255 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Title of Notes: Class A-[ [A-3][A-5] Reset Rate Notes Principal Amount of Notes to be Remarketed: $ Title of Indenture: Indenture dated as of June August 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ o Floating Rate Spread: ¨ o Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 9 Remarketing Agents and Addresses: Credit Suisse Securities (USA) LLC Eleven Mxxxxxx Xxxxxx Brothers Xxx Xxxx, Xxx Xxxx 00000-0000 Attention: Cxxxx Xxxxxxx Deutsche Bank Securities Inc. 000 0xx 60 Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Con Accibal Title of Notes: Class A-[ ] A-7A Reset Rate Notes Principal Amount of Notes to be RemarketedPurchased: $ $597,500,000 Class A-7A Reset Rate Notes Title of Indenture: Indenture Indenture, dated as of June November 1, 2006 2005, as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Trustee. Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Indenture Trustee: Deutsche Bank National Trust Company Current Ratings: Xxxxx’x Mxxxx’x Investors Service, Inc.: Aa3(sf) Standard & Poor’s Ratings Services: AA+(sf) Fitch Ratings, Inc.: AAAsf Interest Rate Mode: ¨ ☒ Floating Rate Spread: ¨ Class A-7A Reset Rate Notes: Three-Month LIBOR plus 0.60% ☐ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): N/A Currency Denomination: U.S. Dollars Currency Exchange Rate: N/A Extension Rate: N/A All Hold Rate:: N/A

Certain Terms of the Notes. Trust: SLM Student Loan Trust 2006200[ ]-5 [ ] Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 [ ] [ ] [ ] [ ] [ ] [ ] Title of Notes: Class A-[ [__] Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $_________ Title of Indenture: Indenture dated as of June 1[ ], 2006 20[ ] as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas [ ] Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ Floating Rate Spread: ¨ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 8 Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 60 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Mxxxxxx Lynch, Pierce, Fxxxxx & Sxxxx Incorporated 200 Xxxxx Xxxxxx New York, New York 10080 Title of Notes: Class A-[ ] A-4 Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $___ Title of Indenture: Indenture dated as of June September 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Mxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ o Floating Rate Spread: ¨ o Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 9 Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Credit Suisse First Boston LLC 10 Xxxxxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 60 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Title of Notes: Class A-[ [___] Reset Rate Notes Principal Amount of Notes to be Remarketed: $ Title of Indenture: Indenture dated as of June November 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Mxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ o Floating Rate Spread: ¨ o Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 8 Remarketing Agents Agent and AddressesAddress: Xxxxxxx Lynch, Pierce, Xxxxxx Brothers Inc. 000 0xx Xxxxxx& Xxxxx Incorporated, 0xx successor by merger to Banc of America Securities LLC Xxx Xxxxxx Xxxx, Xxxxxx Xxxxx Xxx Xxxx, Xxx Xxxx XX 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Attention: Xxxxxxxxxxx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Title of Notes: Class A-[ ] A-4 Reset Rate Notes Principal Amount of Notes to be RemarketedPurchased: $ $293,905,607.00 Class A-4 Reset Rate Notes Title of Indenture: Indenture Indenture, dated as of June September 1, 2006 2005, as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Trustee. Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Indenture Trustee: Deutsche Bank National Trust Company Current Ratings: Xxxxx’x Investors Service, Inc.: Aaa(sf) Standard & Poor’s Ratings Services: AAA (sf) Fitch Ratings, Inc.: AAAsf Interest Rate Mode: ¨ ☒ Floating Rate Class A-4 Reset Rate Notes: Three-Month LIBOR plus 0.55% Spread: ¨ ☐ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): N/A Currency Denomination: U.S. Dollars Currency Exchange Rate: N/A Extension Rate: N/A All Hold Rate:: N/A

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 6 Remarketing Agents and Addresses: Xxxxxx Brothers Citigroup Global Markets Inc. 000 0xx Xxxxxxxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. Xxxxxxx, Sachs & Co. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxxxxx Xxx Xxxx, Xxx Xxxx 00000 Title of Notes: Class A-[ ] A-5B Reset Rate Notes Principal Amount of Notes to be Remarketed: $ Title of Indenture: Indenture dated as of June July 1, 2006 2005 as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Standard & Poor’s Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ Floating Rate Spread: ¨ Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate:

