Document:

EXHIBIT 4.2

                                                                  EXECUTION COPY
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                                  SERIES 2002-1
                         SUPPLEMENTAL INDENTURE OF TRUST

                                 by and between

                            SLC STUDENT LOAN TRUST-I

                                       and

                             BANKERS TRUST COMPANY,
                              as Indenture Trustee

                           Authorizing the Issuance of

                                  $259,650,000
                            SLC Student Loan Trust-I
                         Student Loan Asset-Backed Notes
                                  Series 2002-1

                           Dated as of March 27, 2002

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                                TABLE OF CONTENTS

                                    ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

                                   ARTICLE II

                           SERIES 2002-1 note DETAILS,
                          FORM OF SERIES 2002-1 NOTES,
                        REDEMPTION OF SERIES 2002-1 NOTES
                   AND USE OF PROCEEDS OF SERIES 2002-1 NOTES

Section 2.01  Series 2002-1 Note Details......................................
Section 2.02  Redemption of the Series 2002-1 Notes...........................
Section 2.03  Delivery of Series 2002-1 Notes.................................
Section 2.04  Trustee's Authentication Certificate............................
Section 2.05  Deposit of Series 2002-1 Note Proceeds..........................
Section 2.06  Excess Reserve Fund Amounts.....................................
Section 2.07  Forms of Series 2002-1 Notes....................................

                                   ARTICLE III

                               GENERAL PROVISIONS

Section 3.01  Date of Execution...............................................
Section 3.02  Laws Governing..................................................
Section 3.03  Severability....................................................
Section 3.04  Exhibits and Appendices.........................................

                                   ARTICLE IV

                           APPLICABILITY OF INDENTURE

APPENDIX A     CERTAIN TERMS AND PROVISIONS OF THE AUCTION RATE SECURITIES
EXHIBIT A-1    FORM OF SENIOR CLASS 2002-1 NOTES
EXHIBIT A-2    FORM OF SUBORDINATE CLASS 2002-1 NOTES
EXHIBIT A-3    FORM OF CLASS R-1 RESIDUAL NOTES
EXHIBIT B      SERIES 2002-1 CLOSING CASH FLOW PROJECTIONS
EXHIBIT C      NOTICE OF PAYMENT DEFAULT
EXHIBIT D      NOTICE OF CURE OF PAYMENT DEFAULT
EXHIBIT E      NOTICE OF  PROPOSED  CHANGE  IN  LENGTH OF ONE OR MORE  AUCTION
               PERIODS
EXHIBIT F      NOTICE  ESTABLISHING  CHANGE IN  LENGTH OF ONE OR MORE  AUCTION
               PERIODS
EXHIBIT G      NOTICE OF CHANGE IN AUCTION DATE
<PAGE>

                SERIES 2002-1 SUPPLEMENTAL INDENTURE OF TRUST

            THIS SERIES 2002-1 SUPPLEMENTAL INDENTURE OF TRUST (this
"Supplemental Indenture"), dated as of March 27, 2002, is by and between SLC
STUDENT LOAN TRUST-I, a Delaware business trust (the "Issuer"), and BANKERS
TRUST COMPANY, a New York Corporation (together with its successors, the
"Indenture Trustee"), as Indenture Trustee hereunder (all capitalized terms used
in these preambles, recitals and granting clauses shall have the same meanings
assigned thereto in Article I hereof);

                              W I T N E S S E T H:
                              - - - - - - - - - -

            WHEREAS, the Issuer has previously entered into an Indenture of
Trust, dated as of March 27, 2002 (the "Indenture"), between the Issuer and the
Indenture Trustee;

            WHEREAS, the Issuer desires to enter into this Supplemental
Indenture in order to issue Notes pursuant to the terms of the Indenture,
including Section 1.09 thereof;

            WHEREAS, the Issuer represents that it is duly created as a business
trust under the laws of the State of Delaware and that by proper action it has
duly authorized the issuance of (i) $259,650,000 of its Student Loan
Asset-Backed Notes, Series 2002-1, consisting of four classes designated as
Senior Class 2002-1 (the "Class A Notes") and one class designated as
Subordinate Class 2002-1 (the "Class B Notes") and (ii) $8,500,000 of its
Residual Class 2002-1 (the "Class R Note" and together with the Class A Notes
and Class B Notes, the "Series 2002-1 Notes"), and it has by proper action
authorized the execution and delivery of this Supplemental Indenture;

            WHEREAS, the Series 2002-1 Notes constitute Notes as defined in the
Indenture;

            WHEREAS, the Indenture Trustee has agreed to accept the trusts
herein created upon the terms herein set forth; and

            NOW, THEREFORE, it is mutually covenanted and agreed as follows:

                                    ARTICLE I

                         DEFINITIONS AND USE OF PHRASES

            All words and phrases defined in Appendix A of the Indenture shall
have the same meaning in this Supplemental Indenture, except as otherwise
appears in this Article. In addition, the following terms have the following
meanings in this Supplemental Indenture unless the context clearly requires
otherwise:

            "Authorized Denominations" shall mean (i) $25,000 and any integral
multiple thereof for the Class A Notes and Class B Notes and (ii) $1,000,000 and
any integral multiple of $100, 000 in excess thereof for the Class R-1 Notes.

            "Class A Notes" shall mean, collectively, the Class A-1 Notes, the
Class A-2 Notes, the Class A-3 Notes, and the Class A-4 Notes.

            "Class A-1 Notes" shall mean the $59,825,000 SLC Student Loan
Trust-I, Student Loan Asset-Backed Notes, Series 2002-1, Senior Class A-1
Auction Rate Securities.

            "Class A-2 Notes" shall mean the $59,825,000 SLC Student Loan
Trust-I, Student Loan Asset-Backed Notes, Series 2002-1, Senior Class A-2
Auction Rate Securities.

            "Class A-3 Notes" shall mean the $59,825,000 SLC Student Loan
Trust-I, Student Loan Asset-Backed Notes, Series 2002-1, Senior Class A-3
Auction Rate Securities.

            "Class A-4 Notes" shall mean the $64,925,000 SLC Student Loan
Trust-I, Student Loan Asset-Backed Notes, Series 2002-1, Senior Class A-4
Auction Rate Securities.

            "Class B Notes" shall mean the Class B-1 Notes.

            "Class B-1 Notes" shall mean the $15,250,000 SLC Student Loan
Trust-I, Student Loan Asset-Backed Notes, Series 2002-1, Subordinate Class B-1
Auction Rate Securities.

            "Class R-1 Notes" shall mean the $8,500,000 SLC Student Loan
Trust-I, Student Loan Asset-Backed Notes, Series 2002-1, Class R-1 Residual
Notes.

            "Date of Issuance" shall mean, with respect to the Series 2002-1
Notes, March 27, 2002.

            "Rating Agency" shall mean, collectively, Fitch Ratings, Standard &
Poor's Ratings Services and Moody's Investors Service Inc.

            "Record Date" shall mean, with respect to each Payment Date, the
Business Day immediately proceeding such Payment Date.

            "Reserve Fund Requirement" shall mean 0.25% of the Class A Notes and
Class B Notes Outstanding; provided, however, that so long as any Class A Notes
or Class B Notes remain Outstanding there shall be at least $500,000 on deposit
in the Reserve Fund. Further, such percentages and amounts may be changed upon
satisfaction of the Rating Agency Condition.

