Document:

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                                                                   Exhibit 10.22

                    LENDER AGREEMENT FOR GUARANTEE OF FEDERAL
                  CONSOLIDATION LOANS WITH FEDERAL REINSURANCE

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

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

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

     WHEREAS, Lender has previously executed the NSLP Lender Agreement for
Guarantee of Student Loans with Federal Reinsurance.

     NOW, THEREFORE, it is mutually agreed that:

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

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

          (b)  "Agreement" shall mean this Agreement;

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

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

          (e)  "Federal Consolidation Loan" shall mean a student loan which has
               been consolidated pursuant to and as defined by the Act;

          (f)  "Initial Principal Amount" shall mean the principal amount of a
               Federal Consolidation Loan when made; and

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

     2.   NSLP shall guarantee Federal Consolidation Loans made by the Lender
          which have been made in conformance with the Program Rules.

<PAGE>

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

     4.   NSLP agrees to maintain reserves as defined by the Act for the payment
          of claims/purchase of loans.

     5.   Lender shall make a Federal Consolidation Loan only to discharge
          Eligible Loans upon an Eligible Borrowers request.

     6.   Lender shall make a Federal Consolidation Loan only to those Eligible
          Borrowers permitted by the Program Rules.

     7.   With respect to each Federal Consolidation Loan, the Lender shall
          determine as to each Eligible Loan obligation to be consolidated that
          each obligation:

          (a)  is a legal, valid and binding obligation of the Eligible
               Borrower;

          (b)  was made and has been continuously serviced in accordance with
               applicable laws and regulations and, if guaranteed, requirements
               of the guarantor;

          (c)  each underlying loan is currently guaranteed under the Act as of
               the date of the consolidation; and

          (d)  is not in default status as defined under the Act on the Program
               Rules.

          Lender shall document in the loan file the basis on which it made its
          determination and retain that documentation for the term required by
          the Program Rules. Lender acknowledges that NSLP has no responsibility
          to review such determinations of Lender.

     8.   Unless otherwise required by the Act, each Federal Consolidation Loan
          shall be made in a principal amount, which is equal to the sum of the
          unpaid principal and accrued unpaid interest and late charges of the
          Eligible Loans to be consolidated. The proceeds of each Federal
          Consolidation Loan will be paid to the holder of each loan to be
          consolidated to discharge the liability on such loans.

     9.   Each Federal Consolidation Loan shall be made at the interest rate
          designated by the Act.

     10.  Each Federal Consolidation Loan shall be subject to repayment on the
          terms stated in the Act.

     11.  The Lender agrees to remit to NSLP any fees permitted by the Act and
          required by NSLP.

     12.  NSLP and the Lender agree that the guarantee on any particular Federal
          Consolidation Loan shall be effective for the term of that Federal
          Consolidation

<PAGE>

          Loan determined in accordance with the Program Rules, the effective
          date beginning on the date of receipt by NSLP of any fee with respect
          to that Federal Consolidation Loan or, if no fee is permitted or
          required, beginning on the date of disbursement by Lender of that
          Federal Consolidation Loan.

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

     14.  The Lender agrees to notify NSLP in writing within sixty (60) days
          from the date that each Federal Consolidation Loan is made.

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

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

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

     18.  Subject to the prior written approval of the Lender, which approval
          shall not be unreasonably withheld, NSLP may transfer Federal
          Consolidation Loans which are guaranteed to any other guarantor which
          has given NSLP its prior written approval of such transfer.

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

          In addition, this Agreement may be terminated by NSLP upon ninety (90)
          days written notice to the Lender, in the event that NSLP intends to
          cease guaranteeing Federal Consolidation Loans of Lender. Upon receipt
          of the termination notice, Lender shall immediately cease origination
          and disbursement of all Consolidation

<PAGE>

          Loans. Lender will have ninety (90) days from receipt of the
          termination notice to obtain a guarantee from NSLP on all
          Consolidation Loans originated and disbursed prior to receipt of the
          termination notice.

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

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

     22.  Nothing contained in this Agreement amends or modifies in any way the
          Nebraska Student Loan Program, Inc. Lender Agreement for Guarantee of
          Student Loans with Federal Reinsurance between Lender and NSLP,
          including any addendum or amendment to that agreement.

