Document:

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                                                                   Exhibit 10.24

                       NEW JERSEY HIGHER EDUCATION STUDENT
                              ASSISTANCE AUTHORITY

                         LENDER PARTICIPATION AGREEMENT
                             FOR CONSOLIDATION LOANS

This AGREEMENT is made this 30/th/ day of January, 2002, by and between New
Jersey Higher Education Student Assistance Authority, a body corporate and
politic with corporate succession, created by N.J.SA. 18A:71A-1 et seq., as
amended, whose office is located at 4 Quakerbridge Plaza, P.O. Box 540, Trenton,
New Jersey 08625 ("Authority") and STUDENT LOAN FINANCE CORPORATION AND
SUBSIDIARIES (US BANK TRUSTEE) with its principal office at 105 SOUTHWEST FIRST
AVENUE, ABERDEEN, SD 57401-4173 ("Lender").

WHEREAS, Lender wishes to participate in a program of consolidation loans for
eligible borrowers under Title IV of the Higher Education Act of 1965, as
amended, and regulations thereunder (together the "Act"), and applicable state
law; and

WHEREAS, the Authority, which exists for the purpose of providing assistance to
students pursuing programs of postsecondary education at eligible institutions
as defined by the Act and N.J.S.A.18A:71A-1 et seq., is authorized to guarantee
loans, including consolidation loans; and

WHEREAS, the Authority has found that the Lender is an eligible lender
qualifying under the provisions of the Act and applicable state law;

NOW, THEREFORE, it is mutually agreed that:

1.     Within such limits as may be set by the Act, New Jersey statutes,
regulations thereunder, and this AGREEMENT, the Authority shall guarantee
consolidation loans with a first disbursement on or after October 1, 1993, no
less than 98 percent of the full amount of all such loans, including principal
and interest, made or acquired by the Lender, except that all loans continue to
be 100 percent guaranteed in the event of death, disability, bankruptcy,
situations covered by Section 428(j) or Section 439(q) of the Act or other
non-default claim (e.g., closed school or false certification) regardless of
disbursement date.

2.     Authority agrees to guarantee consolidation loans made by Lender,
provided that 1) no such consolidation loan consolidates a defaulted loan(s),
and 2) all loans submitted for guarantee have a connection to New Jersey.
"Connection to New Jersey" means that the consolidation loan is made to or on
behalf of a New Jersey resident, or consolidates at least one underlying loan
guaranteed by Authority.

3.     At least thirty (30) days after the end of every six-month period within
the initial term or any renewal term of this AGREEMENT, and at least thirty (30)
days after the end of the initial term and any renewal term of this AGREEMENT,
Lender shall provide Authority a report on its consolidation loan portfolio
guaranteed by Authority. Such report shall contain information informing
Authority of how the portfolio conforms to the terms of this AGREEMENT.

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4.     Whenever any guaranteed loan shall be in default (as defined by the Act,
New Jersey statutes, and, regulations thereunder), or upon the death or total
and permanent disability of a borrower, upon bankruptcy, upon situations covered
by Section 428(j) or Section 439(q) of the Act or upon other nondefault claim,
the Authority shall purchase the loan in an amount equal to the outstanding
principal plus unpaid accrued interest in accordance with paragraph 1, provided
that the loan was made in accordance with the Act, New Jersey statutes, Lender
has exercised due diligence in the making, servicing, and collection of such
loan; Lender has subrogated title to the loan note to the Authority; and Lender
has otherwise performed its obligations under this AGREEMENT with respect to
such loan.

5.     The Authority shall guarantee consolidation loans without regard to sex,
age, race, color, religion, handicapped status, income, national origin or any
other basis prohibited by applicable law and Lender shall not discriminate in
the making of consolidation loans to eligible borrowers, as defined by the Act
and New Jersey statutes, or in the treatment of such borrowers on any prohibited
basis.

6.     Lender shall make a consolidation loan to an eligible borrower only if
Lender uses best efforts to verify that the borrower has no other application
pending for a consolidation loan and Lender currently holds at least one of
borrower's eligible loans for consolidation, OR Lender obtains from borrower a
certification that borrower has been unable to obtain a consolidation loan from
holders of borrower's outstanding loans selected for consolidation, OR for a
consolidation loan made on or after July 1, 1994, Lender has obtained a
certification from the borrower that borrower has been unable to obtain a
consolidation loan with income-sensitive repayment terms from the holders of
borrower's loans selected for consolidation.

7.     In making a consolidation loan, Lender shall determine, to its
satisfaction, in accordance with reasonable and prudent business practices, for
each loan being consolidated that:

       a.     each loan is a legal, valid and binding obligation of the
              borrower;

       b.     each loan was made and serviced in compliance with applicable laws
              and regulations; and

       c.     the insurance on each loan is in full force and effect.

8.     In making a consolidation loan, Lender shall comply with all requirements
set forth in Section 428C of the Act, which specifically addresses federal
consolidation loans, and regulations issued pursuant to the Act.

