Exhibit 10.7

AMENDED AND RESTATED
AGREEMENT FOR EDUCATION LOAN SERVICING

| | This
agreement (the Agreement) is made as of the 1st day of January, 2004, among
Citibank USA, N.A., a national banking association having its principal place of business
at 701 E. 60th St N., Sioux Falls, South Dakota (the Service Provider), The
Student Loan Corporation, a Delaware corporation with its head office at 750 Washington
Blvd., 9th Floor, Stamford, CT 06901 (Customer), and Citibank,
N.A., as trustee for The Student Loan Corporation, a national banking association having
a place of business at 99 Garnsey Road, Pittsford , New York 14534 (Citibank). | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | WHEREAS,
the parties desire that this Agreement shall amend and restate the Agreement for Education
Loan Servicing dated as of January 1, 2001 which was originally made by and among Citibank
(South Dakota), N.A., The Student Loan Corporation and Citibank (New York State), as
trustee for The Student Loan Corporation; and | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | WHEREAS,
the rights and obligations of Citibank (South Dakota), N.A. under the original Agreement
for Education Loan Servicing referred to above were assigned to Citibank USA, N.A. on or
about January 1, 2002, and the rights and obligations of Citibank (New York State), as
trustee for The Student Loan Corporation, under the original Agreement for Education Loan
Servicing referred to above were assigned to Citibank, N.A., as trustee for The Student
Loan Corporation, on or about August 30, 2003; and | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | WHEREAS,
the Service Provider has developed systems and processes to originate and service
federally insured student loans as well as consumer loans made to finance educational
costs, including student loans made under Title IV, Part B of the Higher Education Act of
1965, as amended (collectively referred to as Education Loans) in accordance
with the laws, rules and regulations applicable to those loans; | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | WHEREAS,
Customer acquires and services Education Loans from third party lenders both directly and
as a beneficial owner under a trust agreement in which Citibank holds loans as an eligible
lender trustee under the Higher Education Act; | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | WHEREAS,
Service Provider shall act as a sub-contractor with respect to those Education Loans which
Customer places with Service Provider for services in situations where Customer is a
primary contractor for a third party lender with respect to such loans; | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | WHEREAS,
Service Provider shall perform for Customer all services in accordance with generally
established procedures and industry standards and practices, including specifically the
Origination, Customer Service, and Default Management services specified in Exhibit A
attached to this Agreement and made a part hereof by reference, and | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

| | WHEREAS,
the Service Provider has agreed to make available to the Customer, and the Customer wishes
to receive, the Origination, Customer Service and Default Management services described in
Exhibit A (collectively the Services), | 
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Page 1

| | THEREFORE,
in consideration of these mutual promises and covenants contained herein, the parties
agree that the terms and provisions of the original Agreement for Education Loan Servicing
shall be amended and restated as follows: | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 1. | Services to Be Performed. | 
| | -- | ------------------------- | 

| |  | The
Service Provider shall perform the services described in Exhibit A (the
Services) for Customer as an independent contractor on a non-exclusive basis. Unless
stated explicitly, nothing contained herein shall be deemed to create any partnership,
joint venture, or relationship of principal and agent between the parties hereto or any of
their affiliates or subsidiaries, or to provide either party with any right, power or
authority, whether express or implied, to create any duty or obligation on behalf of the
other party. Such Services shall be rendered in a professional manner and shall meet
acceptable quality measurements, performance levels, and other standards as the parties
may agree uponfrom time to time. | 
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 2. | Subcontractors. | 
| | -- | --------------- | 

| |  | The
Service Provider may retain a subcontractor or subcontractors to perform any number of
Services on behalf of the Customer, provided that the Service Provider will be responsible
for the subcontractors actions and shall ensure that the subcontractor(s) is subject
to and complies with all of the terms and conditions of this Agreement. If the Service
Provider retains a subcontractor or subcontractors, the Service Provider remains
responsible for compliance to laws, regulations, policies, procedures and quality
standards. | 
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

| | 3. | Fees and Expenses. | 
| | -- | ------------------ | 

| |  | (a) | As compensation for the Services, the Customer shall pay to the Service Provider
                    the fees as set forth in this Agreement and/or such other exhibits made part of
                    this Agreement. All fees will not exceed the fair value of the Services. All
                    invoices shall be paid within thirty (30) days from receipt of periodic
                    invoices. All invoices submitted to the Customer shall itemize the Services
                    provided and the corresponding fees charged in accordance with the fee schedules
                    set forth in this Agreement as Exhibit B. In accordance with the express terms
                    of this paragraph and Paragraph 20 of this Agreement, Service Provider and
                    Customer acknowledge that Customer shall be solely responsible for compensation
                    of the Services provided. | 
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

