Document:

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                                                                   Exhibit 10.20

                               MONTANA GUARANTEED
                              STUDENT LOAN PROGRAM
                      Board of Regents of Higher Education
                            Montana University System
                    2500 Broadway, Helena, Montana 59601-4989
             AGREEMENT TO GUARANTEE FEDERAL FAMILY EDUCATION LOANS
   THIS AGREEMENT, entered into between the Board of Regents of Higher Education
                  (hereinafter referred to as the "Board") and

STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK TRUSTEE) ABERDEEN,
SD 57401-4173

   (hereinafter referred to as "Lender") for the following federal loans:
   :Stafford (subsidized and unsubsidized)  :PLUS

   WITNESSETH:

   WHEREAS, the Board has objectives and purposes that are solely educational
   and charitable, and:

   WHEREAS, the Board maintains a central office for the guarantee of loans made
   by participating lenders to students attending eligible educational
   institutions; and

   WHEREAS, the lender affirms it's eligibility herein, and is desirous of
   participating in the Guarantee Program of the Board subject to the terms and
   conditions hereinafter set forth;

   NOW, THEREFORE, in consideration of the initial loan which the Lender makes
   or acquires hereunder, and in further consideration of the mutual covenants
   hereinafter expressed, the Board and the Lender agree as follows:

   The following shall govern the actions of the parties with respect to this
   agreement:

   1.   (a)    As used herein the following words shall have the meanings
               respectively indicated:

               AGREEMENT: a valid Agreement to Guarantee Federal Family
               Education Loans between the Board and the Lender.
               APPROVED NOTE: a Promissory Note, including the Repayment
               Schedule addendum, guaranteed by the Board.
               BORROWERS: the maker or makers of an Approved Note.
               COMMON MANUAL: the loan policy manual as from time to time
               amended or supplemented describing how the Guarantee Program is
               to be administered.
               DEFAULT: with respect to any Approved Note, the occurrence of any
               event which shall constitute a default under the terms of such
               Note.
               ELIGIBLE EDUCATIONAL INSTITUTION: any institute of post secondary
               education which is an "eligible institution" under the Guarantee
               Program of the Board and the Federal Act. ELIGIBLE LENDER: a
               Lender defined by the Federal Act who maintains offices within
               the United States of America and provides services usual and
               customary to entities engaged in the business of banking through
               such offices.
               FEDERAL ACT: the Higher Education Act of 1965 (Public Law
               89-329), as amended and in effect from time to time, or any
               successor enactment thereto, and the rules and regulations in
               effect from time to time thereunder.
               GUARANTEE PROGRAM: the Program undertaken by the Board pursuant
               to the State Act under which the Board will guarantee payment of
               principal and interest on eligible loans.
               LOAN: a Loan made to a Borrower by the Lender, or a Loan made to
               a Borrower by another lender and acquired by the Lender,
               evidenced by an Approved Note.
               LOAN APPLICATION: the application(s) for a Loan approved by the
               Department of Education.

<PAGE>

          NOTICE OF DEFAULT: a notice that an Approved Note is in Default on an
          approved form.
          PROMISSORY NOTE: the loan agreement approved by the Department of
          Education.
          REPAYMENT SCHEDULE: the repayment schedule addendum to a Promissory
          Note approved by the Department of Education.
          RESERVE FUND: the fund established by the Board of Regents for the
          purpose of reserving sufficient funds to purchase defaulted loans.
          STATE ACT: Title 20, Chapter 26, Part 11 of the Montana Code
          Annotated.
          STUDENT: a person who meets the definition of an eligible student
          under the Guarantee Program.
          (b)  All documents and instruments referred to in this Agreement shall
          be in the form from time to time adopted and approved for use by the
          Board.

2.   Nothing contained in this Agreement shall obligate the Lender to make or
     acquire any particular loan; but the Lender agrees that it will refinance
     or extend the maturity of each Approved Note held by it under the Guarantee
     Program, in accordance with the terms of such Approved Note and this
     Agreement. The Lender will notify the Board within 30 days of any changes
     in organizational ownership, via sale, merger, or other type of transfer,
     or any changes in lender's legal name. However, it is further understood
     that failure to provide this notice will not impact the guarantee of any
     loan.

3.   The lender agrees that, in respect of all loans made or otherwise acquired
     by it under the Guarantee Program and all Approved Notes held by it from
     time to time, it will, and it will cause its agents to:

     (a)  exercise "due diligence" as defined in the Federal Act and the Common
     Manual in the making, servicing, and collection thereof;
     (b)  comply with all procedures and conditions of its part to be performed
     set forth in this Agreement, the Federal Act, and the Common Manual;
     (c)  comply with all Federal and State laws and regulations applicable
     thereto, including, without limitation, the Federal Consumer Credit
     Protection Act and regulations thereunder;
     (d)  provide promptly to the Board such information and reports as may from
     time to time be reasonably requested by the Board;
     (e)  permit the Board to examine the student loan records and files for the
     purpose of conducting a program review and compliance as required by law
     and regulations; and
     (f)  permit the Secretary of Education or other agencies designated by the
     Secretary, and the Board, to have access to the lender's records in order
     to assure the accuracy of reports required in section 682.414(a)(4)(i) of
     the federal regulations.
     (g)  not sell, assign, or transfer the ownership of any Loan guaranteed by
     the Board pursuant to this Agreement to any person or organization that
     does not, at the time of sale, assignment, or transfer, have a valid
     Agreement with the Board.

