NorthStar Education Finance, Inc. Student Loan Asset-Backed Notes, FFEL Trust Monthly Servicing Report Report Date: July 25, 2014.

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1 Asset Coverage Portfolio Principal Balance: Accrued Interest: Special Allowance (SAP) and Interest Subsidy payments (ISP) receivable Total Portfolio Student Loan Portfolio 5/31/2014 Activity 6/30/2014 $2,713,996,837 ($15,709,311) $2,698,287,526 $29,980,444 ($681,223) $29,299,221 ($2,121,686) ($1,056,419) ($3,178,105) $2,741,855,596 ($17,446,953) $2,724,408,642 Fund Accounts 5/31/2014 Change 6/30/2014 Acquisition Fund $0 Administration Fund $1,229,493 ($60) $1,229,434 Capitalized Interest Fund $0 Collection Fund $28,622,560 $5,477,305 $34,099,865 Debt Service Fund $15,040,290 $19,994,016 $35,034,306 Reserve Fund $20,689,622 $70 $20,689,692 Total Fund Account Balances $65,581,966 $25,471,331 $91,053,297 Servicer Receivable $ 11,687, ($5,247,778) $ 6,439, Net Swap Payments due to or from Issuer $0 Total Assets $77,269,689 $20,223,553 $97,493,242 Notes Outstanding 5/31/2014 % of O/S 6/30/2014 % of O/S Pool Notes and Certificates Balance Securities Balance Securities Factor Student Loan Asset-Backed Notes, Series 2002 A-2 ARS $51,250, % $51,250, % Student Loan Asset-Backed Notes, Series 2002 A-3 ARS $65,500, % $65,500, % Student Loan Asset-Backed Notes, Series 2002 A-4 ARS $65,500, % $65,500, % Student Loan Asset-Backed Notes, Series 2002 A-5 ARS $51,250, % $51,250, % Student Loan Asset-Backed Notes, Series A-1 FRN $0 0.00% $0 0.00% Student Loan Asset-Backed Notes, Series A-2 FRN $0 0.00% $0 0.00% Student Loan Asset-Backed Notes, Series A-3 FRN $0 0.00% $0 0.00% Student Loan Asset-Backed Notes, Series A-4 FRN $0 0.00% $0 0.00% Student Loan Asset-Backed Notes, Series A-1 FRN $0 0.00% $0 0.00% Student Loan Asset-Backed Notes, Series A-2 FRN $144,682, % $144,682, % Student Loan Asset-Backed Notes, Series A-3 FRN $280,000, % $280,000, % Student Loan Asset-Backed Notes, Series A-4 FRN $249,500, % $249,500, % Student Loan Asset-Backed Notes, Series A-1 FRN $34,348, % $34,348, % Student Loan Asset-Backed Notes, Series A-2 FRN $118,300, % $118,300, % Student Loan Asset-Backed Notes, Series A-3 FRN $227,900, % $227,900, % Student Loan Asset-Backed Notes, Series A-4 FRN $210,700, % $210,700, % Student Loan Asset-Backed Notes, Series A-5 RRN $67,342, % $67,342, % Student Loan Asset-Backed Notes, Series A-1 FRN $193,000, % $193,000, % Student Loan Asset-Backed Notes, Series A-2 RRN $200,000, % $200,000, % Student Loan Asset-Backed Notes, Series A-3 RRN $235,000, % $235,000, % Student Loan Asset-Backed Notes, Series A-4 ARS $82,050, % $82,050, % Student Loan Asset-Backed Notes, Series A-5 ARS $82,025, % $82,025, % Student Loan Asset-Backed Notes, Series A-6 ARS $82,025, % $82,025, % Student Loan Asset-Backed Notes, Series A-7 ARS $82,025, % $82,025, % Student Loan Asset-Backed Notes, Series A-8 ARS $82,025, % $82,025, % Senior Notes $2,604,422, % $2,604,422, % Student Loan Asset-Backed Notes, Series 2000 B ARS $9,500, % $9,500, % Student Loan Asset-Backed Notes, Series 2002 B-1 ARS $37,000, % $37,000, % Student Loan Asset-Backed Notes, Series B-1 ARS $30,000, % $30,000, % Student Loan Asset-Backed Notes, Series B ARS $25,500, % $25,500, % Student Loan Asset-Backed Notes, Series B ARS $20,000, % $20,000, % Student Loan Asset-Backed Notes, Series 2007 B ARS $32,200, % $32,200, % Subordinate Notes $154,200, % $154,200, % $2,758,622, % $2,758,622, % Student Loan Portfolio Account Balances and Other Trust Assets Aggregate Value of Trust Estate Asset Coverage Percentage 5/31/2014 Change 6/30/2014 $2,741,855,596 ($17,446,953) $2,724,408,642 $77,269,689 $20,223,553 $97,493,242 $2,819,125,284 $2,776,600 $2,821,901,884 Accrued Interest and Fees on Senior Notes Outstanding Senior Notes $ 3,877,319 $467,876 $ 4,345,194 $2,604,422,000 $0 $2,604,422,000 Senior Asset Percentage % 0.09% % Accrued Interest and Fees on Senior and Subordinate Notes $4,486,867 $897,275 $5,384,142 Outstanding Senior and Subordinate Notes $2,758,622,000 $0 $2,758,622,000 Subordinate Asset Percentage % 0.07% % 1

2 Principal Interest ISP & SAP Portfolio Balances 5/31/2014 $2,713,996,837 $29,980,444 ($2,121,686) Student Loan Cash Activity Principal Interest ISP & SAP Payments Received ($17,150,835) ($6,742,610) THE Bonus Applied ($16,253) ($99,935) New Acquisitions Refunds $0 Interest Subsidy Payments (ISP) $0 Special Allowance Payments (SAP) Total Cash Activity Portfolio Transactions and Accruals $0 ($17,167,087) ($6,842,545) $0 Student Loan Non-Cash Activity Principal Interest ISP & SAP Borrower Interest Accruals $7,659,183 Interest Subsidy Payment (ISP) Accruals $240,771 Special Allowance Payment (SAP) Accruals ($1,297,190) Capitalized Interest Other Adjustments Total Non-Cash Activity $1,495,964 ($1,495,964) ($38,188) ($1,897) $0 $1,457,776 $6,161,322 ($1,056,419) Total Student Loan Activity ($15,709,311) ($681,223) ($1,056,419) Portfolio Balances 6/30/2014 $2,698,287,526 $29,299,221 ($3,178,105) 2

3 Collection Activity Collection Fund During Collection Period Beginning Account Balance 5/31/2014 $28,622,560 Principal Payments Received $21,488,418 Interest Payments Received $7,768,992 Interest Subsidy Payments $0 Special Allowance Payments $0 Investment Income $2,827 Investment Income From Other Trust Funds $2,915 Net Swap Receipts $0 Transfers From Other Trust Funds $0 Total Funds Received $29,263,152 Payments for Waterfall Distribution $2,601,223 Transfers To Other Trust Funds $21,184,624 Total Use of Funds $23,785,847 Ending Account Balance 6/30/2014 $34,099,865 Administration Fund During Collection Period Beginning Account Balance 5/31/2014 $1,229,493 Investment Income $17 Transfers From Collection Fund $1,190,565 Total Sources of Funds $1,190,582 Department of Education Fees $0 Administrative Allowance $1,143,535 Marketing and School Services Expense Allowance $0 Broker-Dealer Fees $23,801 Auction Agent Fees $4,760 Trustee Fees $18,529 Other Activity $0 Transfers To Collection Fund $17 Total Use of Funds $1,190,642 Ending Account Balance 6/30/2014 $1,229,434 3

4 Security Detail -- Collection Period Floating Rate and Reset Rate Notes -Interest Paid During Collection Period Payment Interest Number Start End Interest Security Description Date Rate of Days Date Date Payment Series A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series A-2 (Paid off) N/A N/A N/A N/A N/A $0 Series A-3 (Paid off) N/A N/A N/A N/A N/A $0 Series A-4 (Paid off) N/A N/A N/A N/A N/A $0 Series A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series A-2 N/A % N/A N/A N/A $0 Series A-3 N/A % N/A N/A N/A $0 Series A-4 N/A % N/A N/A N/A $0 Series A-1 N/A % N/A N/A N/A $0 Series A-2 N/A % N/A N/A N/A $0 Series A-3 N/A % N/A N/A N/A $0 Series A-4 N/A % N/A N/A N/A $0 Series A-5 N/A % N/A N/A N/A $0 Series A-1 N/A % N/A N/A N/A $0 Series A-2 N/A % N/A N/A N/A $0 Series A-3 N/A % N/A N/A N/A $0 Payments Made During the Collection Period $0 Auction Rate Securities - Interest and Fees Paid During Collection Period Payment Interest Number Start End Interest Broker-Dealer Auction Agent Security Description Date Rate of Days Date Date Payment Fees Fees Series 2002 A-2 Notes 6-Jun % 28 05/09/ /05/2014 $16,827 $1,545 $309 Series 2002 A-3 Notes 20-Jun % 28 05/23/ /19/2014 $2,965 $1,783 $357 Series 2002 A-4 Notes 2-Jun % 28 05/05/ /01/2014 $19,697 $1,783 $ Jun % 28 06/02/ /29/2014 $23,314 $1,783 $357 Series 2002 A-5 Notes 6-Jun % 28 05/09/ /05/2014 $16,827 $1,545 $309 Series 2000 B Notes 10-Jun % 28 05/13/ /09/2014 $3,629 $259 $52 Series 2002 B-1 Notes 13-Jun % 28 05/16/ /12/2014 $12,801 $1,007 $201 Series B-1 Notes 18-Jun % 28 05/21/ /17/2014 $26,787 $817 $163 Series B Notes 26-Jun % 28 05/29/ /25/2014 $30,504 $694 $139 Series B Notes 4-Jun % 28 05/07/ /03/2014 $23,924 $544 $109 Series A-4 Notes 19-Jun % 28 05/22/ /18/2014 $27,377 $2,234 $447 $0 Series A-5 Notes 20-Jun % 28 05/23/ /19/2014 $27,369 $2,233 $447 Series A-6 Notes 25-Jun % 28 05/28/ /24/2014 $98,120 $2,233 $447 Series A-7 Notes 26-Jun % 28 05/29/ /25/2014 $54,993 $2,233 $447 Series A-8 Notes 27-Jun % 28 05/30/ /26/2014 $31,324 $2,233 $447 Series 2007-B Notes 20-Jun % 28 05/23/ /19/2014 $38,518 $877 $175 Payments Made During Collection Period $454,977 $23,801 $4,760 Interest Payments Paid During Collection Period $454,977 Broker-Dealer Fees Paid During Collection Period $23,801 Auction Agent Fees Paid During Collection Period $4,760 Trustee Fee Paid During Collection Period $18,529 Total Payments Made During Collection Period $502,067 4

5 Security Detail -- Future Distributions Future Interest Distributions on Floating Rate Notes Security Payment Interest Number Start End Interest Description Date Rate of Days Date Date Payment Series A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series A-2 (Paid off) N/A N/A N/A N/A N/A $0 Series A-3 (Paid off) N/A N/A N/A N/A N/A $0 Series A-4 (Paid off) N/A N/A N/A N/A N/A $0 Series A-1 (Paid off) N/A N/A N/A N/A N/A $0 Series A-2 28-Jul % 91 4/28/2014 7/27/2014 $134,532 Series A-3 28-Jul % 91 4/28/2014 7/27/2014 $281,589 Series A-4 28-Jul % 91 4/28/2014 7/27/2014 $288,757 Series A-1 28-Jul % 91 4/28/2014 7/27/2014 $28,465 Series A-2 28-Jul % 91 4/28/2014 7/27/2014 $107,010 Series A-3 28-Jul % 91 4/28/2014 7/27/2014 $229,194 Series A-4 28-Jul % 91 4/28/2014 7/27/2014 $243,852 Series A-5 28-Jul % 91 4/28/2014 7/27/2014 $166,455 Series A-1 28-Jul % 91 4/28/2014 7/27/2014 $159,945 Series A-2 28-Jul % 91 4/28/2014 7/27/2014 $494,358 Series A-3 28-Jul % 91 4/28/2014 7/27/2014 $580,870 Total Floating Rate Note Set Aside $2,715,027 Future Distributions on Auction Rate Securities Security Payment Interest Number Start End Interest Broker-Dealer Auction Agent Description Date Rate of Days Date Date Payment Fees Fees Series 2002 A-2 Notes 7-Jul % 31 6/6/2014 7/6/2014 $22,721 $1,246 $249 Series 2002 A-3 Notes 18-Jul % 28 6/20/2014 7/17/2014 $26,882 $1,783 $357 Series 2002 A-4 Notes ** 28-Jul % 28 6/30/2014 7/27/2014 $20,651 $1,783 $357 Series 2002 A-5 Notes 7-Jul % 31 6/6/2014 7/6/2014 $24,027 $1,246 $249 Series 2000 B Notes 8-Jul % 28 6/10/2014 7/7/2014 $4,533 $259 $52 Series 2002 B-1 Notes 11-Jul % 28 6/13/2014 7/10/2014 $22,650 $1,007 $201 Series B-1 Notes 16-Jul % 28 6/18/2014 7/15/2014 $26,950 $817 $163 Series B Notes 24-Jul % 28 6/26/2014 7/23/2014 $28,124 $694 $139 Series B Notes 2-Jul % 28 6/4/2014 7/1/2014 $22,058 $544 $109 ** 30-Jul % 28 7/2/2014 7/29/2014 $23,769 $544 $109 Series A-4 Notes 17-Jul % 28 6/19/2014 7/16/2014 $32,227 $2,234 $447 Series A-5 Notes 18-Jul % 28 6/20/2014 7/17/2014 $32,218 $2,233 $447 Series A-6 Notes 23-Jul % 28 6/25/2014 7/22/2014 $55,504 $2,233 $447 Series A-7 Notes 24-Jul % 28 6/26/2014 7/23/2014 $23,924 $2,233 $447 Series A-8 Notes ** 25-Jul % 28 6/27/2014 7/24/2014 $23,286 $2,233 $447 Series 2007-B Notes 18-Jul % 28 6/20/2014 7/17/2014 $35,513 $877 $175 Auction Rate Note Set Aside $425,037 $21,965 $4,393 ** Estimated Broker-Dealer and Auction Agent Fees Total Interest Payments Set Aside $3,140,064 Broker-Dealer Fees Transfer to Administration Fund $21,965 Auction Agent Fees Transfer to Administration Fund $4,393 Trustee Fee Transfer to Administration Fund $18,529 Total Funds Set Aside $3,184,950 5

6 Portfolio Status Status In School Grace Deferment Forbearance Repayment Grand Total Borrower Status Principal Amount Percentage Number of Loans 5/31/2014 6/30/2014 5/31/2014 6/30/2014 5/31/2014 6/30/2014 $2,395,558 $2,060, % 0.08% $1,252,476 $1,395, % 0.05% $176,733,752 $172,343, % 6.39% 10,065 9,721 $152,549,488 $149,959, % 5.56% 8,021 7,936 $2,381,065,563 $2,372,528, % 87.93% 107, ,395 $2,713,996,837 $2,698,287, % % 126, ,651 Repayment Current Day Delinquent Day Delinquent Day Delinquent Day Delinquent Days Delinquent > 180 Days Delinquent Claims Filed Total Repayment 30 + Days Delinquent 60 + Days Delinquent 90 + Days Delinquent Delinquency Statistics $2,336,018,358 $2,326,562, % 98.06% 105, ,645 $16,255,865 $16,668, % 0.70% 1,017 1,009 $6,201,734 $8,808, % 0.37% $4,580,729 $4,576, % 0.19% $4,424,189 $3,394, % 0.14% $4,078,256 $4,065, % 0.17% $4,689,193 $5,708, % 0.24% $4,817,240 $2,743, % 0.12% $2,381,065,563 $2,372,528, % % 107, ,395 $40,229,965 $43,222, % 1.82% 2,447 2,572 $23,974,101 $26,554, % 1.12% 1,430 1,563 $17,772,367 $17,745, % 0.75% 1,023 1,013 Portfolio Characteristics Discipline Amount Percentage Number of Loans 5/31/2014 6/30/2014 5/31/2014 6/30/2014 5/31/2014 6/30/2014 Med $1,430,405,162 $1,424,438, % 52.79% 40,254 40,066 Med (Health Professional) $443,439,506 $440,587, % 16.33% 22,646 22,476 Law/MBA $463,907,987 $460,301, % 17.06% 25,736 25,530 Other - Graduate $179,562,103 $178,267, % 6.61% 12,612 12,509 Other - Undergraduate $196,682,079 $194,692, % 7.22% 25,403 25,070 Total $2,713,996,837 $2,698,287, % % 126, ,651 School Type Amount Percentage Number of Loans 5/31/2014 6/30/2014 5/31/2014 6/30/2014 5/31/2014 6/30/2014 Two Year Institution 0.00% 0.00% 0 0 Proprietary School 0.00% 0.00% 0 0 Undergraduate - 4 Year Institution $285,921,871 $283,514, % 10.51% 29,937 29,567 Graduate $2,428,074,966 $2,414,773, % 89.49% 96,714 96,084 Total $2,713,996,837 $2,698,287, % % 126, ,651 Loan Type Amount Percentage Number of Loans 5/31/2014 6/30/2014 5/31/2014 6/30/2014 5/31/2014 6/30/2014 Subsidized Stafford $91,099,344 $89,799, % 3.33% 21,474 21,170 Unsubsidized Stafford $182,550,462 $180,538, % 6.69% 17,736 17,481 PLUS Loans $3,731,127 $3,654, % 0.14% GradPLUS Loans $7,631,752 $7,593, % 0.28% Consolidation $2,428,984,151 $2,416,702, % 89.56% 86,168 85,758 Total $2,713,996,837 $2,698,287, % % 126, ,651 5/31/2014 6/30/2014 Weighted Average Coupon (WAC ) 3.56% 3.56% Weighted Average Remaining Term: Number of Loans 126, ,651 Number of Borrowers 48,566 48,191 Outstanding Loans SAP Indexed to CP/LIBOR (starting 4/1/2012) $2,711,516,257 $2,695,911,763 Outstanding Loans SAP Indexed to T-bill $2,480,580 $2,375,763 CP/LIBOR Based Percent 99.91% 99.91% T-bill Based Percent 0.09% 0.09% 6

7 Triggers Triggers Dates Capitalized Interest Account Step-down Dates January 28, April 27, 2010 $21,372,375 April 28, July 27, 2010 $14,772,375 July 28, October 27, 2010 $3,272,375 October 28, $0 Net Loan Rate Trigger Date N/A Senior Asset Percentage % Subordinate Asset Percentage % 7

8 Waterfall for Distributions Waterfall Fund Balance Calculation Date 7/24/2014 Deposits 6/30/2014 Total Available Funds (Collection Account Balance) $34,099,865 First Payments required under a Joint Sharing Agreement $0 $34,099,865 Second Payments Due the Department of Education a) Consolidation Loan Fees $2,135,133 $31,964,732 a) Quarterly SAP and excess interest $3,178,105 $28,786,627 Third Administrative Fund for Administrative and Servicing Fees $1,181,692 $27,604,935 Fourth Interest on Notes for Payment of Interest Accruing or Coming Due on Senior Notes $2,976,467 $24,628,468 Fifth Principal on Notes for Principal Payments coming Due on Senior Notes $0 $24,628,468 a) Principal Payments Coming Due b) Principal Payments Coming Due c) Principal Payments Coming Due d) Principal Payments Coming Due Sixth Interest on Notes for Payment of Interest Accruing or Coming Due on Subordinate Notes $163,596 $24,464,872 Seventh Principal Account for Principal on Subordinate Notes Due in Coming Month $0 $24,464,872 a) Principal Payments Coming Due b) Principal Payments Coming Due c) Principal Payments Coming Due d) Principal Payments Coming Due Eighth Reserve Fund $0 $24,464,872 Ninth Interest Account for Interest on Junior Subordinate Notes $0 $24,464,872 Tenth Principal Account for Principal on Junior Subordinate Notes $0 $24,464,872 Eleventh Retirement Account Deposit for Scheduled Principal Distributions a) Retirement Account for Scheduled Principal Distribution b) Retirement Account for Scheduled Principal Distribution c) Retirement Account for Scheduled Principal Distribution d) Retirement Account for Scheduled Principal Distribution $0 $24,464,872 $2,300,694 $22,164,178 $22,164,178 $0 Twelfth Remarketing fees in excess of previously set aside Thirteenth THE Bonus Fourteenth Retirement Account for Scheduled Principal Distributions (Balance of the next schedule distribution) a) Retirement Account for Scheduled Principal Distribution b) Retirement Account for Scheduled Principal Distribution c) Retirement Account for Scheduled Principal Distribution d) Retirement Account for Scheduled Principal Distribution Fifteenth Until Senior Asset Percentage is % to Retirement Account for Scheduled Principal Distributions (Acquisition Fund during revolving period) Sixteenth Interest Account for Carryover Amounts and Interest on Senior Notes Seventeenth Interest Account for Carryover Amounts and Interest on Subordinate Notes Eighteenth Interest Account for Termination Payments Due Under Senior Swap Agreements Nineteenth Interest Account for Termination Payments Due Under Subordinate Swap Agreements Twentieth Acquisition Fund (Revolving period only) Twenty-First Until Subordinate Asset Percentage is % Retirement Account for Redemption or Distribution of Principal with respect to Notes (Acquisition Fund during Revolving Period) Twenty-Second Interest Account to pay carry-over with respect to senior auction Notes Twenty-third Interest Account to pay carry-over with respect to subordinate auction Notes Twenty-fourth Interest Account to pay carry-over with respect to junior auction Notes Twenty-fifth Retirement Account for redemption of, or distribution of principal Twenty-Sixth Funds to Issuer (Subject to release levels) Unencumbered Funds Remaining in Collection Fund $0 8

9 Trend Key Statistics Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Asset Backed Securities $2,863,802,000 $2,863,802,000 $2,813,468,000 $2,813,468,000 $2,813,468,000 $2,758,622,000 $2,758,622,000 $2,758,622,000 Portfolio Principal Balance $2,814,996,292 $2,798,148,763 $2,781,869,573 $2,766,896,007 $2,750,094,871 $2,732,228,784 $2,713,996,837 $2,698,287,526 Portfolio Accrued Interest $29,591,628 $29,733,563 $29,848,664 $29,293,330 $29,778,770 $30,097,978 $29,980,444 $29,299,221 SAP & ISP Receivable -$2,206,837 -$3,291,506 -$4,362,196 -$2,184,866 -$3,244,512 -$4,302,328 -$2,121,686 -$3,178,105 Total Loan Portfolio Number of Loans Number of Borrowers $2,842,381,083 $2,824,590,820 $2,807,356,041 $2,794,004,472 $2,776,629,128 $2,758,024,435 $2,741,855,596 $2,724,408, , , , , , , , ,651 50,546 50,195 49,859 49,557 49,225 48,896 48,566 48,191 Borrower Principal Payments Borrower Interest Payments Weighted Average Coupon (WAC) Weighted Average Remaining Term $15,514,620 $17,832,497 $17,293,993 $16,019,516 $17,617,577 $18,575,263 $19,480,574 $17,150,835 $6,947,820 $6,955,967 $7,010,138 $6,822,264 $6,155,571 $6,712,304 $6,797,444 $6,742, % 3.56% 3.56% 3.56% 3.56% 3.56% 3.56% 3.56% Senior Asset Percentage % % % % % % % % Subordinate Asset Percentage % % % % % % % % 9