            "Series 2002-1 Notes" shall mean the SLC Student Loan Trust-I,
Student Loan Asset-Backed Notes, Series 2002-1 issued pursuant to this
Supplemental Indenture in the aggregate principal amount of $259,650,000
consisting of the Class A Notes and the Class B Notes and $8,500,000 consisting
of Class R-1 Notes.

            "Servicer" shall mean The Student Loan Corporation, a Delaware
corporation, and its successors and assigns.

            "Servicing Agreement" shall mean, collectively, (i) the Servicing
Agreement, dated as of March 27, 2002, as supplemented and amended from time to
time, between the Issuer and the Servicer, and (ii) the Subservicing Agreement.

            "Subservicer" shall mean, SunTech, Inc., a Mississippi corporation,
and its successors and assigns.

            "Subservicing Agreement" shall mean the subservicing agreement,
dated as of March 27, 2002, as supplemented and amended from time to time,
between the Servicer and the Subservicer.

            Words importing the masculine gender include the feminine gender.
Words importing persons include firms, associations and corporations. Words
importing the singular number include the plural number and vice versa.
Additional terms are defined in the body of this Supplemental Indenture and the
Appendices hereto.

            In the event that any term or provision contained herein with
respect to the Series 2002-1 Notes shall conflict with or be inconsistent with
any term or provision contained in the Indenture, the terms and provisions of
this Supplemental Indenture shall govern.

                                   ARTICLE II

                           SERIES 2002-1 NOTE DETAILS,
                          FORM OF SERIES 2002-1 NOTES,
                        REDEMPTION OF SERIES 2002-1 NOTES
                  AND USE OF PROCEEDS OF SERIES 2002-1 NOTES

            Section 2.01 Series 2002-1 Note Details. The aggregate principal
amount of the Series 2002-1 Notes which may be initially authenticated and
delivered under this Supplemental Indenture is limited to, and shall be
individually issued in six (6) separate classes consisting of $59,825,000 of
Class A-1 Notes, $59,825,000 of Class A-2 Notes, $59,825,000 of Class A-3 Notes,
$64,925,000 of Class A-4 Notes, $15,250,000 of Class B-1 Notes and $8,500,000 of
Class R-1 Notes, except for Series 2002-1 Notes authenticated and delivered upon
transfer of, or in exchange for, or in lieu of Notes pursuant to Sections 1.03
and 1.04 of the Indenture. The Series 2002-1 Notes shall be issuable only as
fully registered notes in the Authorized Denominations. The Series 2002-1 Notes
of each class shall each be lettered "A" and shall be numbered separately from 1
upwards, respectively.

            The Class A Notes and Class B Notes (collectively, the "Auction Rate
Securities") shall be dated their Date of Issuance and shall bear interest from
their Date of Issuance, payable on each Payment Date (as defined in Appendix A
to this Supplemental Indenture), except that Auction Rate Securities which are
issued upon transfer, exchange or other replacement shall bear interest from the
most recent Payment Date to which interest has been paid, or if no interest has
been paid, from the date of the Auction Rate Securities. The Class A Notes and
Class B Notes shall mature on December 1, 2035. Interest on the Auction Rate
Securities shall be computed on the basis of a 360-day year and actual days
elapsed. The terms of and definitions related to the Auction Rate Securities are
found in Article I hereof and Appendix A to this Supplemental Indenture. No
premium payments shall be paid on the Class A Notes or Class B Notes issued
under this Supplemental Indenture.

            The Class R-1 Note shall mature on December 1, 2042 and shall bear
interest at the Commercial Paper Rate (90-day) plus 0.85%, adjusted on the first
Business Day of each calendar quarter. Interest on the Class R-1 Note shall
accrue from the Closing Date, capitalize on each June 1 and December 1, but
shall be payable on each June 1 and December 1, commencing December 1, 2002 only
if, after giving effect to such payments, the ratio of the Value of the Trust
Estate to the Value of the Outstanding Notes (excluding the Residual Notes) then
Outstanding exceeds 100.5%, or such other percentage that satisfies the Rating
Agency Condition.

            The principal of the Series 2002-1 Notes due at its Stated Maturity
or redemption in whole shall be payable at the Corporate Trust Office of the
Indenture Trustee, or such other location as directed by the Indenture Trustee,
or at the principal office of its successor in trust upon presentation and
surrender of the Series 2002-1 Notes. Payment of interest and principal paid
subject to a redemption on any Series 2002-1 Note shall be made to the
Noteholder thereof by check or draft mailed on the Payment Date by the Indenture
Trustee to the Noteholder at his address as it last appears on the registration
books kept by the Indenture Trustee at the close of business on the Record Date
for such Payment Date, but any such interest not so timely paid or duly provided
for shall cease to be payable to the Noteholder thereof at the close of business
on the Record Date and shall be payable to the Noteholder thereof at the close
of business on a special record date (a "Special Record Date") for the payment
of any such defaulted interest. Such Special Record Date shall be fixed by the
Indenture Trustee whenever moneys become available for payment of the defaulted
interest, and notice of such Special Record Date shall be given to the
Noteholders of the Series 2002-1 Notes not less than ten (10) days prior thereto
by first-class mail to each such Noteholder as shown on the Indenture Trustee's
registration books on the date selected by the Indenture Trustee, stating the
date of the Special Record Date and the date fixed for the payment of such
defaulted interest. Payment of interest to the Securities Depository or its
nominee shall, and at the written request addressed to the Indenture Trustee of
any other Noteholder owning at least $1,000,000 principal amount of the Series
2002-1 Notes, payments of interest shall, be paid by wire transfer within the
United States to the bank account number filed no later than the Record Date or
Special Record Date with the Indenture Trustee for such purpose. All payments on
the Series 2002-1 Notes shall be made in lawful money of the United States of
America.

            (a) Except as otherwise provided in this Section, the Class A Notes
and Class B Notes in the form of one global note for each Stated Maturity date
shall be registered in the name of the Securities Depository or its nominee and
ownership thereof shall be maintained in book-entry form by the Securities
Depository for the account of the Agent Members. Initially, each Class A Note
and Class B Note shall be registered in the name of CEDE & CO., as the nominee
of The Depository Trust Company. Except as provided in subsection (d) of this
Section, the Class A Notes and Class B Notes may be transferred, in whole but
not in part, only to the Securities Depository or a nominee of the Securities
Depository or to a successor Securities Depository selected or approved by the
Issuer or to a nominee of such successor Securities Depository. Each global note
shall bear a legend substantially to the following effect: "Except as otherwise
provided in the Indenture, this global note may be transferred, in whole but not
in part, only to another nominee of the Securities Depository (as defined in the
Indenture) or to a successor Securities Depository or to a nominee of a
successor Securities Depository."