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

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

                                         Lender ID #:  833405
ATTEST:

By:      /s/ Steve Kohles                 By:     /s/ Tom Steele

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

                                         Signature Date:  1-30-02

The above contract accepted in Lincoln, Nebraska, this 15/th/ day of February,
by NSLP, which date is the effective date of this agreement.

ATTEST:                                  NEBRASKA STUDENT LOAN PROGRAM, INC.

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

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

<PAGE>

             NEBRASKA STUDENT LOAN PROGRAM, INC. Lincoln, Nebraska

      Certificate of Guarantee with Respect to Federal Consolidation Loans

U.S. Department of Education Lender ID #: 833405

         WHEREAS, the Nebraska Student Loan Program, Inc. (NSLP), located in
Lincoln, Nebraska and Student Loan Finance Corporation and Subsidaries, US Bank
as Trustee located 141 N. Main Street, Sioux Falls, South Dakota, 57117 (the
`Lender') have entered into a Lender Agreement for Guarantee of Federal
Consolidation Loans with Federal Reinsurance dated (the "Agreement"), and

         WHEREAS, under the Agreement, the Lender has agreed to make Federal
Consolidation Loans for the purpose of discharging Eligible Loans of Eligible
Borrowers; and

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

         NOW, THEREFORE, to evidence its intent to guarantee, NSLP issues this
Certificate of Guarantee ("Certificate") upon the following terms and
conditions:

         1.   All capitalized terms in this Certificate, not otherwise defined
              herein, shall have the same meaning as those capitalized terms
              defined in the Agreement. Such capitalized terms and definitions
              are specifically incorporated by reference in this Certificate.

         2.   This Certificate shall be effective with respect to Federal
              Consolidation Loans made by Lender, from the date of the
              Agreement, unlit one of the parties terminates the Agreement.

         3.   Federal Consolidation Loans guaranteed under this Agreement and
              this Certificate shall carry terms and conditions as required by
              the Act and Program Rules.

         4.   Repayment of each Federal Consolidation loan will be required by
              the Act and Program Rules.

         5.   This Certificate shall be cancelled and be of no further effect in
              the event that the Agreement is terminated by either party in
              accordance with the terms of the Agreement.

         6.   This Certificate shall be cancelled by NSLP, either finally or
              temporarily or the effectiveness of this Certificate may be
              limited by NSLP, as appropriate, in accordance with the terms of
              the Act and Program Rules.

         7.   No cancellation or limitation of this Certificate shall affect the
              guarantee coverage of Federal Consolidation Loans made prior to
              the effective date of such cancellation or limitation.

<PAGE>

         8.   Claims under this Certificate shall be made to NSLP as described
              in the Act and Program Rules.

         9.   The Lenders right to make a claim under this Certificate may be
              assigned to a subsequent owner/transferee of a Federal
              Consolidation Loan guaranteed under this Certificate. However,
              with respect to a Federal Consolidation Loan transferred, any such
              transferee must be an Eligible Lender, a signatory to the NSLP
              Lender Agreement, and bound by the terms of the Agreement and this
              Certificate prior to the date of transfer of ownership.

                                           Dated:  2-27-02

                                           NEBRASKA STUDENT LOAN PROGRAM, INC.

                                           Approved by:

                                           /s/ Randy Heesacker
                                           ------------------------------------

                                           Executive Vice President
                                           ------------------------------------

<PAGE>

              NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION
                LOAN GUARANTEE AGREEMENT WITH LENDING INSTITUTION

         AGREEMENT, made this 30/TH/ day of January, 2002, by and. between the
NEW YORK STATE HIGH EDUCATION SERVICES CORPORATION, an educational corporation
created by an act of the Legislature of the State of New York, with its
principal office at One Commerce Plaza, Albany, New York (hereinafter referred
to as the "Corporation"),and STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US
BANK, TRUSTEE) located at 105 SOUTHWEST FIRST AVENUE, ABERDEEN, SD 57401-4173
(hereinafter referred to as the "Lending Institution").

                                  WITNESSETH:.

