Document:

<PAGE>
                                                                   Exhibit 10.12

                         LENDER PARTICIPATION AGREEMENT
                             FOR CONSOLIDATION LOANS

This Lender Participation Agreement for Consolidation Loans (the "Agreement"),
to be effective as of the 30th day of January, 2002, is by and between STUDENT
LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK, TRUSTEE) ("Lender"), and the
Northwest Education Loan Association, a Washington nonprofit corporation
("NELA").

                                    RECITALS

A. NELA is a private nonprofit guaranty agency operating under the Federal
Family Education Loan Program ("FFELP") to administer, promote and facilitate
student loans and related services for the benefit of students pursuing
postsecondary education.

B. Lender wishes to secure the NELA guarantee on eligible consolidation loans
made by the Lender to eligible borrowers under the Act (as defined below);

C. Lender has full legal power and authority to enter into an agreement for the
performance of such guarantee services, qualifies as an eligible lender under
the Act for purposes of making consolidation loans and is prepared to engage in
the transactions contemplated by this Agreement; and

D. NELA is willing to make its consolidation loan guarantee available to Lender
on the terms and conditions set forth in this Agreement.

                                    AGREEMENT

NOW THEREFORE, in consideration of the foregoing premises and the mutual
promises described herein, the parties hereto agree as follows:

1. Applicable Policies, Regulations, and Act. The performance of this Agreement
is governed by Title IV, Part B of the Higher Education Act of 1965, (20 U.S.C.
(S) 1071 et seq.) as now or hereafter amended ("Act"), and the effective
regulations promulgated thereunder by the Secretary of Education ("Secretary"),
as now or hereafter amended ("Regulations"). The performance of the parties
hereunder shall also be governed by the Common Manual: Unified Student Loan
Policy, as amended and updated from time to time and any other policies adopted
and issued by NELA describing the administration of its loan guarantee program
(the "Policies"). If NELA adopts any policies different from or in addition to
those stated in the Common Manual, NELA shall give notice to the Lender, by
certified mail, return receipt requested, of any such amendment or revision.
Lender shall not be bound by any such amendments issued by NELA if it has not
received such notice. The Policies, Regulations and Act are hereby incorporated
into this Agreement, with the same force and effect as if they were found in the
body of the Agreement itself.

2. NELA Guarantee. NELA agrees to guarantee consolidation loans made by the
Lender after the effective date of this Agreement (hereinafter "Consolidation
Loans"), provided that such loans are made pursuant to the terms of this
Agreement and are eligible for guarantee and

<PAGE>

reinsurance under the Policies, Regulations and the Act. NELA agrees to deliver
to Lender a Certificate of Comprehensive Insurance as defined in the Act, and
Regulations.

3. Lender's Agreements, Obligations and Warranties. With respect to
Consolidation Loans to be guaranteed by NELA hereunder, the Lender agrees as
follows:

     3.1 Lender will only make a Consolidation Loan to an eligible borrower if
such borrower certifies that he or she has no other application pending for a
consolidation loan.

     3.2 if Lender is not the holder of borrower's underlying loans selected for
consolidation, and all of the selected loans are held by a single holder, then
prior to making a Consolidation Loan to the borrower, Lender shall obtain a
certification from the borrower that the borrower has sought and been unable to
obtain a consolidation loan with income sensitive repayment terms from the
single holder of the loans selected for consolidation.

     3.3 Each Consolidation Loan will bear interest and be subject to repayment
in accordance with the Act.

     3.4 Each Consolidation Loan made by Lender hereunder shall be made in an
amount equal to the sum of the unpaid principal, accrued unpaid interest,
collection charges, and late charges of all the eligible loans selected by the
borrower for consolidation, and this amount shall not be less than the minimum
amount required for the eligibility of a borrower under the Act and Regulations.

     3.5 The Lender cause the proceeds of each Consolidation Loan that it makes
to be paid to the holders of the underlying loans selected for consolidation in
order to discharge the liability of the borrower on each such loan.

     3.6 All actions taken by Lender, including but not limited to originating,
disbursing, servicing, or collecting on Consolidation Loans, are in compliance
with the Act, the Policies, and all other applicable local, state and federal
laws and regulations for loan servicing, including collection activities.

