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

If so provided in the related prospectus supplement, a trust may enter into a LIBOR note
derivative product agreement. Under the terms of the agreement, the counterparty will pay to the
trust the excess, if any, of the LIBOR rate for the notes over the adjusted student loan rate as
provided by the terms of the agreement. The indenture trustee will use those funds to make
interest payments on the notes at the LIBOR rate. If these payments are made by the
counterparty, the counterparty will become entitled to reimbursement from money remaining in
the collection account on any distribution date after payment of interest and principal due on the
notes and, if necessary, replenishment of the reserve account to the required minimum balance.
Accrual Notes
Accrual notes will be entitled to payments of accrued interest commencing only on the
interest payment date, or under the circumstances specified in the related prospectus supplement.
Prior to the time interest is payable on any class of accrual notes, the amount of accrued interest
will be added to the note principal balance thereof on each interest payment date. The principal
balance of the accrual notes will begin to be paid from available funds received with respect to
the trust student loans after the date that accrued interest is no longer being added to the principal
balance of the notes. Accrued interest for each interest payment date will be equal to interest at
the applicable interest rate accrued for a specified period (generally the period between interest
payment dates) on the outstanding note principal balance thereof immediately prior to the
interest payment date.
Original Issue Discount Notes
Original issue discount notes will have a stated maturity set forth in the applicable
prospectus supplement. The notes will be issued at a discount from the principal amount payable
at maturity. The notes may have a “zero coupon” and currently pay no interest, or may pay
interest at a rate that is below market rates at the time of issuance. For original issue discount
notes, all or some portion of the interest due will accrue during the life of the note and be paid
only at maturity or upon earlier redemption. Each holder of an original issue discount note will
be required to include in current income a ratable portion of the original issue discount, even
though the holder may not receive any payment of interest during the period.
Distributions
Beginning on the distribution date specified in the related prospectus supplement, the
applicable owner trustee will make distributions of principal and/or interest on each class of
notes.
Credit and Cash Flow or other Enhancement or Derivative Arrangements
General. The related prospectus supplement will describe the amounts and types of
credit or cash flow enhancement arrangements for each series. If provided in the related
prospectus supplement, credit or cash flow enhancement may take the form of:
Subordination of one or more classes of notes;
Reserve accounts;
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