            (b) Except as otherwise provided herein, the Issuer and the
Indenture Trustee shall have no responsibility or obligation with respect to (i)
the accuracy of the records of the Securities Depository or any Agent Member
with respect to any beneficial ownership interest in the Class A Notes and Class
B Notes, (ii) the delivery to any Agent Member, beneficial owner of the Class A
Notes and Class B Notes or other Person, other than the Securities Depository,
of any notice with respect to the Class A Notes and Class B Notes or (iii) the
payment to any Agent Member, beneficial owner of the Class A Notes and Class B
Notes or other Person, other than the Securities Depository, of any amount with
respect to the principal of or interest on the Class A Notes and Class B Notes.
So long as the certificates for the Class A Notes and Class B Notes issued under
this Supplemental Indenture are not issued pursuant to subsection (c) of this
Section the Issuer and the Indenture Trustee may treat the Securities Depository
as, and deem the Securities Depository to be, the absolute owner of the Class A
Notes and Class B Notes for all purposes whatsoever, including, without
limitation, (A) the payment of principal of and interest on such Class A Notes
and Class B Notes, (B) giving notices of redemption and other matters with
respect to such Class A Notes and Class B Notes and (C) registering transfers
with respect to such Class A Notes and Class B Notes. In connection with any
notice or other communication to be provided to the Noteholders pursuant to this
Supplemental Indenture by the Issuer or the Indenture Trustee with respect to
any consent or other action to be taken by the Noteholders, the Issuer or the
Indenture Trustee, as the case may be, shall establish a record date for such
consent or other action and, if the Securities Depository shall hold all of the
Class A Notes and Class B Notes, give the Securities Depository notice of such
record date not less than 15 calendar days in advance of such record date to the
extent possible. Such notice to the Securities Depository shall be given only
when the Securities Depository is the sole Noteholder.

            (c) If at any time the Securities Depository notifies the Issuer and
the Indenture Trustee that it is unwilling or unable to continue as Securities
Depository with respect to any or all of the Class A Notes and Class B Notes or
if at any time the Securities Depository shall no longer be registered or in
good standing under the Securities Exchange Act or other applicable statute or
regulation and a successor Securities Depository is not appointed by the Issuer
within 90 days after the Issuer receives notice or becomes aware of such
condition, as the case may be, subsections (a) and (b) of this Section shall no
longer be applicable and the Issuer shall execute and the Indenture Trustee
shall authenticate and deliver certificates representing the Class A Notes and
Class B Notes as provided below. In addition, the Issuer may determine at any
time that the Class A Notes and Class B Notes shall no longer be represented by
global certificates and that the provisions of subsections (a) and (b) of this
Section shall no longer apply to the Class A Notes and Class B Notes. In such
event, the Issuer shall execute and the Indenture Trustee shall authenticate and
deliver certificates representing the Class A Notes and Class B Notes as
provided below. Certificates for the Class A Notes and Class B Notes issued in
exchange for a global certificate pursuant to this subsection shall be
registered in such names and authorized denominations as the Securities
Depository, pursuant to instructions from the Agent Members or otherwise, shall
instruct in writing to the Issuer and the Indenture Trustee, and upon which
written instructions the Indenture Trustee may rely without investigation. The
Indenture Trustee shall promptly deliver such certificates representing the
Class A Notes and Class B Notes to the Persons in whose names such Notes are so
registered.

            Section 2.02 Redemption of the Series 2002-1 Notes.

            (a)   Mandatory Redemption.

            (i) Mandatory Redemption of Class A Notes and Class B Notes. Subject
      to the provisions of Section 2.02(c), as long as any Class A Notes and
      Class B Notes remain Outstanding, Senior Notes, Subordinate Notes and
      Junior-Subordinate Notes are subject to mandatory redemption, in whole or
      in part, at a redemption price equal to the principal balance being
      redeemed plus accrued interest to the date fixed for redemption (A) on the
      Payment Date designated by the Issuer in an Issuer Order no earlier than
      June 26, 2002, from amounts remaining in the Acquisition Fund, (B) on any
      Payment Date from amounts on deposit in the Revenue Fund representing
      collections of principal payments on the Financed Student Loans as
      specified in the Servicer Report received by the Indenture Trustee with
      respect to such Payment Date and (C) on any Payment Date that the Value of
      the Financed Student Loans is less than 100.5% of the Value of the Senior
      Notes and Subordinate Notes then Outstanding as specified in the Servicer
      Report received by the Indenture Trustee with respect to such Payment Date
      (or such other ratio as specified by the Issuer in a notice to the
      Indenture Trustee accompanied by a Rating Agency Confirmation), from
      interest payments on the Financed Student Loans remaining in the Revenue
      Fund after all other required payments have been made. Notwithstanding the
      forgoing provisions of this Section 2.02(a)(i), the Issuer may, by Issuer
      Order, delay any such redemption for purposes of balancing or otherwise
      adjusting the principal balance of the Notes Outstanding among the classes
      and series of Notes.

            (ii) Mandatory Redemption of Residual Notes. As long as the Class
      R-1 Note remains outstanding, the Residual Notes are subject to mandatory
      redemption, in whole or in part at a redemption price equal to the
      principal balance being redeemed plus accrued interest to the date fixed
      for redemption (A) on any Payment Date when no Senior Notes, Subordinate
      Notes or Junior-Subordinate Notes are Outstanding from amounts on deposit
      in the Revenue Fund representing collections of principal payments on the
      Financed Student Loans as specified in the Servicer Report received by the
      Indenture Trustee with respect to such Payment Date and (B) to the extent
      that, after such redemption the Value of the Financed Student Loans is not
      less than the 100.5% of the Value of the Senior Notes and Subordinate
      Notes then Outstanding as specified in the Servicer Report received by the
      Indenture Trustee with respect to such Payment Date (or such other ratio
      as specified by the Issuer in a notice to the Indenture Trustee
      accompanied by a Rating Agency Confirmation), from interest payments on
      the Financed Student Loans remaining in the Revenue Fund after all other
      required payments have been made.

            (b) Optional Redemptions and Optional Purchase.

            (i) Optional Redemption of Series 2002-1 Notes. Subject to the
      provisions of Section 2.02(c), the Series 2002-1 Notes are subject to
      redemption pursuant to Section 4.03(b)(x) of the Indenture at a redemption
      price equal to the principal balance being redeemed plus accrued interest
      to the date fixed for redemption, from funds received by the Indenture
      Trustee constituting interest on the Financed Student Loans remaining in
      the Revenue Fund after all other prior required payments have been made
      and not required for mandatory redemptions.

            (ii) Optional Redemption or Purchase of Series 2002-1 Notes. Subject
      to the provisions of Section 2.02(c), the Series 2002-1 Notes are subject
      to redemption or purchase at the option of the Issuer exercised by an
      Issuer Order, in whole only, on any Payment Date on which the aggregate
      current principal balance of all the Notes issued under the Indenture
      (excluding the Residual Notes) is less than or equal to 10% of the initial
      aggregate principal balance of all the Notes issued under the Indenture
      (excluding the Residual Notes) on their respective date of issuance, at a
      redemption price equal to the principal balance plus accrued interest to
      the date fixed for redemption, from the proceeds of funds received by the
      Indenture Trustee for such purpose and deposited in the Revenue Fund. On
      the Payment Date fixed for redemption or purchase in such Issuer Order
      (which Issuer Order shall be received by the Indenture Trustee not less
      then 16 days prior to such redemption), the Issuer shall deposit or cause
      to be deposited in the Revenue Fund an amount sufficient to redeem all of
      the Notes pursuant to Section 4.03 of the Indenture, less amounts on
      deposit in the Reserve Fund. On such redemption date the Indenture Trustee
      shall transfer amounts in the Reserve Fund to the Revenue Fund and effect
      the redemption of all the Notes.