9.     Lender shall maintain for all consolidation loans guaranteed a system of
records and accounts, shall afford access thereto at reasonable times and
intervals, and shall furnish such periodic and separate reports as may
reasonably be required by the U.S. Department of Education and the Authority,
under the Act, New Jersey statutes, and regulations thereunder. For
consolidation loans paid in full or otherwise discharged, Lender shall also
maintain records as required by the Act, New Jersey statutes, and regulations
thereunder.

10.    Authority shall maintain at all times reserve levels which comply with
the Act, N.J.S.A. 18A:71A-1 et seq., and regulations thereunder.

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11.    Failure of Lender to comply with the terms of this AGREEMENT with respect
to an individual consolidation loan shall not invalidate the guarantee of
Authority to Lender with respect to other consolidation loans held in compliance
with the terms of this AGREEMENT.

12.    Lender and the Authority agree to comply with the Act and all other
applicable Federal and State statutes, rules, and regulations, whether
applicable presently or hereafter, in performing the terms of this AGREEMENT.

13.    Lender agrees to follow such other published and binding directives of
the U.S. Department of Education, or other terms and conditions as the Authority
specifically requires to carry out the Consolidation Loan Program. Such terms
and conditions required by the Authority, unless also specifically required
under the Act, shall be communicated to Lender in writing at least thirty (30)
days in advance of the effective date of the same.

14.    In the event of an inconsistency between the Act and New Jersey statutes
and regulations or between the Act and the Authority's Consolidation Loan
Program terms and conditions, the Act shall govern any such inconsistency as it
relates to the performance of the terms of this AGREEMENT. Furthermore, in the
event that an amendment to the Act imposes a requirement on a party that is
consistent with an obligation imposed on such party under this AGREEMENT, such
party shall thereafter comply with the requirements of the Act.

15.    This AGREEMENT shall begin upon the full execution of this AGREEMENT and
shall continue for two years unless sooner terminated in accordance with the
provisions hereof. This AGREEMENT will automatically renew for successive one
(1) year terms unless either party provides written notice to the other party
declining to renew the AGREEMENT at least ninety (90) days prior to the
expiration of the initial term or any subsequent term.

16.    This AGREEMENT may be terminated by either party by giving thirty (30)
days notice in writing to the other party by certified mail. All rights and
obligations hereunder shall immediately cease upon termination, except the
rights and obligations of the parties which existed prior to the date of such
termination.

17.    The Authority and Lender each represents to the other that it has the
full and unencumbered right to enter into this AGREEMENT and to fully perform
its obligations hereunder.

18.    This AGREEMENT sets forth the entire agreement of the parties with
respect to any and all consolidation loans which may be made hereunder.

19.    If any provision of this AGREEMENT is invalid under the Act, regulations
thereunder, New Jersey statutes, or regulations thereunder, and the invalidity
shall not affect other provisions of this AGREEMENT which can be given affect
without the invalid provisions, then to this end, the provisions of this
AGREEMENT are severable.

20.    This AGREEMENT is to be interpreted under the laws of the State of New
Jersey, without respect to conflict of laws principles.

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IN WITNESS WHEREOF, the parties have caused this AGREEMENT to be executed by
their duly authorized representatives, and their respective seals to be affixed,
as of the dates indicated below.

Date:  February 20, 2002             NEW JERSEY HIGHER EDUCATION STUDENT
                                     ASSISTANCE AUTHORITY

                                     By:   /s/ Lynn B. Kegelman
                                             Lynn B. Kegelman, Esq.
                                     Title:  Director of Government Relations
                                             and Legal Affairs

Date:  1-30-2002                     STUDENT LOAN FINANCE CORPORATION &
                                     SUBSIDIARIES (US BANK TRUSTEE)

                                     By:   /s/ Tom Steele
                                             Tom Steele, Corporate Trust Officer
                                                   833405
                                     Lender Identification Number(s)
                                                   41-0256895
                                     Employer Identification Number

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                    AUTHORITY CERTIFICATION OF COMPREHENSIVE
      INSURANCE (for Consolidation Loans made in accordance with Title IV,
             Part B of the Higher Education Act of 1965, as amended)

The New Jersey Higher Education Student Assistance Authority, herein referred to
as the "Authority," authorizes that all Consolidation Loans made in conformity
with the requirements of Part B of Title IV of the Higher Education Act of 1965,
as amended (the "Act") by,

STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK TRUSTEE) (833405)
herein referred to as the "Lender," are fully insured against loss of principal
and interest by the Authority provided:

1.    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 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 insurance on such loan is in full force and effect.

2.    That the Consolidation Loans(s) will be made on or after June 8, 1987, but
no later than provided for in the Higher Education Act of 1965, as amended.

3.    That the total unpaid principal amount of all Consolidation Loans made
under this certificate is without limitation, except for the limitation on
consolidation borrowers without a connection to New Jersey, as set forth in the
Lender Participation Agreement for Consolidation Loans between Lender and
Authority.