4.   Upon payment to the Board of any premium or other fee required under the
     Guarantee Program or upon the acquisition of a loan for which such premium
     or fee has been paid, the Board will Guarantee each Promissory Note made or
     acquired by the Lender, provided, however, that the Board shall not be
     obligated to guarantee any such Note if the Board in its sole discretion
     determines that the procedures and requirements of applicable law and
     regulations, this Agreement on the Common Manual have not been complied
     with in respect of such Promissory Note.

5.   The Board will guarantee each extension or refinancing of any Approved Note
     which has been guaranteed by the Board; provided, however, that the action
     is in accordance with the terms of the underlying Approved Note or the
     procedures and requirements of applicable law and regulations, this
     Agreement and the Common Manual.

6.   (a)  In the event of a Default in respect to any Approved Note, the Lender
     shall follow the policy set forth in the Common Manual. The Board does not
     guarantee payment by the Borrower of any delinquency charges imposed for
     late payments, and will not accept a default claim based solely on
     non-payment of such charges. Upon receipt from the Lender of a Notice of
     Default together with the Approved Note

<PAGE>

     guaranteed by the Board (or a certified true and exact copy), the Loan
     Application, and evidence of collection effort satisfactory to the Board,
     the Board will pay to the Lender in accordance with the Common Manual 100%
     (as loans guaranteed prior to October 1, 1993), or not less than 98% (as to
     loans guaranteed on or after October 1, 1993), as the case may be, of the
     unpaid balance principal and all interest due on such Approved Note (other
     than any portion of such interest payable by the U.S. Department of
     Education under the Federal Act as allowed by the Department of Education
     and as amended by the Act and accepted by the Lender provided the Lender
     has complied in all material respect with the policies and requirements of
     applicable laws and regulations, this Agreement and the Common Manual in
     respect of such Approved Note. Upon death, permanent and total disability
     of the Borrower, (or in the case of a parent borrower, the death of the
     student for whom the parent borrowed), the Borrower's remaining liability
     will be discharged by the Board as provided by the Federal Act.
     (b) The liability of the Board as guarantor of any Approved Note in
     accordance herewith shall not be affected by the fact that the Borrower was
     a minor at the time of execution of the Note.
     (c) The Board is obligated to make payments under this Agreement solely
     from the revenues or other funds in the reserve fund maintained by the
     Board; neither the State of Montana nor any political subdivision thereof
     is obligated to pay the same, and neither the faith and credit nor the
     taxing power of the State of Montana or any of its political subdivisions
     is pledged to the payments to be made by the Board under this Agreement.
     (See "Federal Reinsurance" below.)

7.   The Board covenants that, so long as the Lender is the holder of an
     Approved Note, the Board shall maintain in the Reserve Fund an amount that
     is greater than or equal to the minimum reserve level required under the
     Higher Education Act. Should said reserve level fall below the minimum
     amount required the Board shall be subject to the provision as set forth in
     Section 428(c)(9) of the Higher Education Act.

8.   (a)  No change, other than the extension of the maturity date pursuant to
     paragraph 5 of this Agreement, or other changes specifically permitted by
     the Common Manual or the Federal Act, shall be made in the terms of any
     Approved Note, except with the prior written consent of the Board. Any such
     change made without such consent shall have the effect, at the option of
     the Board, of voiding the Board's guarantee of such Approved Note.
     (b)  If the Lender shall violate or fail to comply with any applicable law
     or governmental regulation or provision of this Agreement in respect of any
     Approved Note, then the Lender hereby agrees to assume liability for, and
     does hereby indemnify, protect and hold harmless the Board, its successors,
     assigns, directors, officers, or agents, from and against any and all
     liabilities, losses, damages, penalties, claims, actions, expenses and
     disbursements, including legal fees and expenses, imposed on or incurred by
     them or any of them, in any way relating to or arising out of such
     violation or failure to comply, regardless of whether the Board shall have
     paid under its guarantee for such Approved Note.

9.   The Board or its designated agent will furnish to the Lender from time to
     time a certificate as to the names and/or facsimile signatures of the
     officers or agents authorized to execute in its name and on its behalf
     guarantees of Approved Notes under this Agreement; and hereby warrants to
     the Lender that the authority so certified shall continue in full force and
     effect until the Board shall have delivered to the Lender written notice of
     revocation thereof. No recourse under or upon this Agreement or any
     Approved Note or guarantee thereof, or for any claim based thereon or
     otherwise in respect thereof, shall be had against any member, officer,
     employee or agent, as such, past, present, or future, of the Board or of
     any successor either directly or through the Board or any successor.

10.  Any notice required or permitted by the Agreement shall be in writing and
     shall be deemed to have been duly given if mailed, first class postage
     prepaid, addressed (i) if to the Board, 2500 Broadway, P.O. Box 203101,
     Helena, MT 59620-3101, (ii) if to the Lender, at the address indicated
     below, or (iii) at such other address of which the party to be notified
     shall have given notice as aforesaid.