| |  | (b) | The parties acknowledge that certain costs and expenses of the Service Provider
                    may increase or decrease at times throughout the term of this Agreement. The
                    parties also recognize that this Agreement may be in force for a considerable
                    period of time and it is impractical to construct an automatic cost adjustment
                    provision into the Agreement. | 
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  |  | Notwithstanding
the foregoing, the Service Provider is entitled to an increase in the Service Fees for
certain uncontrollable costs. To initiate such an increase, the Service Provider must give
Customer a written notice specifying the proposed increase or increases together with an
explanation of the uncontrollable costs on which they are based. Such increases shall be
effective immediately after such notice is given, unless the parties agree on another
effective date or the Customer gives timely notice of non-acceptance under subparagraph
(c) below. Uncontrollable costs are limited to postage costs, telecommunication costs,
wages, facilities, software and hardware upgrades, equipment upgrades, and costs related
to material changes to the Services performed arising from changes to The Higher Education
Act, guaranty | 
| |  |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

Page 2

| |  |  | agency rules and regulations (federal or private insurer), FFEL program
regulations, or similar authority under which Education Loans are made. Service Provider
and Customer shall negotiate in good faith the amendment of Exhibit B to reflect the
increase in Service Fees. | 
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | (c) | In the event the Customer does not accept the proposed modification in fees or
                    expenses, it shall provide written notification to the Service Provider within
                    thirty (30) days of its receipt of Service Providers notice of the
                    proposed increase. If the parties thereafter fail to reach agreement on an
                    increase or modification of the Service Fees, the Service Provider may, within
                    90 days after giving its notice of increase to Customer, give written notice of
                    termination of this Agreement. The termination will take effect 270 days after
                    the Service Providers notice of increase, or such other date as is
                    mutually agreed to by the parties. Notwithstanding Customers
                    non-acceptance of the fee increase, Service Providers proposed
                    modification in fees or expenses shall take effect 180 days after Service
                    Providers notice of termination and such amended pricing shall be in
                    effect from that date until this Agreement is terminated. | 
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  |  | Service
Provider and Customer acknowledge that Education Loans are difficult to service and that
conversion of such loans to another loan servicer is time consuming and difficult. The
parties agree that extensive time periods for notice and termination, in addition to
Customers obligation to pay increased servicing fees after notice of termination,
are a reflection of the difficulty and time necessary to convert Education Loans to
another loanservicer. Customer is responsible for all direct conversion costs
should both parties agree to terminate the Servicing Agreement. | 
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | (d) | In the event that a notice period or time period for termination of this
                    Agreement shall extend beyond the termination date or any subsequent termination
                    date described in Paragraph 5 (a), the termination date of this Agreement will
                    be the later of the dates. | 
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 4. | Responsibilities of the Parties. | 
| | -- | -------------------------------- | 

| |  | (a) | The Service Provider shall perform the Services subject to applicable laws,
                    regulations, policies , procedures, quality measurements, performance levels,
                    and other standards as described in Exhibit C. The Customer and Service Provider
                    may amend Exhibit C at any time upon mutual consent to include those quality
                    measurements, performance levels, and other standards reasonably necessary to
                    guide the Service Provider in its performance of the Services required by the
                    Agreement. In addition, in the case of a significant and unusual event, the
                    Customer and Service Provider can negotiate a temporary adjustment to the
                    affected service standards and fees that may result. The Service Provider may
                    require that the Customer pay additional fees if the required additional
                    services materially increase Service Providers cost of providing the
                    Services, in accordance with the procedure set forth in Paragraph 3. | 
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | (b) | The Customer retains the processes and functions set forth on Exhibit D except
                    to the extent included within any part of the Services described on Exhibit A.
                    Service Provider and Customer may amend Exhibit D upon mutual agreement or if
                    necessary to facilitate Service Providers performance of the Services
                    required by this Agreement. If Customer fails to meet | 
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Page 3

| |  |  | its obligation to perform
                    the processes for functions described on Exhibit D, Service Provider may
                    terminate this Agreement as provided in Paragraph 5 (c). | 
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| | 5. | Term and Termination. | 
| | -- | --------------------- | 

