Document:

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                                                                   Exhibit 10.14

                               GUARANTEE AGREEMENT

                                     BETWEEN

              MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION
                  doing business as AMERICAN STUDENT ASSISTANCE

                                       AND

                 STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES
                               (US BANK, TRUSTEE)

     WHEREAS, The Massachusetts Higher Education Assistance Corporation doing
business as American Student Assistance (hereinafter "ASA"), at 330 Stuart
Street, Boston, Massachusetts 02116, a private nonprofit corporation created by
Chapter 298 of the Acts of 1956 of the Commonwealth, administers several loan
guarantee programs providing financial assistance to and on behalf of students
enrolled in programs of higher education; and

     WHEREAS, STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK TRUSTEE)
(833405) (hereinafter "LENDER"), qualifies as an eligible lender under one or
more of these programs, fulfilling such criteria as have been set forth by
federal and state statute and regulation, and those set forth by the Board of
Directors of ASA pertaining to the particular program; and

     WHEREAS, LENDER is willing to make loans to eligible borrowers as such are
defined in this agreement and in the policies of ASA, and ASA is willing to
guarantee the payment of principal and interest in the event of the borrower's
default of repayment in accordance with the terms and conditions set forth
herein.

     NOW THEREFORE, in consideration of the mutual covenants contained herein,
ASA and LENDER agree as follows:

Section 1. DEFINITIONS

     These definitions are meant to incorporate and be consistent with the more
detailed definitions within the Federal Family Education Loan Program
Regulations located at 34 C.F.R. (S) 682. et seq.

     1.    "AGREEMENT" - shall mean this LENDER agreement to the extent that
LENDER and ASA have indicated the willingness of each to participate in the
programs as evidenced by signature or initial.

     2.    "BORROWER" - shall mean any person or persons executing a promissory
note individually or jointly for the purpose of obtaining funds from LENDER
under one of the programs authorized by this Agreement.

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     3.    "DEFAULT" - shall mean the failure of the BORROWER to repay borrowed
amounts when due, and/or the failure of the BORROWER to comply with the terms of
the promissory note.

     4.    "DUE DILIGENCE" - shall mean the utilization by LENDER of policies,
practices and procedures in the origination, servicing and collection of loans
which are consistent with LENDER's policies, practices and procedures applicable
to its other consumer loan and credit portfolios and which comply with the
requirements of federal and state statute and regulation and ASA policies. DUE
DILIGENCE includes, but is not limited to, the remission of guarantee fees to
ASA in an amount and time frame as specified by ASA.

     5.    "FEDERAL STUDENT LOAN RESERVE FUND" (referred to as Federal Fund)
shall mean the reserve account maintained by ASA as a source from which to pay
insurance claims and to assure LENDER of the ASA's ability to perform its
commitments to LENDER under this Agreement.

     6.    "FORMS" - shall mean such application forms, promissory notes and
administrative forms as are provided by and/or required by ASA for participation
in any of the programs authorized by this AGREEMENT.

     7.    "GUARANTEE" - shall mean the guarantee of payment given by ASA to
LENDER by which ASA covenants to pay to LENDER such principal and interest as
may be provided by the terms of each program after being assured that LENDER has
exercised DUE DILIGENCE in its origination, servicing and collection and that
the necessary documents have been submitted to ASA in the form required.

     8.    "LIMITATION, SUSPENSION OR TERMINATION" - shall mean the restrictions
imposed by ASA upon LENDER's continued participation in any of the programs
authorized by this AGREEMENT. The cause of such restrictions, the process by
which such restrictions may be imposed, and their nature and scope are set forth
in Section 3 of this AGREEMENT.

     9.    "SCHOOL" - Shall mean an institution of higher education as that term
is defined in section 481 of the ACT and 34 CFR 682.200, whose programs satisfy
the definition of "eligible program" in 34 CFR 668 and which has in effect a
current agreement with the Secretary under 34 CFR 682.600.

     10.   "FEDERAL FAMILY EDUCATION LOAN PROGRAM" - shall mean the Federal
Stafford Loan, Federal PLUS Loan, Federal Supplementary Loans for Students,
Federal Consolidation Loan and other federal education loan programs
administered by ASA.

Section 2. TERMS AND CONDITIONS OF LOANS ORIGINATED AND HELD UNDER THE FEDERAL
FAMILY EDUCATION LOAN PROGRAM ADMINISTERED BY ASA

       1.  Statutes governing the FEDERAL FAMILY EDUCATION LOAN PROGRAM are
enacted as Part B of Title IV of The Higher Education Act of 1965, as amended
(20 United States Code Section 1071 et seq.). Regulations affecting program
administration are adopted by the Secretary of the United States Department of
Education and are published in the Code of

                                        2

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Federal Regulations. Proposed revisions to such Regulations are published in the
Federal Register.