11.  This Agreement may be terminated by either party upon not less than 15 days
     written notice to the other party. Such termination shall not affect any
     obligation incurred pursuant to this Agreement prior to the time that such
     termination notice becomes effective.

<PAGE>

12.  This Agreement shall inure to the benefit of and be binding upon the Board
     and the Lender and their respective successors and assigns. This Agreement
     supersedes all existing agreements between the parties with respect to the
     subject matter hereof. This Agreement shall not be varied by oral
     agreement, but only by an instrument in writing duly executed by the
     parties hereto. Any waiver or modification, expressed or implied, by the
     Board, of any term or condition contained in this Agreement shall operate
     as such only in the specific instance and shall not be construed as a
     waiver or modification of any such condition generally or in any other
     instance.

13.  The obligations of the parties shall be governed by the laws and
     regulations of the State of Montana.

14.  The rights vested in the Board of fulfill the terms of this Agreement shall
     not be hereafter limited or altered nor shall the rights and remedies of
     the Lender be impaired in any manner until the Loans are fully met and
     discharged.

IN WITNESS WHEREOF, the Board and the Lender have each caused this instrument to
be executed the 30/th/ day of January, 2002 by their respective duly authorized
officers.

STUDENT LOAN FINANCE CORPORATION              BOARD OF RENTS OF HIGHER EDUCATION
& SUBSIDIARIES (US BANK, TRUSTEE)             MONTANA UNIVERSITY SYSTEM

By  /s/ Tom Steele  CORPORATE TRUST OFFICER     /s/ Richard A.(Illegible)
   ----------------------------------------   ---------------------------------
                                              Commissioner of Higher Education
141 NORTH MAIN AVENUE  BOX 5308
SIOUX FALLS, SD 57117-5308

         41-0256895
-----------------------------------
Federal Tax Identification Number

FEDERAL REINSURANCE

Loans made pursuant to the Higher Education Act of 1965 and guaranteed by the
Board which go into default are reinsured under an agreement with the U.S.
Secretary of Education ("Secretary"). Under that agreement for loans guaranteed
prior to October 1, 1993, 100% of the losses from such defaults will be borne by
the Secretary except that: (a) if, for any Federal fiscal year, the amount of
such reimbursement payments by the Secretary equals or exceed 5% of the loans
which are guaranteed by the Board and which were in repayment at the end of the
preceding fiscal year, the amount to be paid the Board as reimbursement for such
excess shall be equal to 90% of the amount of such excess; and (b) if, for any
Federal fiscal year, the amount of such reimbursement equals or exceeds 9% of
such loans, the amount to be paid as reimbursement for such excess shall be
equal to 80% of the amount of such excess. For loans guaranteed on or after
October 1, 1993 but before October 1, 1998, losses borne by the Secretary are
98%, 88%, and 78% respectively. For loans guaranteed on or after October 1, 1998
the losses borne by the Secretary are 95%, 85%, and 75% respectively.

<PAGE>

 AGREEMENT BETWEEN STUDENT LOAN FINANCE CORPORATION AND SUBSIDIARIES, THROUGH
  US BANK, N.A. AS ELIGIBLE LENDER TRUSTEE AND THE MONTANA GUARANTEED STUDENT
  LOAN PROGRAM WITH RESPECT TO THE GUARANTY OF CONSOLIDATION LOANS MADE UNDER
                SECTION 428C OF THE HIGHER EDUCATION ACT OF 1965

     Student Loan Finance Corporation and subsidiaries (SLFC), through US
Bank, N.A. as Eligible Lender Trustee ("the Trustee") hereby enters into an
agreement with Montana Guaranteed Student Loan Program ("Guarantor") for
Guarantor to guarantee Consolidation Loans that are originated or acquired by
SLFC under Section 428C of the Higher Education Act of 1965, as amended and in
effect from time to time, or any successor enactment thereto (the "Act") through
the issuance to SLFC by Guarantor of a Certificate of Comprehensive Insurance.

     The Guarantor and SLFC hereby agree as follows:

     1.   No claim submitted to Guarantor by SLFC with respect to a
          Consolidation Loan which has been guaranteed and which is in default
          will be paid by Guarantor unless Guarantor has received a Notice of
          Default together with the Note (or true and exact imaged or other copy
          thereof) assigned to Guarantor and evidence required under the Act
          that i) the Consolidation Loan evidenced by such Note was originated
          and serviced, and collection efforts were made, in accordance with
          this Agreement and ii) SLFC complied in all material respects with the
          requirements of Section 428C of the Higher Education Act as amended,
          (and Federal Regulations issued thereunder) the Common Manual and this
          Agreement.

     2.   SLFC will make a Consolidation Loan to an eligible borrower (on
          request of the borrower) only if the borrower certifies that the
          borrower has no other application pending under Section 428C of the
          Act, and

          (a)  At least one of the borrower's underlying loans to be included in
          the original consolidation have a Montana Guaranteed Student Loan
          Program guarantee, and

          (b)  In cases where the borrower's underlying FFELP loans are held by
          a single lender, the borrower certifies that the borrower has sought
          and was unable to obtain a consolidation loan through the holder of
          the borrower's underlying FFELP loans.

     3.   Each Consolidation Loan made or acquired by SLFC will bear interest,
          and be subject to repayment, in accordance with the provisions of
          Section 428C of the Act and the Common Manual.