| |  | (a) | This Agreement will be for a term of 1 year from the date hereof; provided
                    however, that this Agreement will be extended for successive one (1) year
                    periods unless either party, by written notice to the other, shall give at least
                    180 days prior notice of its intention to terminate the Agreement at the end of
                    the current contract year, in which case there shall be no automatic extension.
                    Termination in accordance with this paragraph will be without penalty to either
                    party. Both parties will remain responsible for their respective obligations
                    with regard to actions, events, and services received or rendered prior to the
                    date such termination becomes effective. | 
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | (b) | Either party shall have the right to immediately terminate this Agreement by
                    giving the other written notice if (i) a person owning more than 50% of the
                    voting shares of the other party ceases to own more than 50% of the voting
                    shares of the other party; (ii) the other party shall be wound up, go into
                    liquidation, or for any other reason shall cease or threaten to cease to carry
                    on its business or shall transfer its business; (iii) a decree or order by a
                    court or governmental agency or authority shall be entered for the appointment
                    of a conservator, receiver or liquidator for the other party in an insolvency,
                    readjustment of debt, marshaling of assets and liabilities or similar
                    proceeding, or the other party shall consent to such appointment. Termination
                    under this subparagraph shall be effective 270 days after Customers
                    written notice to Service Provider, and upon 270 days after Service
                    Providers written notice to Customer. | 
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | (c) | If either party materially breaches the terms or duties imposed upon it by this
                    Agreement, the non-breaching party may, at its option, give the other party at
                    least thirty (30) days written notice of the breach. The notice shall specify
                    the nature of the breach. If, at the end of the notice period, the breaching
                    party has not remedied the breach then the Agreement may be terminated by the
                    non-breaching party by notice given within 90 days after the expiration of the
                    notice period specifying a termination date satisfactory to the non-breaching
                    party, provided however, that any termination under this paragraph shall not
                    prejudice the rights of either party against the other. | 
| |  | --- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | (d) | In the event that any notice period or time period for termination of this
                    Agreement under any subparagraph of this Paragraph 5 shall extend beyond the
                    termination date or any subsequent termination date described in Paragraph 5
                    (a), the termination date of this Agreement will be the later of the respective
                    dates. | 
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| | 6. | Compliance with Laws. | 
| | -- | --------------------- | 

| |  | Each
party hereto agrees that it shall comply with all applicable federal, state and local
laws, ordinances, codes and regulations in the performance of its obligations or receipts
of Services under this Agreement, including obtaining the necessary permits and
certificates where required. The parties agree to comply with all laws and executive
orders relating to equal opportunity or non-discrimination as applicable. If at any time
during the term of this Agreement, a party is informed or information comes to its
attention that it is or may be in violation of any law, | 
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Page 4

| |  | ordinance or code (or if it is so
determined by any court, tribunal or other authority), that party shall immediately take
all appropriate steps to remedy such violation and comply with such law, regulation,
ordinance or code in all respects. Further, each party shall establish and maintain all
proper records (particularly, but without limitation, accounting records) required by any
law, code of practice or corporate policy applicable to it from time to time. | 
| |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 7. | Audit. | 
| | -- | ------ | 

| |  | Customer
shall have the right, during normal business hours, to inspect Service Providers
books and records that pertain to the Services rendered in order to verify the amount and
calculation of such fees. Service Provider shall keep adequate records of its Services
hereunder. Each party shall pay its own respective costs and expenses in connection with
this provision. Customer shall have the same right, during normal business hours, to
inspect, audit, and confirm Service Providers compliance with the laws, regulations,
policies, procedures, and service quality standards set forth in Exhibit C and as such may
be amended from time to time.
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| | 8. | Indemnification. | 
| | -- | ---------------- | 

| |  | (a) | Each party to this Agreement shall indemnify and hold harmless the other party
                    and any of its directors, officers, employees, agents, and subcontractors from
                    and against any action or threatened action, suit or proceeding arising out of
                    or as a result of, the indemnifying partys performance under this
                    Agreement and against any and all claims, expenses, losses or damages (including
                    reasonable attorneys fees that result from the actions or inaction of the
                    indemnifying party); provided, however, that in no event shall a party to this
                    Agreement be obligated for any claims, expenses, losses, or damages resulting
                    from the negligent or willful acts or omissions of the other party, its agents,
                    employees or subcontractors.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | A party seeking indemnification under this Agreement shall (i) give prompt
                    written notice to the indemnifying party as to the existence of the
                    indemnifiable event, (ii) provide such information, cooperation and assistance
                    as may reasonably be necessary for the defense of such action or claim and (iii)
                    grant full authority to the indemnifying party to defend or settle such action
                    or claim. A party seeking indemnification shall not compromise or settle any
                    action or claim without the consent of the indemnifying party.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (c) | In the event that Service Provider shall take any action in connection with the
                    Services or other responsibilities under this Agreement (whether or not such
                    action constitutes negligence), or fails to take any action required under this
                    Agreement which causes any serviced loan in Customers portfolio to require
                    an interest or principal adjustment, or to be denied the benefits of any
                    applicable guaranty or insurance, Service Provider shall have a reasonable time
                    to cause such benefits to be reinstated. If such benefits are not reinstated
                    within 4 months of denial or termination of guaranty or insurance benefits,
                    Service Provider shall, subject to the limitations of subparagraphs (d), (e),
                    (f) and (g) of this Paragraph 8, pay to Customer an amount equal to the
                    outstanding principal balance plus all accrued interest through the date of the
                    original loss of benefits, less the amount subject to any lender risk sharing
                    under either the FFEL program or any private program.
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (d) | Service Provider and Customer acknowledge that servicing errors can occur during
                    the ordinary course of business which can cause loss of guaranty or insurance
                    benefits, operating
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 5