     2.  ASA participates in the FEDERAL FAMILY EDUCATION LOAN PROGRAM as a
private nonprofit guarantee agency pursuant to contractual agreements with the
United States Department of Education. These agreements confer eligibility upon
BORROWERS to receive full or partial interest subsidy, upon lenders to receive
interest and special allowance payments and upon ASA to receive insurance and
reinsurance payments in the event of death, disability, bankruptcy, closed
school, false certification or DEFAULT. ASA hereby represents and covenants that
it will structure and operate its programs in such a mariner as to preserve to
the full extent possible the benefits of these federal agreements.

     3.  LENDER covenants that it will comply with all applicable requirements
of federal and state statutes and regulations and with all requirements and
policies of ASA. Furthermore, LENDER will administer the FEDERAL FAMILY
EDUCATION LOAN PROGRAM in conformity with sound lending practices and standards
of DUE DILIGENCE as applied to the programs.

     4.  In its administration of the FEDERAL FAMILY EDUCATION LOAN PROGRAM,
LENDER shall utilize forms approved and distributed by ASA and/or by the United
States Department of Education. LENDER will also be authorized to collect and
shall collect such fees as may be required of the BORROWER, by ASA, or the
United States Department of Education, and shall apply the payment or allocation
of such fees as directed.

     5.  In the event of the DEFAULT, death, total and permanent disability,
closed school, false certification or discharge in bankruptcy of a BORROWER, as
such events are defined in applicable law and regulation, ASA will accept a
claim for payment upon its GUARANTEE and, if satisfied that standards of DUE
DILIGENCE have been met, make payment to LENDER in an amount equal to the
outstanding and unpaid principal amount plus interest accrued since the date of
last payment or maturity to the date of payment by ASA, to the extent that such
interest does not exceed the maximum number of days authorized by ASA or federal
law and regulations.

     6.  LENDER agrees that it will prepare and make available such reports or
other information as may be reasonably required by ASA or the United States
Department of Education and further, that independent auditors or authorized
representatives of ASA or such Department shall have access to the operations
and financial records and procedures pertaining to the Stafford, PLUS, SLS and
Consolidation programs or any other federal program administered by ASA.

     7.  If LENDER shall violate, or fail to comply with, any of the terns of
this Agreement, it shall become liable to ASA in an amount equal to the damages
sustained by ASA by virtue of such violation or failure to comply. ASA may, at
its option, and in addition to any other remedies available to it at law or in
equity, invoke and apply the provisions of Section 3 of this AGREEMENT relating
to LIMITATION, SUSPENSION OR TERMINATION.

                                        3

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Section 3. LIMITATION, SUSPENSION OR TERMINATION OF LENDER PARTICIPATION

     l.  As a lender participating in the FEDERAL FAMILY EDUCATION LOAN PROGRAM
administered by ASA, LENDER shall administer its loan portfolio(s) in accordance
with applicable federal and state law and regulations, with ASA policies, and
with sound lending practices.

     2.  In the event that ASA determines that LENDER's administration of such
programs does not satisfy the required levels of DUE DILIGENCE or that the
DEFAULT or delinquency rate of loans originated or held by LENDER is excessive,
ASA will inform LENDER of the noted deficiencies and of corrective actions
required in order to continue participation.

     3.  LENDER shall implement the recommended corrective action and/or take
other action to rectify each of the administrative deficiencies noted by ASA
within the time specified by ASA or as agreed to by LENDER and ASA.

     4.  In the event that LENDER fails to rectify such deficiencies in a timely
and prudent manner, ASA may, in its discretion, impose LIMITATION, SUSPENSION OR
TERMINATION sanctions as it may deem appropriate, after affording LENDER an
opportunity to respond. However, ASA may impose such sanctions on LENDER without
a hearing if ASA determines that emergency action is necessary in order to
prevent monetary loss to ASA and the federal government. LENDER may appeal any
LIMITATION, SUSPENSION OR TERMINATION sanctions by ASA.

     5.  LIMITATION sanctions provide for the continued participation of LENDER
but subject to such special conditions, procedures or timetables as may be
established by ASA.

     6.  SUSPENSION sanctions include the temporary termination of LENDER's
eligibility for participation for a specified period of time or until LENDER
satisfies the standards established by ASA to remove the SUSPENSION.

