---

•

on the effective date of such currency swap agreement for the related reset date, the U.S. Dollar equivalent of all secondary market trade proceeds received from purchasers of the related class of reset rate notes using the exchange rate established on the effective date of such currency swap agreement;

•

on or before each distribution date, (1) the rate of interest on the related class of reset rate notes multiplied by the outstanding principal balance of the related class of reset rate notes denominated in the applicable currency and (2) the currency equivalent of the U.S. Dollars such swap counterparty concurrently receives from the trust as a payment of principal allocated to the related class of reset rate notes, including, on the maturity date for the related class of reset rate notes, if a currency swap agreement is then in effect, the remaining outstanding principal balance of the related class of reset rate notes, but only to the extent that the required U.S. Dollar equivalent amount is received from the trust on such date, using the exchange rate established on the applicable effective date of the currency swap agreement;

•

with respect to a distribution date that is also a reset date, other than for distribution dates during a reset period following a reset date upon which a failed remarketing has occurred, up to and including the reset date resulting in a successful remarketing or an exercise of the call option, additional interest at the applicable interest rate and in the applicable currency for the related class of reset rate notes from and including the related reset date to, but excluding, the second business day following the related reset date; and

•

on the reset date corresponding to a successful remarketing or an exercise of the call option of the related class of reset rate notes, the currency equivalent of all U.S. Dollar secondary market trade proceeds or proceeds from the exercise of the call option received as of that reset date, as applicable, using the exchange rate established on the effective date of the applicable currency swap agreement for that reset date.

•

on the effective date of such currency swap agreement for the related reset date, all secondary market trade proceeds received from purchasers of the related class of reset rate notes in the applicable currency;

•

on or before each distribution date, (1) an interest rate of three-month LIBOR plus or minus a spread, as determined from the bidding process described below, multiplied by that swap counterpart’s pro rata share, as applicable, of the U.S. Dollar equivalent of the outstanding principal balance of the related class of reset rate notes, and (2) that swap counterpart’s pro rata share of all payments of principal in U.S. Dollars that are allocated to the related class of reset rate notes; provided that, all principal payments allocated to such notes on any distribution date will be deposited into the related accumulation account and paid to each related swap counterparty on or about the next reset date (including all amounts required to be deposited in the related accumulation account on the related reset date), but excluding all investment earnings thereon; and

•

on the reset date corresponding to a successful remarketing or an exercise of the call option of the related class of reset rate notes, all U.S. Dollar secondary market trade proceeds or proceeds from the exercise of the call option, as applicable, received (1) from the remarketing agent that the remarketing agent either received directly from the purchasers of the related class of reset rate notes, if in U.S. Dollars; (2) from the new swap counterparty or counterparties pursuant to the related currency swap agreements for the upcoming reset period, if in a currency other than U.S. Dollars; or (3) from the holder of the call option, as applicable.

•

the next succeeding related reset date resulting in a successful remarketing;

•

the purchase of all outstanding notes on a reset date, following the exercise of a call option;

•

the distribution date on which the outstanding principal balance of the related class of reset rate notes is reduced to zero, excluding for such purpose all amounts on deposit in the related accumulation account; or

•

the maturity date of the related class of reset rate notes.

•

the applicable spread as determined by the remarketing agent on the Spread Determination Date; and

•

the yield to maturity on the Spread Determination Date of the applicable fixed rate pricing benchmark, selected by the remarketing agent, as having an expected weighted average life based on a scheduled maturity at the next reset date, which would be used in accordance with customary financial practice in pricing new issues of asset-backed securities of comparable average life, provided, that the remarketing agent shall establish that fixed rate equal to the rate that, in the reasonable opinion of the remarketing agent, will enable all of the tendered reset rate notes to be remarketed by the remarketing agent at 100% of their outstanding principal balance.  However, that fixed rate of interest will in no event be lower than the related All Hold Rate, if applicable.

•

the next succeeding reset date, if the related class of reset rate notes is then denominated in U.S. Dollars, or the next succeeding reset date resulting in a successful remarketing, if that class is then in foreign exchange mode;

•

the related reset date for which the call option is exercised;

•

the distribution date on which the outstanding principal balance of the related class of reset rate notes is reduced to zero (including as the result of the optional purchase of the remaining trust student loans by the servicer or an auction of the trust student loans by the indenture trustee); or

•

the maturity date of the related class of reset rate notes.

•

an event of default under the indenture relating to the payment of principal on any class at its maturity date or to the payment of interest on any class of notes which has resulted in an acceleration of the maturity of the notes,

•

an event of default under the indenture relating to an insolvency event or a bankruptcy with respect to the trust which has resulted in an acceleration of the maturity of the notes, or

•

a liquidation of the trust assets following any event of default under the indenture,

A:

to the applicable noteholders of a class of reset rate notes if then denominated in U.S. Dollars and structured not to receive a payment of principal until the end of their related reset period, the amount, if any, on deposit in the related accumulation account (excluding any investment earnings thereon) in reduction of the outstanding amount of such class of reset rate notes until they are paid in full; and/or

B:

to the related currency Swap Counterparty if a class of reset rate notes is then in foreign exchange mode and structured not to receive a payment of principal until the end of their related reset period, the amount, if any, on deposit in the related accumulation account for the reset rate notes (excluding any investment earnings thereon) to be used in reduction of the outstanding amount of such class of reset rate notes until they are paid in full;

A:

to the class A noteholders (other than the noteholders of a class of reset rate notes if one or more swap agreements with respect to interest payments to be made to such noteholders is then in effect), for amounts due and unpaid on the class A Notes for interest at the applicable rate of interest due such class, ratably, without preference or priority of any kind, according to the amounts due and payable on the class A notes for such interest;

