$317,000,000 Class A-1 Student Loan-Backed Notes
$482,000,000 Class A-2 Student Loan-Backed Notes
$326,000,000 Class A-3 Student Loan-Backed Notes
$507,000,000 Class A-4 Student Loan-Backed Notes
$591,000,000 Class A-5 Student Loan-Backed Notes
$382,946,000 Class A-6A Student Loan-Backed Notes
$200,000,000 Class A-6B Student Loan-Backed Notes
$200,000,000 Class A-6C Student Loan-Backed Notes
$92,968,000 Class B Student Loan-Backed Notes
| Date of Issue: | June 21, 2006 |
| Issue Amount: | $3,098,914,000 |
Securities Offered:
| Class A-1 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR - .03% |
| CUSIP: | 83149EAA5 |
| Class A-2 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR - .01% |
| CUSIP: | 83149EAB3 |
| Class A-3 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .03% |
| CUSIP: | 83149EAC1 |
| Class A-4 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .08% |
| CUSIP: | 83149EAD9 |
| Class A-5 Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .11% |
| CUSIP: | 83149EAE7 |
| Class A-6A Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .16% |
| CUSIP: | 83149EAH0 |
| Class A-6B Reset Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .12% |
| CUSIP: | 83149EAJ6 |
| Class A-6C Reset Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .12% |
| CUSIP: | 83149EAK3 |
| Class B Floating Rate Asset-Backed Notes |
|---|
| Rate: | Three Month LIBOR + .21% |
| CUSIP: | 83149EAG2 |
| Servicer: | Sallie Mae, Inc. |
| Eligible Lender Trustee: | Deutsche Bank Trust Company Americas |
| Indenture Trustee: | Deutsche Bank National Trust Company |
| Administrator: | Sallie Mae, Inc. |
| Luxembourg Paying Agent: | Deutsche Bank Luxembourg SA |
| Underwriters: | Deutsche Bank Securities
Lehman Brothers
Barclays Capital
Citigroup
Merrill Lynch & Co.
Wachovia Securities |