     3.7 Lender shall give NELA prompt notice of its intention to discontinue
the making of Consolidation Loans.

     3.8 With regard to the Consolidation Loans made hereunder, Lender will
maintain and provide information and reports in accordance with the Act,
Regulations and Policies and Lender shall permit NELA and the Secretary to
examine and copy during normal business hours all such Consolidation Loan
records and files upon reasonable notice and at reasonable intervals for the
purpose of verifying the accuracy of information provided by the Lender
concerning Lender's administration of Consolidation Loans guaranteed by NELA,
and in order to conduct audits and compliance reviews.

     3.9 Lender, pursuant to the Act and Regulations, will assist borrowers in
securing reductions in their obligations to pay interest on Consolidation Loans
if such interest is eligible for subsidy under the Act.

                                       2

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4. Warranties Made Upon Assignment of Promissory Note. With respect to any
promissory note guaranteed by NELA hereunder, the Lender hereby agrees and
warrants that upon assignment of such note by Lender to NELA or to any third
party: (a) the obligations of the borrower(s) and any endorser upon such note
are valid and enforceable in accordance with the terms of the note, and not
subject to any defenses; (b) all information furnished to NELA in connection
with such promissory note is, in all material aspects, true and accurate; (c)
the promissory note qualifies for insurance under the Act and Regulations; (d)
the Lender has complied with the Act, Regulations, and all other applicable
laws, rules and regulations with respect to the promissory note and the
Consolidation Loan; and (e) if the note is further assigned by any party, the
warranties made by the Lender upon assignment to NELA shall inure to and benefit
all such assignees including NELA and the federal government.

5. Amendments. From time to time, the federal government may amend the Act or
the Regulations. This Agreement shall continue in full force and effect, and any
such amendments shall be incorporated into it, unless a party gives notice of
termination of the Agreement. Any such governmental action constitutes notice to
the parties of the changes, and NELA shall not be responsible for notifying
Lender of any such amendments.

6. Term. The initial term of this Agreement shall be from the effective date of
this Agreement until September 30, 2002. Thereafter, this Agreement shall be
automatically renewed for additional terms of one year, unless NELA or the
Lender gives notice thirty (30) days prior to the end of any term of this
Agreement that the Agreement will not be renewed.

7. Termination.

     7.1 Either party may terminate this Agreement upon at least thirty (30)
days written notice to the other party specifying the date of termination.
Termination by NELA shall be in compliance with the limitation, suspension and
termination requirements of the Act, Regulations and Policies to the extent
applicable. This Agreement will automatically terminate sixty (60) days after
receipt by NELA of a statement that Lender no longer intends to make
Consolidation Loans under this Agreement.

     7.2 Upon termination, the relationship between NELA and Lender created by
this Agreement shall cease on the termination date except as provided herein.
Termination will not affect the guarantee of NELA or the obligations of Lender
as to loans guaranteed prior to the termination date under the Agreement, except
in accordance with the Act, Regulations, or Policies. Such guarantee and
obligations, including, but not limited to, the obligation to allow NELA and the
Secretary access to records, shall continue in full force and effect under the
terms of the Agreement between NELA and Lender which was in force at the time
each particular loan was initially held by Lender.

8. Breaches.

     8.1 Upon material breach of this Agreement, whether of the provisions found
in the Agreement itself or of its incorporated provisions, NELA is entitled,
immediately upon delivery of written notice to Lender, to suspend or withdraw
its guarantee in part or entirely, as to the loan or loans affected by the
breach.

                                       3

<PAGE>

     8.2 A material breach shall be a defense by NELA to any claim or action by
Lender upon the guarantee of the loan directly affected by the material breach.

     8.3 Upon any breach, whether material or not, of any provision of this
Agreement, including those incorporated by reference, NELA is entitled to
written assurance from Lender that the breach has been remedied.

     8.4 The waiver by any party of any breach of any provision of this
Agreement shall not operate or be construed as waiver of any provision as to any
subsequent breach.

9.   Severability.

     9.1 This Agreement. If any term, covenant, condition, or provision of this
Agreement or the application thereof to any person or circumstance shall, at any
time, or to any extent, be determined invalid or unenforceable, the remaining
provisions hereof shall not be affected thereby and shall be deemed valid and
fully enforceable to the extent provided by law.

     9.2 Policies, Regulations and Act. If any provision of the Policies,
Regulations, or Act are rescinded, repealed, withdrawn, held to be invalid or
otherwise rendered inoperative, the remaining provisions are not affected, and
continue in full force.

10. Entire Agreement - Modifications. This Agreement, including any incorporated
provision, constitutes the entire understanding between the parties and
supersedes any prior written or oral understanding between them as to the
subject matter contained herein. This Agreement may not be amended, changed or
modified, in whole or in part, except by an instrument in writing signed by
Lender and by NELA.