     7.  TERMINATION sanctions may be invoked by ASA where the administrative
deficiencies are substantial and where LENDER has not taken timely corrective
action. TERMINATION of LENDER's eligibility for participation will be effected
after having provided LENDER with an opportunity for a hearing. Restoration of
LENDER's eligibility for participation can be accomplished only upon submission
of a new application for such participation and ASA's approval of such
application after consideration of eligibility standards then required by the
Board of Directors.

     Any LIMITATION, SUSPENSION OR TERMINATION hereunder shall be prospective
only and shall not affect the obligations of the parties hereto which were
incurred prior to such LIMITATION, SUSPENSION OR TERMINATION.

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     The AGREEMENT may be modified only by written agreement of the parties
hereto. Any waiver, modification or failure to insist upon the strict
performance of the duties of either party to this AGREEMENT shall not be
construed as a waiver or modification generally or of such particular condition
in a subsequent instance.

     This AGREEMENT may be terminated by either party at anytime by providing at
least thirty (30) days' written notice of such termination to the other party
hereto. Such termination, however, shall be prospective only and shall not
affect the obligations of the parties hereto, which were incurred prior to such
termination.

     IN WITNESS WHEREOF, ASA and LENDER have caused this instrument to be
executed by duly authorized officers and affixed with the corporate seal of each
as of the day and year indicated below.

                                        5

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     By checking below, LENDER signifies its intent to participate in the
programs checked.

     [X]  Participation in the Federal (Subsidized and Unsubsidized) Stafford
          Loan Programs

     [X]  Participation in the Federal PLUS Loan Program

     [X]  Participation in the Federal Consolidation Loan Program

     [ ]  Participation in the Federal Loan Rehabilitation Program

     [ ]  Participation in the ASA Lender of Last Resort Program

                                     MASSACHUSETTS HIGHER
                                     EDUCATION ASSISTANCE
                                     CORPORATION doing business as
                                     AMERICAN STUDENT ASSISTANCE

                                     By:   /s/ Paul C. Combe
                                         ---------------------------------------
                                     Printed Name:       Paul C. Combe
                                                   -----------------------------
                                     Title:  President
                                            ------------------------------------
                                     Date:         6/19/02
                                           -------------------------------------
                                     Witness:      /s/ (signature unreadable)
                                              ----------------------------------

                                     STUDENT LOAN FINANCE
                                     CORPORATION & SUBSIDIARIES
                                     (US BANK, TRUSTEE)

                                     By:   /s/ Cnythia Woodward
                                         ---------------------------------------
                                     Printed Name:       Cynthia Woodward
                                                   -----------------------------
                                     Title:        Vice President
                                            ------------------------------------
                                     Date:         4-23-02
                                           -------------------------------------
                                     Witness:      /s/ Scott Hagen
                                              ----------------------------------
                                     EIN #:        41-0256895
                                            ------------------------------------
                                     Lender Code:        833405
                                                  ------------------------------

                                        6<PAGE>
                                                                   Exhibit 10.15

                          AGREEMENT TO GUARANTEE LOANS

This agreement entered into between the Student Loan Guarantee Foundation of
Arkansas, Inc. (hereinafter referred to as "SLGFA") and Student Loan Finance
corporation and Subsidiaries (US Bank, Trustee) (hereinafter referred to as
"Lender");

                                   WITNESSETH:

WHEREAS, SLGFA is a nonprofit corporation whose objectives are to provide
opportunities for a higher education for all eligible borrowers who, though
wanting such education and being qualified for it, are deterred by financial
considerations; and

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

WHEREAS, Lender is desirous of participating in the Student Loan Programs
administered by the SLGFA subject to the terms and conditions hereinafter set
forth; and

THEREFORE, in consideration of the loan(s) that Lender makes or acquires
hereunder, and in further consideration of the mutual covenants hereinafter
expressed, SLGFA and Lender agree as follows:

                                  DEFINITIONS:

As used herein the following words shall have the meanings,

ACT: The Higher Education Act of 1965 (20 U.S.C. Section 1071 et seq.), as
amended and in effect from time to time, or any successor enactment thereto, any
applicable regulations duly promulgated thereunder.

APPROVED NOTE: A promissory note approved by the U.S. Department of Education
for use in the Student Loan Programs of the SLGFA.

BORROWER: A person who is the maker of an Approved Note.

DEFAULT: With respect to any Approved Note, the occurrence of any event which
constitutes a default under the terms of the note or the Act.

LOAN APPLICATION: A document or information transmitted to the SLGFA by
electronic means approved by SLGFA by which a borrower applies for a loan.