| |  |  | losses and interest adjustments and are included within the
                    pricing set forth in Exhibit B. Service Providers liability arising under
                    Paragraph 8(c) shall begin to accrue when operating losses that are directly
                    attributable to the Service Providers actions, on an annual basis
                    (calculated monthly), exceed .026 of 1% (2.6 basis points) times the average
                    dollar balance of Education Loans in repayment status; and when Adjustment and
                    Refunds on an annual basis (calculated monthly) exceed .018 of 1% (1.8 basis
                    points) times the average dollar balance of Education Loans in repayment status.
| |  |  | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (e) | Service Providers maximum liability for a Single Occurrence (as defined
                    below) shall be limited to an amount equal to the average of monthly
                    compensation paid to date during the term of this Agreement. Service
                    Providers maximum liability for indemnification for multiple Single
                    Occurrences under this Paragraph 8 during any one calendar year shall be limited
                    to an amount equal to the total compensation paid by Customer to Service
                    Provider for the calendar year. In the event the total number of months during
                    the calendar year are less than twelve, the maximum liability shall not exceed
                    the average of monthly compensation multiplied by twelve. For purposes herein,
                    the term Single Occurrence shall mean an event pursuant to which
                    losses resulting from a single action or inaction do not exceed the average
                    monthly compensation paid to date by Customer to Service Provider during the
                    term of this Agreement. Service Provider shall pay to Customer any amounts owed
                    under this subparagraph (e) within 90 days of the date on which a final
                    determination is made regarding Customers right to indemnification
                    hereunder.
| |  | --- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (f) | Service Providers liability for indemnification for a Castastrophic
                    Event (as defined below) under this Paragraph 8 shall not be limited to
                    the average of monthly compensation paid to date by Customer to Service Provider
                    during the term of this Agreement. Instead, Service Provider shall compensate
                    Customer for all losses resulting from the Catastrophic Event within 90 days of
                    the date on which a final determination is made regarding Customers right
                    to indemnification hereunder, provided, however, that, Service Provider shall
                    increase the fees charged Customer under Section 3 herein by an incremental ten
                    percent (10%), until such time as Service Provider has been fully compensated by
                    such incremental ten percent (10%) for the losses incurred hereunder which are
                    in excess of the average of monthly compensation resulting from the Catastrophic
                    Event. For purposes herein, the term Catastrophic Event shall mean
                    an event pursuant to which losses, incurred from a Single Occurrence or loss
                    that may relate to a recurring series of losses which are the result of a single
                    action or inaction, exceed the average monthly compensation owed by Customer to
                    Service Provider paid to date during the term of this Agreement.
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (g) | In the event of a termination of this Agreement prior to the full repayment of
          any amounts owed under this Paragraph 8, Customer agrees to pay a termination
          fee to Service Provider taking into consideration any amounts of unpaid balance
          owed by either party to the other under the terms of this Paragraph 8.
| |  | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (h) | Any remedies for breach by Service Provider shall be limited to this Paragraph
                    8. In no event shall Service Provider be liable under any theory of tort,
                    contract, strict liability or other legal or equitable theory for any lost
                    profits, exemplary, punitive, special, incidental, indirect or consequential
                    damages, each of which is hereby excluded by agreement of the parties. Any
| |  | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |  |  | action for the breach of any provision of this Agreement shall be commenced
                    within one (1) year from the date of such breach.
| |  |  | -------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (i) | Notwithstanding anything to the contrary set forth in this Paragraph 8, with
                    respect only to the services to be performed which are set forth in Schedule 4
                    of Exhibit A attached hereto, Service Provider provides no guarantee to Customer
                    for such services performed by a third party vendor, nor is Service Provider
                    responsible for any losses incurred by Customer due to third-party vendor
                    performance; however, the indemnification provisions set forth in Section 8 of
                    this Agreement shall remain effective in all respects with respect to any
                    additional services to be performed by the Service Provider for Customer set
                    forth in Schedule 4 to Exhibit A to this Agreement. Each of the parties hereto
                    acknowledge and agree that Service Provider shall indemnify Customer and
                    Citibank for any claims arising out of or as a result of Service Providers
                    performance of all such additional services or the failure to perform such
                    additional services, all as more particularly set forth in Section 8 of this
                    Agreement.
| |  | --- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 9. | Confidentiality. | 
| | -- | ---------------- | 