11. Captions. The captions and headings of the paragraphs of this Agreement are
for convenience and reference only and may not be used to interpret or define
the provisions hereof.

12. Indemnification by Lender. Lender shall indemnify and hold NELA harmless
from and against any and all losses, liabilities, obligations, damages,
penalties, claims, actions, suits, costs, and expenses, including reasonable
attorneys' fees or loss of collection fees, incurred by or asserted against
NELA, which arise out of or relate to the acts or omissions of Lender in
performing its obligations under this Agreement; Lender's violation of the Act,
Regulations, or Policies; Lender's material failure to comply with its
obligations under this Agreement; or the assertion by a borrower of any claim or
defense which could have been asserted against the Lender, whether or not such
claim or defense existed at the date of execution of this Agreement or the
promissory note by the borrower. Upon request by NELA, the Lender, at its
expense, shall undertake or assume the defense of any action in which any such
claim described in this Section 11 is asserted against NELA. This
indemnification provision shall survive any termination of this Agreement.

13. Indemnification by NELA. NELA hereby indemnifies and holds Lender harmless
against any and all liabilities, obligations, losses, damages, penalties,
claims, actions, suits, costs, and expenses, including reasonable attorneys'
fees and expenses, incurred by or asserted against Lender, which arise out of or
relate to the acts or omissions of NELA in performing its obligations under this
Agreement; NELA's violation of the Act or Regulations; or NELA's

                                       4

<PAGE>

material failure to comply with its obligations under this Agreement. Upon
request by Lender, NELA, at its expense, shall undertake or assume the defense
of any action in which any such claim described in this Section 12 is asserted
against Lender. This indemnification provision shall survive any termination of
this Agreement.

14. Assignment and Successors. The rights and obligations of NELA under this
Agreement shall inure to the benefit of and be binding upon its successors and
assigns. The rights and obligations of Lender hereunder are non-assignable
except in accordance with Policies, Regulations or Act.

15. Notices. Any notice required under this Agreement shall be sufficient if in
writing and sent by certified or registered mail, postage prepaid, to the
following address:

     If to Lender: STUDENT LOAN FINANCE CORPORATION (US BANK, TRUSTEE)
                   105 SOUTHWEST FIRST AVENUE
                   ABERDEEN, SD 57401-4173
                   ATTN AVP OF COMPLIANCE & CUSTOMER RELATIONS

     If to NELA:   Northwest Education Loan Association
                   811 First Avenue
                   500 Colman Building
                   Seattle, WA 98104
                   Attn.:  Vice President, Program Services

16. Attorneys' Fees. If any dispute arises from the performance or breach of any
term of this Agreement, whether or not any suit or arbitration proceeding is
commenced, then the prevailing party shall be entitled to its reasonable
attorneys' fees and costs.

17. Governing Law. This Agreement is made and shall be construed and enforced in
accordance with, the laws of Washington State without regard to its conflicts of
law principles.

18. Survival of Terms. Upon termination of all or any part of this Agreement,
those provisions of the Agreement which by their terms are intended to extend
beyond the termination of the Agreement shall remain in full force and effect.

                                       5

<PAGE>

IN WITNESS WHEREOF, NELA and the Lender have each caused this instrument to be
executed by their respective authorized officers and to take effect on the date
and year first above written.

LENDER: STUDENT LOAN FINANCE                NORTHWEST EDUCATION
        CORPORATION & SUBSIDIARIES          LOAN ASSOCIATION
        (US BANK, TRUSTEE) (833405)

By:     /s/ Tom Steele                      By: /s/ Jennifer L. Freimund
     -------------------------------           ------------------------------
Signature                                       Jennifer L. Freimund
                                                Vice President,
                                                Program Services

TOM STEELE
------------------------------------
Print or Type Name

CORPORATE TRUST OFFICER
------------------------------------
Title

                                       6

<PAGE>

                     CERTIFICATE OF COMPREHENSIVE INSURANCE

For Consolidation Loans made in accordance with Title IV, Part B of the Higher
Education Act of 1965, as amended.

The Northwest Education Loan Association, hereinafter referred to as "NELA",
certifies that all consolidation loans made by Student Loan Finance Corporation
and Subsidiaries (US Bank, Trustee) hereinafter referred to as the "Lender," in
conformity with the requirements of Part B of Title IV of the Higher Education
Act of 1965, as amended, are fully guaranteed against loss of principal and
interest by NELA, provided:

l. That the Lender 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)  that the guarantee of such loan is in full force and effect.