B:

if one or more swap agreement is then in effect for a class of reset rate notes with respect to interest payments to be made to the related reset rate noteholders, to each Swap Counterparty, the amount of any swap interest payments due and payable by the trust (other than as paid to each such Swap Counterparty under clause FIRST); and

C:

if any swap agreement with respect to a class of reset rate notes has been terminated, to the related Swap Counterparty, the amount of any swap termination payments due to such Swap Counterparty due to a swap termination event resulting from a payment default by the trust or the insolvency of the trust; provided, that if any amounts allocable to the class A notes are not needed to pay the Class A Noteholders’ Interest Distribution Amount as of such distribution date, such amounts will be applied to pay the portion, if any, of any swap termination payment referred to in this clause FIFTH remaining unpaid;

A:

if one or more classes of reset rate notes are in foreign exchange mode, pro rata (1) to the class A noteholders, ratably, an amount sufficient to reduce the respective principal balance of those class A notes (other than any class or classes of reset rate notes then in foreign exchange mode) to zero, and (2) to the applicable currency Swap Counterparties an amount sufficient to reduce the U.S. Dollar Notional Principal Balance of such class or classes of reset rate notes to zero; or

B:

if all classes of the reset rate notes are then denominated in U.S. Dollars, pro rata to the class A noteholders, ratably, an amount sufficient to reduce the respective principal balances of all class A notes to zero;

•

pay to noteholders the interest payable on the related distribution date; and

•

reduce the outstanding principal amount of each class of notes then outstanding on the related distribution date to zero, taking into account all amounts then on deposit in any accumulation account.

•

is then structured not to receive a payment of principal until the end of the related reset period, the outstanding principal balance of that class will be deemed to have been reduced by any amounts on deposit, exclusive of any investment earnings, in the related accumulation account; and/or

•

is then denominated in a non-U.S. Dollar currency, the U.S. Dollar Notional Principal Balance of that class will be determined based upon the exchange rate provided for in the related currency swap agreement or agreements.

•

the minimum purchase amount described under “—Optional Purchase” above (plus any amounts owed to the servicer as carryover servicing fees); or

•

the fair market value of the trust student loans as of the end of the related collection period.

•

to correct or amplify the description of any property at any time subject to the lien of the indenture, or better to assure, convey and confirm unto the indenture trustee any property subject or required to be subjected to the lien of the indenture, or to subject to the lien of the indenture any additional property;

•

to evidence the succession of another person to the trust, and the assumption by any such successor of the covenants of the trust in the indenture and in the notes;

•

to add to the covenants of the trust for the benefit of the noteholders and the Swap Counterparties, as applicable, or to surrender any right or power herein conferred upon the trust;

•

to convey, transfer, assign, mortgage or pledge any additional property to the indenture trustee;

•

to cure any ambiguity, to correct or supplement any provision in the indenture which may be inconsistent with any other provision of the indenture; provided that such action shall not materially adversely affect the interests of the noteholders or any Swap Counterparty; or

•

to modify, eliminate or add to the provisions of the indenture to such extent as shall be necessary to effect the qualification of this indenture under the Trust Indenture Act or under any similar federal statute later enacted and to add to the indenture such other provisions as may be expressly required by the Trust Indenture Act.

•

change the date of payment of any installment of principal of or interest on any note, or reduce the principal amount thereof, the interest rate thereon or the redemption price with respect thereto, change the provisions of the indenture relating to the application of collections on, or the proceeds of the sale of, the trust estate to payment of principal of or interest on the notes, or change any place of payment where, or the coin or currency in which, any note or the interest thereon is payable or impair the right to institute suit for the enforcement of the provisions of the indenture requiring the application of funds available therefor to the payment of any such amount due on the notes on or after the respective due dates thereof (or, in the case of redemption, on or after the redemption date);

•

reduce the percentage of the outstanding amount of the notes, the consent of the noteholders of which is required for any such supplemental indenture, or the consent of the noteholders of which is required for any waiver of compliance with certain provisions of the indenture or certain defaults thereunder and their consequences provided for in the indenture;

•

modify or alter the provisions of the proviso to the definition of the term “Outstanding”;

•

reduce the percentage of outstanding notes whose holders must consent to any supplemental indenture;

•

reduce the percentage of outstanding notes whose holders must consent to a sale or liquidation of the trust student loans if the proceeds of the sale would be insufficient to pay the principal amount and accrued interest on the notes;

•

modify the provisions of the indenture which specify the applicable percentages of principal amount of notes necessary to take specified actions except to increase these percentages or to specify additional provisions;

•

modify any of the provisions of the indenture to affect the calculation of interest or principal due on any note on any distribution date or to affect the rights of the noteholders to the benefit of any provisions for the mandatory redemption of the notes; or

•

permit the creation of any lien ranking prior or equal to the lien of the indenture on any of the collateral for that series or, except as otherwise permitted or contemplated in that indenture, terminate the lien of the indenture on any collateral or deprive the holder of any note of the security afforded by that lien.

•

a citizen or individual resident of the United States;

•

a corporation (including an entity treated as such) organized in or under the laws of the United States, any state thereof or the District of Columbia;

•

an estate the income of which is includible in gross income for U.S. federal income tax purposes, regardless of its source; or

•

a trust whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust.

•

is not actually or constructively a “10 percent shareholder” of Navient, Navient Credit Finance Corporation, the depositor or the trust, or a “controlled foreign corporation” with respect to which Navient, Navient Credit Finance Corporation, the depositor or the trust is a “related person” within the meaning of the Code, and

•

provides an appropriate statement, signed under penalties of perjury, certifying that the holder is a foreign person and providing that foreign person’s name and address. For beneficial owners that are individuals or entities treated as corporations, this certification may be made on Form W-8BEN or Form W-8BEN-E.  If the information provided in this statement changes, the foreign person must report that change within 30 days of such change. The statement generally must be provided in the year a payment occurs or in any of the three preceding years.