4.    That the Lender offers alternative repayment terms to borrowers, as
authorized under the Act.

5.    That, if the Lender prior to the expiration of this certificate no longer
proposes to make Consolidation Loans, the Lender will so notify the Authority in
order that the certificate may be terminated. Such termination shall not affect
the insurance on any Consolidation Loan made prior to such termination.

6.    That the Lender's Loan Consolidation Program practices are subject to the
Authority's Guaranteed Loan Program Lender Participation Limitation, Suspension
or Termination procedures. The insurance on any Consolidation Loan(s) made under
this certificate prior to the Authority's imposition of a limitation, suspension
or termination action shall not be affected by such action.

7.    That the Lender complies with the Authority's reporting requirements
specified in the Common Manual.

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The New Jersey Higher Education Student Assistance Authority Preclaims and
Claims Unit is designated as the unit which will process claims and perform
other related administration functions.

       /s/ Lynn B. Kegelman                          February 20, 2002
----------------------------------
Authority Official                                          DATE<PAGE>
                                                                   Exhibit 10.25

                   Oklahoma State Regents For Higher Education

                    OKLAHOMA GUARANTEED STUDENT LOAN PROGRAM

                 State Capitol Complex, Oklahoma City, Oklahoma

                 Federal Family Education Loan Program (`FFELP')
        Title IV, Part 8, of the Higher Education Act of 1965, as amended

                     Robert T. Stafford Student Loan Program
                     Parent Loans for Undergraduate Students
                     Supplemental Loans for Students Program

             (Hereinafter referred to as "individual loan programs")

                          AGREEMENT TO GUARANTEE LOANS

THIS AGREEMENT, entered into as of the 30th day of January, 2002, by and between
the Oklahoma State Regents for Higher Education, an agency of the State of
Oklahoma which administers the Student Educational Assistance Fund (hereinafter
referred to as `State Regents') and STUDENT LOAN FINANCE CORPORATION &
SUBSIDIARIES (US BANK, TRUSTEE) ABERDEEN, SD (hereinafter referred to as
"Lender").

WITNESSETH:

WHEREAS, State Regents is a State agency designated to administer the Oklahoma
Guaranteed Student Loan Program (OGSLP) under the provisions of Title 70 O.S.
(S)623; and

WHEREAS, State Regents maintains a central office for the endorsement of
approved loans made by participating lenders to students attending approved
universities, colleges or other institutions of higher education or approved
vocational schools; and

WHEREAS, the Lender has full legal power and authority to contract for guarantee
services, qualifies as an "eligible lender" under Title IV of the Higher
Education Act of 1965, as amended, and is prepared to engage in the transactions
contemplated by this Agreement; and

WHEREAS, the Lender desires to participate in the FFELP subject to the terms and
conditions hereinafter set forth and agrees to abide by and comply with the
terms and conditions of this agreement;

NOW, THEREFORE, in consideration of the initial loan which the Lender makes or
acquires hereunder, and in further consideration of the foregoing premises and
the mutual covenants contained in this Agreement, and of other good and valuable
consideration, the receipt of which is hereby acknowledged, the parties hereto
mutually agree as follows:

1)    This Agreement is subject to, and hereby incorporates by reference,
      Title IV of the Higher Education Act of 1965, as amended and in effect
      from time to time, or any successor enactment thereto, the effective
      regulations promulgated thereunder and any

<PAGE>

        binding directives issued by the U.S. Department of Education
        (Collectively referred to hereinafter as "the Act"); and the policies
        and procedures adopted by OGSLP found in the Common Manual. This
        Agreement shall not abrogate, modify or limit the applicability of the
        statutes, regulations, rules or policies incorporated herein except to
        the extent that general or discretionary provisions are made specific by
        the Agreement, including, but not limited to, terms such as time,
        amount, rate, place or manner of performance.

2)      All forms necessary to the performance of obligations imposed by this
        Agreement shall be provided by State Regents and any addition,
        substitution, or alteration of these forms without the express written
        authorization of State Regents shall be grounds for avoidance by State
        Regents of any insurance obligation that would otherwise be imposed by
        this Agreement.

3)      As partial payment for the administrative services provided by State
        Regents for the Lender and in order for State Regents to maintain a
        general guarantee reserve sufficient to guarantee Promissory Notes
        (Notes) in accordance with this Agreement, the Lender shall not charge a
        borrower a guarantee fee exceeding the amount allowable under the Act.