     4.   Each Consolidation Loan made by the SLFC, notwithstanding any other
          provision of Part B of Title IV of the Act limiting the annual or
          aggregate principal amount for all insured loans made to a borrower,
          will be in an amount which is equal to the sum of unpaid principal and
          accrued interest and late charges of all loans received by the
          eligible borrower which are selected by the borrower for
          consolidation.

<PAGE>

     5.   The proceeds of each Consolidation Loan made by SLFC will be paid by
          SLFC to the holder or holders of the eligible loans selected by the
          borrower for consolidation to discharge the liability on such loans.
          SLFC will determine the appropriate method of paying off loans retired
          by Consolidation Loans.

     6.   A certificate of comprehensive insurance will be issued by the
          Guarantor to SLFC in accordance with Section 428C (b)(2) of the Act.

     7.   No insurance premiums or origination fees shall be charged to the
          borrower.

     8.   The Guarantor acknowledges that SLFC will rely on statements signed by
          the holders of loans to be consolidated in determining that those
          loans are legal, valid and binding obligations that were made and
          serviced in compliance with applicable laws and regulations and, for
          loans made under Title IV Part B, that the insurance is in full force
          and effect. SLFC need not obtain or retain any further information
          with respect to the loans selected for consolidation. SLFC hereby
          certifies that loans selected for consolidation that SLFC owns are
          legal, valid and binding obligations that were made in compliance with
          all applicable laws and regulations and that the insurance on such
          loans is in full force and effect.

     9.   Consolidation Loans made by SLFC will not be eligible for any grace
          period remaining on the underlying loans or the payment of interest
          benefits, unless provided by federal law, with respect to such loans.

     10.  A borrower's Consolidation Loan application/promissory note,
          disclosure statement, and other documents associated with the
          Consolidation Loan need not be notarized.

     11.  SLFC will reach agreement with the Guarantor for the periodic
          electronic transmittal to the Guarantor of appropriate master file
          data with respect to Consolidation Loans in lieu of the normal
          reporting requirements that have been established by the Guarantor for
          loans insured under the FFELP program. SLFC will retain master file
          data with respect to the separate balances of the particular loans
          consolidated at the time of consolidation.

     12.  SLFC shall restructure repayment schedules in accordance with 428C
          (c)(2) of the Act and the Common Manual and offer repayment schedules
          as otherwise required by Section 428C of the Act.

     13.  Either party may terminate this agreement by providing 90 days written
          notice to the other party. If SLFC no longer intends to originate or
          acquire Consolidation Loans, SLFC must notify MGSLP so that the
          Certificate of Comprehensive Insurance for Consolidation Loans can be
          terminated in a timely fashion and in a manner which will not affect
          the guarantee of any Consolidation Loan originated or acquired by SLFC
          prior to such termination. Termination of this agreement shall not
          affect the guarantee of any loans made or acquired prior to said
          termination.

<PAGE>

     14.  This agreement shall be in effect, subject to the Act, the Certificate
          of Comprehensive Insurance for Consolidation Loans, and the Common
          Manual, from the date of its execution by MGSLP until terminated by
          either party. Termination notices must be sent to the Director of
          MGSLP or SLFC, at the addresses listed in section 6 and 7 of the
          Certificate of Comprehensive Insurance for Consolidation Loans with
          respect to MGSLP, and as follows with respect to SLFC:

                        Student Loan Finance Corporation
                               105 SW 1/st/ Avenue
                               Aberdeen, SD 57401

FOR Student Loan Finance Corporation and              FOR the Guarantor
subsidiaries through US Bank, N.A. as Eligible
Lender Trustee

By:    /s/  Tom Steele                                By:  /s/ Arlene Hannawalt
   -------------------------------------------           -----------------------

Name:          TOM STEELE                             Name: ARLENE HANNAWALT
     -----------------------------------------             ---------------------

Title: CORPORATE TRUST OFFICER                        Title: DIRECTOR
      ----------------------------------------              --------------------

Date:          1-30-2002                              Date: Feb. 15, 2002
     -----------------------------------------             --------------------

<PAGE>

CERTIFICATE OF COMPREHENSIVE INSURANCE FOR CONSOLIDATION LOANS

WHEREAS, Student Loan Finance Corporation and subsidiaries (SLFC), through US
Bank, N.A. as Eligible Lender Trustee, wishes to confirm and to secure insurance
on Consolidation Loans that were either originated by SLFC or were originated by
another lender and acquired by SLFC pursuant to Part IV, Part B, Section 428C of
the Higher Education Act of 1965, as amended and in effect from time to time, or
any successor enactment thereto, (the "Act"), and

WHEREAS, Montana Guaranteed Student Loan Program (the "Guarantor") is authorized
by the Act to provide such loan insurance through the issuance of a certificate
of comprehensive insurance coverage under the provisions of Section 428C (b)(2)
of the Act.

     NOW THEREFORE, it is agreed that:

     l.   Within the limits established by the provisions of this certificate
          and without further action by the Guarantor, all Consolidation Loans
          which are eligible for insurance under the Act which will be made in
          conformity with Section 428C of the Act, the Common Manual and (a) if
          originated by the SLFC were made in conformity with an agreement
          entered into between the Guarantor and SLFC pursuant to such section
          of the Act, and (b) if acquired by SLFC were made in conformity with
          an agreement entered into by the Guarantor and the originator pursuant
          to such section of the Act, shall be insured from the time of
          disbursement against the loss of interest and principal by the
          Guarantor.