         WHEREAS, the Corporation was created and operates pursuant to Article
14 of the Education Law of the State of New York for the purpose of assisting
eligible students who are attending or planning to attend colleges or vocational
institutions in said State or elsewhere to meet their expenses of higher
education, or vocational education, and to that end the Corporation is empowered
by said Article to lend money and/or to guarantee the loan of money to students
and their parents upon such terms and conditions as the Corporation may
prescribe, and

         WHEREAS, the Corporation has executed an agreement with the U.S.
Department of Education to guarantee educational loans, pursuant to part B of
subchapter IV of chapter 28 of Title 20 of the United States Code, and

         WHEREAS, the Corporation desires that the Lending Institution shall
make such loans, at the Lending Institution option in each instance, the
Corporation to guarantee the payment thereof upon the terms, conditions and
agreements herein contained

         NOW, THEREFORE, in consideration of the mutual covenants herein
contained, it is agreed as follows:

         A.   The Lending Institution agrees, at its option in each instance, to
make educational loans to persons determined to be eligible by the Corporation,
using the forms, procedures and methods from time to time established by the
Corporation and/or the United States Department of Education. The loan thus made
shall thereupon be under the guaranty of the Corporation as hereinafter set
forth. If the Corporation disapproves any application. it will so notify the
Lending Institution and the applicant. While any applicant is indebted to the
Lending Institution on account of any loan made hereunder, the Corporation will
approve no other application from that applicant if the loan is to be made by
any other Lending Institution unless the prior Lending: Institution consents to
sell to the. new lender the principal amount and interest then outstanding and
owing or the student requests a change in lender in accord with NYSHESC rules &
procedures, including due to the Lender of the Last Resort Program. The
educational institution will be asked to notify the Corporation promptly if the
student ceases for any reason to be enrolled, or never enrolls, in that
institution, such notice specifying the reason for such cessation, and this
information will be promptly transmitted to the Lending Institution.

<PAGE>

         B.   The Lending Institution agrees to repurchase from the Corporation
any loans which the Corporation or. the U.S. Department of Education determines
were improperly defaulted.

         C.   The Lending Institution must pay an insurance premium to the
Corporation for each Corporation guaranteed loan disbursed, based upon the rate
found in the Corporation's regulations. However, if the Corporation determines
that the Lending Institution owes payments or money to the Corporation, the
Corporation may utilize a set-off against any funds which the Corporation owes
to the Lending Institution.

         D.   The Lending Institution agrees to use `due diligence' in making,
servicing and collecting loans made hereunder as that term may from time to time
be defined or established by applicable laws, rules and regulations.

         E.   To the extent allowable under federal law, the Corporation hereby
GUARANTEES to the Lending Institution, it's successors and assigns, the prompt
payment of the principal of each such note and interest thereon specified when
due, together with each and every promissory note taken by the Lending
Institution, either in whole or in part, in renewal or extension of the payment
of each such note: The Corporation's guarantee shall extend to any loan made by
the Lending Institution hereunder and to any such loan transferred or assigned
by the Lending Institution to any lender which is authorized to participate in
the guaranteed educational loan programs administered by the Corporation. It
shall also apply to any loan guaranteed by the Corporation which is transferred
or assigned to the Lending Institution by any such authorized participating
lender. The Corporation's guarantee shall be subject, however, to any defenses
the Corporation may have or may assert against the holder, transferor or
assignor, and nothing herein contained shall be deemed to waive or release any
defense to the guarantee.

         F.   The Lending Institution agrees: that this agreement, any loans
made pursuant to this agreement and the guarantee of the Corporation, are all
subject to all applicable federal and New York State laws, rules, regulations
and policies governing the guaranteed educational loan programs administered by
the Corporation; to comply with all such laws, rules, regulations and policies;
to submit to the Corporation such information and reports, including but not
limited to the manifest, and to carry out such procedures as the Corporation may
from time to time require or as are set forth in applicable law, rules,
regulations and policies. The Lending Institution will endeavor to notify the
Corporation promptly following payment and discharge of each given student's
indebtedness relative hereto.

         G.   The Lending Institution agrees to reimburse the Corporation for
any additional expenses, including travel and lodging expenses, incurred by the
Corporation in performing an audit of the Lending Institution which results from
the Lending Institution's location outside of the State of New York

         H.   This agreement may be terminated- by either party giving thirty
(30) days notice in writing to the other party by registered mail, but no such
termination shall affect the liability of the Corporation or the Lending
Institution hereunder with respect to loans made by the Lending: Institution
prior to the effective date of such termination. This agreement shall terminate
upon repeal of the regulations of the Corporation authorizing this agreement or
upon

<PAGE>

any other change in law which shall have the effect of removing the authority of
the Corporation to enter into the same.