4)      Upon execution of this Agreement, State Regents shall place the Lender
        on State Regents' guarantee fee billing system. The Lender shall be
        billed monthly by State Regents with an itemized statement listing each
        loan application guaranteed and the guarantee fee. The Lender must pay
        any guarantee fee due within twenty (20) business days of billing. The
        Lender will be charged interest at the rate of one percent (1%) per
        month, twelve percent (12%) per annum, for past due guarantee fee bills.
        If the guarantee fee for a loan is not paid within one hundred twenty
        (120) days, the guarantee on that loan will be canceled. So long as the
        Lender is current in its payment of guarantee fee billings, State
        Regents shall guarantee each Note evidencing a loan made to a borrower
        by the Lender pursuant to this Agreement; provided, however, that State
        Regents shall not be obligated to guarantee a Note if:

        a)    The guarantee would cause the aggregate amount of unpaid principal
              and interest of all loans guaranteed by State Regents to exceed
              the maximum dollar amount which may then be supported by State
              Regents' general endorsement reserve, as required under Paragraph
              7 of this Agreement, or

        b)    The guarantee would cause the aggregate amount of unpaid principal
              and interest of all Notes to exceed the guarantee capacity of
              State Regents for the individual ban program for which the
              guarantee is to be issued, or

        c)    State Regents, in its sole discretion, determines that the Lender
              has not complied with the procedures and requirements of
              applicable law and regulations, this Agreement, or the Common
              Manual with regard to the loan or the Note

5)      State Regents shall in accordance with the Act continue its guarantee of
        a Note if an extension of the maturity date is required as a result of
        the borrower's eligibility under

<PAGE>

        the Act for a deferment or forbearance; provided, however, that State
        Regents shall only maintain its guarantee of the Note so long as any
        extension of the maturity date is in accordance with the Act.

6)      State Regents and Lender agree that claims filed with State Regents by
        Lender will be processed in the following manner:

        a)    In the event a borrower defaults in respect of a Loan, the Lender
              will follow (or cause to be followed) the procedure set forth in
              the Common Manual. State Regents 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 nonpayment of such
              charges. Upon receipt from the Lender of a default notice,
              together with the Application/Promissory Note or a copy certified
              as true and exact (assigned to State Regents), and evidence
              satisfactory to State Regents that the Lender has complied in all
              material respects with the requirements of the Act, this Agreement
              and the Common Manual in respect of such Loan, State Regents will
              pay to the lender the full amount of the unpaid balance of
              principal and interest due on such Note under the terms of the Act
              and the Common Manual (other than any portion of such interest
              payable by the U.S. Department of Education under the Act). State
              Regents shall thereupon succeed to all the rights of the Lender
              under such Note. No claim submitted to State Regents by the Lender
              with respect to a Loan which has been Guaranteed will be paid by
              State Regents unless State Regents has received the appropriate
              documentation from the Lender (or servicer). All loss and risk of
              loss occasioned by nonpayment of a claim by State Regents in
              accordance with this section shall be borne by the Lender.

        b)    Upon bankruptcy, death or permanent and total disability of the
              borrower, as defined in the Act, or in the event of a closed
              school, a school's false certification or a school's unpaid refund
              as these events are defined in the Act, or upon the death of the
              student with respect to a PLUS loan, State Regents will pay to the
              Lender the full amount of the unpaid balance of principal and
              interest due on such Note under the terms of the Act and the
              Common Manual (other than any portion of such interest payable by
              the U.S. Department of Education under the Act), provided the
              lender has complied in all material respects with the requirements
              of the Act, this Agreement and the Common Manual in respect of
              such Loan.

7)      At all times during which the Lender is the holder of any Note covered
        by an application approved by State Regents, State Regents shall hold
        and maintain, in cash and marketable securities, a general endorsement
        reserve as required by the Act. Such cash and marketable securities
        shall be held, maintained and invested solely in accordance with the
        prevailing standard of prudent management in the disposition of funds
        required of fiduciaries by the laws of the State of Oklahoma.

8)      The liability of State Regents as guarantor of any approved loan in
        accordance herewith shall not be affected by the fact that the Maker of
        such Note was a minor at the time of the execution of the Note.

<PAGE>

9)      If the Lender is unable to provide the State Regents with the original
        Note or with a copy certified as true and exact, because the Note has
        been lost or destroyed, the Lender must submit the "Lender Agreement to
        Indemnify" to State Regents to receive payment on a claim.

10)     Lender agrees that in participating in the loan program, including
        making and servicing loans, and in performing its obligations under this
        Agreement, it will and will cause its agents to, (a) comply with all
        procedures and conditions on the Lender's part to be performed as set
        forth in this Agreement and the Act, (b) comply with the Common Manual,
        and (c) comply with all applicable Federal and State laws and
        regulations including but not limited to the Fair Credit Reporting Act
        and the Equal Credit Opportunity Act. If the Common Manual or the terms
        of this Agreement are inconsistent with the Act, the Act is controlling.

11)     By the acceptance of this Agreement and the making of the initial loan,
        the Lender agrees to submit promptly to State Regents such reports about
        Lender's loans as may from time to time be reasonably requested by State
        Regents.

12)     The Lender shall permit the U.S. Secretary of Education or the State
        Regents or both to examine during normal business hours all loan records
        and files, upon reasonable notice and at reasonable intervals, for the
        purpose of verifying the accuracy of information provided by the lender
        under the Act and in order to conduct an audit and compliance review.