| |  | The
Customer and the Service Provider agree that all information provided pursuant to this
Agreement by each party to the other party is confidential and proprietary information of
the disclosing party, including non-public personal information regarding customers of
Service Provider, Customer or Citibank. No party shall use any information
provided by the other party for any purpose other than as permitted or required for
performance under this Agreement or as provided by applicable law, including without
limitation, the provisions of Title V of the Gramm-Leach-Bliley Act (P.L. 106-102). Each
party agrees not to disclose or provide any information provided by the other party to any
third party, with the exception of (i) directors, officers, employees, attorneys, and
auditors (collectively employees) of the party or its affiliates or
subsidiaries who have a need to know in the course of performing, receiving, or reviewing
the performance of Services under this Agreement and are bound to retain the
confidentiality of the information, and (ii) vendors, subcontractors, and other service
providers (collectively vendors) who are necessary for the Service Provider to
provide services to the Customer or for the Customer to coordinate its operation with
those of the Service Provider under this Agreement, and are bound to retain the
confidentiality of the information without the express written consent of the other party,
and each party agrees to take all reasonable measures, including, without limitation,
measures taken by each party to safeguard its own confidential information to prevent any
such disclosure by employees and vendors. In no event shall the Customer divulge to any
third party the contents in any invoices/charge documentation that it receives from the
Service Provider without the written consent of the Service Provider, except as otherwise
provided by law or regulation. Nothing provided herein shall prevent any party from
disclosing information to the extent the information (i) is or hereafter becomes part of
the public domain through no fault of that party; (ii) is rightfully received from or
furnished to a third party without similar restriction of the third partys rights;
(iii) is independently developed by it; (iv) is disclosed pursuant to requirements of law;
or (v) is already known to it. If either party hires another person to assist it in the
performance of this Agreement, or assigns any portion of its responsibilities or
obligations under this Agreement to another person, the assigning or delegating party
shall cause its assignee or delegate to be bound to retain the confidentiality of the
information. | 
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Page 7

| | 10. | Assignment. | 
| | --- | ----------- | 

| |  | Either
party may assign any of its rights or delegate any of its obligations or responsibilities
under this Agreement with the prior written consent of the other, which consent shall not
to be unreasonably withheld. The parties expressly anticipate that either party may assign
such obligations and responsibilities to any of its subsidiaries or affiliates having
reasonably adequate resources to perform the obligations and undertake the
responsibilities under this Agreement. All assignments shall be evidenced by an assignment
document executed in a form to be provided by the Customer. All terms and conditions of
this Agreement shall be binding upon and shall inure to the benefit of the parties hereto
and their successors and authorized assigns, and no other person or entity shall have any
rights or beneficial interests herein or hereunder. | 
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 11. | Corporate Authority; Further Assurances. | 
| | --- | ---------------------------------------- | 

| |  | (a) | Each party presents and warrants that the execution and performance of this
                    Agreement is authorized by its charter or certificate of incorporation and by
                    its board of directors and that this Agreement has been duly executed by its
                    officer so authorized, and agrees to furnish the other party with satisfactory
                    evidence of same upon request. Each party agrees to negotiate in good faith the
                    execution of such other documents or agreements as may be necessary or desirable
                    for the implementation of this Agreement and the effective execution of the
                    transactions contemplated hereby, and will continue to do so during the term of
                    this Agreement.
| |  | --- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |  | (b) | Each party represents that there are no actions, suits or proceedings existing,
                    pending, or to the knowledge of either party threatened against or affecting
                    either party before any court, arbitrator, governmental or administrative body
                    or agency, that might affect the validity or enforceability of this Agreement or
                    that might result in any materially adverse effect on either partys
                    ability to perform its obligations hereunder. The performance of this Agreement
                    by each party will not violate, result in breach of, or conflict with (i) its
                    charter, certificate of incorporation, by-laws or any agreement to which it is a
                    party or will be bound, and (ii) any law, rule, regulation, order, judgment, or
                    decree binding on such party.
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| | 12. | Notices. | 
| | --- | -------- | 

| |  | All
notices and other communications under this Agreement, (including any invoices) shall be
sent prepaid to the appropriate party at the following address via overnight delivery
service, inter-office courier, United States Postal Service, or by facsimile or other
electronic mail if the party includes its facsimile or electronic mail address below: | 
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| |  | SERVICE PROVIDER:
Citibank USA, N.A.
701 E. 60th Street North
Sioux Falls, SD 57105 | 
| |  | ----------------------------------------------------------------------------------- | 

| |  | Fax
Number: 605-330-6745 Attention: President
| |  | ---------------------------------------------

