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

The composition of the pool;
The distribution of the pool by loan type, payment status, interest rate basis,
interest capitalization frequency during deferral period and remaining term to
maturity;
The borrowers’ states of residence; and
The percentages of the trust student loans guaranteed by the applicable
guarantors.
Delinquencies, Defaults, Claims and Net Losses
If a substantial portion of the trust student loans in the trust assets for a particular series
of notes are guaranteed by a specific private guarantor, certain historical information about
delinquencies, defaults, recoveries, guaranty claims and net losses of comparable guaranteed
student loans to the trust student loans will be set forth in the related prospectus supplement. The
delinquency, default, recoveries claim and net loss experience on any pool of trust student loans
may not be comparable to this information.
Termination
For each trust, the obligations of the servicers, the owner trustee, the indenture trustee or
us under the transfer and servicing agreements will terminate upon:
The maturity or other liquidation of the last trust student loan and the disposition
of any amount received upon liquidation of any remaining trust student loan; and
The payment to the noteholders of all amounts required to be paid to them.
TRANSFER AND SERVICING AGREEMENTS
General
The following is a summary of certain terms of:
The student loan purchase agreements, pursuant to which we will acquire the
student loans from the sellers;
The deposit and sale agreements, pursuant to which we will sell the student loans
to the owner trustee on behalf of the trust;
The PHEAA servicing agreement, pursuant to which PHEAA will service a
substantial majority of the trust student loans; and
The administration agreement, pursuant to which the administrator will undertake
specific administrative duties for each trust.
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