13)     If State Regents determines that the Lender has violated the terms of
        this Agreement or the Act, State Regents shall take such action as is
        necessary to protect its interests. This action may include but is not
        limited to implementation of the Limitation, Suspension or Termination
        procedures set out in the Federal Regulations and the Common Manual.

14)     State Regents agrees that in administering its loan program and
        performing its obligations under this Agreement, it will and will cause
        its agents to, (a) comply with all procedures and conditions on the
        State Regents' part to be performed as set forth in this Agreement and
        the Act, (b) comply with the Common Manual, and (c) comply with all
        applicable Federal and State laws and regulations including but not
        limited to the Fair Credit Reporting Act and the Equal Credit
        Opportunity Act. It the Common Manual or the terms of this Agreement are
        inconsistent with the Act, the Act is controlling.

15)     This Agreement shall not be varied by oral agreement but only by an
        instrument in writing duly executed by both parties.

16)     Any waiver or modification, express or implied, by State Regents of any
        term or condition in this Agreement shall operate as a waiver of
        modification only in the specific instance and shall not be construed as
        a waiver or modification of any condition or term generally or in any
        other instance.

17)     Except with respect to loans which have been guaranteed by State Regents
        and continue to be outstanding under this Agreement, this Agreement may
        be terminated by either party with or without cause upon not less that
        sixty (60) days written notice to the other

<PAGE>

        party. Such termination shall not affect any Notes which are outstanding
        or duties hereunder prior to the effective date of the termination
        notice.

18)     Any notice required or permitted by this Agreement shall be in writing
        and shall be given by first-class mail, postage prepaid, addressed (i)
        if to Oklahoma State Regents for Higher Education, at the Oklahoma
        Guaranteed Student Loan Program, P.O. Box 3000, Oklahoma City, OK
        73101-3000, (ii) if to the Lender, at the address indicated in this
        Agreement, or, (iii) at such other address the party to be notified has
        designated upon reasonable notice.

19)     This Agreement shall inure to the benefit of and be binding upon State
        Regents, the Lender and their respective successors; provided, however,
        that this Agreement is not assignable by either party hereto, either in
        whole or in part, without the prior written consent of the other party.

20)     Any provision of this Agreement which is prohibited, unenforceable or
        not authorized in any jurisdiction shall, as to such jurisdiction, be
        ineffective to the extent of such prohibition, unenforceability or
        non-authorization without invalidating the remaining provisions hereof
        or affecting the validity, enforceability or legality of such provision
        in any other jurisdiction.

21)     This Agreement is an obligation of the State Regents, the Lender, and
        their successors. The parties agree that any claims by a party against
        another party arising out of this Agreement will be asserted against the
        parties to the Agreement and not against past, present, or future
        members, officers, employees or trustees of the State Regents, the
        Lender, or their successors.

22)     If the Lender shall violate or fail to comply with any applicable law or
        governmental regulations in respect of a Note or participation in the
        FFELP, then the Lender hereby agrees to assume liability for, and does
        hereby indemnify, protect and hold harmless State Regents, its
        successors, assigns, directors, officers, agents and servants, 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 asserted against them or any of them, in any
        way relating to or arising out of such violation or failure to comply,
        regardless of whether State Regents shall have purchased the Note from
        the Lender.

23)     The liability of the State Regents under this Agreement shall be limited
        to payment of the Guarantee under Paragraph No. 6 of this Agreement and
        this shall constitute its sole liability under this Agreement. State
        Regents shall not be liable for any indirect, incidental or
        consequential damages regardless of the form of the action and whether
        such damages are foreseeable.

24)     In the event that the Lender is unable to perform obligations arising
        under this Agreement, the Lender will exercise its best efforts to
        mitigate and remedy any and all injury sustained by State Regents.

<PAGE>

25)     The Secretary of the U.S. Department of Education may terminate this
        Agreement upon 30 days notice if determined impermissible or
        inconsistent with the terms and purposes of sec. 422 of the Higher
        Education Act.

26)     Except to the extent that this agreement may be governed by Federal
        l`aw, this Agreement is entered into and shall be governed by,
        interpreted, construed and enforced in accordance with the laws of the
        State of Oklahoma. A lawsuit under this Agreement will only be brought
        in a court of competent jurisdiction located within the State of
        Oklahoma.

27)     This Agreement represents the entire understanding of the parties with
        respect to its subject matter, and supersedes all previous agreements,
        writing, correspondence and memoranda with respect thereto, and no
        representations, warranties, agreements or covenants, express or
        implied, of any kind or character whatsoever with respect to such
        subject matter have been made by either party to the other, except as
        herein expressly set forth.

IN WITNESS WHEREOF, this Agreement has been executed by the duly authorized
representatives of the Lender and the Oklahoma Stale Regents for Higher
Education.