2. That the consolidation loan(s) have been or will be made on or after March 1,
2002, but no later than September 30, 2002.

3. That the total unpaid principal amount of all consolidation loans made under
this certificate will not exceed one million dollars ($1,000,000.00).

4. That, if the Lender, prior to the expiration of this certificate, no longer
proposes to make consolidation loans, the lender will so notify NELA in order
that the certificate may be terminated. Such termination shall not affect the
guarantee on any consolidation loan made prior to the termination.

5. That the Lender's loan consolidation program practices are subject to NELA's
Guaranteed Student Loan Program Lender Participation Limitation, Suspension or
Termination procedures. The guarantee on any consolidation loan(s) made under
this certificate prior to NELA's imposition of a limitation, suspension or
termination action shall not be affected by such action.

6. That the Lender complies with NELA's reporting requirements specified in the
NELA Rules.

7. That the Lender complies with the terms set forth in the Lender Participation
Agreement for Consolidation Loans.

                                       1

<PAGE>

NELA's office at 190 Queen Anne Avenue N., Suite 300, Seattle Washington 98109
is designated as the location where guarantee claims will be processed and other
related administrative functions performed.

NORTHWEST EDUCATION LOAN ASSOCIATION

By   /s/ Jennifer L. Freimund                    Date February 27, 2002
  ---------------------------------
     Jennifer L. Freimund
     Vice President,
     Program Services

                                       2<PAGE>
                                                                   Exhibit 10.13

                      Oregon Student Assistance Commission

                           AGREEMENT TO ENDORSE LOANS

This AGREEMENT, entered into between the Oregon Student Assistance Commission
(hereinafter referred to as "Student Assistance Commission"), an agency of the
State of Oregon, and

STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK, TRUSTEE)
--------------------------------------------------------------------------------
(hereinafter referred to as "Lender")

ABERDEEN, SD 57401-4173
--------------------------------------------------------------------------------
(City and State)  (Zip)

WITNESSETH:

          WHEREAS, the Student Assistance Commission is a State agency
          designated to administer loan programs under provisions of Oregon
          Revised Statutes 348.505 to 348.620;

          WHEREAS, the Student Assistance Commission maintains a central office
          for the endorsement of approved loans made by participating lenders to
          eligible students attending educational institutions approved by the
          U.S. Department of Education and to eligible parents of such students;
          Oregon residents may borrow for attendance at any approved educational
          institution; non-residents may borrow for attendance only at approved
          institutions located within Oregon; and

          WHEREAS, the Lender wants to participate in the Loan Programs of the
          Student Assistance Commission, subject to the terms and conditions
          hereinafter set forth;

NOW THEREFORE, the Student Assistance Commission and the Lender agree as
follows:

1.   This Agreement is subject to and all terms used herein shall have their
     meanings respectively indicated in:

     (a)  the provisions of Title IV, Part B, of the Higher Education Act of
          1965, as amended (20 U.S.C. (S) 1071 et seq.) and regulations issued
          thereunder, and

     (b)  Oregon Revised Statutes 348.505 to 348.620 and rules, regulations and
          policies issued thereunder.

2.   The Lender agrees to comply with the provisions of Title IV, Part B, of the
     Higher Education Act of 1965, as amended, (20 U.S.C. (S) 1071 et seq.)

3.   The Lender shall give the U.S. Secretary of Education, or other agencies of
     the government designated by the Secretary, and/or the Student Assistance
     Commission access to the Lender's records in order to assure the accuracy
     of the required reports in accordance with Federal regulations.

<PAGE>

4.   All documents and instruments used in the Loan Programs shall be in the
     form furnished and/or approved by the Student Assistance Commission and the
     U.S. Department of Education.

5.   This Agreement shall inure to the benefit of and be binding upon the
     Student Assistance Commission and the Lender and their respective
     successors provided, however, that neither party may assign its obligations
     under this agreement without prior written consent from the other party,
     which consent will not be unreasonably withheld.

6.   This Agreement may be terminated by either party upon not less than 90 days
     written notice to the other party. Such termination shall not affect any
     obligations incurred pursuant to this Agreement prior to the time that such
     termination notice becomes effective.

7.   If the Lender violates or fails to comply with its obligations under this
     agreement then the Lender agrees to indemnify the Student Assistance
     Commission from and against any and all liability arising out of such
     violation or failure regardless of whether the Student Assistance
     Commission purchased such loan from the Lender.

