Exhibit 10.9

ASSIGNMENT AGREEMENT

This Assignment Agreement (this “Assignment Agreement”) dated as of May 25, 2006
is between Higher Education Funding II, LLC (“Seller”), Goal Capital Funding,
LLC (“Buyer”), The Bank of New York Trust Company, N.A. (“BONY”), as eligible
lender trustee for the Seller (in such capacity, the “Seller ELT”) and JPMorgan
Chase Bank, N.A., as eligible lender trustee for the Buyer (in such capacity,
the “Buyer ELT”).

Reference is made to (i) that certain Loan Agreement dated as of February 9,
2006 (as amended, amended and restated or otherwise modified from time to time,
the “Loan Agreement”) among Seller, as Issuer, Goal Financial, LLC (“Goal”), as
Master Servicer, the various Noteholders and Noteholder Agents from time to time
party thereto, Bank of America, N.A., as Administrator, and BONY, as Collateral
Trustee and as Seller ELT, and (ii) the Purchase and Sale Agreement dated as of
February 9, 2006 (as amended, amended and restated or otherwise modified from
time to time, the “Purchase and Sale Agreement”) among Seller, each Originator
party thereto and BONY, as eligible lender trustee for each such Originator and
as Seller ELT. Unless otherwise defined herein, capitalized terms used herein
have the meanings provided in the Loan Agreement.

For purposes of allowing Buyer to enter into a new financing arrangement, Seller
desires to sell to Buyer (and, solely in the case of legal title thereto, to
Buyer ELT), and Buyer (and, solely in the case of legal title thereto, Buyer
ELT) desires to purchase from Seller, each of the Student Loans currently owned
by Seller (and, solely in the case of legal title thereto, by Seller ELT) that
are listed on Schedule A hereto (the “Subject Assets”). Therefore, pursuant to
the terms hereof, and upon the evidence satisfactory to the Administrator and
each Noteholder Agent of a deposit into the Collection Account of an amount
equal to six hundred sixty-five million two hundred fifty-one thousand three
hundred ninety-five dollars and eleven cents ($665,251,395.11) (the “Purchase
Price”) from Buyer (or the purchaser under the previously mentioned new
financing arrangement), the receipt of which by Seller is hereby acknowledged,
Seller (and, solely in the case of legal title thereto, Seller ELT) hereby
sells, assigns and transfers unto Buyer and its successors and assigns (and,
solely in the case of legal title thereto, to Buyer ELT) all right, title and
interest of such Person in and to:

 

  (a) each Subject Asset;

 

  (b) all Related Security with respect to all such Subject Assets; and

 

  (c) all Collections in respect of, and other proceeds of, any of the foregoing
(the property described in the foregoing clauses (a) through (c), collectively,
the “Transferred Property”).

The assignment of Seller (and, solely in the case of legal title to the Subject
Assets, Seller ELT) made hereby is made without recourse, representation or
warranty, except that Seller represents and warrants that (a) Seller (and,
solely in the case of legal title thereto, Seller ELT), is the sole owner of the
Subject Assets transferred hereby and (b) that Seller is transferring such
Subject Assets free and clear of any lien or encumbrance with respect thereto.
It is the intention

--------------------------------------------------------------------------------

of Seller and Buyer that the assignment contemplated by this Assignment
Agreement shall constitute a sale of the Subject Assets from Seller (and, in the
case of legal title thereto, Seller ELT) to Buyer (and, in the case of legal
title thereto, Buyer ELT) and the beneficial interest in and title to the
Subject Assets shall not be part of Seller’s estate in the event of the filing
of a bankruptcy petition by or against Seller under any bankruptcy law.

In the event (but only to the extent) that the conveyance of any Subject Asset
hereunder is characterized by a court, governmental authority or regulatory body
as a loan rather than a sale, Seller shall be deemed to have granted to Buyer
(and Seller ELT shall be deemed to have granted to Buyer ELT), and Seller hereby
grants to Buyer (and Seller ELT hereby grants to Buyer ELT), a security interest
in all of its right, title and interest in, to and under such Subject Asset and
any related Transferred Property. Each of Seller and Seller ELT authorizes Buyer
and Buyer ELT to file any and all Uniform Commercial Code financing statements
deemed necessary by Buyer to perfect the security interests granted herein.