     2.   A Consolidation Loan which will be originated by SLFC will not be
          insured under this certificate unless SLFC has determined to its
          satisfaction, in accordance with reasonable and prudent business
          practices for each loan being consolidated (a) that the loan is a
          legal, valid and binding obligation of the borrower; (b) that each
          such loan was made and serviced in compliance with applicable laws and
          regulations; and (c) in the case of loans made under Part B of the
          Act, that the insurance on such loan is in full force and effect.

     3.   This certificate shall apply to loans made or acquired after the date
          of its acceptance by the SLFC and prior to the expiration of the
          authority in Section 428C of the Act to make and insure Consolidation
          Loans.

     4.   This certificate applies to loans in an aggregate original principal
          amount of up to $100,000,000; provided, however, that upon a written
          request of SLFC, the Guarantor may increase such maximum amount.

     5.   With respect to loans insured under this certificate, SLFC shall
          submit such reports to the Guarantor as it may reasonably require to
          carry out its responsibilities under the Act.

     6.   All claims submitted by SLFC under this certificate will be directed
          to:

                           Montana Guaranteed Student
                           Loan Program PO Box 203101

<PAGE>

                              Helena, MT 59620-3101

          7.   All administrative and procedural matters related to loans issued
               under this certificate will be directed to:

                              Montana Guaranteed Student Loan
                              Program PO Box 203101
                              Helena, MT 59620-3101

          8.   Repayment terms offered to borrowers will include all those
               provided by law. Graduated and income sensitive payment schedules
               may provide for an initial period of interest only payments.
               Loans will be made for up to the maximum period provided by law
               and the interest rate will be equal to or less than the
               applicable rate.

          9.   If at any time prior to the expiration of this certificate, SLFC
               no longer proposes to make Consolidation Loans insured hereunder,
               it shall notify Montana Guaranteed Student Loan Program and this
               certificate may be terminated with respect to any future
               Consolidation Loans on a mutually agreed upon date.

               The insurance of loans made or acquired under this certificate
               prior to this expiration, or the termination thereof under this
               paragraph, shall not be affected by such expiration or
               termination.

          10.  The issuance by the Guarantor of Guarantees for Consolidation
               Loans originated by SLFC under the Consolidation Loan Program is
               made in reliance on the implied representations of SLFC that all
               requirements set forth in the Agreement and the eligibility of
               such Consolidation Loans for Federal Reinsurance have been met.
               Each Consolidation Loan guaranty is conditioned upon compliance
               with the Act and the Common Manual by each and every holder with
               respect to such Consolidation Loan. The delegation of one or more
               functions to a servicing agency or another party does not relieve
               SLFC of its responsibilities in administering Consolidation
               Loans.

          11.  SLFC will at all times be subject to the Limitation, Suspension
               and Termination procedures set out in the Common Manual
               (provided, however, that any such Limitation, Suspension or
               Termination shall not affect the insurance of any Consolidation
               loan originated or acquired by SLFC prior to written notice
               received by SLFC of the initiation of such Limitation, Suspension
               or Termination.

Montana Guaranteed Student Loan Program

By:    /s/  Arlene Hannawalt
    -----------------------------------

Name:  Arlene Hannawalt

Title: Director

<PAGE>

ACCEPTED THIS 30/th/ DAY OF January, 2002

Student Loan Finance Corporation and subsidiaries through US Bank, N.A. as
Eligible Lender Trustee

By:           /s/  Tom Steele
   ----------------------------------------

Name: TOM STEELE

Title: CORPORATE TRUST OFFICER<PAGE>
                                                                   Exhibit 10.21

    LENDER AGREEMENT FOR GUARANTEE OF STUDENT LOANS WITH FEDERAL REINSURANCE
                              (Originating Lender)

          For loans eligible for guarantee under the Higher Education Act of
1965, as amended (the "Act").

          WHEREAS, Student Loan Finance Corporation and Subsidaries, US Bank as
Trustee located at, 141 N. Main Avenue, Sioux Falls, South Dakota, 57117 using
U.S. Department of Education ("ED") Lender ID number 833405 (the "Lender")
wishes to secure loan guarantees with the Nebraska Student Loan Program, Inc.
("NSLP") on federal student loans made to "Eligible Borrowers" (as hereinafter
defined) at eligible institutions pursuant to the Act; and

          WHEREAS, Lender represents that it is an eligible lender under the
provisions of the Act and the "Program Rules" (as hereinafter defined).

          NOW, THEREFORE, it is mutually agreed that:

          1.   The following words and terms shall have the following meanings
               unless otherwise herein provided or unless the context or use
               clearly indicates another or differing meaning or intent:

               (a)  "Act" shall mean Title IV, Part B, of the Higher Education
                    Act of 1965, as amended, the regulations promulgated
                    thereunder, and all official interpretations of federal
                    requirements as issued by ED;

               (b)  "Agreement" shall mean this Agreement;

               (c)  "Eligible Borrower" shall mean a borrower as defined by the
                    Act;

               (d)  "Eligible Loan" shall mean a loan as defined by the Act; and

               (e)  "Program Rules" shall include, but are not limited to, the
                    Act, the Common Manual - Unified Student Loan Policy, NSLP
                    Operations Alerts and NSLP correspondent materials. All such
                    Program Rules, as amended from time to time, are
                    specifically incorporated into and made a part of this
                    Agreement.