            (iii) Notice of Redemption and Purchase. The Indenture Trustee shall
      cause notice of any redemption or purchase to be given by mailing a copy
      of the notice by first-class mail to the Noteholder of any Series 2002-1
      Notes, and the Auction Agent, designated for redemption or purchase in
      whole or in part, at their address as the same shall last appear upon the
      registration books, in each case not less than 12 days prior to the
      redemption or purchase date; provided, however, that failure to give such
      notice, or any defect therein, shall not affect the validity of any
      proceedings for the redemption or purchase date of such Series 2002-1
      Notes for which no such failure or defect occurs.

            (c) Partial Redemption.

            (i) If less than all of the Series 2002-1 Notes are to be redeemed
      or purchased pursuant to Section 2.02(a) or 2.02(b), the Class of Series
      2002-1 Notes to be redeemed or purchased shall be redeemed or purchased as
      directed by an Issuer Order conforming to Section 2.02(c)(ii).

            (ii) All of the Class A Notes shall be redeemed prior to redemption
      of any Class B Notes; provided, however, upon an Issuer Order, the Class B
      Notes may be redeemed while Class A Notes remain Outstanding to the extent
      that after the redemption of the Class B Notes, the ratio of the Value of
      the Trust Estate to the Value of the Notes (excluding the Residual Notes)
      then Outstanding exceeds 100.5% and the ratio of the Value of the Trust
      Estate to the Value of the Senior Notes then Outstanding exceeds 106%, or
      such other percentages that satisfy the Rating Agency Condition.

            (iii) If less than all of the Notes of any class of the Series
      2002-1 Notes are to be redeemed, the Series 2002-1 Notes to be redeemed
      shall be selected by lot in such manner as the Indenture Trustee shall
      determine.

            (iv) In case a Series 2002-1 Note is of a denomination larger than
      an Authorized Denomination, a portion of such Note (in an Authorized
      Denomination) may be redeemed. Upon surrender of any Series 2002-1 Note
      for redemption in part only, the Issuer shall execute and the Indenture
      Trustee shall authenticate and deliver to the Noteholder thereof, the cost
      of which shall be paid by the Issuer, a new Series 2002-1 Note or Series
      2002-1 Notes of the same series, maturity and of authorized denominations,
      in an aggregate principal amount equal to the unredeemed portion of the
      Series 2002-1 Note surrendered.

            Section 2.03 Delivery of Series 2002-1 Notes. Upon the execution and
delivery of this Supplemental Indenture, the Issuer shall execute and deliver to
the Indenture Trustee and the Indenture Trustee shall authenticate the Series
2002-1 Notes and deliver the Class A Notes and the Class B Notes to The
Depository Trust Company and the Class R-1 Notes to the Depositor; provided,
however, prior to the delivery by the Indenture Trustee of any of the Series
2002-1 Notes, there shall have been filed with or delivered to the Indenture
Trustee the following:

            (a) An Issuer Order authorizing the execution and delivery of this
      Supplemental Indenture and the issuance of the Series 2002-1 Notes.

            (b)   Duly executed  copies of this  Supplemental  Indenture and a
      copy of the Indenture.

            (c) Rating letters from each Rating Agency confirming (i) that the
      Class A Notes have been rated "Aaa" by Moody's and "AAA" by Fitch and S&P
      and (ii) that the Class B Notes have been rated "A2" by Moody's and "A" by
      Fitch and S&P.

            Section 2.04 Trustee's Authentication Certificate. The Indenture
Trustee's authentication certificate upon the Series 2002-1 Notes shall be
substantially in the forms provided in Exhibits A-1, A-2 and A-3. No Series
2002-1 Note shall be secured hereby or entitled to the benefit hereof, or shall
be valid or obligatory for any purpose, unless a certificate of authentication,
substantially in such form, has been duly executed by the Indenture Trustee at
the written direction of the Issuer; and such certificate of the Indenture
Trustee upon any Series 2002-1 Note shall be conclusive evidence and the only
competent evidence that such Note has been authenticated and delivered
hereunder. The Indenture Trustee's certificate of authentication shall be deemed
to have been duly executed by it if manually signed by an authorized officer of
the Indenture Trustee, but it shall not be necessary that the same person sign
the certificate of authentication on all of the Series 2002-1 Notes issued
hereunder.

            Section 2.05 Deposit of Series 2002-1 Note Proceeds. Upon the
issuance and delivery of the Series 2002-1 Notes, the Indenture Trustee shall
deposit the net proceeds thereof (i.e., net of Underwriters' discount of
$908,775):

            (a) an amount equal to $251,200,000 shall be deposited to the
Acquisition Fund; and

            (b) an amount equal to $7,021,925 shall be deposited to the Reserve
Fund, of which $3,750,000 shall be for the purpose of funding Add-on
Consolidation Loans.

            Section 2.06 Excess Reserve Fund Amounts.

            (a) On the first Payment Date occurring on or after June 26, 2002,
pursuant to an Issuer Order, the Indenture Trustee shall withdraw and release to
the Depositor, free from the lien of the Indenture, an amount equal to
$3,750,000 less amounts used to fund Add-on Consolidation Loans from the Reserve
Fund; and

            (b) On and after March 1, 2005, any amounts on deposit in the
Reserve Fund in excess of the Reserve Fund Requirement shall be transferred by
the Indenture Trustee from the Reserve Fund to the Revenue Fund for application
on the next Payment Date.

            Section 2.07 Forms of Series 2002-1 Notes. The Series 2002-1 Notes
shall be in substantially the form set forth in Exhibit A-1, A-2 and A-3 hereto,
each with such variations, omissions and insertions as may be necessary.

                                   ARTICLE III

                               GENERAL PROVISIONS

            Section 3.01 Date of Execution. This Supplemental Indenture for
convenience and for the purpose of reference is dated as of March 27, 2002.

            Section 3.02 Laws Governing. It is the intent of the parties hereto
that this Supplemental Indenture shall in all respects be governed by the laws
of the State of New York.

            Section 3.03 Severability. If any covenant, agreement, waiver, or
part thereof in this Supplemental Indenture contained be forbidden by any
pertinent law or under any pertinent law be effective to render this
Supplemental Indenture invalid or unenforceable or to impair the lien hereof,
then each such covenant, agreement, waiver, or part thereof shall itself be and
is hereby declared to be wholly ineffective, and this Supplemental Indenture
shall be construed as if the same were not included herein.

            Section 3.04 Exhibits and Appendices. The terms of each Exhibit and
Appendix attached to this Supplemental Indenture are incorporated herein in all
particulars.

                                   ARTICLE IV

                           APPLICABILITY OF INDENTURE

            The provisions of the Indenture are hereby ratified, approved and
confirmed, except as otherwise expressly modified by this Supplemental
Indenture. The representations, warranties and covenants contained in the
Indenture (except as expressly modified herein) are hereby reaffirmed with the
same force and effect as if fully set forth herein and made again as of the date
hereof.
<PAGE>

            IN WITNESS WHEREOF, the Issuer has caused this Supplemental
Indenture to be executed in its name and on its behalf by the Administrator and
the Indenture Trustee, to evidence its acceptance of the trusts hereby created,
has caused this Supplemental Indenture to be executed in its name and behalf,
all in multiple counterparts, each of which shall be deemed an original, and the
Issuer and the Indenture Trustee have caused this Supplemental Indenture to be
dated as of the date herein above first shown, although actually executed on the
dates shown in the acknowledgments hereafter appearing.

