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

Graduate credit-ready;
Continuing education credit-worthy;
K-12 credit-worthy;
Health profession credit-worthy; and
Health profession credit-ready.
Eligibility Requirements
To qualify, the applicant must meet the following eligibility requirements:
The student borrower must be enrolled at least half-time for the loan period in
question, except for continuing education loan borrowers. For all loans except K-
12 loans and continuing education loans the program in which the student is
enrolled must be a degree- or certificate-granting program.
The student borrower must be at least the age of majority at the time of the loan
application except for K-12 loan students, because they are not signatories on
their promissory notes.
To qualify for subsequent loans, the student must maintain satisfactory academic
progress.
Joint application is not required. If a second signer is necessary to meet credit
criteria, or desired by the borrowers, then both applicants become joint applicants
for the benefit of the student and co-borrowers under the promissory note.
Borrower and co-borrower(s) need to sign the application and promissory note to
be eligible for the loan.
The student borrower must be a United States citizen/national or a permanent
resident alien of the United States.
The standards for school eligibility to participate in loan programs vary but generally
include, without limitation:
Accreditation as a degree-granting institution of higher education in the United
States or Canada and proof thereof (for graduate loan programs, schools must be
accredited to grant master and/or doctorate degrees, or the equivalent, in any
professional field);
A default rate as reported by the United States Department of Education no
greater than 12%;
Proof that the school is operating legally in the state in which it is located; and
10