Page 8

| |  | CITIBANK
Citibank,
N.A., individually and as
trustee
for The Student Loan Corporation 99 Garnsey Road
Pittsford, New York 14534 | 
| |  | ------------------------------------------------------------------------------------------------------------------------------- | 

| |  | Fax
Number: 716-248-7925 Attention: President
| |  | ---------------------------------------------

| |  | CUSTOMER
The Student Loan Corporation
750 Washington Blvd., 9th Floor
Stamford, CT 06901 | 
| |  | ---------------------------------------------------------------------------------------- | 

| |  | Fax
Number: 203-363-1630 Attention: Chief Executive Officer
| |  | -----------------------------------------------------------

| | 13. | Contingency Plan. | 
| | --- | ----------------- | 

| |  | Service
Provider agrees to develop necessary business interruption and disaster contingency plans
which will meet with all required continuity of business standards applicable to either
Service Provider or Customer (with respect to the Services), and will work with Customer
to coordinate the continuity of business planning to ensure that all foreseeable business
interruptions are minimized so as not to disrupt Customers business. | 
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 14. | Regulatory. | 
| | --- | ----------- | 

| |  | Each
party agrees that at the request of the other it will permit the banking or other state or
federal supervisors, applicable FFEL program guaranty agencies, and applicable insurance
companies to examine the servicing relationship between the parties pursuant to this
Agreement and the performance of and the records of the Services. | 
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 15. | Entire Agreement. | 
| | --- | ----------------- | 

| |  | This
Agreement is the sole agreement between the parties with respect to the provision of the
Services, and supersedes all prior oral or written agreements for the Services. This
Agreement may be signed in counter-parts, either in original form or in the form of
facsimile copies, all of which taken together shall constitute one instrument. | 
| |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 16. | Amendment. | 
| | --- | ---------- | 

| |  | This
Agreement, including all Exhibits and Schedules, may be modified only by a written
agreement signed by each of the parties hereto. Notwithstanding the requirement that all
amendments be in writing, amendments to this Agreement, its Exhibits or Schedules, may
take the form of electronic communication between the parties through their respective
authorized representatives. Such amendments may be deemed signed by electronic means
through an electronic message of acknowledgment in a form agreeable to the parties. | 
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Page 9

| | 17. | Force Majeure. | 
| | --- | -------------- | 

| |  | Neither
party shall be liable for delays or failure in its performance hereunder caused by any act
of God, war, strike, labor dispute, work stoppage, fire, act of government, or any other
cause, whether similar or dissimilar, beyond the control of that party and beyond COB
planning requirements. | 
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 18. | Severability. | 
| | --- | ------------- | 

| |  | If
any provision of this Agreement is deemed to be illegal, invalid or unenforceable for any
reason, the remaining provisions of this Agreement shall be unaffected, and this Agreement
shall continue in full force and effect unless such provision was an essential element of
the agreement of the parties or the enforcement of the remaining provisions would place an
unfair or disproportionate burden on or result in an unfair enrichment of one of the
parties. | 
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 19. | Governing Law. | 
| | --- | -------------- | 

| |  | This
Agreement will be governed by and construed in accordance with the internal laws of the
State of South Dakota. | 
| |  | ------------------------------------------------------------------------------------------------------------------- | 

| | 20. | Limited Role of Citibank as an Eligible Lender Trustee. | 
| | --- | ------------------------------------------------------- | 

| |  | Service
Provider and Customer acknowledge that the Eligible Lender Trustee has entered into this
Agreement solely in its capacity as an eligible lender trustee for Customer and not in its
individual capacity. The Eligible Lender Trustee has undertaken only those duties that are
required of it under its trust agreement with Purchaser. Accordingly, all recourse and
remedies of Service Provider shall be available only against Customer and the assets
established under the trust agreement and not against the Eligible Lender Trustee in its
individual capacity. | 
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | IN WITNESS WHEREOF, the Service
Provider, Citibank and Customer have caused this Agreement to be executed as of the date
first written above. | 
| | --------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Citibank, N.A., as Trustee for The Student
Loan Corporation/s/ Jennifer Cupo    (Signature)
Jennifer CupoVice PresidentName and TitleCitibank USA, N.A./s/ Douglas C. Morrison    (Signature)
Douglas C. MorrisonVice PresidentName and TitleThe Student Loan Corporation/s/ Ruth Christopherson    (Signature)
Ruth ChristophersonDirector of OperationsName and Title
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 10

| | ATTACHMENTS: 
Exhibit A: Services to be provided                 
| | -----------------------------------------------------------------
|
| |                                                                  
|
| | Exhibit B: Pricing                                               
|
| | Exhibit C: Service Quality Standards Required of Service Provider
|
| | Exhibit D: Function Retained by Customer                         