POLICY AND PROCEDURES MANUAL: A handbook of SLGFA describing the administration
of the Arkansas Guaranteed Student Loan Program, including any policy memoranda
consistent with the Act, which shall be provided by the SLGFA as addenda to the
Policy and Procedures Manual.

NOTICE OF DEFAULT: A document approved by the SLGFA and/or the U.S. Department
of Education, and designed to put the SLGFA on notice that an approved loan is
in default.

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STUDENT:  A citizen of the United States or eligible noncitizen accepted for
enrollment or enrolled at a participating educational institution who is
otherwise eligible under the Act.

1.  Lender agrees that, in respect to all loans made or acquired by it under a
loan program of SLGFA and all Approved Notes made or acquired by it from time to
time, it will:

    a. exercise reasonable care and diligence in the making, servicing and
    collection thereof from the Borrower consistent with the Act and the Policy
    and Procedures Manual, and if the Borrower fails to honor his or her
    obligation, Lender will pursue collection efforts consistent with the Act
    and the Policy and Procedures Manual prior to submitting a default claim;

    b. comply with all procedures and conditions on its part to be performed as
    set forth in this Agreement and the Policy and Procedures Manual. It is
    expressly understood that failure to comply with the Act or the Policy and
    Procedures Manual may relieve the SLGFA of its guarantee. In the event of
    any conflict between the Act and the Policy and Procedures Manual, the Act
    shall govern;

    c. comply with all applicable Federal and State laws; and

    d. provide promptly such information and reports as may from time to time to
    be reasonably requested by SLGFA.

2.  The SLGFA will guarantee each Approved Note evidencing a loan made to a
Borrower by Lender pursuant to the loan program of SLGFA; provided that a
guarantee fee is paid within a reasonable time; provided however, that SLGFA
shall not be obligated to guarantee any such Approved Note if the procedures and
requirements of applicable law and regulations, this Agreement, and the Policy
and Procedures Manual have not been complied with in respect to such Approved
Note.

3.  In the event of a delinquency or a Default with respect to any Approved
Note, Lender shall follow the procedure set forth in the Act and the Policy and
Procedures Manual. SLGFA does not guarantee payment by the Borrower of any
delinquency charges imposed for late payments, and will not accept a default
claim based solely on non-payment of such charges. Upon receipt from Lender of a
notice of default together with the Approved Note (assigned to SLGFA), the Loan
Application, and evidence of due diligence and collection efforts consistent
with the Act and Policy and Procedures Manual, SLGFA will pay to Lender one
hundred percent (100%) of the amount of the unpaid balance and interest due on
such Approved Note on which the proceeds were disbursed prior to October 1,
1993, and ninety-eight percent (98%) of the amount of unpaid balance and
interest on such Approved Note on which the proceeds were disbursed after
October 1, 1993; or such other amount which is mandated by the Act (other than
any portion of such interest payable by the U.S. Department of Education under
the Act); provided Lender has complied in all material respects with the
procedures and requirements of applicable law and regulations, this Agreement
and the Policy and Procedures Manual in respect of such Note(s). SLGFA shall
thereupon succeed to all rights of Lender under such Approved Note.

4.  The liability of SLGFA as guarantor of any Approved Note in accordance
herein shall not be affected by the fact that the Borrower was a minor at the
time of execution of the Approved

                                       2

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Note. Upon death or permanent and total disability of the Borrower, SLGFA will
pay Lender the full amount of the unpaid balance and interest due on such
Approved Note (other than any portion of such interest payable by the U.S.
Department of Education under the Act); provided Lender has complied in all
material respects with the procedures and requirements of applicable law and
regulations, this Agreement and Policy and Procedures Manual in respect to such
Approved Note. The SLGFA will also pay Lender in circumstances other than those
which are described in this paragraph if required to do so under the Act. Such
circumstances may include, but are not limited to the closing of a school which
prevented the Borrower from completing a program of instruction, or the false
certification of the school; in each situation as defined in the Act. Upon the
filing of a proceeding in bankruptcy which is applicable to any Approved Note
guaranteed by the SLGFA, Lender must determine the nature of the bankruptcy
claim by the Borrower and follow the policies and procedures established by the
Act and the Policy and Procedures Manual for payment of a bankruptcy claim on
such Approved Note.

5.  No change shall be made in the terms of any Approved Note, except with the
prior written consent of SLGFA. Any change made without SLGFA's consent, shall
have the effect, at the option of SLGFA, of voiding SLGFA's guarantee of such
Approved Note.