•

the gain is not effectively connected with the conduct of a trade or business in the United States by the foreign person, and

•

in the case of an individual foreign person, the foreign person is not present in the United States for 183 days or more in the taxable year and certain other requirements are met.

•

employee benefit plans as defined in Section 3(3) of ERISA that are subject to Title I of ERISA;

•

certain other retirement plans and arrangements described in Section 4975 of the Code, including:

1.

individual retirement accounts and annuities (“IRAs”), and

2.

Keogh plans;

•

collective investment funds and separate accounts and, as applicable, insurance company general accounts in which those plans, accounts or arrangements are invested that are subject to the fiduciary responsibility provisions of ERISA and Section 4975 of the Code;

•

any other entity whose assets are deemed to be “plan assets” as a result of any of the above plans, arrangements, funds or accounts investing in such entity; and

•

persons who are fiduciaries with respect to plans in connection with the investment of plan assets.

•

Prohibited Transaction Class Exemption (“PTCE”) 96‑23, which exempts certain transactions effected on behalf of a Plan by an “in‑house asset manager”;

•

PTCE 90‑1, which exempts certain transactions between insurance company separate accounts and Parties in Interest;

•

PTCE 91‑38, which exempts certain transactions between bank collective investment funds and Parties in Interest;

•

PTCE 95‑60, which exempts certain transactions between insurance company general accounts and Parties in Interest; or

•

PTCE 84‑14, which exempts certain transactions effected on behalf of a Plan by a “qualified professional asset manager.”

•

Reports on Form 8-K (Current Report), following the occurrence of events specified in Form 8-K requiring disclosure, which are required to be filed within the time-frame specified in Form 8-K related to the type of event;

•

Reports on Form 10-D (Asset-Backed Issuer Distribution Report), containing the distribution and pool performance information required on Form 10-D, which are required to be filed 15 days following the distribution date; and

•

Report on Form 10-K (Annual Report), containing the items specified in Form 10-K with respect to a fiscal year and the items required pursuant to Items 1122 and 1123 of Regulation AB under the Securities Act.

(a)

it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any reset rate notes to any EU retail investor in the EEA.  For the purposes of this provision:

(i)

the expression “EU retail investor” means a person who is one (or more) of the following: (A) a retail client as defined in point (11) of Article 4(1) of Directive 2014/65/EU (as amended, “MiFID II”); or (B) a customer within the meaning of Directive (EU) 2016/97 (as amended), where that customer would not qualify as a professional client as defined in point (10) of Article 4(1) of MiFID II; or (C) not a qualified investor as defined in Regulation (EU) 2017/1129 (as amended, the “Prospectus Regulation”); and

(ii)

the expression “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the notes to be offered so as to enable an investor to decide to purchase or subscribe the notes;

(b)

it has not offered, sold or otherwise made available and will not offer, sell or otherwise make available any notes to any UK retail investor in the United Kingdom. For the purposes of this provision:

(i)

the expression UK retail investor means a person who is one (or more) of the following: (i) a retail client, as defined in point (8) of Article 2 of Regulation (EU) No 2017/565 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018 (the “EUWA”); or (ii) a customer within the meaning of the provisions of the Financial Services and Markets Act 2000, as amended (the “FSMA” and any rules or regulations made under the FSMA to implement Directive (EU) 2016/97, where that customer would not qualify as a professional client, as defined in point (8) of Article 2(1) of Regulation (EU) No 600/2014 as it forms part of domestic law by virtue of the EUWA; or (iii) not a qualified investor as defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the EUWA (the “UK Prospectus Regulation”); and

(ii)

the expression an “offer” includes the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes.

(c)

it has only communicated or caused to be communicated and will only communicate or cause to be communicated an invitation or inducement to engage in investment activity (within the meaning of Section 21 of the Financial Services and Markets Act 2000 (“FSMA”) received by it in connection with the issue or sale of the reset rate notes in circumstances in which Section 21 of the FSMA does not apply to the trust;

(d)

it has complied and will comply with all applicable provisions of the FSMA with respect to anything done by it in relation to the reset rate notes in, from or otherwise involving the United Kingdom.

•

if the Pool Balance as of the last day of the related collection period is greater than 40% of the Initial Pool Balance, then the Adjusted Pool Balance shall be the sum of that Pool Balance and the Specified Reserve Account Balance for that distribution date, or

•

if the Pool Balance as of the last day of the related collection period is less than or equal to 40% of the Initial Pool Balance, then the Adjusted Pool Balance shall be that Pool Balance.

•

all collections on the trust student loans, including any guarantee payments received on the trust student loans, but net of:

(1)

any collections in respect of principal on the trust student loans applied by the trust to repurchase guaranteed loans from the guarantors under the guarantee agreements, and

(2)

amounts required by the Higher Education Act to be paid to the Department of Education or to be repaid to borrowers, whether or not in the form of a principal reduction of the applicable trust student loan, on the trust student loans for that collection period, including consolidation loan rebate fees;

•

any interest subsidy payments and special allowance payments received by the servicer or the eligible lender trustee with respect to the trust student loans during that collection period;

•

all proceeds of the liquidation of defaulted trust student loans which were liquidated during that collection period in accordance with the servicer’s customary servicing procedures, net of expenses incurred by the servicer related to their liquidation and any amounts required by law to be remitted to the borrower on the liquidated student loans, and all recoveries on liquidated student loans which were written off in prior collection periods or during that collection period;

•

the aggregate purchase amounts received during that collection period for those trust student loans repurchased by the depositor or purchased by the servicer or for trust student loans sold to another eligible lender pursuant to the servicing agreement;

•

the aggregate purchase amounts received during that collection period for those trust student loans purchased by the sellers;

•

the aggregate amounts, if any, received from the sellers, the depositor or the servicer as the case may be, as reimbursement of non-guaranteed interest amounts, or lost interest subsidy payments and special allowance payments, on the trust student loans pursuant to the sale agreement or the servicing agreement;

