Document:

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                                                                    Exhibit 10.4

                   AGREEMENT TO GUARANTEE CONSOLIDATION LOANS
                                       AND
                 CERTIFICATE OF COMPREHENSIVE GUARANTEE COVERAGE

This Agreement and Certificate are entered into as of the 22nd day of February,
2002, by and between UNITED STUDENT AID FUNDS, INC., a private, nonprofit
corporation organized under the General Corporation Law of the State of Delaware
("USA Funds") and

             FIRST NATIONAL BANK AS ELT FOR EDUCATIONAL LOANS, INC.

("Lender").

                                   WITNESSETH

WHEREAS, USA Funds qualifies as a "guaranty agency" under the Act, and has
entered into agreements with the U.S. Secretary of Education pursuant to the
Act; and

WHEREAS, USA Funds maintains facilities for the provision of guarantee services
with respect to approved loans made to Eligible Borrowers for the consolidation
of their obligations with respect to Eligible Student Loans; and

WHEREAS, USA Funds is desirous of making its consolidation loan guarantee
program and related services available to the Lender, subject to the terms and
conditions set forth herein; and

WHEREAS, the Lender is desirous of using its facilities in order 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 USA Funds in the manner
described in this Agreement; and

WHEREAS, the Lender qualifies as an "eligible lender" under the Act for the
making of Consolidation Loans and has full power and authority to engage in the
transactions contemplated by this Agreement;

NOW, THEREFORE, in consideration of the initial Consolidation Loan that the
Lender makes 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 USA
Funds and the Lender agree as follows:

                                 I. DEFINITIONS

Any definition contained in this Agreement that also has a definition, meaning
or explanation contained in the Act shall be deemed to be automatically modified
to incorporate the Act's definition, meaning or explanation. In the event of any
conflict, the definition contained in the Act shall control.

"Act" means Title IV of the Higher Education Act of 1965 (20 U.S.C. (S) 1071 et
seq.), as amended and in effect from time to time, or any successor enactment
thereto, and the effective

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regulations promulgated thereunder and any binding directives issued by the U.S.
Department of Education.

"Borrower" means an Eligible Borrower who is the maker of a Note and who obtains
a Consolidation Loan from the Lender in accordance with the Act, the
Certificate, and this Agreement.

"Certificate" means the herein certificate of comprehensive insurance coverage
issued by USA Funds in accordance with the Act and executed by the Lender.

"Consolidation Loan" means a disbursement of money, contingent upon an agreement
to repay, made by the Lender pursuant to Section 428C of the Act (20 U.S.C. (S)
1078-3), or any successor enactment thereto, the Policies, and this Agreement.

"Consolidation Loan Application" means the application for a Consolidation Loan
on a form approved by the U.S. Department of Education and USA Funds, which form
must be executed by an Applicant and accepted by a Lender in accordance with the
Policies.

"Consolidation Loan Program" means the procedures and policies for implementing
and maintaining each Consolidation Loan guaranteed under the provisions of the
Act, applicable law and regulations, the Policies, and as otherwise agreed to by
and between the Lender and USA Funds in accordance with this Agreement.

"Default" means with respect to any Note, the occurrence of any event, which
shall constitute a default under the terms of the Act.

"Eligible Borrower" means an "eligible borrower" of a Consolidation Loan as
described in the Act and the Policies.

"Eligible Loan" means an education loan eligible for consolidation as described
in the Act.

"Guarantee" means a commitment by USA Funds to pay the Lender a percentage of
the unpaid principal balance plus accrued unpaid interest of a Consolidation
Loan upon submission by the Lender of a valid claim and supporting documentation
in accordance with the Act, the Consolidation Loan Program, the Certificate, and
the Policies.

"Limitation" means an action taken by USA Funds, which restricts the Lender's
participation in the Consolidation Loan Program.

"Note" means a promissory note of a Borrower for a Consolidation Loan set forth
upon the appropriate form approved by USA Funds, which note meets the criteria
set forth in the Act and the Policies.