                                    SLC STUDENT LOAN TRUST-I

                                    By:   THE STUDENT LOAN CORPORATION,
                                          as Administrator,

                                    By: /s/ Steven J. Gorey
                                        ------------------------------------
                                        Name:  Steven J. Gorey
                                        Title: Chief Financial Officer

                                    BANKERS TRUST COMPANY, not in its
                                        individual capacity but solely as
                                        Indenture Trustee

                                    By: /s/ Eileen Hughes
                                        ------------------------------------
                                        Name:  Eileen Hughes
                                        Title: Vice President
<PAGE>

                                   APPENDIX A

                         CERTAIN TERMS AND PROVISIONS OF
                           THE AUCTION RATE SECURITIES

                                    ARTICLE I

                                   DEFINITIONS

            Except as provided below in this Section, all terms which are
defined in Appendix A of the Indenture and Article I of this Supplemental
Indenture shall have the same meanings, respectively, in this Appendix A as such
terms are given in the Indenture and Article I of this Supplemental Indenture.
In addition, the following terms shall have the following respective meanings:

            "All Hold Rate" shall mean the Applicable LIBOR Rate less .20%;
provided, that in no event shall the applicable All Hold Rate be greater than
the applicable Maximum Rate.

            "Applicable LIBOR Rate" means, (a) for Auction Periods of 35 days or
less, One-Month LIBOR, (b) for Auction Periods of more than 35 days but less
than 91 days, Three-Month LIBOR, (c) for Auction Periods of more than 90 days
but less than 181 days, Six-Month LIBOR, and (d) for Auction Periods of more
than 180 days, One-Year LIBOR.

            "Auction" shall mean the implementation of the Auction Procedures on
an Auction Date.

            "Auction Agent" shall mean the Initial Auction Agent under the
Initial Auction Agent Agreement unless and until a Substitute Auction Agent
Agreement becomes effective, after which "Auction Agent" shall mean the
Substitute Auction Agent.

            "Auction Agent Agreement" shall mean the Initial Auction Agent
Agreement unless and until a Substitute Auction Agent Agreement is entered into,
after which "Auction Agent Agreement" shall mean such Substitute Auction Agent
Agreement.

            "Auction Agent Fee" has the meaning set forth in the Auction Agent
Agreement.

            "Auction Date" shall mean, initially, April 17, 2002 with respect to
the ClassA-1 Notes, April 24, 2002 with respect to the Class A-2 Notes, May 1,
2002 with respect to the Class A-3 Notes, May 8, 2002 with respect to the Class
A-4 Notes, and April 17, 2002 with respect to the Class B-1 Notes, and
thereafter, the Business Day immediately preceding the first day of each Auction
Period for each respective Class, other than:

            (a) each Auction Period commencing after the ownership of the
      applicable Auction Rate Securities is no longer maintained in Book-entry
      Form by the Securities Depository;

            (b) each Auction Period commencing after and during the continuance
      of a Payment Default; or

            (c) each Auction Period commencing less than two Business Days after
      the cure or waiver of a Payment Default.

Notwithstanding the foregoing, the Auction Date for one or more Auction Periods
may be changed pursuant to Section 2.02(h) of this Appendix A.

            "Auction Note Interest Rate" shall mean each variable rate of
interest per annum borne by Auction Rate Securities for each Auction Period and
determined in accordance with the provisions of Sections 2.01 and 2.02 of this
Appendix A; provided, however, that in the event of a Payment Default, the
Auction Note Interest Rate shall equal the applicable Non-Payment Rate;
provided, further, however that such Auction Note Interest Rate shall in no
event exceed the lesser of the Net Loan Rate and the Maximum Rate.

            "Auction Period" shall mean the Interest Period applicable to the
Auction Rate Securities during which time the Interest Rate is determined
pursuant to Section 2.02(a) of this Appendix A, which Auction Period (after the
Initial Period for such Class) initially shall consist generally of 28 days for
the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the Class A-4
Notes and the Class B-1 Notes, as the same may be adjusted pursuant to Section
2.02(g) of this Appendix A.

            "Auction Period Adjustment" shall mean an adjustment to the Auction
Period as provided in Section 2.02(g) of this Appendix A.

            "Auction Procedures" shall mean the procedures set forth in Section
2.02(a) of this Appendix A by which the Auction Rate is determined.

            "Auction Rate" shall mean the rate of interest per annum that
results from implementation of the Auction Procedures and is determined as
described in Section 2.02(a)(iii)(B) of this Appendix A.

            "Auction Rate Securities" shall mean, collectively, the Class A
Notes and the Class B Notes.

            "Authorized Denominations" shall mean $25,000 and any integral
multiple thereof.

            "Available Auction Rate Securities" has the meaning set forth in
Section 2.02(a)(iii)(A)(1) of this Appendix A.

            "Bid" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

            "Bid Auction Rate" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

            "Bidder" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

            "Bond Equivalent Yield" shall mean, in respect of any security the
rate for which is quoted in The Wall Street Journal on a bank discount basis,
the "bond equivalent yield" (expressed as a percentage) for such security which
appears on Telerate's United States Treasury and Money Market Composite Page
0223, rounded up to the nearest one one-hundredth of one percent.

            "Book-Entry Form" or "Book-Entry System" shall mean a form or system
under which (a) the beneficial right to principal and interest may be
transferred only through a book entry, (b) physical securities in registered
form are issued only to a Securities Depository or its nominee as Noteholder,
with the securities "immobilized" to the custody of the Securities Depository,
and (c) the book entry is the record that identifies the owners of beneficial
interests in that principal and interest.

            "Broker-Dealer" shall mean, Salomon Smith Barney Inc., Merrill Lynch
& Co. or any other broker or dealer (each as defined in the Securities Exchange
Act of 1934, as amended), commercial bank or other entity permitted by law to
perform the functions required of a Broker-Dealer set forth in the Auction
Procedures that (a) is a Participant (or an affiliate of a Participant), (b) has
been appointed as such by the Issuer pursuant to Section 2.02(f) of this
Appendix A, and (c) has entered into a Broker-Dealer Agreement that is in effect
on the date of reference.

            "Broker-Dealer Agreements" shall mean the agreements between the
Auction Agent and the Broker-Dealers, and approved by the Issuer, pursuant to
which the Broker-Dealers agree to participate in Auctions as set forth in the
Auction Procedures, as from time to time amended or supplemented. The
Broker-Dealer Agreements shall be in substantially the form of the Broker-Dealer
Agreements, dated as of March 27, 2002, among the Issuer, Bankers Trust Company,
as Auction Agent, and the Broker-Dealers.

            "Broker-Dealer Fee" has the meaning set forth in the Auction Agent
Agreement.

            "Business Day" shall mean any day other than a Saturday, Sunday,
holiday or day on which banks located in the City of New York, New York, or the
New York Stock Exchange, the Indenture Trustee or the Auction Agent, are
authorized or permitted by law or executive order to close or such other date as
may be agreed to in writing by the Auction Agent, the Broker-Dealers and the
Issuer.

