Department of Education - Federal Student Aid

Guaranty Agency Reinsurance Agreement Default Status - FY 2006

Loans In % of

Guaranty Repayment Dollars Dollars Dollars Applied Applied Trigger
Trigger Requests Reinsurance

Agency as of 9/30/2005 Requested Paid Not Paid Refunds Rehabs Basis
Amount Rate Paid Level

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ARKANSAS 1,311,965,680 37,549,594.93 35,984,687.63 1,564,907.30
52,940.41 7,457,944.08 28,473,803.14 2.17% 95.65% 100%/98%/95%

CALIFORNIA 14,718,977,913 516,465,808.82 493,168,883.78 23,296,925.04
13,530,212.36 37,359,561.20 442,279,110.22 3.00% 95.28% 100% \[8\]

COLORADO 6,353,159,290 108,291,122.08 108,288,567.96 2,554.12
5,118,549.01 6,830,307.41 96,339,711.54 1.52% 100.00% 100%/98%/95%

CONNECTICUT 1,134,979,900 27,639,173.80 26,426,677.42 1,212,496.38
8,441.87 0.00 26,418,235.55 2.33% 95.41% 100%/98%/95%

FLORIDA 3,884,439,607 128,967,706.18 123,166,558.09 5,801,148.09
4,852,583.70 32,759,281.26 85,554,693.13 2.20% 95.29% 100%/98%/95%

GEORGIA 691,414,768 37,637,343.84 36,150,504.92 1,486,838.92 36,246.05
10,852,831.23 25,261,427.64 3.65% 95.89% 100%/98%/95%

ILLINOIS 5,012,026,760 115,775,393.61 111,223,767.55 4,551,626.06
322,350.01 19,566,773.35 91,334,644.19 1.82% 95.91% 100%/98%/95%

IOWA 1,601,857,966 38,275,908.20 36,676,018.53 1,599,889.67 61,100.23
5,078,818.08 31,536,100.22 1.97% 95.64% 100%/98%/95%

KENTUCKY\[1\] 2,164,218,220 62,236,413.48 59,489,524.33 2,746,889.15
845,737.25 8,258,701.21 50,385,085.87 2.33% 95.38% 100%/98%/95%

LOUISIANA 1,275,476,233 11,303,910.14 10,855,217.63 448,692.51
513,893.71 2,404,698.60 7,936,625.32 0.62% 95.87% 100%/98%/95%

MAINE 698,892,764 9,885,313.45 9,490,959.21 394,354.24 7,995.98
4,915,159.52 4,567,803.71 0.65% 95.84% 100%/98%/95%

MASSACHUSETT\[2\] 22,357,154,761 292,100,129.17 292,100,129.17 0.00
11,637,439.52 61,694,072.82 218,768,616.83 0.98% 100.00% 100% \[8\]

MICHIGAN 2,015,646,442 63,122,768.91 60,573,524.00 2,549,244.91
74,239.22 8,388,476.01 52,110,808.77 2.59% 95.79% 100%/98%/95%

ECMC/VA\[7\] 3,098,915,971 147,510,097.11 143,428,512.88 4,081,584.23
130,952.41 20,198,018.38 123,099,542.09 3.97% 97.15% 100%/98%/95%

MISSOURI 2,096,606,193 66,016,274.72 63,189,405.42 2,826,869.30
2,783,405.24 14,676,020.57 45,729,979.61 2.18% 95.53% 100%/98%/95%

MONTANA 1,114,893,186 13,498,067.41 12,909,944.83 588,122.58 13,420.04
1,921,897.20 10,974,627.59 0.98% 95.44% 100%/98%/95%

N CAROLINA 1,452,501,106 17,542,921.66 16,811,791.84 731,129.82 1,434.67
407,573.86 16,402,783.31 1.13% 95.65% 100%/98%/95%

NEBRASKA 5,092,929,861 116,209,695.76 110,915,258.21 5,294,437.55
73,224.81 15,122,629.90 95,719,403.50 1.88% 95.23% 100%/98%/95%

NEW HAMPSHIR 1,044,616,831 12,796,900.75 12,297,273.26 499,627.49
370,077.43 2,718,443.00 9,208,752.83 0.88% 95.94% 100%/98%/95%

NEW JERSEY 3,091,643,571 78,200,322.85 74,260,082.69 3,940,240.16
963,147.27 4,317,855.87 68,979,079.55 2.23% 94.69% 100%/98%/95%

NEW MEXICO 530,799,315 10,044,358.76 9,599,698.05 444,660.71 66,892.08
904,392.51 8,628,413.46 1.63% 95.37% 100%/98%/95%

NEW YORK 20,723,325,390 396,096,635.92 378,677,946.05 17,418,689.87
19,992,901.58 53,463,562.53 305,221,481.94 1.47% 95.40% 100%/98%/95%