"Policies" mean the policies adopted and issued in writing by USA Funds
describing the administration of the Consolidation Loan Program, including any
subsequently issued official written notices.

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"Special Allowance" means those sums that are payable by the U.S. Department of
Education to the Lender under the Act.

"Suspension" means the temporary ineligibility of the Lender from participation
in the Consolidation Loan Program.

"Termination" means the removal of the Lender from participation in the
Consolidation Loan Program.

                         II. CONSOLIDATION LOAN PROGRAM

A. Consolidation Guarantee. By this Agreement USA Funds and the Lender agree to
participate in the Consolidation Loan Program as follows:

1. The Lender agrees to make Consolidation Loans under this Agreement or cause
Consolidation Loans to be made under this Agreement only to Eligible Borrowers
pursuant to the terms of the Consolidation Loan Program;

2. USA Funds agrees to provide for the Guarantee of Consolidation Loans that
have been processed in accordance with the terms of the Consolidation Loan
Program and for which the Lender has complied in all material respects with the
Polices and the Act; and

3. USA Funds agrees to provide administrative services for the continued
maintenance of each Consolidation Loan Guaranteed as required by the
Consolidation Loan Program and the Act.

B. Administrative Services. Administrative services that USA Funds will provide
for the Lender under the Consolidation Loan Program are as follows:

1. The provision of management and information reports for the Lender;

2. The provision of default prevention and claims processing; and

3. The provision of all other services and duties required to be performed by a
guarantor under the Act with respect to Consolidation Loans under the
Consolidation Loan Program.

C. Lender Duties. The Lender agrees that, with respect to all Consolidation
Loans made or acquired by it under the Consolidation Loan Program of USA Funds
and all Notes Guaranteed by USA Funds held or acquired by the Lender from time
to time, it will:

1. Exercise or cause to be exercised reasonable care and diligence in the
making, servicing, and collection of Consolidation Loans, as prescribed in this
Agreement, the Certificate, and the Policies;

2. 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) lender holds an outstanding
Eligible Loan of that Eligible Borrower that has been selected by the Eligible
Borrower for consolidation, except that this clause shall not apply in the case
of an Eligible Borrower with multiple holders of Eligible Loans, or (ii) the

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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 Loans (which are so
selected for consolidation) of that Eligible Borrower;

3. Make use of the Note and such other forms required by the Act or as otherwise
approved by U.S. Department of Education;

4. Cause each Consolidation Loan originated by the Lender 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;

5. Cause each Consolidation Loan originated by the Lender to be subject to
repayment in accordance with the terms of the Certificate and the Act;

6. Cause each Consolidation Loan originated by the Lender 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 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;

7. 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 Loans received by
the Borrower and selected for consolidation in order to discharge the liability
of the Borrower on such Eligible Loans;

8. Offer a choice of repayment schedules, established by the Lender in
accordance with the Act, to the Borrower;

9. Comply with all Federal and state laws and regulations, and the Policies,
applicable thereto, including but not limited to the Federal Fair Credit
Reporting Act and the Equal Credit Opportunity Act; and

10. Promptly provide to USA Funds such information and reports as may from time
to time be reasonably requested by USA Funds.

E. Guarantee Fee. USA Funds reserves the right, upon sixty (60) calendar days
written notice, to charge to the Lender a fee, or increase any fee charged the
Lender, to cover the costs to USA Funds of Guaranteeing new Consolidation Loans
pursuant to this Agreement and the Certificate.

F. Excess Special Allowance. The Lender will, pursuant to the direction of USA
Funds, repay or cause the repayment of any Special Allowance received by the
Lender under the Act to which the Lender is not rightfully entitled.