          2.   NSLP shall guarantee Eligible Loans made by the Lender, which
               have been made in conformance with the Program Rules. For each
               twelve month term commencing with the date of this Agreement and
               continuing with the anniversary date thereof for all years
               thereafter, NSLP shall provide guarantee and related services to
               Lender for not more than $50,000,000 principal amount of Eligible
               Loans made to students attending institutions of higher learning
               with an expected attendance/graduation duration of at least four
               (4) years, and not more than $5,000,000 principal amount of
               Eligible Loans made to students attending institutions with an
               expected attendance/graduation duration of less than four (4)

<PAGE>

               years. NSLP shall review the principal amount of Eligible Loans
               on a quarterly basis to determine compliance with respect to this
               provision.

          3.   NSLP and the Lender agree that upon the default of a promissory
               note and the filing of a claim on such promissory note by the
               Lender, such claim shall be processed as provided for in the
               Program Rules.

          4.   NSLP agrees to maintain reserves as defined by the Act for the
               payment of claims/purchase of loans pursuant to the reinsurance
               contracts with the Secretary of Education.

          5.   Lender shall make an Eligible Loan only to those eligible
               Borrowers permitted by the Program Rules.

          6.   The Lender shall determine that each Eligible Loan obligation is
               a legal, valid and binding obligation of the Eligible Borrower,
               and shall engage in the requisite due diligence relative to the
               granting, servicing, and collection of Eligible Loans as required
               by the Program Rules. Lender shall document in the loan file the
               basis on which it made its determination and due diligence and
               retain the same for the term required by the Program Rules.
               Lender acknowledges that NSLP has no responsibility to review
               determinations or due diligence activity of Lender.

          7.   Lender shall notify NSLP in writing if any servicing or
               management of the Lender's Eligible Loans guaranteed by NSLP is
               done by an entity other than the lender of record.

          8.   Each Eligible Loan originated by Lender has been made at an
               interest rate not otherwise prohibited by the Act.

          9.   Each Eligible Loan shall be subject to repayment on the terms
               stated in the Act.

          10.  The Lender agrees to remit to NSLP any fees permitted by the Act
               and the Program Rules or as otherwise required by NSLP.

          11.  NSLP and the Lender agree that the guarantee on any particular
               Eligible Loan shall be effective for the term of that Eligible
               Loan on the effective date determined in accordance with the
               Program Rules.

          12.  In making Eligible Loans to Eligible Borrowers, the Lender agrees
               to comply with all applicable federal and state laws in addition
               to (and not in conflict with) the Program Rules.

          13.  In the event the Lender, its servicing agent, any transferee or
               subsequent servicing agent shall violate or fail to comply with
               the Program Rules with respect to any Eligible Loan, Lender shall
               assume liability for and agrees to indemnify and keep harmless
               NSLP, its successors, assigns, directors, officers and agents
               from and against any and all liabilities, losses, damages,
               penalties, claims, actions, expenses and disbursements, including
               legal fees and expenses, imposed on, incurred by or

<PAGE>

               asserted against them or any of them, in any way relating to or
               arising out of such violation or failure to comply with the
               Program Rules, irrespective of whether NSLP shall have purchased
               such Eligible Loans from the Lender.

          14.  The Lender shall maintain for all Eligible Loans guaranteed a
               system of records and accounts, shall afford access thereto, and
               shall furnish such periodic and separate reports as may
               reasonably be required by ED and NSLP under the Program Rules.
               For Eligible Loans paid in full or otherwise discharged, the
               records shall be retained by the Lender as required by the
               Program Rules.

          15.  NSLP shall guarantee Eligible Loans without regard to sex, age,
               race, color, religion, handicapped status, income, national
               origin, or any other basis prohibited by applicable law. The
               Lender will not discriminate in the making of loans to Eligible
               Borrowers or in the treatment of such Eligible Borrowers on any
               prohibited basis.

          16.  This Agreement shall inure to the benefit of and be binding upon
               NSLP, the Lender and their respective successors; provided,
               however, this Agreement may not be assigned by either party
               hereto, either in whole or in part, without the prior written
               consent of the other party, which consent may not be unreasonably
               withheld.

          17.  Subject to the prior written approval of the Lender, which
               approval shall not be unreasonably withheld, NSLP may transfer
               Eligible Loans which are guaranteed to any other guarantor which
               has given NSLP its prior written approval of such transfer.
               Lender may likewise transfer Eligible Loans to another
               NSLP-approved lender or eligible holder, and shall notify NSLP of
               any proposed transfer of NSLP guaranteed loans by sale, payoff or
               pledge to such approved lender or eligible holder.