NORTH DAKOTA 567,641,193 5,795,166.60 5,540,085.35 255,081.25 683.92
1,454,076.37 4,085,325.06 0.72% 95.40% 100%/98%/95%

OKLAHOMA 2,129,097,920 69,370,843.07 66,586,064.31 2,784,778.76
53,913.17 10,225,818.66 56,306,332.48 2.64% 95.82% 100%/98%/95%

PENNSYLVANIA\[3\] 27,510,562,706 484,891,207.26 463,444,554.82
21,446,652.44 5,603,923.68 68,199,291.37 389,641,339.77 1.42% 95.37%
100%/98%/95%

RHODE ISLAND 1,072,260,769 28,010,495.08 26,778,474.12 1,232,020.96
44,962.82 6,984,920.50 19,748,590.80 1.84% 95.40% 100%/98%/95%

S CAROLINA 1,662,860,054 14,530,776.83 13,993,779.58 536,997.25
210,657.94 462,232.38 13,320,889.26 0.80% 96.16% 100%/98%/95%

SOUTH DAKOTA 1,770,817,360 38,406,352.85 36,578,228.83 1,828,124.02
532,423.72 1,763,964.67 34,281,840.44 1.94% 95.00% 100%/98%/95%

TENNESSEE 2,911,858,447 87,084,008.87 83,461,908.63 3,622,100.24
815,035.22 11,038,079.22 71,608,794.19 2.46% 95.66% 100%/98%/95%

TEXAS II 11,639,915,413 399,456,872.40 399,456,872.40 0.00 9,802,885.30
33,578,911.50 356,075,075.60 3.06% 100.00% 100% \[8\]

USA FUNDS\[4\] 50,952,228,326 911,125,313.84 876,138,038.91
34,987,274.93 1,162,953.51 259,520,315.02 615,454,770.38 1.21% 96.01%
100%/98%/95%

UTAH 1,584,418,708 32,442,737.58 31,204,793.95 1,237,943.63 731,250.82
1,423,627.30 29,049,915.83 1.83% 96.03% 100%/98%/95%

VERMONT 1,281,028,882 14,912,315.20 14,235,361.29 676,953.91 0.00
1,973,155.72 12,262,205.57 0.96% 95.24% 100%/98%/95%

WASHINGTON\[5\] 3,655,359,474 62,040,209.63 59,469,768.41 2,570,441.22
2,010,264.73 29,523,630.46 27,935,873.22 0.76% 95.68% 100%/98%/95%

WISCONSIN\[6\] 20,741,363,530 187,048,482.14 187,048,482.14 0.00
121,786.80 57,738,997.97 129,187,697.37 0.62% 100.00% 100% \[8\]

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Totals: 228,945,854,510 4,642,280,642.90 4,489,621,346.19 152,659,296.71
82,547,926.48 803,184,039.73 3,603,889,379.98

\[1\] ALABAMA HAS DESIGNATED KENTUCKY TO ACT AS ITS GUARANTOR AND
REPORTS DEFAULTS UNDER KENTUCKY.

\[2\] D. C. HAS DESIGNATED MASSACHUSETTS TO ACT AS ITS GUARANTOR AND
REPORTS DEFAULTS UNDER MASSACHUSETTS.

\[3\] DELAWARE AND WEST VIRGINIA HAVE DESIGNATED PENNSYLVANIA TO ACT AS
ITS GUARANTOR AND REPORTS DEFAULTS UNDER PENNSYLVANIA.

\[4\] ALASKA, ARIZONA, HAWAII, INDIANA, KANSAS, MARYLAND, MISSISSIPPI,
NEVADA, AND WYOMING HAVE DESIGNATED USAF TO ACT AS THEIR GUARANTOR AND
REPORT

DEFAULTS UNDER USAF.

\[5\] IDAHO HAS DESIGNATED WASHINGTON TO ACT AS ITS GUARANTOR AND
REPORTS DEFAULTS UNDER WASHINGTON.

\[6\] MINNESOTA, OHIO, PUERTO RICO AND VIRGIN ISLANDS HAVE DESIGNATED
WISCONSIN (GREAT LAKES) TO ACT AS THEIR GUARANTOR AND REPORT DEFAULTS
UNDER WISCONSIN

(GREAT LAKES).

\[7\] VIRGINIA HAS DESIGNATED ECMC TO ACT AS ITS GUARANTOR AND REPORTS
DEFAULTS UNDER ECMC.

\[8\] THE VFA AGENCIES THAT RECEIVE 100% REINSURANCE.

SOURCE: GUARANTY AGENCY ED FORM 2000 STATEMENT OF ACCOUNT AS OF
2/20/2007