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 9 Remarketing Agents and Addresses: Credit Suisse Securities (USA) LLC Eleven Xxxxxxx Xxxxxx Brothers Xxx Xxxx, Xxx Xxxx 00000-0000 Attention: Xxxxx Xxxxxxx Deutsche Bank Securities Inc. 000 0xx 00 Xxxx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Attention: Con Accibal Title of Notes: Class A-[ ] A-6 Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $280,825,000 Title of Indenture: Indenture Indenture, dated as of June November 1, 2006 2005, as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Trustee. Eligible Lender Trustee: Chase Bank USA, National Association Indenture Trustee: Deutsche Bank Trust Company Americas Indenture Trustee: Deutsche Bank National Trust Company Current Ratings: Xxxxx’x Investors Service, Inc.: [REDACTED] Standard & Poor’s Ratings Services: [REDACTED] Fitch Ratings: [REDACTED] Interest Rate Mode: ¨ x Floating Rate Three-Month LIBOR Spread: ¨ plus 0.55% o Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): N/A Currency Denomination: U.S. Dollars Currency Exchange Rate: N/A Extension Rate: N/A All Hold Rate:: N/A New Interest Rate: As determined by application of the provisions set forth herein and in the Remarketing Agreement and Remarketing Agency Agreement.

Certain Terms of the Notes. Trust: SLM Student Loan Trust 20062005-5 6 Remarketing Agents and Addresses: Credit Suisse Securities (USA) LLC Eleven Xxxxxxx Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx00000-0000 Xxxxxxx Lynch, 00xx Pierce, Xxxxxx & Xxxxx Xxx XxxxIncorporated 000 Xxxxx Xxxxxx New York, Xxx Xxxx 00000 New York 10080 Title of Notes: Class A-[ ] A-5B Reset Rate Notes Principal Amount of Notes to be Remarketed: $ $327,970,000 Title of Indenture: Indenture Indenture, dated as of June July 1, 2006 2005, as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and the Indenture Trustee Eligible Lender Trustee: Chase The Bank USAof New York Mellon Trust Company, National Association (formerly known as The Bank of New York Trust Company, N.A.) Indenture Trustee: Deutsche Bank Trust Company Americas Current Ratings: Xxxxx’x Investors Service, Inc.: Aaa Standard & Poor’s Ratings Services: AAA Fitch Ratings: AAA Interest Rate Mode: ¨ x Floating Rate Three-Month LIBOR Spread: 1.20% ¨ Fixed Rate N/A Spread: Appendix C-2 N/A Yield to Maturity of Fixed Rate Pricing Benchmark: N/A Fixed Rate: N/A The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): N/A Currency Denomination: U.S. Dollar Currency Exchange Rate: N/A Extension Rate: N/A All Hold Rate:: Three-Month LIBOR plus 0.75% New Interest Rate: As determined by application of the provisions set forth herein and in the Remarketing Agreements and Remarketing Agency Agreement.

Certain Terms of the Notes. Trust: SLM SLC Student Loan Trust 2006-5 20__-__ Remarketing Agents and Addresses: Xxxxxx Brothers Inc. 000 0xx Xxxxxx, 0xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 Deutsche Bank Securities Inc. 00 Xxxx Xxxxxx, 00xx Xxxxx Xxx Xxxx, Xxx Xxxx 00000 ____________________________ Title of Notes: Class A-[ ] Reset A-[__]Reset Rate Notes Principal Amount of Notes to be Remarketed: Remarketed $ Title of Indenture: Indenture Indenture, dated as of June 1___________, 2006 20__, as amended or supplemented from time to time by and among the Trust, the Eligible Lender Trustee and Trustee, the Indenture Trustee and Indenture Administrator. Eligible Lender Trustee: Chase Bank USA, National Association _______________________________ Indenture Trustee: Deutsche Bank Trust Company Americas _______________________________ Indenture Administrator: _______________________________ Current Ratings: Xxxxx’x Xxxxx'x Investors Service, Inc.: Standard & Poor’s 's Ratings Services: Fitch Ratings: Interest Rate Mode: ¨ [ ] Floating Rate Spread: ¨ [ ] Fixed Rate Spread: Appendix C-2 Yield to Maturity of Fixed Rate Pricing Benchmark: Fixed Rate: The Eligible Swap Counterparty (or Counterparties) and the floating rate (or rates) of interest payable by the Trust to each Eligible Swap Counterparty (or Counterparties): Currency Denomination: Currency Exchange Rate: Extension Rate: All Hold Rate: