$119,450,000 Class A-1 Student Loan Asset-Backed Notes
$247,050,000 Class A-2 Student Loan Asset-Backed Notes
$153,500,000 Class A-3 Student Loan Asset-Backed Notes
$269,200,000 Class A-4 Student Loan Asset-Backed Notes
$230,800,000 Class A-5 Student Loan Asset-Backed Notes
$130,000,000 Class A-6 Student Loan Asset-Backed Notes
$290,980,000 Class A-7 Student Loan Asset-Backed Notes
$44,567,000 Class B Student Loan Asset-Backed Notes
| Date of Issue: | November 23, 2004 |
| Issue Amount: | $1,485,547,000 |
Securities Offered:
| Class A-1 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR - 0.020% |
| CUSIP: | 784423AA3 |
| Class A-2 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.010% |
| CUSIP: | 784423AB1 |
| Class A-3 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.060% |
| CUSIP: | 784423AC9 |
| Class A-4 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.110% |
| CUSIP: | 784423AD7 |
| Class A-5 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.130% |
| CUSIP: | 784423AE5 |
| Class A-6 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.160% |
| CUSIP: | 784423AF2 |
| Class A-7 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.230% |
| CUSIP: | 784423AG0 |
| Class B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + 0.290% |
| CUSIP: | 784423AH8 |