            "Cap Rate" shall mean, with respect to any Interest Period
applicable to the Auction Rate Securities, the lesser of (i) the applicable
Maximum Rate and (ii) the Net Loan Rate in effect for such Interest Period.

            "Carry-over Amount" shall mean, for any Interest Period during which
interest is calculated at the Net Loan Rate, the excess, if any, of (a) the
amount of interest on an Auction Rate Security that would have accrued with
respect to the related Interest Period at the lesser of (i) the applicable
Auction Rate and (ii) the Maximum Rate determined as if the Net Loan Rate were
not a component thereof over (b) the amount of interest on such Auction Rate
Security actually accrued with respect to such Auction Rate Security with
respect to such Interest Period based on the Net Loan Rate, together with the
unreduced portion of any such excess from prior Interest Periods; provided that
any reference to "principal" or "interest" in the Supplemental Indenture and in
this Appendix A and the Auction Rate Securities shall not include within the
meanings of such words any Carry-over Amount or any interest accrued on any
Carry-over Amount.

            "Closing Date" shall mean the Date of Issuance of the Auction Rate
Securities (March 27, 2002).

            "Commercial Paper Rate (90-day)" shall mean the rate determined at
the end of each calendar quarter using the daily average of that quarter's bond
equivalent 3-Month Financial Commercial Paper rates. The daily bond equivalent
rates are calculated from the 3-Month Financial Commercial Paper discount rates
published in the Federal Reserve's H.15 report. On weekends, holidays, and any
other day when no H.15 rates are available, the rate from the most recent
published date is used.

            "Effective Interest Rate" shall mean, with respect to any Financed
Student Loan, the interest rate per annum payable by the borrower as of the last
day of the calendar quarter borne by such Financed Student Loan after giving
effect to any reduction in such interest rate pursuant to borrower incentives,
(a) less all accrued rebate fees on such Financed Student Loan constituting
Consolidation Loans paid during such calendar quarter expressed as a percentage
per annum and (b) plus all accrued Interest Benefit Payments and Special
Allowance Payments applicable to such Financed Student Loan during such calendar
quarter expressed as a percentage per annum.

            "Eligible Carry-Over Make-Up Amount" shall mean, with respect to
each Interest Period relating to the Auction Rate Securities as to which, as of
the first day of such Interest Period, there is any unpaid Carry-over Amount, an
amount equal to the lesser of (a) interest computed on the principal balance of
the Auction Rate Securities in respect to such Interest Period at a per annum
rate equal to the excess, if any, of the Net Loan Rate over the Auction Rate,
together with the unreduced portion of any such excess from prior Interest
Periods and (b) the aggregate Carry-over Amount remaining unpaid as of the first
day of such Interest Period together with interest accrued and unpaid thereon
through the end of such Interest Period.

            "Existing Owner" shall mean (a) with respect to and for the purpose
of dealing with the Auction Agent in connection with an Auction, a Person who is
a Broker-Dealer listed in the Existing Owner Registry at the close of business
on the Business Day immediately preceding the Auction Date for such Auction and
(b) with respect to and for the purpose of dealing with the Broker-Dealers in
connection with an Auction, a Person who is a beneficial owner of Auction Rate
Securities.

            "Existing Owner Registry" shall mean the registry of Persons who are
owners of the Auction Rate Securities, maintained by the Auction Agent as
provided in the Auction Agent Agreement.

            "Hold Order" has the meaning set forth in Section 2.02(a)(i)(A) of
this Appendix A.

            "Initial Auction Agent" shall mean Bankers Trust Company, a New York
banking corporation, its successors and assigns.

            "Initial Auction Agent Agreement" shall mean, collectively, the
Auction Agent Agreement dated as of March 27, 2002, by and among the Issuer, the
Indenture Trustee and the Initial Auction Agent, including any amendment thereof
or supplement thereto.

            "Initial Period" shall mean, as to Auction Rate Securities, the
period commencing on the Closing Date and continuing through the day immediately
preceding the Initial Rate Adjustment Date for such Auction Rate Securities.

            "Initial Rate" shall mean 2.00% for the Class A-1 Notes, 2.00% for
the Class A-2 Notes, 2.00% for the Class A-3 Notes, 1.97% for the Class A-4
Notes and 2.07% for the Class B-1 Notes.

            "Initial Rate Adjustment Date" shall mean, with respect to the Class
A-1 Notes, April 25, 2002; with respect to the Class A-2 Notes, May 2, 2002;
with respect to the Class A-3 Notes, May 9, 2002; with respect to the Class A-4
Notes, May 16, 2002; and with respect to the Class B-1 Notes, April 25, 2002.

            "Interest Period" shall mean, with respect to the Auction Rate
Securities, the Initial Period and each period commencing on an Interest Rate
Adjustment Date for such Class and ending on the day before (a) the next
Interest Rate Adjustment Date for such Class or (b) the Stated Maturity of such
Class, as applicable.

            "Interest Rate Adjustment Date" shall mean the date on which an
Auction Note Interest Rate is effective, and shall mean, with respect to the
Auction Rate Securities, the date of commencement of each Auction Period.

            "Interest Rate Determination Date" shall mean, with respect to the
Auction Rate Securities, the Auction Date, or if no Auction Date is applicable
to such Class, the Business Day immediately preceding the date of commencement
of an Auction Period.

            "Maximum Rate" means the least of (a) either (i) the Applicable
LIBOR Rate plus 1.50% (if the ratings assigned by Moody's, S&P and Fitch to the
Auction Rate Notes are "Aaa," "AAA" and "AAA," respectively, or better) or (ii)
the Applicable LIBOR Rate plus 2.50% (if any one of the ratings assigned by
Moody's, S&P and Fitch to the Auction Rate Notes is less than "Aaa," "AAA" and
"AAA," respectively, and greater than or equal to "A3," "A-" and "A-,"
respectively), or (iii) the Applicable LIBOR Rate plus 3.50% (if any one of the
ratings assigned by Moody's, S&P and Fitch to the Auction Rate Notes is less
than "A3," "A-" and "A-" respectively), (b) 18% and (c) the highest rate the
Issuer may legally pay, from time to time, as interest on the Auction Rate
Notes. For purposes of the Auction Agent and the Auction Procedures, the ratings
referred to in this definition shall be the last ratings of which the Auction
Agent has been given written notice pursuant to the Auction Agent Agreement.

            "Net Loan Rate" shall mean, respect to any Interest Period
applicable to the Auction Rate Securities, the greater of (a) the rate of
interest per annum (rounded to the next highest one one-hundredth of one
percent) equal to the applicable Commercial Paper Rate (90-day) plus 0.70% or
(b) the rate of interest per annum (rounded to the next highest one-hundredth of
one percent) equal to (i) the weighted average Effective Interest Rate of the
Financed Student Loans for the calendar quarter immediately preceding such
Interest Period, as determined by the Issuer on the last day of such calendar
quarter, less (ii) the Program Expense Percentage, as determined by the Issuer
on the last day of each calendar year. In making the determinations in (b)(i)
and (ii) of this definition of "Net Loan Rate," the Issuer shall take into
account as an increase to such Net Loan Rate the receipt of any Reciprocal
Payment and as a decrease to any Issuer Derivative Payment. The determinations
made by the Issuer in (b)(i) and (ii) of this definition of "Net Loan Rate"
shall be given in writing to the Auction Agent, the Indenture Trustee and the
Broker-Dealers immediately upon their respective calculation dates. The Issuer
shall have no obligation to compute any component of the Net Loan Rate except on
an applicable Auction Date on which the Auction Rate is equal to the Maximum
Rate.