         I.   This agreement shall apply to any and all NYSHESC guaranteed loans
first disbursed hereunder on or after October 1, 1993. Any loans first disbursed
prior to October 1, 1993 and guaranteed by NYSHESC pursuant to a previous
agreement between NYSHESC and the Lending Institution shall continue to carry
the guarantee of the Corporation, subject to the terms of all applicable federal
and New York State laws, rules, regulations and policies governing the
guaranteed educational loan programs administered by the Corporation which were
in effect at the time those prior loans were disbursed, and: subject to the
provisions of such prior agreements.

         IN WITNESS whereof, the parties have caused this instrument to be
executed by their respective duty authorized, officers.

Lender Code  833405                          NEW YORK STATE HIGHER
                                             EDUCATION SERVICES CORPORATION

STUDENT LOAN FINANCE CORPORATION
& SUBSIDIARIES (US BANK TRUSTEE)

By  /s/ Tom Steele                      By  /s/ Brenda F. Smith
        (signature)                             (signature)
Name:   TOM STEELE                      Name:   Brenda F. Smith
Title:  CORPORATE TRUST OFFICER         Title:  Vice President - Loans Division
        1-30-2002                               7/1/02<PAGE>
                                                                   Exhibit 10.23

              NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION

                           CONSOLIDATION LOAN PROGRAM

                         LENDER PARTICIPATION AGREEMENT

         AGREEMENT, made this l/st/ day of July, 2002 by and between NEW YORK
STATE HIGHER EDUCATION SERVICES CORPORATION, an educational corporation created
by act of the Legislature of the State of New York with its principal office at
One Commerce Plaza, Albany, New York (hereinafter called the "Corporation"), and
STUDENT LOAN FINANCE CORPORATION & SUBSIDIARIES (US BANK, TRUSTEE) located at
ABERDEEN, SD 57401-4173 (hereinafter called the "Lending Institution).

                                   WITNESSETH:

         WHEREAS, the Lending Institution wishes to participate in a program of
consolidation loans for eligible borrowers under Title IV, Parts B and E, of the
Higher Education Act of 1965, as amended, and under subpart II of Part C of
Title VII of the Public Health Services Act, hereinafter the program being
referred to as the "Consolidation Loan Program," and

         WHEREAS, the Corporation has executed an agreement with the United
States Commissioner of Education to guarantee student loans, pursuant to part B
of subchapter IV of Chapter 28 of Title 20 of the United States; and

         WHEREAS, the Lending Institution is an eligible lender as such term is
defined under Title IV, Part B of the Higher Education Act of 1965, as amended,
and one of the types of eligible lenders described in section 428C(l) of such
Act, and as such may participate in the Consolidation Loan Program.

         THEREFORE, it is agreed by the Corporation and the Lending Institution
as follows:

         1)   Provided the Lending Institution remains an eligible lender
              participating in the Corporation's Guaranteed Student Loan Program
              and complies with the terms and conditions of this Agreement, the
              Corporation shall insure all consolidation loans made by the
              eligible lender which are eligible for such reinsurance under the
              Acts and such Regulations issued thereunder applicable thereto,
              which Acts and Regulations, as they may from time to time be
              amended, are made a part of this Agreement.

         2)   A Lending Institution shall make a consolidation loan only if the
              borrower shall certify that he or she has no other application
              pending for consolidation loan, the Lending Institution holds at
              least one of the borrower's eligible loans for consolidation or
              obtains from the borrower a certificate that the borrower has been
              unable to obtain a consolidation loan from the holders of his/her
              outstanding loans selected for consolidation.

<PAGE>

         3)   The loan shall meet the applicable requirements for a
              consolidation loan set forth in section 428C(1) of the Higher
              Education Act of 1965, as amended, and the regulations and such
              other published terms and conditions as the United States
              Secretary of Education or the Corporation have established or
              shall hereinafter establish in relation of the Consolidation Loan
              Program.