•

amounts received by the trust pursuant to the servicing agreement during that collection period as to yield or principal adjustments;

•

any interest remitted by the administrator to the collection account prior to that distribution date or monthly servicing date;

•

investment earnings for that distribution date earned on amounts on deposit in each Trust Account (other than any accumulation account and any currency account);

•

investment earnings actually received by the trust for that distribution date earned on amounts on deposit in any accumulation account;

•

amounts transferred from the remarketing fee account in excess of the Reset Period Target Amount for that distribution date;

•

amounts transferred from any investment premium purchase account in excess of the amount required to be on deposit therein pursuant to the formula set forth in the administration agreement;

•

all amounts on deposit in any investment reserve account not transferred to the accumulation account to offset realized losses on eligible investments as of that distribution date;

•

all amounts on deposit in any supplemental interest account;

•

amounts transferred from the reserve account in excess of the Specified Reserve Account Balance as of that distribution date;

•

all amounts received by the trust from any potential future cap counterparty, or otherwise under any potential future interest rate cap agreement, for deposit into the collection account for that distribution date; and

•

all amounts received by the trust from any Swap Counterparty for deposit into the collection account, but only to the extent paid in U.S. Dollars, for that distribution date;

•

if such class did not have at least one related swap agreement in effect during the previous reset period, the floating rate applicable for the initial reset period during which the Failed Remarketing Rate was not in effect; or

•

if such class had one or more swap agreements in effect during the previous reset period, the weighted average of the floating rates of interest that were due to the related Swap Counterparties from the trust during the previous reset period.

•

the Class A Noteholders’ Interest Distribution Amount on the preceding distribution date, over

•

the amount of interest actually distributed to the class A noteholders on that preceding distribution date,

•

the Class A Noteholders’ Principal Distribution Amount on that distribution date, over

•

the amount of principal actually distributed or allocated to the class A noteholders or deposited into the accumulation account on that distribution date.

•

the amount of interest accrued at the class A note interest rates for the related accrual period on the aggregate outstanding principal balances of all classes of class A notes on the immediately preceding distribution date, after giving effect to all principal distributions to class A noteholders on that preceding distribution date; and

•

the Class A Note Interest Shortfall for that distribution date.

•

the Class B Noteholders’ Interest Distribution Amount on the preceding distribution date, over

•

the amount of interest actually distributed to the class B noteholders on that preceding distribution date,

•

the Class B Noteholders’ Principal Distribution Amount on that distribution date, over

•

the amount of principal actually distributed to the class B noteholders on that distribution date.

•

the amount of interest accrued at the class B note rate for the related accrual period on the outstanding principal balance of the class B notes on the immediately preceding distribution date, after giving effect to all principal distributions to class B noteholders on that preceding distribution date, and

•

the Class B Note Interest Shortfall for that distribution date.

•

prior to the Stepdown Date or with respect to any distribution date on which a Trigger Event is in effect, zero; and

•

on and after the Stepdown Date and provided that no Trigger Event is in effect, a fraction expressed as a percentage, the numerator of which is the aggregate principal balance of the class B notes immediately prior to that distribution date and the denominator of which is the aggregate principal balance of all outstanding notes, less all amounts (other than investment earnings) on deposit in the accumulation account, immediately prior to that distribution date.

•

the remarketing agent, in consultation with the administrator, cannot establish one or more of the terms required to be set on the Remarketing Terms Determination Date,

•

the remarketing agent is unable to establish the related Spread or fixed rate on the Spread Determination Date,

•

the remarketing agent is unable to remarket some or all of the tendered reset rate notes at the Spread or fixed rate established on the Spread Determination Date, or committed purchasers default on their purchase obligations, and the remarketing agent, in its sole discretion, elects not to purchase the applicable reset rate notes themselves,

•

the remarketing agent, in consultation with the administrator, is unable to obtain one or more swap agreements meeting the required criteria, if applicable,

•

certain conditions specified in the remarketing agreement are not satisfied, or

•

any applicable Rating Agency Condition has not been satisfied.

•

all payments received by the trust through that date from borrowers, the guaranty agencies and the Department of Education;

•

all amounts received by the trust through that date from repurchases of the trust student loans by any of the sellers, the depositor or the servicer;

•

all liquidation proceeds and Realized Losses on the trust student loans liquidated through that date;

•

the amount of any adjustments to balances of the trust student loans that the servicer makes under the servicing agreement through that date; and

•

the amount by which guarantor reimbursements of principal on defaulted trust student loans through that date are reduced from 100% to 98%, or other applicable percentage, as required by the risk sharing provisions of the Higher Education Act.

•

as to the initial distribution date, the amount by which the aggregate outstanding principal amount of the notes exceeds the Adjusted Pool Balance for that distribution date, and

•

as to each subsequent distribution date, the amount by which the Adjusted Pool Balance for the preceding distribution date exceeds the Adjusted Pool Balance for that distribution date.

(a)

0.25% of the Pool Balance as of the close of business on the last day of the related collection period; and

(b)

$4,524,559;

•

the product of:

(1)

the difference between (a) the weighted average of the LIBOR-based rates (as determined on the LIBOR Determination Date immediately preceding that distribution date) that will be payable by the trust to any related Swap Counterparties on the next distribution date, or the LIBOR-based rate (as determined on the LIBOR Determination Date immediately preceding that distribution date) that will be payable by the trust to the related reset rate noteholders on the next distribution date, as applicable, and (b) an assumed rate of investment earnings that satisfies the Rating Agency Condition,

(2)

the amount on deposit in the related accumulation account immediately after that distribution date, and

(3)

the actual number of days from that distribution date to the applicable next reset date, divided by 360; and

•

an amount that satisfies the Rating Agency Condition.