By signing in the space provided below (a) each of the parties to the Loan
Agreement hereby acknowledges and consents to the transfers contemplated herein
and (b) upon the receipt by the Administrator and each Noteholder Agent of
counterparts of this Assignment Agreement signed by each of the parties hereto
and evidence satisfactory to the Administrator and each Noteholder Agent of a
deposit into the Collection Account of an amount equal to the Purchase Price
(i) each Noteholder and the Collateral Trustee hereby releases all of its right,
title and interest in and to the Subject Assets, and hereby authorizes, at the
expense of the Buyer, the filing of any applicable UCC partial termination
statements necessary, in any applicable jurisdiction, to effect such release
with respect to the Subject Assets and (ii) each of the parties hereto hereby
agrees, at the expense of, and upon written request by, the Buyer, to execute
and deliver to the Buyer or its assigns such additional documents, instruments,
endorsements or authorizations, if any, that may be necessary in any applicable
jurisdiction and/or reasonably requested by the Buyer at such time, in either
case, to effect the release and conveyance of the Subject Assets as contemplated
hereby.

It being understood that both the Seller and the Buyer are disregarded entities
and are wholly-owned by Goal, the parties understand and acknowledge that the
transfer of loans pursuant to this Assignment Agreement shall be of no effect
for federal tax purposes.

This Assignment Agreement may be executed in any number of counterparts, and by
the different parties hereto on the same or separate counterparts, each of which
when so executed and delivered shall be deemed to be an original instrument but
all of which together shall constitute one and the same agreement. This
Assignment Agreement may not be amended or otherwise modified except in writing
executed by each of the parties hereto.

THIS ASSIGNMENT AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER
THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE
WITH, THE LAWS OF THE STATE OF NEW YORK.

ANY LEGAL SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS
ASSIGNMENT AGREEMENT OR ANY TRANSACTION

 

2

--------------------------------------------------------------------------------

CONTEMPLATED HEREBY MAY BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE
COUNTY OF NEW YORK, STATE OF NEW YORK AND EACH PARTY HERETO HEREBY WAIVES ANY
OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH
SUIT, ACTION OR PROCEEDING, AND, SOLELY FOR THE PURPOSES OF THIS ASSIGNMENT
AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF
ANY SUCH COURT IN ANY SUCH SUIT, ACTION OR PROCEEDING.

 

3

--------------------------------------------------------------------------------

IN WITNESS WHEREOF, the undersigned has caused this Assignment Agreement to be
duly executed and delivered by its duly authorized officer as of the date first
written above.

 

HIGHER EDUCATION FUNDING II, LLC,

as Seller

By:

 

/s/ Seamus Garland

Name:

  Seamus Garland

Title:

  Secretary

 

S-1   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

GOAL CAPITAL FUNDING, LLC,

as Buyer

By:

 

/s/ Seamus Garland

Name:

  Seamus Garland

Title:

  Secretary

 

  S-2   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

THE BANK OF NEW YORK TRUST

COMPANY, N.A.,

as Eligible Lender Trustee for Seller

By:

 

/s/ William Cardozo

Name:

  William Cardozo

Title:

  Vice President

 

  S-3   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

JPMORGAN CHASE BANK, N.A.,

as Eligible Lender Trustee for Buyer

By:

 

/s/ Luiza Sinanian

Name:

  Luiza Sinanian

Title:

  Trust Officer

 

  S-4   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

GOAL FINANCIAL, LLC,

as Master Servicer

By:

 

/s/ Seamus Garland

Name:

  Seamus Garland

Title:

  Secretary

 

  S-5   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

BANK OF AMERICA, N.A.,

as Administrator and as Related Committed

Noteholder with respect to YC SUSI TRUST

By:

 

/s/ Elliott Lemon

Name:

  Elliott Lemon

Title:

  Vice President

 

  S-6   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

YC SUSI TRUST,

as Conduit Noteholder

By:

  Bank of America, N.A.,  

as its Administrative Trustee

 

By:

 

/s/ Elliott Lemon

 

Name:

 

Elliott Lemon

 

Title:

 

Vice President

 

  S-7   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

THE BANK OF NEW YORK TRUST COMPANY, N.A.,

as Collateral Trustee

By:

 

/s/ William Cardozo

Name:

  William Cardozo

Title:

  Vice President

 

  S-8   ASSIGNMENT AGREEMENT

--------------------------------------------------------------------------------

SCHEDULE A

TO ASSIGNMENT AGREEMENT

SUBJECT ASSETS

A list of the Subject Assets has been provided by Seller to Buyer and such list
is incorporated by reference into this Schedule A and forms a part of the
Assignment Agreement

 

Sched. A-1