STUDENT LOAN FINANCE                             OKLAHOMA STATE REGENTS FOR
CORPORATION AND SUBSIDIARIES                     HIGHER EDUCATION
(US BANK TRUSTEE)
Lender

141 N. MAIN AVE BOX 5308 SIOUX FALLS,            By: /s/ Mary Mowdy
SD 57117-5308

By: /s/ Tom Steele, Corporate Trust Officer      Title: Executive Director,
                                                        Oklahoma
                                                        Guaranteed Student Loan
                                                        Program

Date: 1/30/2002  Lender DE No. 833405            Date: 7/3/02

Lender Employer ID No. 41-0256895

<PAGE>

                   Oklahoma State Regents For Higher Education

                    OKLAHOMA GUARANTEED STUDENT LOAN PROGRAM

                 State Capitol Complex, Oklahoma City, Oklahoma

                 Federal Family Education Loan Program ("FFELP")
 Title IV, Part B, of the Higher Education Act of 1965, as amended, Section 428C

                           Consolidation Loan Program

                   AGREEMENT TO GUARANTEE CONSOLIDATION LOANS

THIS AGREEMENT, entered into as of the 30/th/ day of January, 2002, by and
between the Oklahoma State Regents for Higher Education, an agency of the State
of Oklahoma which administers the Student Educational Assistance Fund
(hereinafter referred to as "State Regents") and STUDENT LOAN FINANCE
CORPORATION & SUBSIDIARIES (US BANK TRUSTEE) ABERDEEN, SD. (Hereinafter referred
to as "Lender").

WITNESSETH:

WHEREAS, this Agreement to Guarantee Consolidation Loans shall be a supplement
and modification to the Agreement to Guarantee Loans, between State Regents and
"Lender", executed on the 30/th/ day of January, 2002, which is incorporated
herein by reference. In case of any conflict, this Agreement shall govern; and

WHEREAS, the Lender desires to participate in the Consolidation Loan Program
pursuant to Section 428C of the Act, and agrees to abide by and comply with the
terms and conditions of this Agreement hereinafter set forth;

NOW, THEREFORE, in consideration of the initial Consolidation loan which the
Lender makes or acquires hereunder, and in further consideration of the
foregoing premises and the mutual covenants contained in this Agreement, and of
other good and valuable consideration, the receipt and adequacy of which is
hereby acknowledged, the parties hereto mutually agree as follows:

1)     This Agreement is subject to and hereby incorporates by reference, Title
       IV of the Higher Education Act of 1965, as amended and in effect from
       time to time, or any successor enactment thereto, the effective
       regulations promulgated thereunder and any binding directives issued by
       the U.S. Department of Education (Collectively referred to hereinafter as
       the "Act"); and the policies and procedures adopted by OGSLP found in the
       Common Manual.

2)     Lender agrees that, with respect to all Consolidation Loans made or
       acquired under the Consolidation Loan Program of State Regents 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, as
             prescribed in this Agreement, the

<PAGE>

                 Certificate, the Act, the Common Manual or by a directive of
                 the State Regents, ensuring that: [i] each loan being
                 consolidated is a legal, valid and binding obligation of the
                 borrower; [ii] each such loan was made and serviced in
                 compliance with applicable laws and regulations; and [iii] in
                 the case of loans made under Title IV, Part B or D of the Act,
                 that the guarantee or insurance on such loan is in full force
                 and effect.

         b)      It will originate a Consolidation Loan to an Eligible Borrower,
                 as defined by the Act, (upon request of the 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, as defined by the Act, 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.

         c)      It will secure information on the outstanding balance of each
                 eligible loan to be consolidated before including it in the
                 Consolidation loan.

         d)      It will make Consolidation loans without discriminating against
                 the applicant a specified by the Act.

         e)      It will make use of the Note and such other forms approved by
                 State Regents;

         f)      It will cause each Consolidation Loan originated by it to bear
                 interest on the unpaid principal balance of such Consolidation
                 Loan at an annual rate that is less than or equal to the rate
                 specified by the Act;

         g)      It will cause each Consolidation Loan originated by it to be
                 made in an amount which is equal to the sum of the unpaid
                 principal, accrued unpaid interest, collection charges, and
                 late charges of all Eligible Student Loans received by the
                 Borrower and selected for consolidation, and which is not less
                 than the minimum amount required for the eligibility of the
                 Borrower under the Act;

         h)      It will cause the proceeds of each Consolidation Loan
                 originated by the Lender to be paid by the Lender to the holder
                 or holders of the Eligible Student Loans received by the
                 Borrower and selected for consolidation in order to discharge
                 the liability of the Borrower on such Eligible Student Loans;

         i)      It will offer a choice of repayment schedules to the Borrower,
                 established by the Lender in accordance with the Act, which may
                 include level repayment, graduated repayment and income
                 sensitive repayment,

         j)      From the date of this Agreement, only those Consolidation Loans
                 which contain at least one active loan previously guaranteed by
                 State Regents shall be submitted for guarantee. For purposes of
                 this Agreement, "active loan" shall not mean one

<PAGE>

            which has been paid in full, canceled, or subrogated to the United
            States Department of Education or any successor agency.

       k)   It will not originate a consolidation loan made jointly to a married
            couple.