G. Claim Processing. By this Agreement, USA Funds and the Lender agree that upon
the filing of a claim by the Lender, such claim will be processed in the
following manner:

1. In the event of a Default, the Lender will follow (or cause to be followed)
the procedures set forth in the Policies. USA Funds does not guarantee payment
by the Borrower of any delinquency charges imposed for late payments and will
not accept a Default claim based solely

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on non-payment of such charges. Upon receipt by USA Funds from the Lender (or
servicer) of a Default notice together with an original or certified copy of the
Note assigned to USA Funds, the Consolidation Loan Application, and
documentation as set forth in the Policies that the Consolidation Loan evidenced
by such Note was originated and serviced, and collection efforts were made, in
accordance with applicable laws and regulations and with the Policies, USA Funds
will pay to the Lender the maximum percentage of the unpaid balance of principal
and interest due on such Consolidation Loan under the terms of the Act and the
Policies (other than any portion of such interest payable by the U.S. Department
of Education under the Act), provided the Lender (or loan servicer) has complied
in all material respects with the requirements of the Consolidation Loan
Program, this Agreement, and the Policies in respect of such Note. USA Funds
will thereupon succeed to all the rights of the Lender under such Consolidation
Loan. No claim submitted to USA Funds by the Lender (loan servicer) with respect
to a Consolidation Loan that has been Guaranteed by USA Funds will be paid by
USA Funds unless USA Funds has received from the Lender (or servicer) the
appropriate documentation; and

2. Upon bankruptcy, death, or permanent and total disability, as defined in the
Act, of the Borrower or other circumstances under the Act provides for
guarantors to pay claims to lenders (e.g., closed school or false
certification), USA Funds will pay to the Lender the maximum percentage of the
unpaid balance of principal and interest due on such Consolidation Loan under
the terms of the Act and the Policies (other than any portion of such interest
payable by the U.S. Department of Education under the Act), provided the Lender
(or loan servicer) has complied in all material respects with the requirements
of the Consolidation Loan Program, this Agreement and the Policies.

H. No Required Minimum. 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 or restrict the number or amount of loans made under other programs.

I. Examination. The Lender will permit the U.S. Secretary of Education or USA
Funds or both to examine during normal business hours all 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 Under
the Act and in order to conduct an audit and compliance review.

                III. COMPREHENSIVE GUARANTEE COVERAGE CERTIFICATE

A. Aggregate Guarantee. If the Lender complies with the requirements of the Act,
the Policies, the Agreement, and this Certificate, USA Funds will make its
Guarantee available to the Lender to insure the Lender against loss of principal
and interest on Consolidation Loans made or acquired by the Lender at the
maximum extent permitted by the Act. The aggregate amount of such Guarantee
shall at no time exceed $50,000,000; provided, however, that upon receipt of a
written request of the Lender, USA Funds may increase the aggregate amount of
such Guarantee.

B. Holder Compliance. The issuance by USA Funds of Guarantees for Consolidation
Loans originated by the Lender under the Consolidation Loan Program is made in
reliance on the

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representations of the Lender contained in this Certificate and the Agreement.
The continuance of Guarantees issued by USA Funds for Consolidation Loans is
conditioned upon continued compliance by each and every holder of such
Consolidation Loan with applicable laws and regulations, and the Policies. 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.

C. Lender Determination. No Consolidation Loan originated by the Lender will be
covered by USA Funds' Guarantee unless and until the Lender has determined, in
accordance with reasonable and prudent business practice, with respect to each
Eligible Loan being consolidated (i) that each Eligible Loan is a legal, valid,
and binding obligation; (ii) that each Eligible Loan was originated and serviced
in compliance with applicable laws and regulations; and (iii) with respect to
all Eligible Loans made, insured, or guaranteed under the Act, that the
insurance or guarantee on each Eligible Loan is in full force and effect.

D. Reporting. The Lender will at all times be subject to the reporting
requirements identified in the Policies and the Limitation, Suspension, and
Termination procedures set out in the Policies; provided, however, that any such
Limitation, Suspension, or Termination shall not affect the Guarantee of any
Consolidation Loan originated by the Lender prior to the initiation of such
Limitation, Suspension, or Termination.

E. Claim Processing. All claims on Consolidation Loans Guaranteed pursuant to
this Certificate and all related administrative functions to be performed by USA
Funds pursuant to this Certificate, the Agreement, or the Policies shall be
processed or performed by USA Funds or its contractor located in Fishers,
Indiana or at such other office as may be designated by USA Funds.