•

was a consolidation loan guaranteed as to principal and interest by a guaranty agency under a guarantee agreement and the guaranty agency was, in turn, reinsured by the Department of Education in accordance with the FFELP;

•

contained terms in accordance with those required by the FFELP, the guarantee agreements and other applicable requirements;

•

was fully disbursed;

•

was not more than 210 days past due;

•

did not have a borrower who was noted in the related records of the servicer as being currently involved in a bankruptcy proceeding; and

•

had special allowance payments, if any, based on the three-month commercial paper rate or the 91-day Treasury bill rate.

Aggregate Outstanding Principal Balance		$	810,919,331
Aggregate Outstanding Principal Balance – Treasury Bill		$	24,126,599
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill			2.98	%
Aggregate Outstanding Principal Balance – One-Month LIBOR		$	784,549,745
Percentage of Aggregate Outstanding Principal Balance – One-Month LIBOR			96.75	%
Aggregate Outstanding Principal Balance – Treasury Bill Other		$	2,242,987
Percentage of Aggregate Outstanding Principal Balance – Treasury Bill Other			0.28	%
Number of Borrowers			27,665
Average Outstanding Principal Balance Per Borrower		$	29,312
Number of Loans			48,848
Average Outstanding Principal Balance Per Loan – Treasury Bill		$	18,805
Average Outstanding Principal Balance Per Loan – One-Month LIBOR		$	16,511
Average Outstanding Principal Balance Per Loan – Treasury Bill Other		$	45,775
Weighted Average Remaining Term to Scheduled Maturity		177 months
Weighted Average Annual Interest Rate			4.78	%

Interest Rates		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Less than or equal to 3.00%			6,843			$	112,418,487				13.9	%
3.01% to 3.50%			8,153				113,719,146				14.0
3.51% to 4.00%			6,588				99,770,096				12.3
4.01% to 4.50%			6,152				88,106,354				10.9
4.51% to 5.00%			5,811				95,320,388				11.8
5.01% to 5.50%			6,055				81,916,394				10.1
5.51% to 6.00%			2,077				43,635,888				5.4
6.01% to 6.50%			3,047				61,286,557				7.6
6.51% to 7.00%			1,517				36,599,456				4.5
7.01% to 7.50%			403				14,009,272				1.7
7.51% to 8.00%			1,075				24,685,267				3.0
8.01% to 8.50%			826				27,960,898				3.4
Equal to or greater than 8.51%			301				11,491,130				1.4
Total			48,848			$	810,919,331				100.0	%

Range of Outstanding Principal Balance				Number of Borrowers				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Less than $5,000.00					5,180			$	13,369,609				1.6	%
$	5,000.00-$ 9,999.99				4,760				34,990,377				4.3
$	10,000.00-$14,999.99				3,106				38,454,953				4.7
$	15,000.00-$19,999.99				2,597				45,232,466				5.6
$	20,000.00-$24,999.99				1,993				44,599,222				5.5
$	25,000.00-$29,999.99				1,571				43,088,047				5.3
$	30,000.00-$34,999.99				1,278				41,348,580				5.1
$	35,000.00-$39,999.99				1,098				41,099,150				5.1
$	40,000.00-$44,999.99				903				38,255,209				4.7
$	45,000.00-$49,999.99				691				32,755,546				4.0
$	50,000.00-$54,999.99				595				31,161,062				3.8
$	55,000.00-$59,999.99				486				27,870,733				3.4
$	60,000.00-$64,999.99				397				24,778,068				3.1
$	65,000.00-$69,999.99				318				21,395,115				2.6
$	70,000.00-$74,999.99				312				22,597,081				2.8
$	75,000.00-$79,999.99				260				20,132,527				2.5
$	80,000.00-$84,999.99				216				17,788,027				2.2
$	85,000.00-$89,999.99				211				18,441,277				2.3
$	90,000.00-$94,999.99				164				15,163,625				1.9
$	95,000.00-$99,999.99				144				14,007,346				1.7
$100,000.00 and above					1,385				224,391,311				27.7
Total					27,665			$	810,919,331				100.0	%

Number of Days Delinquent		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0-30 days			46,931			$	768,172,274				94.7	%
31-60 days			819				17,290,344				2.1
61-90 days			295				6,992,440				0.9
91-120 days			182				4,292,582				0.5
121-150 days			109				2,158,725				0.3
151-180 days			117				2,659,012				0.3
181-210 days			160				4,098,171				0.5
Greater than 210 days			235				5,255,782				0.6
Total			48,848			$	810,919,331				100.0	%

Number of Months Remaining to Scheduled Maturity		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
0 to 3			192			$	51,199				*
4 to 12			877				700,733				0.1	%
13 to 24			2,501				3,701,406				0.5
25 to 36			2,309				6,096,620				0.8
37 to 48			2,659				8,757,916				1.1
49 to 60			2,782				11,863,141				1.5
61 to 72			4,015				22,189,091				2.7
73 to 84			2,804				20,524,916				2.5
85 to 96			2,410				20,720,847				2.6
97 to 108			2,267				22,620,391				2.8
109 to 120			2,453				28,596,216				3.5
121 to 132			4,318				73,382,201				9.0
133 to 144			3,512				73,104,174				9.0
145 to 156			2,619				59,075,760				7.3
157 to 168			2,202				53,544,741				6.6
169 to 180			2,382				57,433,386				7.1
181 to 192			2,144				63,723,253				7.9
193 to 204			1,270				39,414,618				4.9
205 to 216			968				34,702,994				4.3
217 to 228			796				31,467,762				3.9
229 to 240			751				29,254,434				3.6
241 to 252			592				27,742,780				3.4
253 to 264			457				20,901,586				2.6
265 to 276			307				16,341,527				2.0
277 to 288			228				12,177,510				1.5
289 to 300			345				19,172,956				2.4
301 to 312			293				19,864,675				2.4
313 to 324			80				5,332,150				0.7
325 to 336			50				3,203,225				0.4
337 to 348			58				4,398,441				0.5
349 to 360			137				13,220,716				1.6
361 and above			70				7,637,964				0.9
Total			48,848			$	810,919,331				100.0	%