3)     A certificate of comprehensive insurance will be issued by the State
       Regents to the Lender in accordance with paragraph (b)(2) of Section 428C
       of the Act

4)     No insurance premiums or origination fees shall be charged to the
       borrower, and no such premiums or fees shall be payable to the State
       Regents with respect to consolidation loans, unless required by the Act,
       or unless permitted by the Act and upon agreement of both the Lender and
       State Regents.

5)     With respect to Consolidation Loans guaranteed or insured under this
       Agreement, the Lender will submit such reports to the State Regents as
       the State Regents may reasonably require to carry out its
       responsibilities under the Act.

6)     All claims submitted by Lender under this Agreement and the Certificate
       will be submitted pursuant to the requirements of the Agreement to
       Guarantee Loans.

7)     The Secretary of the U.S. Department of Education may terminate this
       Agreement upon 30 days notice if determined impermissible or inconsistent
       with the terms and purposes of sec. 422 of the Higher Education Act.

8)     If at any time prior to the expiration of this Agreement, the Lender no
       longer proposes to make Consolidation Loans guaranteed or insured
       hereunder and under the Guarantee Agreement, it will notify the State
       Regents in writing, and this Agreement may be terminated with or without
       cause on a mutually agreed upon date no later than sixty (60) days after
       such notice is given. The guarantee or insurance of Consolidation loans
       made under this Agreement prior to the expiration of guaranty authority
       or the termination thereof under this section will not be affected by
       such expiration or termination.

9)     The issuance by the State Regents of a Certificate of Guarantee for
       Federal Consolidation Loans made by the Lender is made in reliance on the
       representations of the Lender that all requirements set forth in this
       Agreement, the Agreement to Guarantee Loans and the eligibility of such
       Consolidation Loans for federal reinsurance have been met.

<PAGE>

IN WITNESS WHEREOF, this Agreement has been executed by the duty authorized
representatives of the Lender and the Oklahoma State Regents for Higher
Education.

STUDENT LOAN FINANCE                           OKLAHOMA STATE REGENTS FOR
CORPORATION AND SUBSIDIARIES                   HIGHER EDUCATION
(US BANK TRUSTEE)

141 N. MAIN AVE BOX 5308 SIOUX FALLS,          By: /s/ Mary Mowdy
SD 57117-5308
                                               Title: Executive Director,
                                                      Oklahoma
By: /s/ Tom Steele, Corporate Trust Officer           Guaranteed Student Loan
                                                      Program

Date: 1/30/2002  Lender DE No. 833405          Date:  7/3/02

Lender Employer ID No. 41-0256895

<PAGE>

                   Oklahoma State Regents For Higher Education

                    OKLAHOMA GUARANTEED STUDENT LOAN PROGRAM

                 State Capitol Complex, Oklahoma City, Oklahoma

                 Federal Family Education Loan Program ("FFELP")
 Title IV, Part B, of the Higher Education Act of 1965, as amended, Section 428C

                           Consolidation Loan Program

           CERTIFICATE OF COMPREHENSIVE GUARANTEE COVERAGE FOR FEDERAL
                               CONSOLIDATION LOANS

THIS CERTIFICATE, entered into as of the 30/th/ day of January, 2002 by and
between the Oklahoma State Regents for Higher Education, an agency of the State
of Oklahoma which administers the Student Educational Assistance Fund
(hereinafter referred to as "State Regents') and STUDENT LOAN FINANCE
CORPORATION & SUBSIDIARIES (US BANK TRUSTEE) ABERDEEN, SD (Hereinafter referred
to as "Lender").

WITNESSETH:

WHEREAS, this Certificate of Comprehensive Guarantee Coverage incorporates
herein by reference the Agreement to Guarantee Consolidation Loans
("Agreement"), between State Regents and "Lender", executed on the 30/th/ day of
January, 2002, and

WHEREAS, State Regents is a State agency designated to administer the Oklahoma
Guaranteed Student Loan Program (OGSLP) under the provisions of Title 70 O.S.
(S)623, and is authorized by the provisions of Section 428C (b)(2) of the Act
and other applicable law, to issue this Certificate to the Lender and provide
guarantee coverage on Federal Consolidation Loans ("Loans"); and

WHEREAS, the Lender has full legal power and authority to contract for guarantee
services, qualifies as an "eligible lender" under Title IV of the Higher
Education Act of 1965, as amended, and desires to make and secure the guarantee
of, Consolidation Loans made pursuant to Section 428C of the Act:

NOW, THEREFORE, in consideration of the initial Consolidation loan which the
Lender makes or acquires hereunder, and in further consideration of the
foregoing premises and the mutual covenants contained herein, and other good and
valuable consideration, the receipt and adequacy of which is hereby
acknowledged, the parties hereby agree as set forth in this Certificate:

1)      Within the limits established by the provisions of this Certificate and
        the Agreement, and without further action by the State Regents, all
        consolidation loans which are eligible for insurance under the Act and
        are made in conformity with the Act and the Agreement, shall, if
        designated by Lender to be subject to this certificate, be insured from
        the time of disbursement against the loss of interest and principal by
        the State Regents, to the extent provided for under the Act.