     The Student Assistance Commission's liability shall be limited to payment
     of the guarantee as required by this agreement and to the extent permitted
     by Article XI, Section 7 of the Oregon constitution and the Oregon Tort
     Claims Act, ORS 30.270 through 30-300.

8.   This agreement shall be governed by and construed in accordance with the
     laws of the State of Oregon without regard to principles of conflicts of
     law. Any claim, action, suit or proceeding between the parties that arises
     from or relates to this agreement shall be brought and conducted solely and
     exclusively within the Circuit Court of Marion County for the State of
     Oregon; provided, however, if a claim, action, suit or proceeding must be
     brought in a federal forum, then it shall be brought and conducted solely
     and exclusively within the United States District Court for the District of
     Oregon.

9.   Any notice required or permitted under this agreement shall be in writing
     by personal delivery, facsimile or overnight carrier, effective on receipt,
     or by mail, effective (five) 5 days after mailing. To be effective against
     the Student Assistance Commission, any notice delivered by facsimile must
     be confirmed by telephone notice to the Student Assistance Commission
     offices.

10.  The parties agree that if any term or provision of this agreement is
     declared by a court of competent jurisdiction to be illegal or in conflict
     with any law, the validity of the remaining terms and provisions shall not
     be affected, and the rights and obligations of the parties shall be
     construed and enforced as if the agreement did not contain the particular
     term or provision held to be invalid.

11.  This agreement may be executed in several counterparts, all of which when
     taken together shall constitute one agreement binding on all parties,
     notwithstanding that all parties are not signatories to the same
     counterpart. Each copy of the agreement so executed shall constitute an
     original.

                                       2

<PAGE>

12.  The parties agree that no legal relationship of any kind exists as a result
     of this agreement, other than the covenants expressly contained herein.
     This agreement shall not constitute or imply a joint venture, partnership
     or business organization of any kind. The parties are independent and the
     personnel of one party shall not be deemed the personnel of the other.
     Nothing in this agreement shall grant to either party any right to make
     commitments of any kind or to create any obligation for or on behalf of the
     other without the prior written consent of the other party, except to the
     extent stated herein.

13.  This Agreement supersedes all existing agreements and may only be amended
     by all parties in writing. The failure of the parties to enforce any
     provision of this agreement shall not constitute a waiver by either party
     of that or any other provision.

The Oregon Student Assistance Commission and the Lender have each caused this
instrument to be executed the 30th day of January, 2002, by their respective
duly authorized officers.

STUDENT LOAN FINANCE                        OREGON STUDENT
------------------------------------         ASSISTANCE COMMISSION
   CORPORATION & SUBSIDIARIES
------------------------------------
   (US BANK, TRUSTEE)
------------------------------------
Lender

By:  /s/Tom Steele                          By:  /s/(Signature Unreadable)
    --------------------------------            --------------------------------
____________________________________
Signature                                   Executive Director

TOM STEELE                                  April 4, 2002
------------------------------------        ------------------------------------
   CORPORATE TRUST OFFICER                  Date
------------------------------------
Title

141 North MAIN AVENUE BOX 5308
------------------------------------
Street Address

SIOUX FALLS, SD 57117-5308
------------------------------------
City, State and Zip

833405
------------------------------------
Lender Code Number

41-0256895
------------------------------------
Employer Identification Number (EIN)

                                        3

<PAGE>

                      Oregon Student Assistance Commission

               AGREEMENT TO GUARANTEE FEDERAL CONSOLIDATION LOANS

This AGREEMENT, entered into between the Oregon Student Assistance Commission
(hereinafter referred to as "Student Assistance Commission"), an agency of the
State of Oregon, and

STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK, TRUSTEE)
--------------------------------------------------------------------------------
(hereinafter referred to as "Lender")

ABERDEEN,  SD 57401-4173
--------------------------------------------------------------------------------
(City and State) (Zip)

WITNESSETH:

     WHEREAS, the Student Assistance Commission is a State agency designated to
     administer loan programs under provisions of Oregon Revised Statutes
     348.505 to 348.620; and

     WHEREAS, the Student Assistance Commission maintains a central office for
     the endorsement of approved loans made by participating lenders to eligible
     students attending educational institutions; and

     WHEREAS, the Student Assistance Commission maintains facilities for the
     provision of guarantee services with respect to approved loans made to
     eligible students and their parents for the consolidation of their
     obligations with respect to eligible student loans; and