Current Borrower Payment Status		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Deferment			1,597			$	29,456,515				3.6	%
Forbearance			3,495				93,472,425				11.5
Repayment
First year in repayment			709				29,558,038				3.6
Second year in repayment			662				24,104,571				3.0
Third year in repayment			713				21,836,709				2.7
More than 3 years in repayment			41,672				612,491,072				75.5
Total			48,848			$	810,919,331				100.0	%

•

may have temporarily ceased repaying the loan through a deferment or a forbearance period (this category includes the Coronavirus Disaster Forbearance Program); or

•

may be currently required to repay the loan – repayment.

State		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Alabama			537			$	8,772,352			1.1	%
Alaska			74				941,795			0.1
Arizona			1,193				19,305,527			2.4
Arkansas			236				4,317,581			0.5
California			3,991				65,762,742			8.1
Colorado			825				13,470,780			1.7
Connecticut			874				12,467,371			1.5
Delaware			149				2,659,933			0.3
District of Columbia			175				3,474,107			0.4
Florida			2,732				51,030,682			6.3
Georgia			1,834				38,144,064			4.7
Hawaii			124				1,935,152			0.2
Idaho			205				3,050,162			0.4
Illinois			2,269				37,672,270			4.6
Indiana			1,163				17,689,627			2.2
Iowa			379				5,497,513			0.7
Kansas			468				6,809,558			0.8
Kentucky			399				6,001,302			0.7
Louisiana			709				12,578,255			1.6
Maine			259				4,833,645			0.6
Maryland			1,366				26,909,963			3.3
Massachusetts			1,566				24,068,581			3.0
Michigan			1,579				25,230,256			3.1
Minnesota			935				12,156,413			1.5
Mississippi			349				6,198,255			0.8
Missouri			811				12,905,593			1.6
Montana			100				1,700,186			0.2
Nebraska			163				1,614,105			0.2
Nevada			334				6,263,739			0.8
New Hampshire			319				4,351,709			0.5
New Jersey			2,067				35,004,231			4.3
New Mexico			193				4,213,950			0.5
New York			3,482				58,894,853			7.3
North Carolina			1,359				22,659,642			2.8
North Dakota			96				1,295,207			0.2
Ohio			2,422				38,967,989			4.8
Oklahoma			490				7,478,283			0.9
Oregon			728				12,818,623			1.6
Pennsylvania			2,367				37,992,849			4.7
Rhode Island			162				2,514,231			0.3
South Carolina			528				9,769,920			1.2
South Dakota			111				1,497,766			0.2
Tennessee			665				11,479,459			1.4
Texas			3,295				51,728,695			6.4
Utah			197				3,934,513			0.5
Vermont			120				1,893,916			0.2
Virginia			1,708				26,739,386			3.3
Washington			1,054				17,145,456			2.1
West Virginia			289				3,782,916			0.5
Wisconsin			1,036				15,722,271			1.9
Wyoming			54				860,193			0.1
Other			308				6,711,766			0.8
Total			48,848			$	810,919,331			100.0	%

Loan Repayment Terms		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Level Repayment			27,381			$	362,431,643				44.7	%
Other Repayment Options(1)			16,071				286,941,336				35.4
Income-driven Repayment(2)			5,396				161,546,351				19.9
Total			48,848			$	810,919,331				100.0	%

(1)	Includes, among others, graduated repayment and interest-only period loans.

(2)	Includes income sensitive and income based repayment.

Loan Type		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
Subsidized			23,934			$	340,504,687				42.0	%
Unsubsidized			24,914				470,414,644				58.0
Total			48,848			$	810,919,331				100.0	%

Disbursement Date		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
September 30, 1993 and earlier			29			$	1,513,722				0.2	%
October 1, 1993 through June 30, 2006			48,819				809,405,608				99.8
July 1, 2006 and later			0				0				0.0
Total			48,848			$	810,919,331				100.0	%

Name of Guaranty Agency		Number of Loans				Aggregate Outstanding Principal Balance				Percent of Pool by Outstanding Principal Balance
American Student Assistance			6,213			$	90,774,368				11.2	%
College Assist			65				932,032				0.1
Educational Credit Management Corporation			10,517				153,982,900				19.0
Florida Off Of Student Fin’l Assistance			7,452				114,054,373				14.1
Great Lakes Higher Education Corporation			17,771				342,903,324				42.3
Illinois Student Assistance Comm			543				9,807,226				1.2
Kentucky Higher Educ. Asst. Auth.			671				9,612,232				1.2
Louisiana Office Of Student Financial Asst			286				4,691,594				0.6
Michigan Guaranty Agency			285				5,365,287				0.7
Nebraska National Student Loan Program			203				3,159,771				0.4
New York State Higher Ed Services Corp			1,715				29,811,183				3.7
Oklahoma Guaranteed Stud Loan Prog			276				3,422,369				0.4
Pennsylvania Higher Education Assistance Agency			1,151				18,172,130				2.2
Texas Guaranteed Student Loan Corp			1,700				24,230,542				3.0
Total			48,848			$	810,919,331				100.0	%

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1
2015	1.05%
2016	1.37%
2017	1.80%
2018	2.21%
2019	0.64%

---

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1
2014	0.277%
2015	0.251%
2016	0.308%
2017	0.350%
2018	0.363%

Federal Fiscal Year	Federal Guaranty Reserve Fund Level1
2014	0.377%
2015	0.295%
2016	0.373%
2017	0.430%
2018	0.460%

