LISTING SUPPLEMENT $189000000 Class A-1 Notes $342100000 ...

FORMATION OF THE TRUSTS
The Trusts
We will establish a separate trust for each series of notes. Each trust will be formed
under a trust agreement. We will specify the owner trustee for each trust in the prospectus
supplement for your notes. The owner trustee will perform only the following activities:
Acquire, hold and sell trust student loans, the other trust assets and related
proceeds;
Issue the notes;
Make payments on the notes;
Perform duties as specified in the related trust agreement; and
Engage in other incidental or related activities.
Each trust will have only nominal initial capital. The proceeds from the sale of the
related notes will be used to purchase the trust student loans.
Following the purchase of the trust student loans, the assets of the trust will include:
The trust student loans themselves, legal title to which the owner trustee will hold;
All funds collected on the trust student loans on or after the date specified in the
prospectus supplement, including any guarantor or surety payments;
All funds and investments on deposit in the collection account, any reserve
account, any pre-funding account and any other trust accounts or any other form
of credit enhancement;
Rights under the related transfer and servicing agreements, including the rights, if
any, to require the sellers, the servicers or us to repurchase trust student loans
from it under some conditions;
Rights under the guaranty or surety agreements with guarantors or insurers; and
Any other property described in the prospectus supplement.
The notes will represent indebtedness of the trust secured by its assets. To facilitate
servicing and to minimize administrative burden and expense, the servicers, directly or through a
custodian, will retain possession of the promissory notes, credit agreements and other documents
related to the trust student loans as custodians for the trust.
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