6.  If either party shall violate or fail to comply with any applicable law or
government regulation in respect of any Approved Note, then such party hereby
agrees to assume liability for, and does hereby indemnify, protect and keep
harmless the other party, its successors, assigns, directors, officers, agents
and servants from and against any and all liabilities, losses, damages,
penalties, claims, actions, expenses and disbursements, (excluding legal fees
and expenses), imposed on, incurred by or asserted against them or any of them,
in any way related to arising out of such violation or failure to comply,
regardless of whether SLGFA shall have purchased such Approved Note from Lender.

7.  SLGFA shall be discharged from its obligations on an Approved Note under
this agreement if Lender materially breaches its obligations under said
agreement with respect to such Approved Note. This discharge shall be effective,
regardless of whether such material breach is discovered by SLGFA before or
after SLGFA's payment of a claim, or its rendering other performance hereunder
in regard to the Approved Note.

8.  Lender must at all times maintain its SLGFA loan program records on a
current basis and in satisfactory form in accordance with the Policy and
Procedures Manual and as required by the Act, and shall afford access thereto at
any reasonable time to SLGFA or its agents and to the U.S. Department of
Education or other agencies of the federal government designated to assure the
correctness and verification of such records.

9. No recourse under or upon this Agreement or any Approved Note or guarantee
thereof, or for any claim based thereon or otherwise in respect thereof, shall
be had against any board member, director, or employee, as said, past, present,
or future, of SLGFA or of any successor agency; it being understood that this
Agreement and the guarantees of Approved Notes are solely SLGFA obligations and
that no personal liability whatever shall attach to or shall be incurred by, the
board members, directors, or employees, as such, of SLGFA or any successor
agency, or any of them, because of this Agreement or any Approved Note or
guarantee thereof.

                                        3

<PAGE>

10. If Lender breaches the terms of this Agreement or the Policy and Procedures
Manual, SLGFA shall take such action as is necessary to protect its interests.
This action may include, but not be limited to implementation of the limitation,
suspension, or termination procedures set out in the Policy and Procedures
Manual in accordance with paragraph 12 of this agreement.

11. Any notice required or permitted by this Agreement shall be in writing and
shall be deemed to have been duly given if mailed, first class postage prepaid,
addressed, if to the SLGFA at 219 South Victory, Little Rock, AR 72201-1884, or
if to Lender, at the address indicated below, or at such other address as may be
provided for in writing.

12. This Agreement may be terminated by either party upon not less than 60 days
written notice to the other party, and in a fashion which is consistent with the
Act and the Policy and Procedures Manual. Such termination shall not affect any
obligation incurred pursuant to this Agreement prior to the time that such
termination notice becomes effective. This agreement may be terminated by the
Secretary of Education upon 30 days notice if the Secretary makes a
determination under the Act that it is necessary to protect SLGFA's reserves.

13. This Agreement shall inure to the benefit of and be binding upon SLGFA and
the Lender and their respective successors and assigns. This Agreement shall not
be varied by oral agreement, but only by an instrument in writing duly executed
by the parties hereto. Any waiver or modification, express or implied by SLGFA
of any terms or condition contained in this Agreement, shall operate as such
only in the specific instance and shall not be construed as a waiver or
modification of any such condition generally or in any other instance. This
Agreement shall replace any Agreement to Guarantee Loans heretofore executed by
Lender with the SLGFA. This Agreement shall govern the rights and
responsibilities of the SLGFA and Lender on all loans guaranteed heretofore or
hereafter by the SLGFA.

14. This Agreement shall be construed to be entire, and shall revoke and
supersede any and all foregoing Agreements to Endorse Loans and any and all
foregoing Agreements to Guarantee Loans, whether oral or written. This Agreement
shall be construed under the laws of the State of Arkansas, or under Federal law
where applicable.

                                       4

<PAGE>

In WITNESS WHEREOF, the Student Loan Guarantee Foundation of Arkansas and Lender
have each caused this Agreement to be executed the 30th day of January, 2002, by
their respective duly authorized officers.

                                                STUDENT LOAN GUARANTEE
                                                FOUNDATION OF ARKANSAS, INC.

Student Loan Finance Corporation and Subsidiaries (US Bank Trustee)
------------------------------------------------------------------
Lender

By:   /s/ Tom Steele                            By:  /s/ Ronnie L. Nichoals
    --------------------------------------         -----------------------------
       Signature                                      Ronnie L. Nichoalds
                                                      Executive Director
                                                      02/22/2002

Tom Steele, Corporate Trust Office
------------------------------------------
Name and Title

141 North Main Avenue Box 5308
------------------------------------------
Street Address

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

   833405
------------------------------------------
Lender Identification Number

   41-0256895
------------------------------------------
Employer Identification Number

                                        5

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