            "Non-Payment Rate" shall mean One-Month LIBOR plus 1.50%.

            "One-Month LIBOR," "Three-Month LIBOR," "Six-Month LIBOR" or
"One-Year LIBOR," shall mean the offered rate, as determined by the Auction
Agent or Indenture Trustee, as applicable, of the Applicable LIBOR Based Rate
for United States dollar deposits which appears on Telerate Page 3750, as
reported by Bloomberg Financial Markets Commodities News (or such other page as
may replace Telerate Page 3750 for the purpose of displaying comparable rates)
as of approximately 11:00 a.m., London time, on the LIBOR Determination Date;
provided, that if on any calculation date, no rate appears on Telerate Page 3750
as specified above, the Auction Agent or Indenture Trustee, as applicable, shall
determine the arithmetic mean of the offered quotations of four major banks in
the London interbank market, for deposits in United States dollars for the
respective periods specified above to the banks in the London interbank market
as of approximately 11:00 a.m., London time, on such calculation date and in a
principal amount of not less than $1,000,000 that is representative of a single
transaction in such market and at such time, unless fewer than two such
quotations are provided, in which case, the Applicable LIBOR Based Rate shall be
the arithmetic mean of the offered quotations that leading banks in New York
City selected by the Auction Agent or Indenture Trustee, as applicable, are
quoting on the relevant LIBOR Determination Date for loans in United States
dollars to leading European banks in a principal amount of not less than
$1,000,000 that is representative of a single transaction in such market at such
time. All percentages resulting from such calculations shall be rounded upwards,
if necessary, to the nearest one-hundredth of one percent.

            "Order" has the meaning set forth in Section 2.02(a)(i)(A) of this
Appendix A.

            "Payment Date" shall mean (a) so long as Auction Rate Securities
bear interest at an Auction Note Interest Rate for an Interest Period of not
greater than 180 days, the Business Day immediately following the expiration of
the Initial Period for such Auction Rate Securities, and each related Auction
Period thereafter and (b) if and for so long as Auction Rate Securities bear
interest at an Auction Note Interest Rate for an Interest Period of greater than
180 days, each January 1 and June 1 for such Auction Rate Securities.

            "Payment Default" shall mean, with respect to the Auction Rate
Securities, (a) a default in the due and punctual payment of any installment of
interest on such Auction Rate Securities, or (b) a default in the due and
punctual payment of any interest on and principal of such Auction Rate
Securities at their maturity.

            "Potential Owner" shall mean any Person (including an Existing Owner
that is (a) a Broker-Dealer when dealing with the Auction Agent and (b) a
potential beneficial owner when dealing with a Broker-Dealer) who may be
interested in acquiring Auction Rate Securities (or, in the case of an Existing
Owner thereof, an additional principal amount of Auction Rate Securities).

            "Program Expense Percentage" shall mean, the percentage that all
Program Expenses (other than Consolidation Loan rebate fees) estimated for the
next 12 months represent of the principal amount of the Notes (other than the
Residual Notes), which as of March 27, 2002 is 0.75%, and which the Issuer shall
calculate annually on the last day of each calendar year. Any adjustment in the
Program Expense Percentage shall be effective beginning on the first Interest
Rate Determination Date following each such calculation.

            "PSA" shall mean the Public Securities Association, its successors
and assigns.

            "Regular Record Date" shall mean the Business Day next preceding the
applicable Auction Date.

            "S&P" shall mean Standard & Poor's  Ratings  Services,  a Division
of The McGraw-Hill Companies, Inc., its successors and assigns.

            "Sell Order" has the meaning set forth in Section 2.02(a)(i)(A) of
this Appendix A.

            "Submission Deadline" shall mean 1:00 p.m., eastern time, on any
Auction Date or such other time on any Auction Date by which the Broker-Dealers
are required to submit Orders to the Auction Agent as specified by the Auction
Agent from time to time.

            "Submitted Bid" has the meaning set forth in Section 2.02(a)(iii)(A)
of this Appendix A.

            "Submitted Hold Order" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

            "Submitted Order" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

            "Submitted Sell Order" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

            "Substitute Auction Agent" shall mean the Person with whom the
Issuer and the Indenture Trustee enter into a Substitute Auction Agent
Agreement.

            "Substitute Auction Agent Agreement" shall mean an auction agent
agreement containing terms substantially similar to the terms of the Initial
Auction Agent Agreement, whereby a Person having the qualifications required by
Section 2.02(e) of this Appendix A agrees with the Indenture Trustee and the
Issuer to perform the duties of the Auction Agent under this Appendix A.

            "Sufficient Bids" has the meaning set forth in Section
2.02(a)(iii)(A) of this Appendix A.

            "Variable Rate" shall mean the variable rate of interest per annum,
including the Initial Rate, borne by each Class of Auction Rate Securities
during the Initial Period for such Class, and each Interest Period thereafter as
such rate of interest is determined in accordance with the provisions of Article
II of this Appendix A.

                                   ARTICLE II

                               TERMS AND ISSUANCE

            Section 2.01 Auction Rate and Carry-Over Amounts. During the Initial
Period, each Class of Auction Rate Securities shall bear interest at the Initial
Rate for such Class. Thereafter, and except with respect to an Auction Period
Adjustment, the Auction Rate Securities shall bear interest at an Auction Note
Interest Rate based on a 28-day Auction Period for the Auction Rate Securities,
as determined pursuant to this Section 2.01 and Section 2.02 of this Appendix A.

            For the Auction Rate Securities during the Initial Period and each
Auction Period thereafter, interest at the applicable Auction Rate Securities
Interest Rate shall accrue daily and shall be computed for the actual number of
days elapsed on the basis of a year consisting of 360 days.

            The Auction Note Interest Rate to be borne by the Auction Rate
Securities after such Initial Period for each Auction Period until an Auction
Period Adjustment, if any, shall be determined as described below. Each such
Auction Period after the Initial Period shall commence on and include the day
following the expiration of the immediately preceding Auction Period and
terminate on and include the third Business Day of the following fourth week in
the case of the Class A-1 Notes, the Class A-2 Notes, the Class A-3 Notes, the
Class A-4 Notes and the Class B-1 Notes; provided, however, that in the case of
the Auction Period that immediately follows the Initial Period for the Auction
Rate Securities, such Auction Period shall commence on the Initial Rate
Adjustment Date. The Auction Note Interest Rate of the Auction Rate Securities
for each Auction Period shall be the Auction Rate in effect for such Auction
Period as determined in accordance with Section 2.02(a) of this Appendix A;
provided that if, on any Interest Rate Determination Date, an Auction is not
held for any reason, then the Auction Note Interest Rate on such Auction Rate
Securities for the next succeeding Auction Period shall be the applicable Cap
Rate.