     WHEREAS, the Student Assistance Commission wants to make its Federal
     Consolidation Loan Guarantee Program and related services (hereinafter
     referred to as "Consolidation Loan Program") available to the lender,
     subject to the terms and conditions set forth herein; and

     WHEREAS, the Lender wants to use its facilities to arrange for the lending
     and borrowing of money for the purpose of enabling eligible borrowers to
     consolidate their obligations with respect to eligible student loans
     through the Consolidation Loan Program of the Student Assistance Commission
     in the manner described in the Agreement; and

     WHEREAS, the Lender has full power and authority to contract for the
     performance of such guarantee services, qualifies as an eligible lender for
     the making of Consolidation Loans under the provisions of Title IV, Part B
     of the Higher Education Act of 1965, as amended (20 U.S.C. (S) 1071 et
     seq.) and is prepared to engage in the transactions contemplated by this
     Agreement

NOW, THEREFORE, the Student Assistance Commission and the Lender agree as
follows:

                                        4

<PAGE>

1.   This Agreement is subject to and all terms used herein shall have their
     meanings respectively indicated in:

     (a)  the provisions of Title IV, Part B of the Higher Education Act of
          1965, as amended (20 U.S.C. (S) 1071 et seq.) and regulations issued
          thereunder, and

     (b)  Oregon Revised Statutes 348.505 to 348.620 and rules, regulations and
          policies issued thereunder.

2.   The Lender agrees to comply with the provisions of Title IV, Part B, of the
     Higher Education Act of 1965, as amended (20 U.S.C. (S) 1071 et seq.).

3.   The Lender agrees Consolidation Loans shall be made or caused to be made
     only to eligible borrowers pursuant to the terms of the Consolidation Loan
     Program.

4.   The Student Assistance Commission agrees to provide for the guarantee of
     Consolidation Loans processed in accordance with the terms of the
     Consolidation Loan Program. The Student Assistance Commission agrees to
     maintain each Consolidation Loan guaranteed as required by the
     Consolidation Loan Program and the Act, including provision of:

     (a)  Management and information reports for the Lender;

     (b)  Preclaims assistance and claims processing; and

     (c)  All other services and duties required of a guarantor under the Act
          with respect to Consolidation Loans under the Consolidation Loan
          Program.

5.   The parties agree a Consolidation Loan may be guaranteed only if the Lender
     fully complies with the policies and the terms and conditions for
     Consolidation Loans as set forth in the Act.

6.   The Lender agrees that, with respect to all Consolidation Loans made or
     acquired under the Consolidation Loan Program of the Student Assistance
     Commission and all Notes held or acquired by the Lender from time to time:

     (a)  It will exercise or cause to be exercised reasonable care and
          diligence in the making, servicing and collection thereof; and

     (b)  It will originate a Consolidation Loan to an eligible borrower (on
          request of that borrower) only if the eligible borrower certifies that
          he or she has no other application pending for a Consolidation Loan
          and (i) it holds an outstanding Eligible Student Loan of that eligible
          borrower that has been selected by the eligible borrower for
          consolidation, or (ii) the eligible borrower certifies that he or she
          has sought and has been unable to obtain a Consolidation Loan with
          income-sensitive repayment terms acceptable to the eligible borrower
          from the holders of the Eligible Student Loans (which are so selected
          for consolidation) of that eligible borrower.

                                        5

<PAGE>

     (c)  It will originate a Consolidation Loan to an eligible borrower only if
          the borrower has one or more active loans currently held or guaranteed
          by the Student Assistance Commission.

7.   The Student Assistance Commission reserves the right, upon ninety (90)
     calendar days written notice, to charge to the Lender a fee, or increase
     any fee charged the Lender, to cover the costs to the Student Assistance
     Commission of guaranteeing new Consolidation Loans pursuant to the
     Agreement and the Certificate of Comprehensive Guarantee Coverage.

8.   Nothing contained in this Agreement will obligate the Lender to make,
     certify, cause to certify or acquire any particular Consolidation Loan or
     number of Consolidation Loans under the Consolidation Loan Program.

9.   The Lender will give the U.S. Secretary of Education, or other agencies of
     the government designated by the Secretary, and/or the Student Assistance
     Commission access to the Lender's records in order to assure the accuracy
     of information provided by the Lender under the Act and in order to conduct
     an audit and compliance review in accordance with Federal regulations.

10.  If the Student Assistance Commission determines that the Lender has
     violated the terms of this Agreement or the Consolidation Loan Program, the
     Student Assistance Commission may take such action as is necessary to
     protect its interests. This action may include, but will not be limited to,
     any remedies provided under the federal regulations governing the Act.

