December 6, 2002

Subject: PLUS/SLS Variable Interest Rate for 2003 -- "91-day Treasury
Bill" Method

Dear Partner:

Due to the wording of the promissory notes, some loans are subject to a
calendar-year adjustment of the variable interest rate, based on the
"91-day Treasury Bill" method that existed in statute \[section
427A(c)(4)\] prior to enactment of the Higher Education Technical
Amendments Act of 1987 (Pub. L. 100-50). The rate is equal to the
"average of the 91-day Treasury Bills auctioned during the 12-month
period ending November 30" plus 3.75 percent, not to exceed 12 percent.

Accordingly, we have determined that the variable interest rate for
**calendar year 2003** is **5.44** percent \[1.69% (the 91-day T-bill
average) + 3.75%\].

Please note that this rate applies [only]{.underline} to PLUS/SLS
promissory notes that provide for a calendar year adjustment based on
the "91-day Treasury Bill" method.

Financial Partners

Financial Management

Attachment

+----------------------------+-----------------------------------------+
| # AUCTION DATE             | # BOND EQUIVALENT RATE                  |
+----------------------------+-----------------------------------------+
| **2001**                   | 1.769                                   |
|                            |                                         |
| 12/3                       |                                         |
+----------------------------+-----------------------------------------+
| 12/10                      | 1.704                                   |
+----------------------------+-----------------------------------------+
| 12/17                      | 1.760                                   |
+----------------------------+-----------------------------------------+
| 12/26                      | 1.752                                   |
+----------------------------+-----------------------------------------+
| 12/31                      | 1.740                                   |
+----------------------------+-----------------------------------------+
| **2002**                   | 1.684                                   |
|                            |                                         |
| 1/7                        |                                         |
+----------------------------+-----------------------------------------+
| 1/14                       | 1.558                                   |
+----------------------------+-----------------------------------------+
| 1/22                       | 1.700                                   |
+----------------------------+-----------------------------------------+
| 1/28                       | 1.748                                   |
+----------------------------+-----------------------------------------+
| 2/4                        | 1.769                                   |
+----------------------------+-----------------------------------------+
| 2/11                       | 1.748                                   |
+----------------------------+-----------------------------------------+
| 2/19                       | 1.760                                   |
+----------------------------+-----------------------------------------+
| 2/25                       | 1.769                                   |
+----------------------------+-----------------------------------------+
| 3/4                        | 1.793                                   |
+----------------------------+-----------------------------------------+
| 3/11                       | 1.858                                   |
+----------------------------+-----------------------------------------+
| 3/18                       | 1.874                                   |
+----------------------------+-----------------------------------------+
| 3/25                       | 1.854                                   |
+----------------------------+-----------------------------------------+
| 4/1                        | 1.821                                   |
+----------------------------+-----------------------------------------+
| 4/8                        | 1.740                                   |
+----------------------------+-----------------------------------------+
| 4/15                       | 1.712                                   |
+----------------------------+-----------------------------------------+
| 4/22                       | 1.720                                   |
+----------------------------+-----------------------------------------+
| 4/29                       | 1.760                                   |
+----------------------------+-----------------------------------------+
| 5/6                        | 1.773                                   |
+----------------------------+-----------------------------------------+
| 5/13                       | 1.781                                   |
+----------------------------+-----------------------------------------+
| 5/20                       | 1.760                                   |
+----------------------------+-----------------------------------------+

+----------------------------+-----------------------------------------+
| **2002 (continued)**       | 1.760                                   |
|                            |                                         |
| 5/28                       |                                         |
+----------------------------+-----------------------------------------+
| 6/3                        | 1.752                                   |
+----------------------------+-----------------------------------------+
| 6/10                       | 1.752                                   |
+----------------------------+-----------------------------------------+
| 6/17                       | 1.732                                   |
+----------------------------+-----------------------------------------+
| 6/24                       | 1.712                                   |
+----------------------------+-----------------------------------------+
| 7/1                        | 1.719                                   |
+----------------------------+-----------------------------------------+
| 7/8                        | 1.724                                   |
+----------------------------+-----------------------------------------+
| 7/15                       | 1.712                                   |
+----------------------------+-----------------------------------------+
| 7/22                       | 1.692                                   |
+----------------------------+-----------------------------------------+
| 7/29                       | 1.712                                   |
+----------------------------+-----------------------------------------+
| 8/5                        | 1.627                                   |
+----------------------------+-----------------------------------------+
| 8/12                       | 1.659                                   |
+----------------------------+-----------------------------------------+
| 8/19                       | 1.659                                   |
+----------------------------+-----------------------------------------+
| 8/26                       | 1.661                                   |
+----------------------------+-----------------------------------------+
| 9/3                        | 1.639                                   |
+----------------------------+-----------------------------------------+
| 9/9                        | 1.676                                   |
+----------------------------+-----------------------------------------+
| 9/16                       | 1.692                                   |
+----------------------------+-----------------------------------------+
| 9/23                       | 1.639                                   |
+----------------------------+-----------------------------------------+
| 9/30                       | 1.566                                   |
+----------------------------+-----------------------------------------+
| 10/7                       | 1.615                                   |
+----------------------------+-----------------------------------------+
| 10/15                      | 1.659                                   |
+----------------------------+-----------------------------------------+
| 10/21                      | 1.696                                   |
+----------------------------+-----------------------------------------+
| 10/28                      | 1.578                                   |
+----------------------------+-----------------------------------------+
| 11/4                       | 1.433                                   |
+----------------------------+-----------------------------------------+
| 11/12                      | 1.211                                   |
+----------------------------+-----------------------------------------+
| 11/18                      | 1.227                                   |
+----------------------------+-----------------------------------------+
| 11/25                      | 1.228                                   |
+----------------------------+-----------------------------------------+
| # TOTAL                    | 87.639                                  |
+----------------------------+-----------------------------------------+
| # AVERAGE: 1.69            |                                         |
+----------------------------+-----------------------------------------+