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

For credit-worthy programs only, to be credit-worthy, a borrower must also meet
employment, income and length of residence criteria, which vary somewhat depending on the
borrower’s circumstances (i.e., wage-earning, retired or self-employed). For wage earners, these
criteria generally include but are not limited to the following:
The borrower must supply a pay stub not more than 60 days old. If not available,
a letter from an employer on company letterhead stationary listing gross yearly
salary is acceptable.
The borrower must have been employed at his/her current or former employer for
a minimum of two continuous years.
If the borrower is a student and wishes to have his/her wage income used in the
loan decision, the borrower must submit a pay stub no more than 60 days old or a
letter from employer(s) documenting start date(s), full-time status and hours
worked.
The borrower must have resided at his/her current address for a period exceeding
12 months and resided in the United States for the past two years.
Interest
The rate of interest is variable and adjusts quarterly on the first day of each calendar
quarter and is equal to the lesser of:
The maximum borrower interest rate allowed by law; and
The average of one-month LIBOR as published in the “Money Rates” section of
The Wall Street Journal on the first business day of each of the three calendar
months immediately preceding each quarterly interest rate change date (the
interest index) plus a margin.
The margin over the interest index is set by the sellers in the student loan notes and may
be tiered to reflect the historic risk characteristics of borrowers, whose credit history places them
in a particular tier of a tiered loan program.
Borrower Fees
For each student loan, an origination fee is added to the loan amount. The origination fee
ranges from 0% to 12% at time of disbursement and 0% to 3% at time of repayment. The fee is
computed as a percentage of the total of the amount advanced in cash and the fee. The sellers in
turn may pay a guaranty fee to a guaranty agency, which may or may not match the amount
charged to the borrower. The sellers may also elect to have tiered guaranty fees within a
particular program to reflect historic rates of default for loan program borrowers with particular
credit characteristics.
12