F. Alternative Terms. 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, however,
that such alternative repayment terms are in accordance with the Act, the
Policies, and the Agreement.

G. Expiration of Certificate. This Certificate shall be in effect, subject to
the Act, the Agreement, and the Policies, from the date first above written
until expiration of the authority in the Act for lenders to make or guarantors
to Guarantee Consolidation Loans, but no later than December 31, 2010.
Termination of the Agreement terminates this Certificate.

H. Termination of Certificate. This Certificate may be terminated by the Lender
or USA Funds with or without cause upon not less than ninety (90) calendar days
prior written notice to the other party. Such termination will not affect the
Guarantee of any Consolidation Loans that are outstanding or duties undertaken
prior to the effective date of the termination. If the Lender, prior to the
expiration of this Certificate, no longer makes Consolidation Loans, the Lender
will so notify USA Funds.

                  IV. REPRESENTATIONS, WARRANTIES AND COVENANTS

A. Lender. If the Lender is making Consolidation Loans under the Act, the Lender
represents and warrants to USA Funds, and covenants that:

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1. Lender is duty authorized to do business in every state in which it is doing
business as well as the state in which it is organized and incorporated (if a
corporation), and has authorized the execution and delivery of this Agreement;

2. Lender has full legal power and authority to consummate all transactions
contemplated by this Agreement and any and all other agreements relating hereto;

3. Lender is and will continue to qualify and participate at all times during
the term of this Agreement as an "eligible lender" under the Act;

4. No action or proceeding is pending or threatened against the Lender before
any court or administrative agency which might have a material adverse effect on
the ability of the Lender to perform its obligations under this Agreement;

5. Lender has taken all necessary action, including, without limitation,
obtaining any and all consents or approvals of Federal or state banking or
regulatory authorities, required to authorize the execution and performance of
this Agreement; and

6. Lender will, at all times, conform its actions, policies and procedures to
the Act, this Agreement and all applicable Federal and state laws and
regulations.

B. USA Funds. USA Funds represents, warrants and covenants that:

1. USA Funds is duly authorized to do business in every state in which it is
doing business and has authorized the execution and delivery of this Agreement;

2. USA Funds has full legal power and authority to consummate all transactions
contemplated by this Agreement and any other agreements relating hereto;

3. No action or proceeding is pending or threatened against USA Funds before any
court or administrative agency which might have a material adverse effect on the
ability of USA Funds to perform its obligations under this Agreement;

4. USA Funds has taken all necessary action, including, without limitation,
obtaining any and all consents or approvals of Federal or state banking or
regulatory authorities, required to authorize the execution and performance of
this Agreement; and

5. USA Funds will, at all times, conform its actions, policies and procedures to
the Act, this Agreement and all applicable Federal and state laws and
regulations.

                             V. TERM AND TERMINATION

A. This Agreement is effective as of the date shown on the first page, and it
will continue in effect until termination by one of the parties.

B. Except with respect to Consolidation Loans that have been Guaranteed by USA
Funds and continue to be outstanding under this Agreement, this Agreement may be
terminated by either party, with or without cause, upon not less than ninety
(90) calendar days written notice to the

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other party. Such termination will not affect any letters of understanding, or
obligations that are outstanding or duties of the parties hereunder for
commitments, letters, or obligations entered into or made prior to the effective
date of the termination notice.

                 VI. LIMITATION OF LIABILITY AND INDEMNIFICATION

A. If either party violates or fails to comply with any applicable law. or
government regulations in respect of a Eligible Loan or the Consolidation Loan
Program, then such party agrees to assume liability for, and does hereby
indemnify, protect, and keep harmless the other party, its successors and
assigns, from and against, any and all liabilities, losses, and claims, imposed
on, incurred by, or asserted against such other party, relating to or arising
out of such violation or failure to comply, regardless of whether USA Funds
purchased such Eligible Loan from the Lender.