         4)   The Lending Institution shall pay proceeds of the consolidation
              loan to the holder(s) of the loans selected for consolidation to
              fully discharge the liability of the borrower of such loans.

         S)   The Lending Institution may terminate this Agreement upon 60 days
              written notice to the Corporation. This Agreement may also be
              terminated by the Corporation in a manner provided for under this
              Agreement and applicable law and regulations. The termination of
              the Agreement shall not affect the Corporation's insurance of any
              consolidation loan made prior to such termination. Nothing herein
              contained, however, shall be deemed to waive, or act to prohibit
              or prevent the Corporation from asserting, any defense to an
              insurance obligation of any consolidation loan that may be
              available to it under the terns of this Agreement.

         6)   The Lending Institution's authority to participate in the
              Consolidation Loan Program shall be subject to the Corporation's
              Guaranteed Student Loan Program's limitation, suspension, and
              termination proceedings. Any limitation or suspension of the
              authority to participate in the Consolidation Loan Program imposed
              in such a proceeding shall similarly suspend or limit the right of
              the Lending Institution to make such loans under this Agreement; a
              termination of authority to participate in the Consolidation Loan
              Program shall act to terminate this Agreement. Any limitation,
              suspension or termination of participation in the Corporation's
              program resulting from any such proceeding, however, shall not
              affect the insurance on any consolidation loan made prior to such
              action. Nothing herein contained, however, shall be deemed to
              waive, or act to prohibit or prevent the Corporation from
              asserting, any defense to an insurance obligation on any
              consolidation loan that may be available to it under terms of this
              Agreement.

         7)   The Lending Institution shall make such reports to the Corporation
              as to consolidation loans as the Corporation shall require. This
              shall be deemed to include but not be limited to providing the
              Corporation with a copy of the borrower's application and
              promissory note and the borrower's repayment schedule and any
              revision thereof.

         IN WITNESS WHEREOF, the parties have caused this instrument to be
executed by their respective officers as of the day and date first above
written.

NEW YORK STATE HIGH EDUCATION              STUDENT LOAN FINANCE CORPORATION
SERVICES CORPORATION                       AND SUBSIDIARIES (US BANK, TRUSTEE)

Name: Brenda F. Smith                      Name: TOM STEELE

<PAGE>

Signature:   /s/ Brenda F. Smith            Signature:   /s/ Tom Steele
Title: V.P. Loans Division                  Title: Corporate Trust Officer
Date:  7/1/02                               Date:  1-30-02

<PAGE>

              NEW YORK STATE HIGHER EDUCATION SERVICES CORPORATION
                     CERTIFICATE OF COMPREHENSIVE INSURANCE

The New York State Higher Education Services Corporation, herein referred to as
the "Corporation," hereby certifies that:

1.     This Certificate applies to consolidation loans made by Student Loan
Finance Corp. & Subsidiaries (US Bank, Trustee) herein referred to as the
"Lender".

2.     All consolidation loans made by the Lender which are made in conformity
with the requirements of Section 428C of Part B of title IV of the Higher
Education Act of 1965, as amended, are fully insured by the Corporation against
loss of principal and interest, provided:

       a.     The Lender has determined to is satisfaction, in accordance with
              reasonable and prudent business practices, as to each loan being
              consolidated pursuant to this Certificate:

              (i)    that each such loan is a legal, valid, and binding
                     obligation of the borrower,

              (ii)   that each such loan was made, insured and serviced in
                     compliance with applicable laws and regulations; and

              (iii)  that the insurance on each such loan is in full force and
                     effect.

       b.     This Certificate has not been terminated by the Corporation in
              accordance with its terms.

       c.     The aggregate amount to which this Certificate applies, which is
              specified in part 4 of this Certificate, has not been exceeded.

       d.     The Lender shall make such reports to the Corporation and shall
              provide such information and documentation to the Corporation as
              to consolidation loans as the Corporation shall require.

       e.     That if the Lender of this Certificate no longer proposes to make
              consolidation loans, the Lender will so notify the Corporation in
              order that this Certificate may be terminated. Such termination
              shall not affect the insurance of any consolidation loan made
              prior thereto. Nothing herein contained, however, shall be deemed
              to waive, or act to prohibit or prevent the Corporation from
              asserting any defense to an insurance obligation on any
              consolidation loan that may be available to it under the terms of
              this Certificate.