<PAGE>

2)      Lender agrees that, with respect to all Consolidation Loans made or
        acquired under the Consolidation Loan Program of State Regents 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, as
               prescribed in the Agreement, this Certificate, the Act, the
               Common Manual or by a directive of the State Regents, ensuring
               that: [i] each loan being consolidated is a legal, valid and
               binding obligation of the borrower; [ii] each such loan was made
               and serviced in compliance with applicable laws and regulations;
               and [iii] in the case of loans made under Title IV, Part B or D
               of the Act, that the guarantee or insurance on such loan is in
               full force and effect.

        b)     It will originate a Consolidation Loan to an Eligible Borrower,
               as defined by the Act, (upon request of the borrower) only if the
               Eligible Borrower certifies that he or she has no other
               application pending for a Consolidation Loan and [ii] It holds an
               outstanding Eligible Student Loan, as defined by the Act, of that
               Eligible Borrower that has been selected by the Eligible Borrower
               for consolidation, or [iii] 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.

3)      This Certificate shall apply to Consolidation Loans made by the Lender
        after the date of this certificate's execution and prior to the
        expiration of the authority in Section 428C of the Act to make and
        guarantee consolidation loans or will automatically terminate on July 1,
        2005, whichever comes first. This termination shall not affect the
        guarantee of loans consolidated prior to the date of termination.

4)      This Certificate applies to Consolidation Loans made by the Lender and
        guaranteed in an aggregate original principal amount not to exceed
        $500,000,000; provided however, that upon receipt of a written request
        by the Lender, State Regents may increase the aggregate amount of such
        guarantee authorization.

5)      To the extent permitted under the Act, repayment terms offered to
        borrowers will include both level, graduated and income sensitive
        payment schedules. Consolidation bans 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 maximum rate under the Act.

6)      With respect to Consolidation Loans guaranteed or insured under the
        Agreement and this Certificate, the Lender will submit such reports to
        the State Regents as the State Regents may reasonably require to carry
        out its responsibilities under the Act.

7)      All claims submitted by Lender under this certificate will be submitted
        pursuant to the requirements of the Agreement to Guarantee Loans.

8)      if State Regents determines that the Lender has violated the terms of
        the Agreement, this Certificate or the Act, State Regents shall take
        such action as is necessary to protect its

<PAGE>

        interests. This action may include but is not limited to implementation
        of the Limitation, Suspension or Termination procedures set out in the
        Federal Regulations and the Common Manual.

9)      If the Lender shall violate or fail to comply with any applicable law or
        governmental regulations in respect of a Note or participation in the
        FFELP, then the Lender hereby agrees to assume liability for, and does
        hereby indemnify, protect and hold harmless State Regents, its
        successors, assigns, directors, officers, agents and servants, 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 asserted against them or any of them, in any
        way relating to or arising out of such violation or failure to comply,
        regardless of whether State Regents shall have purchased the Note from
        the Lender.

10)     All administrative and procedural matters related to Consolidation Loans
        guaranteed or insured under this Certificate will be directed to:

        Oklahoma Guaranteed Student Loan Program
        P.O. Box 3000
        Oklahoma City, OK 73101-3000
        Telephone: (405) 234-4300 Fax: (405) 234-4390

11)     If at any time prior to the expiration of the Agreement, the Lender no
        longer proposes to make Consolidation Loans guaranteed or insured
        hereunder and under the Agreement to Guarantee Loans, it will notify the
        State Regents in writing, and the Agreement may be terminated with or
        without cause on a mutually agreed upon date no later than sixty (60)
        days after such notice is given. The guarantee or insurance of
        Consolidation loans made under the Agreement prior to the expiration of
        guaranty authority or the termination thereof under this section will
        not be affected by such expiration or termination.

IN WITNESS WHEREOF, the State Regents and the Lender, respectively, have caused
this Certificate to be executed in the duty authorized representatives of the
Lender and the Oklahoma State Regents for Higher Education.

STUDENT LOAN FINANCE                           OKLAHOMA STATE REGENTS FOR
CORPORATION AND SUBSIDIARIES                   HIGHER EDUCATION
(US BANK TRUSTEE)

141 N. MAIN AVE BOX 5308 SIOUX FALLS,          By: /s/ Mary Mowdy
SD 57117-5308
                                               Title: Executive Director,
                                                      Oklahoma
By: /s/ Tom Steele, Corporate Trust Officer           Guaranteed Student Loan
                                                      Program

Date: 1/30/2002  Lender DE No. 833405          Date:  7/3/02

Lender Employer ID No.  41-0256895

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