B. Neither party shall be liable to the other party for any punitive, incidental
or consequential damages (including but not limited to lost profits, lost
revenue, or failure to realize expected savings) regardless of the form of the
action and whether such damages are foreseeable. The exclusion of such damages
shall be deemed independent of, and shall survive, any failure of the essential
purpose of any limited remedy.

C. In the event the U.S. Department of Education or USA Funds determines that
any or all of the Eligible Loans of a Borrower are not reinsured or guaranteed
because of insufficient documentation or alteration of the documentation; or a
Borrower challenges, in court, collection on the Eligible Loans and USA Funds
determines, in its sole discretion, that there is insufficient documentation to
enforce the Eligible Loans, the Lender will indemnify USA Funds for the amount
of the claim of the Eligible Loans plus any costs incurred subsequent to the
claim purchase. In addition, as a consequence of any Eligible Loans being deemed
unenforceable as a result of lost or altered Notes, the Lender will repay any
interest benefits or Special Allowances it had received on the Eligible Loans.
The Lender expressly agrees to indemnify and hold harmless USA Funds from any
loss, damage, or expenses, including attorney's fees, arising from Lender's
inability to produce the Notes.

                               VII. MISCELLANEOUS

A. Assignment/Subcontract. This Agreement will inure to the benefit of and be
binding upon the parties and their respective successors and permitted assigns;
provided, however, that:

1. This Agreement may not be assigned in whole or in part by USA Funds without
the prior express written consent of Lender, which consent will not be
unreasonably withheld or delayed; provided, however, that USA Funds shall have
the right without the consent of Lender to subcontract its obligations to any
person.

2. Lender shall not assign any rights or obligations under the Agreement in
whole or in part without the prior express written consent of USA Funds, which
consent will not be unreasonably withheld or delayed.

B. Amendment. Except as otherwise provided in this Agreement, this Agreement may
not be varied by oral agreement, but only as agreed to in writing by all
parties.

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C. Waiver of Rights. No failure by any party to exercise, or any delay in
exercising, and no course of dealing with respect to any right of such party or
any obligation of any other party under this Agreement will operate as a waiver,
unless, and only to the extent, agreed to in writing by all parties. Any single
or partial waiver by any party of any obligation of any other party under this
Agreement will constitute a waiver of such obligation only as specified in such
waiver and will not constitute a waiver of any other obligation.

D. Cumulative Remedies. Except as otherwise provided in this Agreement, no
remedy by the terms of this Agreement conferred upon or reserved to a party is
intended to be exclusive of any other remedy, but each and every such remedy
shall be cumulative and in addition to every other remedy given under this
Agreement or existing at law or in equity or by statute on or after the date of
this Agreement including, without limitation, the right to such equitable relief
by way of injunction to prevent the breach or threatened breach of any of the
provisions of this Agreement or to enforce the performance.

E. Severability. Any provision of this Agreement that is held to be prohibited,
unenforceable, or not authorized by any court of competent jurisdiction will, as
to such jurisdiction, be ineffective to the extent of such prohibition,
unenforceability, or non-authorization without invalidating the remaining
provisions or affecting the validity, enforceability, or legality of such
provision in any other jurisdiction.

F. Governing Law; Entire Agreement. Except to the extent that this Agreement may
be governed by Federal law, this Agreement is governed by, interpreted,
construed and enforced in accordance with the laws of the State of Indiana,
without reference to its principles of conflict of laws. This Agreement
constitutes the entire agreement between the parties and supersedes any and all
prior agreements, written or oral, not incorporated herein, with respect to the
subject matter of this Agreement. All prior writings, correspondence, memoranda,
agreements, representations, statements, warranties, covenants, negotiations,
and undertakings, express or implied, of any kind or character whatsoever with
respect to the subject matter of this Agreement are superseded.

