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

The trust may not engage in any activity other than financing, purchasing, owning, selling
and servicing student loans and the other assets of the trust, in each case in the manner
contemplated by the indenture, the student loan purchase agreements or certain related
documents and activities incidental thereto. The trust will not incur, assume or guarantee any
indebtedness other than indebtedness incurred pursuant to the notes and the indenture or
otherwise in accordance with the student loan purchase agreements or certain related documents.
Statements to Indenture Trustee and Trust. Before each quarterly distribution date, the
administrator will provide to the indenture trustee (with a copy to the owner trustee and the
rating agencies) for the indenture trustee to forward to each holder of record of the applicable
class of notes a statement setting forth at least the following information as to the notes, to the
extent applicable:
(a)
The amount of the distribution allocable to principal of each class of notes;
(b) The amount of the distribution allocable to interest on each class of notes,
together with the interest rates applicable with respect thereto;
(c) The pool balance as of the close of business on the last day of the preceding
collection period, after giving effect to the related payments allocated to principal reported under
clause (a) above;
(d) The aggregate outstanding principal balance or notional amount, as applicable, of
each class of notes as of the quarterly distribution date, after giving effect to related payments
allocated to principal reported under clause (a) above;
(e) For each quarterly distribution date, the amount of fees and expenses paid to the
indenture trustee and the owner trustee; the amount of the servicing fee paid to each servicer; the
amount of fees and expenses paid to each broker-dealer and the auction agent, if any; the amount
of fees paid to a guaranty agency; and the amount of the administration fee paid to the
administrator, and, in each case, with respect to the collection period, together with the amount,
if any, remaining unpaid after giving effect to all payments;
(f) For each quarterly distribution date, the amount of the aggregate realized losses
for the trust student loans, if any, for the collection period and the balance of the trust student
loans that are delinquent in each delinquency period as of the end of the collection period;
(g) The balance of the reserve account on the quarterly distribution date, after giving
effect to changes therein on the quarterly distribution date;
(h) The amount of any interest and expense withdrawal from the reserve account on
the quarterly distribution date; and the amount of any withdrawal from the pre-funding account
to purchase additional student loans;
(i) For quarterly distribution dates during the funding period, the remaining prefunded
amount on the quarterly distribution date, after giving effect to changes therein during the
related collection period;
31