Page 11

EXHIBIT A SERVICES TO BE PROVIDED

SCHEDULE 1
ORIGINATIONS AND CASH DISBURSEMENT UNIT 
(FFEL, Private Loans, FFEL
Consolidation Loans)

| | Management of the student loan
origination processes including: 1) the receipt and processing of written, faxed and
electronically submitted applications for student loans, 2) communication of the approval
or denial of the loan application(s), 3) exception processing of incomplete applications
(arising from missing information or documents) and other problem resolution, 4)
management and control of the various transmissions of information and loan proceeds
disbursement, and 5) loan refund and cancellation processes. It is understood that the
student loan origination processes include current and future multiple channels and
multiple products as well as all processes involved in the processing of these products. | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

| | Channels:
Guarantor Agency channels (e.g.
USAFs WhizKid)Escrow Channels for disbursementsELMCommon Lines Sallie Mae Lines
RFPs for Schools and other lendersInternetDirect to the CustomerProprietary to School
flows (e.g. USC & UCLA) | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Products:FFELP Stafford
LoansFFELP Consolidation LoansFFELP Plus Loans

CitiAssist and all other private
loans (Subject to the current applicable program agreement with TuitionGard,other
credit enhancement insurers, and all amendments thereto).FFELP and private loan Purchases
and Sales (individual loan by loan sales/purchases)Bulk Purchase conversions of FFELP and
private loansContinuous Flow (the origination of an Education Loan subject to an ongoing
Purchase & Sale Agreement)Global Student Loans (US Dollar and Foreign currency loans)
Bundled Products (student loans products which may be tied to other banking products)
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 12

EXHIBIT A
SERVICES TO BE PROVIDED

SCHEDULE 2
CUSTOMER SERVICE

| | All traditional student loan
servicing after loan origination (excluding collection of delinquent accounts and default
claims, application processing and related servicing, and services as may be specifically
retained by Customer). Processes shall include the management and handling of incoming
telephone calls, correspondence and Internet correspondence for all products, current and
future, and accompanying paper defined as requests for service (whether from students,
parents, schools, guarantor agencies, the federal Department of Education, or others in
the ordinary course of the student lending business) including, for example and without
limitation, deferments, change of addresses, notices of graduation date changes, for all
channels and loan products offered including new channels and products mandated by law or
regulation or developed by Customer. | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

| | Processes shall include:
Incoming telephone calls for
non-delinquent (less than 31 days delinquent) customersSt. Louis CitiAssist credit
decision callsInternet Help DeskIncoming correspondence and address changes including
letters and Internet inquiriesNIVR managementInquiry/Investigation/Problem Resolution
SSCR processingGraduation Date processing and managementCredit DisputesLetter of Intent
processingManifest reject processingCoordinated repaymentRepayment OptionsAutomated
Payment Processing (e.g. Speedpay and EZ Pay processing)All audit and reject report
processing associated with repayment processingManifest and NSLDS reporting (non
financial)Preparation for manual check issuanceDeferments/ForbearancesCitiExpress
Inbound Customer Calls | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

Page 13

EXHIBIT ASERVICES TO BE PROVIDED

SCHEDULE 3
DEFAULT MANAGEMENT
(COLLECTIONS &
CLAIMS)

| | All the servicing related to the
handling and management of 31 and plus day delinquent accounts together with compliance
with all the due diligence in collection requirements for the FFEL loan product serviced
and 15 and plus day delinquent accounts for private loan. In addition to collection
management, the management, handling, and filing of all default claims to FFEL guarantor
agencies or private insurers shall be part of Default Management. The level of servicing
provided shall be no less than that required by applicable law, regulation, or insurance
agreement, but emphasis shall be placed upon managing the portfolio such that underlying
causes of delinquency are minimized to the extent possible. Strategies to achieve maximum
performance of the portfolio must be mutually agreed upon by the Service Provider and
Customer. | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Processes shall include:
Management and storage of Promissory
Notes and Servicing CollateralPre-repayment calls  Education Assistance Unit (COB
for CitiAssist Only)Collection Calls  Inbound 31+ days delinquent and all Outbound
Skip tracing of bad addresses and telephone numbersPre-Claims processingDefault Aversion
Process  Student Assistance UnitDelinquent Claims processingReturn Claims
processingException Claims processingOther claims processing including Supplementals,
Repurchases and AvertsClaims payments processing including interest payment denials
Monitoring and workingClaims Control ReportsGap review process and Gap reporting
processesRecovery and Cure processesOutsource support to include MIS and quality
assurance | 
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