G. Notices. Any notice required or permitted by this Agreement shall be in
writing and shall be deemed to have been given if sent by first class mail,
overnight carrier, facsimile, or personal delivery, addressed (i) if to USA
Funds, to the attention of General Counsel, Legal Division, at 30 South Meridian
Street, Indianapolis, Indiana 46204, (ii) if to the Lender, at the address
indicated in this Agreement, or (iii) at such other address as the party to be
notified has designated upon reasonable notice. Notices made pursuant to this
paragraph by facsimile, overnight carrier, or personal delivery will be deemed
to be effective upon receipt. Notices made pursuant to this paragraph by first
class mail will be deemed to be effective no later than the fifth (5th) business
day following the mailing of such notice.

H. Confidential/Proprietary Materials. The terms and conditions of this
Agreement shall be considered confidential. All materials, procedures, written
instruments, files, and records developed by either party specifically pursuant
to this Agreement are and shall be treated as proprietary in nature. Each party
to this Agreement has developed or may develop materials, procedures, written
instruments, files, or records, which may be similar to those involved in this
Agreement. Neither party to this Agreement shall have or acquire any proprietary
or any other

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right whatsoever in any such materials, procedures, written instruments, files,
or records developed by the other party. Neither party to this Agreement may
benefit from, deal in, sell, license, publish, use, or otherwise exploit for any
purpose those materials, procedures, written instruments, files, or records
developed by the other party except as expressly provided in this Agreement.
This Agreement shall not in any way restrict the right of each party, for its
own exclusive benefit, to deal in, sell, license, publish, use, or otherwise
exploit for all purposes those materials, procedures, written instruments,
files, or records developed by it.

I. Execution. This Agreement will not be binding on either party until it has
been executed and delivered by both parties. This Agreement may be executed in
any number of counterparts, each of which shall be an original, but which
together constitutes one and the same instrument. Delivery may be by facsimile.

J. Interpretation of Agreement. In this Agreement unless the context otherwise
requires: any headings preceding the texts of the several articles and sections
of this Agreement, and any table of contents or marginal notes appending to
copies, shall be solely for convenience of reference and shall not constitute a
part of this Agreement, nor shall they affect its meaning, construction or
effect. The parties agree that each party and its counsel reviewed this
Agreement and that this Agreement shall be construed as a whole according to its
fair meaning and not strictly for or against a party.

K. Independent Parties. 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, create, give effect to or
otherwise imply a joint venture, partnership or business organization of any
kind. The parties to this Agreement are independent parties 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.

L. Force Majeure. If a party is delayed from completing performance of any or
all of its obligations under this Agreement by an act of God or any other
occurrence beyond its reasonable control, then performance shall be excused for
as long as it is reasonably necessary to complete performance.

M. Litigation Costs and Attorney Fees. If any action, at law or equity,
including an action for declaratory relief, is brought to enforce or interpret
this Agreement, then the prevailing party shall be entitled to recover its
reasonable costs, expenses, and attorneys' fees from the other party, in
addition to any other relief that may be awarded.

N. Resolution of Disputes. In the event of any dispute or disagreement between
the parties hereto, either with respect to the interpretation of any provision
of this Agreement or with respect to the performance hereunder, each of the
parties will appoint a designated officer or agent to meet for the purpose of
endeavoring to resolve such dispute or to negotiate for an adjustment to such
provision. Except in the case of good faith belief that the applicable statute
of limitation may run within such period, no formal proceedings for the judicial
resolution of such dispute may be commenced until the designated officers or
agents have reasonably discussed the

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provision or performance in question and have concluded in good faith that
amicable resolution through continued negotiation of the matter at issue does
not appear likely.

O. Mitigation of Liability. Either party shall have the right to mitigate its
liability under this Agreement by taking such actions as may be appropriate.

IN WITNESS WHEREOF, United Student Aid Funds, Inc. and the Lender have each
caused this Agreement to Guarantee Consolidation Loans and Certificate of
Comprehensive Guarantee Coverage to be executed by their respective authorized
officers and to take effect on the date first above written.

FIRST NATIONAL BANK AS ELT FOR               UNITED STUDENT AID FUNDS, INC.
EDUCATIONAL LOANS, INC.