          18.  This Agreement may be terminated by the Lender upon ninety (90)
               days advance written notice to NSLP. The Lender is required to
               give NSLP ninety (90) days advance written notice of termination
               if the Lender intends to cease making Eligible Loans under this
               Agreement. This Agreement may be terminated, suspended or limited
               by NSLP in any manner provided for in the Program Rules. Such
               termination, suspension or limitation shall not affect the
               coverage of Eligible Loans previously guaranteed.

               In addition, this Agreement may be terminated by NSLP upon ninety
               (90) days written notice to the Lender in the event NSLP intends
               to cease guaranteeing Eligible Loans of Lender. Upon receipt of
               the termination notice, Lender shall immediately cease
               origination and disbursement of all loans contemplated under this
               Agreement Lender will have ninety (90) days from receipt of the
               termination notice to obtain a guarantee from NSLP on all
               Eligible Loans originated and disbursed prior to receipt of the
               termination notice.

<PAGE>

          19.  Lender agrees to indemnify and hold harmless NSLP from any
               obligations arising out of or related to Eligible Loans not
               originated and serviced in the manner required by the Act and the
               Program Rules.

          20.  This Agreement shall be governed by the laws of the State of
               Nebraska, except to the extent federal law and/or regulations
               apply to the subject matter hereof. This Agreement shall not be
               varied by oral agreement but only by an instrument in writing
               duly executed by both parties. Any legal or equitable judicial
               proceeding arising out of or related to this Agreement shall be
               heard solely in the courts located in the City of Lincoln,
               Lancaster County, Nebraska, as the forum of choice of the parties
               to this Agreement. This Agreement represents the entire
               understanding of the parties with respect to the subject matter
               and supersedes all other communications between the parties.

               This Agreement is made this 30/th/ day of January, 2002.

                                                          Student Loan Finance
                                                          Corporation
                                                          and Subsidaries, US
                                            Lender:       Bank as Trustee

                                            Lender ID #:  833405
ATTEST:
By:     /s/ Steve Kohles                    By:    /s/ Tom Steele

Title:  Executive Vice President            Title: Tom Steele, Corporate Trust
                                                   Officer

                                            Signature Date:   1-30-02

ATTEST:                                     NEBRASKA STUDENT LOAN PROGRAM, INC.

By:     /s/ Shauda l. Poppe                 By:    /s/ Randy Heesacker

Title:  Supervisor, Admin. Services         Title: Executive Vice President

                                            Signature Date: 2-15-02

<PAGE>

                            NSLP PROCESSING AGREEMENT

     Student Loan Finance Corporation and Subsidaries, US Bank as Trustee
hereinafter referred to as "Lender"), hereby provides the following
authorization to the Nebraska Student Loan Program, Inc. (hereinafter referred
to as "NSLP"). The Lender has executed the "Nebraska Student Loan Program, Inc.
Lender Agreement for Guarantee of Educational Loans with Federal Reinsurance"
and is an approved lender with the Department of Education ("ED").

     The Lender agrees to expedite loan guarantee processing by allowing schools
or borrowers to submit applications directly to NSLP for guarantee processing
without first being submitted to the Lender. The procedure facilitates the NSLP
processing format including submission of paper applications from the school to
NSLP or the electronic transmission of applications from the school to NSLP and
subsequent issuance of the Note of guarantee to the lender, either manually or
electronically.

     The Lender has and retains the authority to approve or disapprove each
application processed by NSLP under the terms of this Agreement. Lender approval
is signified by the disbursement of funds or an Electronic Funds Transfer of
borrower educational loan proceeds. This Agreement does not make NSLP an
originator of any loan by processing an application in accordance with this
Agreement.

     This Agreement is not assignable or transferable by either party without
prior written approval from the other. This Agreement can only be amended in
writing by both parties. This Agreement may be terminated or further limited by
NSLP in any manner provided for by the Act, the regulations of NSLP, or the
regulations of ED upon 60 days written notice from NSLP to the Lender.

Lender Code: 833405

Student Loan Finance Corporation and        NEBRASKA STUDENT LOAN PROGRAM, INC.
Subsidaries, US Bank as Trustee

                                            Rodney A. Langel
Tom Steele, Corporate Trust Officer         Vice President, Business Development

/s/ Tom Steele                              /s/ Rodney A. Langel

Address:                                    Address:
141 North Main Ave. P.O. Box 5308           1300 O Street
Sioux Falls, SD 57117-5308                  Lincoln, NE 68508

Date:  1-30-2002                            Date: 2-14-02

<PAGE>

                                      NSLP

   Lincoln, Nebraska Blanket Certificate of Guarantee with Respect to Student
                         Loans With Federal Reinsurance

WHEREAS, Nebraska Student Loan Program, Inc. dba National Student Loan Program
("NSLP") located in Lincoln, Nebraska and Student Loan Finance Corporation and
Subsidaries, US Bank as Trustee located in 141 N. Main Avenue, Sioux Falls,
South Dakota 57117 (the "Lender"), making loans in the Federal Family Education
Loan Program ("FFELP") under U.S. Department of Education Lender ID 833405, have
entered into a Lender Agreement for Guarantee of Student Loans with Federal
Reinsurance dated 1-30-2002 (the `Agreement"); and

WHEREAS, under the Agreement, the Lender is authorized to make Eligible Loans;
and

WHEREAS, under the Agreement, NSLP has agreed that Eligible Loans, if made by
Lender in accordance with the terms of the Agreement, will be guaranteed by
NSLP.