Federal Fiscal Year	Claims Rate
2015	0.96%
2016	1.00%
2017	0.35%
2018	0.35%
2019	2.00%

Federal Fiscal Year	Claims Rate
2014	4.73%
2015	4.71%
2016	0.60%
2017	0.67%
2018	2.15%

Federal Fiscal Year	Claims Rate
2014	1.37%
2015	0.60%
2016	1.31%
2017	0.63%
2018	1.52%

		Reserve Ratio
		Federal Fiscal Year
Guarantor		2014				2015				2016				2017				2018
ECMC			1.433	%			1.994	%			2.532	%			3.232	%			3.878	%

		Claims Rate
		Federal Fiscal Year
Guarantor		2014				2015				2016				2017				2018
ECMC			3.38	%			0.66	%			0.19	%			0.05	%			0.77	%

		Recovery Rate*
		Federal Fiscal Year
Guarantor		2016				2017				2018				2019					2020	*
ECMC			36.84	%			40.43	%			36.94	%			17.92	%			8.47	%

Federal Fiscal Year (Ending September 30)	Cumulative Recovery Rate
2013	74.0%
2014	77.4
2015	83.0
2016	86.8
2017	89.8

Federal Fiscal Year (Ending September 30)	Reserve Ratio
2013	0.257%
2014	0.260
2015	0.273
2016	0.298
2017	0.311

Federal Fiscal Year (Ending September 30)	Claims Rate
2013	2.0%
2014	1.7
2015	0.5
2016	0.5
2017	0.5

ASA Fiscal Year (Ending June 30)	Default Claims (Dollars in Millions)
2014	$617
2015	216
2016	138
2017	115
2018	127

ASA Fiscal Year (Ending June 30)	Default Recoveries (Dollars in Millions)
2014	$548
2015	610
2016	561
2017	499
2018	382

•

default of the borrower;

•

the death, bankruptcy or permanent, total disability of the borrower;

•

closing of the borrower’s school prior to the end of the academic period;

•

false certification of the borrower’s eligibility for the loan by the school; and

•

an unpaid school refund.

•

Subsidized Stafford Loans to students who demonstrated requisite financial need;

•

Unsubsidized Stafford Loans to students who either did not demonstrate financial need or require additional loans to supplement their Subsidized Stafford Loans;

•

Parent Loans for Undergraduate Students, known as “PLUS Loans,” to parents of dependent students whose estimated costs of attending school exceeded other available financial aid; and

•

Consolidation Loans, which consolidated into a single loan a borrower’s obligations under various federally authorized education loan programs.

•

is a United States citizen, national or permanent resident;

•

has been accepted for enrollment or is enrolled and is maintaining satisfactory academic progress at a participating educational institution;

•

is carrying at least one-half of the normal full-time academic workload for the course of study the student is pursuing; and

•

meets the financial need requirements for the particular loan program.

Date of First Disbursement		Special Allowance Margin
Before 10/17/86		3.50%
From 10/17/86 through 09/30/92		3.25%
From 10/01/92 through 06/30/95		3.10%
From 07/01/95 through 06/30/98		2.50% for Stafford Loans that are in In-School, Grace or Deferment
		3.10% for Stafford Loans that are in Repayment and all other loans
From 07/01/98 through 12/31/99		2.20% for Stafford Loans that are in In-School, Grace or Deferment
		2.80% for Stafford Loans that are in Repayment and Forbearance
		3.10% for PLUS, SLS and Consolidation Loans

Date of First Disbursement		Special Allowance Margin
From 01/01/00 through 09/30/07		1.74% for Stafford Loans that are in In-School, Grace or Deferment
		2.34% for Stafford Loans that are in Repayment and Forbearance
		2.64% for PLUS and Consolidation Loans
From 10/01/07 and after		1.19% for Stafford Loans that are In-School, Grace or Deferment
		1.79% for Stafford Loans that are in Repayment and PLUS
		2.09% for Consolidation Loans

Date of First Disbursement		Maximum Origination Fee
Before 07/01/06			3.0	%
From 07/01/06 through 06/30/07			2.0	%
From 07/01/07 through 06/30/08			1.5	%
From 07/01/08 through 06/30/09			1.0	%
From 07/01/09 through 06/30/10			0.5	%
From 07/01/10 and after			0.0	%

•

federal reimbursement of Stafford Loans made by eligible lenders to qualified students;

•

federal interest subsidy payments on Subsidized Stafford Loans paid by the Department of Education to holders of the loans in lieu of the borrowers’ making interest payments during in-school, grace and deferment periods or, in certain cases, during enrollment in an income-based repayment plan; and

•

special allowance payments representing an additional subsidy paid by the Department of Education to the holders of eligible Stafford Loans.

•

the applicable maximum borrower rate

•

the sum of

•

the bond equivalent rate of 91-day Treasury bills auctioned at the final auction held before that June 1,

•

the applicable interest rate margin.

•

while the borrower is a qualified student,

•

during the grace period,

•

during prescribed deferment periods, and

•

in certain cases, during a borrower’s enrollment in an income-based repayment plan.

•

satisfaction of need criteria, and

•

continued eligibility of the loan for federal insurance or reinsurance.

•

The loan limits include both FFELP and Federal Direct Lending Program (FDLP) loans.

•

The amounts in the final column represent the combined maximum loan amount per year for Subsidized and Unsubsidized Stafford Loans.  Accordingly, the maximum amount that a student may borrow under an Unsubsidized Stafford Loan is the difference between the combined maximum loan amount and the amount the student received in the form of a Subsidized Stafford Loan.

•

Independent undergraduate students, graduate students and professional students were permitted to borrow the additional amounts shown in the third and fourth columns. Dependent undergraduate students were also permitted to receive these additional loan amounts if their parents were unable to provide the family contribution amount and could not qualify for a PLUS Loan.