       f.     The Lender establishes and maintains repayment terms for
              consolidation loans as are authorized by, and will promote the
              objectives of, Section 428C of Part B of Title IV of the Higher
              Education Act of 1965, as amended, including, but not limited to,
              offering an income-sensitive repayment schedule made in accordance
              with the regulations promulgated by the Secretary of the United
              States

<PAGE>

              Department of Education. In any event, consolidation loan
              borrowers must be allowed to accelerate repayment of the whole or
              any part of their consolidation loan without penalty. At the
              Corporation's request, the Lender will provide the Corporation
              with copies of the Lender's records relating to the repayment
              arrangements offered by the Lender which are described in this
              subsection.

3.     This Certificate shall become effective upon execution by HESC.

4.     This Certificate applies to loans in an aggregate original principal
amount of up to two billion dollars ($2,000,000,000.00).

5.     All administrative and procedural matters related to loans issued under
this Certificate, as well as any claims submitted by the Lender under this
Certificate, should be addressed to: New York State Higher Education Services
Corporation, Bureau of Lender Services, 99 Washington Avenue, Albany, NY 12255.

6.     If the Consolidation Loan Program Lender Participation Agreement between
the Lender and the Corporation dated July 1 ,2002 shall be terminated for any
reason, this Certificate shall also terminate without further notice. Such
termination shall not affect the insurance on any consolidation loan made prior
thereto. Nothing herein contained, however, shall be deemed to waive or act to
prohibit or prevent the Corporation from asserting any defense to an insurance
obligation on any consolidation loan that may be available to it under the terms
of this Certificate.

7.     The Lender's authority to participate in the Consolidation Loan Program
is administered by the Corporation is subject to limitation, suspension or
termination for violation of the requirements of federal or New York State law
and/or regulations applicable to the Federal Family Education Loan program, the
terms of the above-referenced Consolidation Loan Program Lender Participation
Agreement between the Lender and the Corporation, or the terms of this
Certificate. No such action shall affect the insurance on any consolidation loan
made to prior to a termination of authority effected in such proceeding. Nothing
herein contained, however, shall be deemed to waive, or act to prohibit or
prevent the Corporation from asserting any defense to an insurance obligation on
any consolidation loan that may be available to it under the terms of this
Certificate.

--------------------------------------------------------------------------------
NEW YORK STATE HIGHER EDUCATION         By: /s/ Brenda F. Smith
SERVICES CORPORATION                    Name:   Brenda F. Smith
                                        Title:  Vice President-Loans Division

                                        Date:   7/1/02
--------------------------------------------------------------------------------

<PAGE>

            NEW JERSEY HIGHER EDUCATION STUDENT ASSISTANCE AUTHORITY
                             GUARANTY LOAN AGREEMENT

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 be able to secure guarantee of loans made to or
              on behalf of students pursuing programs of postsecondary education
              at eligible institutions pursuant to Title IV of the Higher
              Education Act of 1965, as amended (the "Act"), regulations
              thereunder, 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,
              regulations thereunder, and N.J.S.A. 18A:71A-1 et seq., is
              authorized to guarantee loans; and

WHEREAS:      the Authority desires that Lender shall make loans to or on behalf
              of students, at Lender's option in each instance, the Authority to
              guarantee the payment thereof upon the terms, conditions and
              agreements herein contained;

NOW, THEREFORE, it is mutually agreed that:

1.     Within such limits as may be set by the Act, regulations thereunder, New
Jersey statutes, regulations thereunder, and this AGREEMENT, the Authority (i)
shall guarantee loans with a first disbursement prior to October 1, 1993 no less
than 100 percent of full amount of such loans, including principal and interest,
held by the lender, and (ii) shall guarantee loans with a first disbursement on
or after October 1, 1993 no less than 98 percent of the full amount of all
loans, including principal and interest, made by the Lender, except that all
loans continue to be 100 percent guaranteed in the event of death, disability or
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.     Whenever any guaranteed loan shall be in default (as defined by the Act,
regulations thereunder, New Jersey statutes, and regulations thereunder), or
upon the death or total and permanent disability of a borrower, or upon
bankruptcy, situations covered by Section 428(j) or Section 439(q) of the Act or
other non-default 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,
regulations thereunder, New Jersey statutes, regulations thereunder; 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 to the extent of
the affected loans(s); and Lender has otherwise performed its obligations under
this AGREEMENT.