Page 14

EXHIBIT ASERVICES TO BE PROVIDED

SCHEDULE 4
SERVICES TO OUTSOURCING TO THIRD PARTY VENDORS

| | Service Provider may provide services
to Customer with respect to processes that Customer outsources to third party vendors.
Processes shall include: | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | 1.    
          Pre-repay calls to FFELP and CitiAssist borrowers and co-signors2.    Email
          management3.    Collections | 
| | ---------------------------------------------------------------------------------------------------------------------------------- | 

| | Other processes may be added to this
list, provided both parties concur. | 
| | ------------------------------------------------------------------------ | 

| | Services shall include:
1.    
          Monitoring and evaluation for quality standards2.    MIS collection and
          distribution3.    Periodic process improvement reviews4.    Reporting of evaluation
          results to SLC | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Required evaluation/management tools
required by Service Provider shall be provided by Customer at its cost. Service Provider
will evaluate the services being provided by third-party vendors to Customer against
established standards. Reports of these evaluations will be sent to Customer on a periodic
basis. Major issues will be sent to Customer as soon as they are identified. | 
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ | 

Page 15

EXHIBIT BFEES AND COMPENSATION

| | Service
Provider and Customer acknowledge that each operates its respective business operations
based, among other things, upon financial forecasts of the revenue and/or expense of the
respective components of their businesses. During the course of each fiscal year, Service
Provider and Customer each make changes to their financial forecasts based upon the volume
of business activity, changes in costs, business improvement projects, funding costs,
business environment and numerous other factors. Therefore, Service Provider and Customer
have agreed to negotiate an agreed upon financial and business forecast from which to base
the compensation due Service Provider from Customer. Compensation will be based on the
Service Providers actual marginal cost as defined below. | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Price Determination | 
| | ------------------- | 

| | Beginning
with the first calendar quarter of 2003 and ending with the termination of the Agreement,
Service Provider and Customer agree the compensation for the Services to be provided under
this Agreement For Education Loan Servicing, shall be determined by adding 10% to Service
Providers actual marginal cost, provided however, that such amount shall not exceed
Service Providers fully loaded cost. Marginal cost for the purposes of
this Paragraph shall mean Service Providers marginal cost as set forth on Attachment
1 to this Exhibit as amended from time to time due to agreed upon changes and adjustments
in the business forecasts of Service Provider and Customer. The parties acknowledge that
Service Providers marginal cost generally means its direct costs less general
overhead and administration expenses allocated to the provision of the Services. A
business forecast based on marginal cost will be provided on a quarterly basis for budget
purposes. Charges will be billed one month in arrears to allow for the calculation of
actual marginal costs. | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Documentation | 
| | ------------- | 

| | Notwithstanding
the requirement that all amendments be in writing, amendments to the marginal cost or
adjustments thereto may take the form of electronic or facsimile communication between the
parties through their respective authorized representatives. Such amendments may be deemed
signed by electronic means through an electronic message of acknowledgment in a form
agreeable to the parties. | 
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Dispute Resolution | 
| | ------------------ | 

| | In the event that a dispute with respect to the fees and compensation due Service Provider
shall arise and not be resolved in accordance with the Service Agreement, Service Provider
and Customer shall each appoint two representatives to resolve the dispute. | 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

Page 16

EXHIBIT BFEES AND COMPENSATION

|ATTACHMENT 1
|------------

|Student Loan Admin Expenses
|---------------------------
|$M                         
|                           
|                           
|Originations               
|Paper                      
|Phones                     
|Risk                       
|                           
|Total                      

Page 17

EXHIBIT C

# SERVICE QUALITY
STANDARDS REQUIRED OF SERVICE PROVIDER

[Omitted]

Page 18

EXHIBIT D

# FUNCTIONS RETAINED BY
CUSTOMER

| | Specific services excluded from the
Agreement and retained by the Customer (or externally serviced outside of this Agreement)
include: | 
| | -------------------------------------------------------------------------------------------------------------------------------------- | 

| | Marketing

Sales, including School Services, etc.
Priority Services
Financial Control and Analysis
Manifest and NSLDS (financial)
Check issuance
Treasury functions
Revenue Analysis
Systems Development / Data Center
Management / Data Transmission ManagementCompliance and ControlOperations AuditLegal
and Regulatory managementHuman Resource managementCustomer Satisfaction Surveys
Sensitive Mail oversightExternal Servicing Management of Portfolios | 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | 

| | Project ManagementNew Product
pricing managementCredit Policy
Fed Bill (ED 799 bill management)Internet site update
and managementOperating Loss and Adjustment & Refund reporting and forecasting
Payment Processing  High Speed and Exception payments: Statement Rendition
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Page 19