•

Students attending certain medical schools were eligible for $38,500 annually and $189,000 in the aggregate.

•

The annual loan limits were sometimes reduced when the student was enrolled in a program of less than one academic year or has less than a full academic year remaining in his program.

Outstanding FFELP Indebtedness			Maximum Repayment Period
$	7,500-$9,999		12 Years
$	10,000-$19,999		15 Years
$	20,000-$30,000		20 Years
$	30,001-$59,999		25 Years
$	60,000 or more		30 Years

•

enrolled in an approved graduate fellowship program or rehabilitation program;

•

seeking, but unable to find, full-time employment, subject to a maximum deferment of three years; or

•

having an economic hardship, as defined in the Higher Education Act, subject to a maximum deferment of three years; or

•

serving on active duty during a war or other military operation or national emergency, or performing qualifying National Guard duty during a war or other military operation or national emergency, subject to a maximum deferment period of three years, and effective July 1, 2006 on loans made on or after July 1, 2001.

•

the applicable maximum borrower rate

•

the sum of:

•

the applicable 1-year Index or the bond equivalent rate of 91-day Treasury bills, as applicable,

•

the applicable interest rate margin.

•

the borrower rate is set at the maximum borrower rate and

•

the sum of the average of the bond equivalent rates of 91-day Treasury bills auctioned during that quarter and the applicable interest rate margin exceeds the maximum borrower rate.

Source		Basis
Insurance Premium		Up to 1% of the principal amount guaranteed, withheld from the proceeds of each loan disbursement
Loan Processing and Issuance Fee		0.40% of the principal amount guaranteed, paid by the Department of Education
Account Maintenance Fee		Originally 0.10%, which was reduced to 0.06% on October 1, 2007, of the original principal amount of loans outstanding, paid by the Department of Education
Default Aversion Fee		1% of the outstanding amount of loans submitted by a lender for default aversion assistance, minus 1% of the unpaid principal and interest paid on default claims, which is paid once per loan by transfers out of the Student Loan Reserve Fund
Collection Retention Fee		16% of the amount collected on loans on which reinsurance has been paid (10% or 18.5% of the amount collected for a defaulted loan that is purchased by a lender for consolidation or rehabilitation, respectively), withheld from gross receipts

•

borrowing through Clearstream, Luxembourg or Euroclear for one day until the purchase side of the day trade is reflected in their Clearstream, Luxembourg or Euroclear accounts, in accordance with the clearing system’s customary procedures;

•

borrowing the Global Securities in the U.S. from a DTC participant no later than one day before settlement, which would give the Global Securities sufficient time to be reflected in their Clearstream, Luxembourg or Euroclear account in order to settle the sale side of the trade; or

•

staggering the value dates for the buy and sell sides of the trade so that the value date for the purchase from the DTC participant is at least one day before the value date for the sale to the Clearstream, Luxembourg participant or Euroclear participant.

•

each clearing system, bank or other financial institution that holds customers’ securities in the ordinary course of its trade or business in the chain of intermediaries between the beneficial owner and the U.S. entity required to withhold tax complies with applicable certification requirements, and

•

that holder takes one of the following steps to obtain an exemption or reduced tax rate:

1.

Exemption for non-U.S. person—Form W-8BEN or Form W-8BEN-E. Non-U.S. persons that are beneficial owners can obtain a complete exemption from the withholding tax.  To obtain this exemption, they are generally required to file a signed Form W-8BEN (Certificate of Foreign Status of Beneficial Owner for United States Tax Withholding and Reporting (Individuals)) or Form W-8BEN-E (Certificate of Status of Beneficial Owner for United States Tax Withholding and Reporting (Entities)).

2.

Exemption for non-U.S. persons with effectively connected income—Form W-8ECI.  A non-U.S. person, including a non-U.S. corporation or partnership, for which the income is effectively connected with its conduct of a trade or business in the United States, can obtain an exemption from the withholding tax with respect to the notes by filing Form W-8ECI (Certificate of Foreign Person’s Claim That Income Is Effectively Connected With the Conduct of a Trade or Business in the United States).

3.

Exemption or reduced rate for non-U.S. persons resident in treaty countries — Form W-8BEN or Form W-8BEN-E. Non-U.S. persons that are beneficial owners residing in a country that has a tax treaty with the United States can obtain an exemption or reduced tax rate, depending on the treaty terms, by filing Form W-8BEN or Form W-8BEN-E.

4.

Exemption for U.S. persons—Form W-9. U.S. persons can obtain a complete exemption from the withholding tax by filing Form W-9 (Request for Taxpayer Identification Number and Certification) certifying that they are not subject to U.S. backup withholding tax.

•

a citizen or individual resident of the United States,

•

a corporation or partnership, including an entity treated as such for U.S. federal income tax purposes, organized in or under the laws of the United States or any state thereof or the District of Columbia,

•

an estate the income of which is includible in gross income for U.S. federal income tax purposes, regardless of its source, or

•

a trust whose administration is subject to the primary supervision of a U.S. court and which has one or more U.S. persons who have the authority to control all substantial decisions of the trust.

ELIGIBLE LENDER TRUSTEE DEUTSCHE BANK TRUST COMPANY AMERICAS 1761 East St. Andrew Place Santa Ana, CA 92705

DELAWARE TRUSTEE BNY MELLON TRUST OF DELAWARE 301 Bellevue Parkway  Third Floor Wilmington, Delaware 19809

INDENTURE TRUSTEE AND PAYING AGENT DEUTSCHE BANK NATIONAL TRUST COMPANY 1761 E. Saint Andrew Place Santa Ana, California 92705

MORGAN, LEWIS & BOCKIUS LLP 1111 Pennsylvania Avenue, N.W. Washington, D.C.  20004-2541

RICHARDS, LAYTON & FINGER, P.A. 920 N. King Street Wilmington, Delaware 19801