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

$114,130,609. The amount on deposit in the reserve account to the extent used will be
replenished up to the specified reserve account balance on each quarterly distribution date from
the amount of Available Funds remaining after payment of the prior amounts set forth under
“Distributions and Payments” above with respect to the notes, all for the quarterly distribution
date.
Funds will be withdrawn from the reserve account to the extent that the amount of
Available Funds is insufficient to pay the servicing fees with respect to the trust student loans on
any Monthly Servicing Payment Date and any of the items specified in clauses (1) through (8)
under “Distributions and Payments—Distributions from the Collection Account,” on any
quarterly distribution date. These funds will be paid from the reserve account to the persons and
in the order of priority specified for distributions out of the collection account in clauses (1)
through (8) on a quarterly distribution date. In addition, on the final maturity dates for each class
of notes, amounts on deposit in the reserve account, if any, will be available, if necessary, to be
applied to reduce the principal balance of the class of notes to zero.
If the amount on deposit in the reserve account on any quarterly distribution date
beginning with the quarterly distribution date in June 2005 (after giving effect to all deposits or
withdrawals therefrom on that quarterly distribution date) exceeds the greater of the respective
amount listed below for that quarterly distribution date:
On or after Quarterly Distribution Date
Amount
June 2005 $95,000,000
September 2005 $80,000,000
December 2005 $70,000,000
March 2006 $60,000,000
June 2006 $50,000,000
September 2006 $40,000,000
December 2006 $30,000,000
March 2007 $25,000,000
June 2007 $20,000,000
September 2007 $15,000,000
December 2007 $10,000,000
March 2008 $10,000,000
June 2008 $5,000,000
September 2008 and thereafter $1,500,000
and 1.25% of the outstanding principal amount of the notes as of the last day of the immediately
preceding Collection Period, the administrator will instruct the indenture trustee to deposit the
amount of the excess into the collection account for distribution as Available Funds on the
quarterly distribution date to the persons and in the order of priority specified for distributions.
Upon any distribution to the certificateholders of any amounts included as Available Funds, the
noteholders will not have any rights in, or claims to, these amounts. Subject to the limitation
described in the preceding sentence, amounts held from time to time in the reserve account will
continue to be held for the benefit of the trust.
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