By:  /s/ Tom Steele                          By:   /s/ Ted Sparks
   ------------------------------------         --------------------------------
Authorized Signature                         Authorized Signature

Thomas Steele Corporate Trust Officer              Ted Sparks, Vice President
---------------------------------------      -----------------------------------
Printed Name, Title                                Printed Name, Title

141 N MAIN AVE; PO BOX 5308
---------------------------------------
Address

Sioux Falls, SD 57117-5308
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City, State, Zip

41-0256895
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Federal Identification Number

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

                                       11<PAGE>
                                                                    Exhibit 10.5

     AGREEMENT BETWEEN THE CALIFORNIA STUDENT AID COMMISSION AND US BANK NA AS
TRUSTEE FOR STUDENT LOAN FINANCE CORPORATION RELATING TO THE GUARANTEE OF LOANS
FOR ATTENDANCE AT EDUCATIONAL INSTITUTIONS

Parties

The California Student Aid Commission ("CSAC") is an agency of the State of
California. Since 1978, CSAC has been a guarantee agency in the various programs
created under the Higher Education Act (HEA) of 1965, as amended, and
administered by the United States Department of Education relating to guaranteed
loans for attendance at educational institutions.

US BANK NA AS TRUSTEE FOR STUDENT LOAN FINANCE CORPORATION ("Lender") is a
lending institution desirous of making and acquiring loans having a CSAC
guarantee.

Warranties

Lender warrants that it is eligible, as defined under the HEA, and will remain
eligible to make or acquire any loan having a CSAC guarantee.

Lender warrants that any loan it makes or acquires having a CSAC guarantee will
be a legally valid, legally binding, and legally enforceable obligation of the
borrower pursuant to all applicable federal, state and local laws and
regulations.

Agreement by Lender

In consideration of the agreements made by CSAC, Lender agrees to the following:
that, respecting any loan it makes or acquires having a CSAC guarantee, it will
comply with all applicable federal, state, and local laws and regulations
including, but not limited to, the HEA, the Fair Debt Collection Practices Act,
the Fair Credit Reporting Act and the Equal Credit Opportunity Act, as well as
all applicable written policy and procedure documents issued by CSAC. Lender
will, upon request, provide all documents created or maintained pursuant to the
HEA. Lender agrees that for any failure of its warranties, responsibilities
and/or representations made in this agreement the guarantee is void for all
affected loans and it will indemnify and hold harmless CSAC from any resulting
financial loss of any kind, including, but not limited to, the repurchase of any
loans upon which a claim payment was made by CSAC.

Agreement by CSAC

In consideration of the warranties and agreements made by Lender, CSAC agrees to
guarantee loans made and acquired by Lender within the parameters provided for
under the HEA.

Incorporations by Reference

Any provision of federal, state, or local law or regulation which is required to
be set forth in this agreement is hereby incorporated as though fully set forth.

<PAGE>

Severability of Provisions

The parties agree that the provisions of this agreement are severable, and that
if any provision were declared judicially unenforceable all other provisions
nevertheless remain in full force and effect.

CSAC Failure to Enforce Provisions of Agreement

The parties agree that any CSAC failure to enforce any provision of this
agreement shall not in any way diminish the power of CSAC to enforce that
provision subsequently.

Address and Federal Tax Number

The address of Lender is:

         US BANK NA AS TRUSTEE FOR STUDENT LOAN FINANCE CORPORATION
         PO BOX 5308
         SIOUX FALLS SD 57117-5308

The Employer Identification Number for Lender is 91-1819974

Signature:        Tom Steels                                8-8-01
            ------------------------------         ---------------------------
                                                   Date

Title:  CORPORATE TRUST OFFICER
        ----------------------------
Authorized representative of Lender

Signature:        /s/ R. Phillips                           8-29-01
            ------------------------------         ---------------------------
                                                   Date

Title:   R. Phillips, Chief Loan Program Oversight
        ------------------------------------------
Authorized representative of CSAC

                                       2

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