<PAGE>

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

4.     Lender shall provide notification to the Authority when it acquires a
loan for which the Authority has issued a notice of loan guarantee_ Regarding a
guaranteed loan already held by Lender, in order for a loan account to remain
subject to the Authority guarantee obligation, the loan may be transferred only
to another approved lender or eligible holder of New Jersey guaranteed loans.

5.     Lender shall notify the Authority of any servicing or management of
Lender's guaranteed loan portfolio performed by an agent(s) other than the
holder of record.

6.     Lender agrees to serve, upon the Authority's request, in the New Jersey
Stafford Loan Program, as a lender of last resort during the term of this
AGREEMENT. Lender of last resort loans defined in sections 428(j) and 439(q) of
the Act, are 100 percent guaranteed. New Jersey lender of last resort Stafford
Loans shall be assigned to lenders of last resort on a rotation basis and in
proportion to the total New Jersey Stafford Loan dollar volume made by such
lenders_

7.     Payment of a loan may be extended in whole or in part, and the provisions
of the loan may be modified without notice to and without affecting the
liability of the Authority, if such extension or modification complies with the
requirements for loans under this AGREEMENT, the Act, regulations thereunder,
New Jersey statutes, and regulations thereunder.

8.     Lender shall not provide to or accept financial inducements from any
school for making New Jersey guaranteed loans available to students attending a
school.

9.     Lender shall maintain for all 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,
regulations thereunder, New Jersey statutes, and regulations thereunder. For
loans paid in full or otherwise discharged, Lender shall also maintain records
as required by the Act, regulations thereunder, New Jersey statutes, and
regulations thereunder. For example, Lender shall retain the records required
for each loan for not less than five years following the date the loan is repaid
in full by the borrower.

10.    For loans processed through the New Jersey Automated Loan Processing
System (NJALPS), Lender authorizes the Authority to act as follows:

       a.     The Authority shall retain on behalf of the Lender the school's
              statement of the student's enrollment, borrower/student's need,
              and eligibility for the period as required of Lender by the Act
              and regulations thereunder, and

       b.     The Authority shall provide borrower/student and school
              information needed to make a loan under the Act and regulations
              thereunder to Lender or Lender's Representative (i.e., the
              servicer of the loan), by data processing means or other

<PAGE>

              means determined by the Authority, for Lender's consideration in
              deciding whether to make the loan to the applicant.

11.    To facilitate guarantee processing of Federal Family Education Loan
Program (FFELP) loans when a Master Promissory Note is NOT used (e.g., Common
Loan Application/Promissory Note and PLUS Application/Promissory Note), so that
obtaining multiple loan amount approvals from Lender is not needed in such
situations when there is a change in the allocation of subsidized and
unsubsidized loan amounts or a change in the amount certified by the school, the
Authority will perform the following on behalf of Lender:

       a.     The Authority will receive application and promissory note data
              for FFELP loans ("application data") provided by the school, the
              borrower, or the Lender. The Authority will review the application
              data for completeness and when needed, contact the appropriate
              party to collect missing information.

       b.     The Authority will review the application data provided by the
              borrower, the student, school, and the lender, as applicable, and
              guarantee loans for the lesser of the amount the borrower
              requests, the student's financial need, the amount certified by
              the school, or the applicable grade level maximum.

       c.     The Authority will provide the Lender with a Loan Guaranty Notice
              and Disclosure Statement. If the Lender wishes to deny or reduce
              the loan, the Lender will so notify the Authority. If the amount
              is changed, the Authority will send the Lender a replacement
              guaranty notice reflecting that change. Nothing in this AGREEMENT
              shall prevent the Lender from disbursing, upon proper notice to
              the Authority and the borrower, a loan amount less than the amount
              guaranteed.

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

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

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

15.    This AGREEMENT maybe 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.

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

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

<PAGE>

18.    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 effect
without the invalid provisions, then to this end, the provisions of this
AGREEMENT are severable.

19.    This AGREEMENT is to be governed by and construed in accordance with the
internal laws of the State of New Jersey, without giving effect to conflict of
law principles.

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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