NOW, THEREFORE, NSLP issues this Blanket Certificate of Guarantee with Respect
to Student Loans with Federal Reinsurance ("Certificate") upon the following
terms and conditions:

     1.   Certificate as Addendum. This Certificate is an addendum to the
          Agreement. All terms and conditions of the Agreement remain in effect
          unless otherwise specified in this Certificate. All capitalized terms
          in this Certificate not otherwise defined herein have the same meaning
          as those capitalized terms defined in the Agreement. Such capitalized
          terms and definitions are specifically incorporated by reference in
          this Certificate.

     2.   Effective Date of Certificate. This Certificate is issued for the
          blanket guarantee of Eligible Loans by NSLP in accordance with the Act
          and Program Rules. This Certificate is effective from the date of
          execution of this Certificate. Except as described in Paragraph 7 of
          this Certificate, either party may terminate this Certificate ninety
          (90) days after providing written notice to the other party.

     3.   Terms and Conditions of Loans Guaranteed Under Certificate. Eligible
          Loans made by the Lender and guaranteed under the Agreement and this
          Certificate carry terms and conditions as required by the Act and
          Program Rules except that:

          (a)  The Lender may disburse Eligible Loan proceeds prior to
               submitting Eligible Loan data to NSLP, and

          (b)  NSLP's guarantee on any Eligible Loan made by the Lender under
               this Certificate will take effect on the date the Lender makes
               the first disbursement of the Eligible Loan, and

          (c)  Loans made by the Lender that are not Eligible Loans will be
               guaranteed by NSLP provided the Lender did not know or have
               reason to know of

<PAGE>
(18)

               information indicating that such loans are not Eligible Loans
               prior to partially or fully disbursing them and provided that the
               Lender, upon learning that such loans are not Eligible Loans,
               adheres to the ineligible borrower provisions of the Common
               Manual and other Program Rules.

          (d)  The Lender will transmit to NSLP data concerning each Eligible
               Loan guaranteed under this Certificate via a mutually agreed-upon
               standard reporting format. Such data will be transmitted
               according to a mutually agreed-upon schedule, but within ten (10)
               business days of the first disbursement date for all Eligible
               Loans made under this Certificate. Within five (5) business days
               of receiving an Eligible Loan's data from Lender, NSLP will
               transmit to the Lender an acknowledgment of receipt of the
               Eligible Loan's data. In the event a transmission is not readable
               by the other party, both parties will undertake all reasonable
               efforts to ensure delivery of such transmissions within sixty
               (60) calendar days of the first disbursement date.

     4.   Institutional Participation Under Certificate. The Lender may make
          Eligible Loans guaranteed under this Certificate to students attending
          any eligible institution of higher education, as defined under the Act
          and Program Rules. However, if NSLP provides the Lender with written
          notice that NSLP has determined that an institution is no longer
          eligible to participate in the Certificate program, the Lender will
          immediately stop making Eligible Loans under this Certificate to
          students attending the institution. Such notice will not affect NSLP's
          guarantee on Eligible Loans first disbursed prior to the Lender's
          receipt of the notice.

     5.   Termination of Guarantee Under Certificate. NSLP reserves the right to
          terminate its obligation to honor the Lender's claim on any Eligible
          Loan made during the Certificate Period upon the date the Lender fails
          in a material respect to adhere to the terms and conditions of this
          Certificate.

     6.   Effect of Cancellation of Agreement. This Certificate is immediately
          cancelled and is of no further effect in the event that the Agreement
          is terminated by either party in accordance with the terms of the
          Agreement. This Certificate's cancellation will not affect the
          Lender's responsibilities, as defined by the Agreement, nor NSLP's
          guarantee on Eligible Loans made prior to the effective date of the
          cancellation.

     7.   Limitation, Suspension, or Termination of Certificate. This
          Certificate may be limited, suspended, or terminated by NSLP in
          accordance with the Act and Program Rules. This Certificate's
          limitation, suspension, or termination will not take effect until
          thirty (30) days after NSLP provides such notice and it will not
          affect NSLP's guarantee on Loans made prior to the effective date of
          the limitation, suspension, or termination.

<PAGE>
(18)

     8.   Successor Corporations. The Lender may assign this Certificate, and
          its rights and responsibilities under this Certificate, to any
          successor corporation formed by purchase, merger, or acquisition of
          the Lender provided the successor corporation is:

          (a)  An Eligible Lender, has signed an NSLP Lender Agreement for
               Guarantee of Student Loans with Federal Reinsurance, and

          (b)  Bound by the terms of that Agreement and this Certificate on the
               date of transfer of ownership.

     9.   Sale, Assignment, or Transfer of Certificate. The Lender may not sell,
          assign, or otherwise transfer this Certificate to any other party
          except as described in Paragraph B of this Certificate without prior
          written approval of NSLP.

Consented as to Content and Form by:   Approved by:

STUDENT LOAN FINANCE
CORPORATION & SUBSIDIARIES
(Lender) US BANK AS TRUSTEE
(833405)                               NSLP

/s/ Tom Steele                         /s/ Randy Heesacker

Tom Steele                             Randy Heesacker, Executive Vice President

Corporate Trust Officer                Date:  2-15-02

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