11.  If the Lender violates or fails to comply with its obligations under this
     Agreement, then the Lender agrees to indemnify the Student Assistance
     Commission from and against any and all liability arising out of such
     violation or failure regardless of whether the Student Assistance
     Commission purchased such Consolidation Loan from the Lender.

     The Student Assistance Commission's liability shall be limited to payment
     of the guarantee as required by this Agreement and to the extent permitted
     by Article X1, Section 7 of the Oregon Constitution and the Oregon Tort
     Claims Act, ORS 30.270 through 30.300.

12.  This Agreement will be governed by and construed in accordance with the
     laws of the State of Oregon without regard to principles of conflicts of
     law. Any claim, action, suit or proceeding between the parties that arises
     from or relates to this Agreement will be brought and conducted solely and
     exclusively within the Circuit Court of Marion County for the State of
     Oregon; provided, however, if a claim, action, suit or proceeding must be
     brought in a federal forum, then it will be brought and conducted solely
     and exclusively within the United States District Court for the District of
     Oregon.

13.  Any notice required or permitted under this Agreement shall be in writing
     by personal delivery, facsimile or overnight carrier, effective on receipt,
     or by mail, effective five (5) days after mailing. To be effective against
     the Student Assistance Commission, any

                                       6

<PAGE>

notice delivered by facsimile must be confirmed by telephone notice to the
Student Assistance Commission offices.

14.  The parties agree that if any term or provision of this Agreement is
     declared by a court of competent jurisdiction to be illegal or in conflict
     with any law, the validity of the remaining terms and provision will not be
     affected, and the rights and obligations of the parties shall be construed
     and enforced as if the Agreement did not contain the particular term or
     provision held to be invalid.

15.  This Agreement may be executed in several counterparts, all of which when
     taken together shall constitute one agreement binding on all parties,
     notwithstanding that all parties are not signatories to the same
     counterpart. Each copy of the Agreement so executed shall constitute an
     original.

16.  This Agreement supersedes all existing agreements and may only be amended
     by all parties in writing. The failure of the parties to enforce any
     provision of this Agreement shall not constitute a waiver by either party
     of that or any other provision.

                                       7

<PAGE>

The Oregon Student Assistance Commission and the Lender have each caused this
instrument to be executed on the 30th day of January, 2002, by their respective
duly authorized officers.

STUDENT LOAN FINANCE                        OREGON STUDENT
-------------------------------------        ASSISTANCE COMMISSION
   CORPORATION & SUBSIDIARIES
-------------------------------------
   (US BANK, TRUSTEE)
-------------------------------------
Lender

By:  /s/Tom Steele                          By:  /s/(Signature Unreadable)
    ---------------------------------           --------------------------------
Signature____________________________       Executive Director

TOM STEELE                                  Date April 4, 2002
-------------------------------------            -------------------------------
   CORPORATE TRUST OFFICER
-------------------------------------
Title

141 North MAIN AVENUE BOX 5308
-------------------------------------
Street Address

SIOUX FALLS, SD 57117-5308
-------------------------------------
City, State and Zip

833405
-------------------------------------
Lender Code Number

41-0256895
-------------------------------------
Employer Identification Number (EIN)

                                       8

<PAGE>

                      Oregon Student Assistance Commission

                       FEDERAL CONSOLIDATION LOAN PROGRAM
                 CERTIFICATE OF COMPREHENSIVE GUARANTEE COVERAGE

THIS CERTIFICATE is entered into as of the 30th day of January, 2002, between
the Oregon Student Assistance Commission (hereinafter referred to as "Student
Assistance Commission") an agency of the State of Oregon, and Student Loan
Finance Corporation & Subsidiaries (US Bank, Trustee) (hereinafter referred to
as "Lender") for certain Consolidation Loans made pursuant to Part B of Title IV
of the Higher Education Act of 1965 (20 U.S.C. (S) 1071 et seq.) as amended
(hereinafter "the Act") and Oregon Revised Statutes 348.505 to 348.620 and the
rules, regulations and policies issued thereunder.

The Student Assistance Commission and the Lender agree as follows:

1.   This Agreement is subject to and all terms used herein shall have their
     meanings respectively indicated in:

     (a)  the provisions of Title IV, Part B, of the Higher Education Act of
          1965, as amended (20 U.S.C. (S) 1071 et seq.) and regulations issued
          thereunder, and

     (b)  Oregon Revised Statutes 348.505 to 348.620 and rules, regulations and
          policies issued thereunder.