10 Maximum Rate -- Lesser of the Following A per annum interest rate which when taken together with the interest rate for the one year period ending on the final day of the proposed auction period results in an average interest rate for such period not being in excess of: Maximum Auction Rate -- (i.e. T-bill Cap) 2000B 2002A 2002B B B B A B a) the average of the 91 Day T-bill rate plus 1.20% if rating is Aa3 or AA- or better 1.20% 1.20% b) the average of the 91 Day T-bill rate plus 1.50% if rating is less than Aa3 or AA- but all are at least any category of A 1.50% 1.50% 1.50% 1.50% 1.50% 1.50% c) the average of the 91 day T-bill plus 1.75% if rating is less than lowest category of A Maximum Interest Rate 2000B 2002A 2002B B B B A B Lesser of : a) stated per annum interest rate 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% 18.00% b) highest rate Issuer may legally pay LIBOR Cap 2000B 2002A 2002B B B B A B a) One-Month LIBOR b) Plus spread (i.e. 1.0%) 1.00% 1.50% 1.50% 1.50% 1.50% Net Loan Rate 2000B 2002A 2002B B B B A B The rate of interest per annum equal to the Adjusted Student Loan Portfolio Rate of Return for the calendar month less the Program Expense Percentage a) Adjusted Portfolio Rate of Return -- multiply components listed below by 12 to annualize and divide by the Average Daily Outstanding Principal Balance A) Interest 1) Interest Revenue 2) Interest Subsidy Payments 3) Special Allowance Payments B) Counter Party Swap Payments C) Amount required to be paid to the DOE or to be repaid to Guarantee Agencies with respect to Financed Student Loans that do not qualify for Guarantees $7,659, $7,659, $7,659, $7,659, $7,659, $7,659, $7,659, $240, $240, $240, $240, $240, $240, $240, ($1,297,189.86) ($1,297,189.86) ($1,297,189.86) ($1,297,189.86) ($1,297,189.86) ($1,297,189.86) ($1,297,189.86) $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 ($2,135,133.21) ($2,135,133.21) ($2,135,133.21) ($2,135,133.21) ($2,135,133.21) ($2,135,133.21) ($2,135,133.21) D) The aggregate amount of default claims filed during the month with respect to Financed Student Loans which 1) Exceed the amount the related Guarantee Agency is required to pay ($23,906.68) ($23,906.68) ($23,906.68) ($23,906.68) ($23,906.68) ($23,906.68) ($23,906.68) 2) are payable only by a Guarantor that is in default of its Guarantee obligations and has not provided collateral security sufficient to pay claims $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 E) any reduction in interest as a result of borrower incentive programs * $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 F) any issuer Swap Payments $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Total $4,443, $4,443, $4,443, $4,443, $4,443, $4,443, $4,443, Annualized $53,324, $53,324, $53,324, $53,324, $53,324, $53,324, $53,324, Average Daily Balance $2,710,703,342 $2,710,703,342 $2,710,703,342 $2,710,703,342 $2,710,703,342 $2,710,703,342 $2,710,703,342 Adjusted Portfolio Rate of Return 1.970% 1.970% 1.970% 1.970% 1.970% 1.970% 1.970% Less b) Program Expense Percentage A) Note Fees i) Broker-Dealer Fee ii) Auction-Agent Fee iii) Trustee Fee % % % % % % % % % % % % % % % % % % % % % C) Marketing Expense % % % % % % % D) Servicing Expense % % % % % % % Net Loan Rate % % % % % % % * T.H.E. Bonus is currently not being paid. Reduction in Interest is the result of PLUS Origination Fee Rebates 10