2.   In this Certificate, unless the context of this Certificate otherwise
     requires, all definitions and other provisions of the Agreement are
     controlling. This Certificate is hereby incorporated into the Agreement and
     made a part thereof.

3.   If the Lender complies with the requirements of the Act, the Agreement and
     this Certificate, the Student Assistance Commission will make its Guarantee
     available to the Lender to partially insure the Lender against loss of
     principal and interest on Consolidation Loans made or acquired by the
     Lender. The aggregate amount of such Guarantee shall at no time exceed
     $100,000,000.00; provided, however, that upon receipt of a written request
     of the Lender, the Student Assistance Commission may increase the aggregate
     amount of such Guarantee.

4.   The issuance by the Student Assistance Commission of guarantees for
     Consolidation Loans originated by the Lender under the Consolidation Loan
     Program is made in reliance on the representations of the Lender contained
     in this Certificate and the Agreement. The continuance of Guarantees issued
     by the Student Assistance Commission for Consolidation Loans is conditioned
     upon continued compliance by each and every holder of such Consolidation
     Loan with applicable laws and regulations. The delegation of one or more
     functions to a servicing agency or another party does not relieve the
     Lender of its responsibilities in administering Consolidation Loans.

5.   No Consolidation Loan originated by the Lender will be covered by the
     Student Assistance Commission's Guarantee unless and until the Lender has
     determined, in accordance with reasonable and prudent business practices,
     with respect to each Eligible

                                        9

<PAGE>

     Student Loan being consolidated (i) that each such Eligible Student Loan is
     a legal, valid and binding obligation; (ii) that each such Eligible Student
     Loan was originated and serviced in compliance with applicable laws and
     regulations; and (iii) with respect to all Eligible Student Loans made,
     insured, or guaranteed under the Act, that the insurance or guarantee on
     each Eligible Student Loan is in full force and effect.

6.   The Lender will at all times be subject to the reporting requirements as
     required by the Act and the Agreement.

7.   All claims on Consolidation Loans guaranteed pursuant to this Certificate
     and all related and administrative functions to be performed by the Student
     Assistance Commission pursuant to the Act, this Certificate and the
     Agreement shall be processed or performed by the Student Assistance
     Commission or its contractors at its office located in Eugene, Oregon or at
     such other office of the Student Assistance Commission or its contractors
     as may be designated by the Student Assistance Commission.

8.   The Lender may offer to the eligible borrower and establish such
     alternative repayment terms on a Consolidation Loan as will promote the
     objectives of the Consolidation Loan Program; provided that such
     alternative repayment terms are in accordance with the Act and the
     Agreement.

9.   This Certificate shall be in effect, subject to the Act and the Agreement,
     from the date first above written until expiration of the authority in the
     Act to make or Guarantee Consolidation Loans, but no later than December
     31, 2005. Termination of the Agreement terminates this Certificate.

10.  Except with respect to Consolidation Loans that have been guaranteed by the
     Student Assistance Commission and continue to be outstanding under this
     Certificate, this Certificate may be terminated by either party with or
     without cause upon not less than ninety (90) calendar days prior express
     written notice to the other party. Such termination will not affect any
     Notes which are outstanding or duties undertaken prior to the effective
     date of this termination. If the Lender, prior to the expiration of this
     Certificate, no longer makes Consolidation Loans, the Lender will so notify
     the Student Assistance Commission.

                                       10

<PAGE>

IN WITNESS WHEREOF, the Student Assistance Commission and the Lender have each
caused this Certificate of Comprehensive Guarantee Coverage to be executed by
their respective authorized officers and to take effect on the date first above
written.

STUDENT LOAN FINANCE                        OREGON STUDENT
---------------------------------------
  CORPORATION & SUBSIDIARIES                ASSISTANCE COMMISSION
---------------------------------------
  (US BANK, TRUSTEE)
---------------------------------------
Lender

By: : /s/ Tom Steele                        By:  /s/ (Signature Unreadable)
      -------------------------------            ------------------------------
Signature ___________________________       Executive Director

TOM STEELE                                  Date April 4, 2002
---------------------------------------          ------------------------------
  CORPORATE TRUST OFFICER
---------------------------------------
Title

141 North MAIN AVENUE BOX 5308
---------------------------------------
Street Address

SIOUX FALLS, SD 57117-5308
---------------------------------------
City, State and Zip

833405
---------------------------------------
Lender Code Number

41-0256895
---------------------------------------
Employer Identification Number (EIN)

                                       11

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