            Notwithstanding the foregoing:

            (a) if the ownership of an Auction Rate Security is no longer
      maintained in Book-entry Form, the Auction Note Interest Rate on the
      Auction Rate Securities for any Interest Period commencing after the
      delivery of certificates representing Auction Rate Securities pursuant to
      this Supplemental Indenture shall equal the Cap Rate; or

            (b) if a Payment Default shall have occurred, the Auction Note
      Interest Rate on the Auction Rate Securities for the Interest Period
      commencing on or immediately after such Payment Default, and for each
      Interest Period thereafter, to and including the Interest Period, if any,
      during which, or commencing less than two Business Days after, such
      Payment Default is cured, shall equal the applicable Non-Payment Rate on
      the first day of each such Interest Period.

            In accordance with Section 2.02(a)(iii)(B) and (C) of this Appendix
A, the Auction Agent shall promptly give written notice to the Indenture Trustee
and the Issuer of each Auction Note Interest Rate (unless the Auction Note
Interest Rate is the applicable Non-Payment Rate) and the Maximum Rate when such
rate is not the Auction Note Interest Rate, applicable to the Auction Rate
Securities. The Indenture Trustee shall, upon request, notify the Noteholders
and the Issuer of Auction Rate Securities of the applicable Auction Note
Interest Rate applicable to such Auction Rate Securities for each Auction Period
not later than the third Business Day of such Auction Period. Notwithstanding
any other provision of the Auction Rate Securities or this Supplemental
Indenture and except for the occurrence of a Payment Default, interest payable
on the Auction Rate Securities for an Auction Period shall never exceed for such
Auction Period the amount of interest payable at the applicable Maximum Rate in
effect for such Auction Period.

            If the Auction Rate for the Auction Rate Securities is greater than
the Net Loan Rate, then the Variable Rate applicable to such Auction Rate
Securities for that Interest Period will be the Net Loan Rate and the Issuer
shall determine the Carry-over Amount, if any, with respect to such Auction Rate
Securities for such interest period.

            Such Carry-over Amount shall bear interest calculated at a rate
equal to One-Month LIBOR (as determined by the Issuer, provided the Indenture
Trustee has received notice of One-Month LIBOR from the Issuer, and if the
Indenture Trustee shall not have received such notice from the Issuer, then as
determined by the Indenture Trustee) from the Payment Date for the Interest
Period with respect to which such Carry-over Amount was calculated, until paid.
Any payment in respect of Carry-over Amount shall be applied, first, to any
accrued interest payable thereon and, second, in reduction of such Carry-over
Amount. For purposes of this Supplemental Indenture and this Appendix A, any
reference to "principal" or "interest" herein shall not include within the
meaning of such words Carry-over Amount or any interest accrued on any such
Carry-over Amount. Such Carry-over Amount shall be separately calculated for
each Auction Rate Security by the Issuer during such Interest Period in
sufficient time for the Indenture Trustee to give notice to each Noteholder of
such Carry-over Amount as required in the next succeeding sentence. Not less
than four days before the Payment Date for an Interest Period with respect to
which such Carry-over Amount has been calculated by the Issuer, the Indenture
Trustee shall give written notice to each Noteholder the Auction Agent and the
Issuer, in the form provided by the Issuer, of the Carry-over Amount applicable
to each Auction Rate Security, which written notice may accompany the payment of
interest made to the Noteholder on such Payment Date. Such notice shall state,
in addition to such Carry-over Amount, that, unless and until an Auction Rate
Security has been redeemed (other than by optional redemption), after which all
accrued Carry-over Amounts (and all accrued interest thereon) that remains
unpaid shall be canceled and no Carry-over Amount (and interest accrued thereon)
shall be paid with respect to such Auction Rate Security, (a) the Carry-over
Amount (and interest accrued thereon calculated at a rate equal to One-Month
LIBOR) shall be paid by the Indenture Trustee pursuant to an Issuer Order on an
Auction Rate Security on the earliest of (i) the date of defeasance of the
Auction Rate Securities or (ii) the first occurring Payment Date with respect to
the Auction Rate Security (or on the date of any such optional redemption) if
and to the extent that (A) the Eligible Carry-over Make-Up Amount with respect
to such subsequent Interest Period is greater than zero, and (B) moneys are
available pursuant to the terms of the Indenture in an amount sufficient to pay
all or a portion of such Carry-over Amount (and interest accrued thereon), and
(b) interest shall accrue on the Carry-over Amount at a rate equal to One-Month
LIBOR until such Carry-over Amount is paid in full or is cancelled.

            The Carry-over Amount (and interest accrued thereon) for Auction
Rate Securities shall be paid by the Indenture Trustee pursuant to an Issuer
Order on Outstanding Auction Rate Securities on the earliest of (a) the date of
defeasance of any of the Auction Rate Securities or (b) the first occurring
Payment Date if and to the extent that (i) the Eligible Carry-over Make-Up
Amount with respect to such Interest Period is greater than zero, and (ii) on
such Payment Date there are sufficient moneys in the Revenue Fund to pay all
interest due on the Auction Rate Securities on such Payment Date, to redeem any
Auction Rate Securities required to be redeemed on such Payment Date in
accordance with the Indenture and to fund amounts required to be added to the
Reserve Fund on such Payment Date. Any Carry-over Amount (and any interest
accrued thereon) on any Auction Rate Security which is due and payable on an
Payment Date, which Auction Rate Security is to be redeemed (other than by
optional redemption) on said Payment Date, shall be paid to the Noteholder
thereof on said Payment Date to the extent that moneys are available therefor in
accordance with the provisions of this Appendix A; provided, however, that any
Carry-over Amount (and any interest accrued thereon) which is not yet due and
payable on said Payment Date shall be cancelled with respect to said Auction
Rate Security that is to be redeemed (other than by optional redemption) on said
Payment Date and shall not be paid on any succeeding Payment Date. To the extent
that any portion of the Carry-over Amount (and any interest accrued thereon)
remains unpaid after payment of a portion thereof, such unpaid portion shall be
paid in whole or in part as required hereunder until fully paid by the Indenture
Trustee on the earliest of (a) the date of defeasance of any of the Auction Rate
Securities or (b) the next occurring Payment Date or Dates, as necessary, if and
to the extent that the conditions in the second preceding sentence are
satisfied. On any Payment Date on which the Indenture Trustee pays only a
portion of the Carry-over Amount (and any interest accrued thereon) on Auction
Rate Securities, the Indenture Trustee shall give written notice in the manner
set forth in the immediately preceding paragraph to the Noteholder of such
Auction Rate Security receiving such partial payment of the Carry-over Amount
remaining unpaid on such Auction Rate Security.

            The Payment Date or other date on which such Carry-over Amount (or
any interest accrued thereon) for Auction Rate Securities shall be paid shall be
determined by the Indenture Trustee in accordance with the provisions of the
immediately preceding paragraph and the Indenture, and the Indenture Trustee
shall make payment of the Carry-over Amount (and any interest accrued thereon)
in the same manner as, and from the same Fund from which, it pays interest on
the Auction Rate Securities on an Payment Date. Any payment of Carry-over
Amounts (and interest accrued thereon) shall reduce the amount of Eligible
Carry-over Make-up Amount.

            In the event that the Auction Agent no longer determines, or fails
to determine, when required, the Auction Note Interest Rate with respect to
Auction Rate Securities, or, if for any reason such manner of determination
shall be held to be invalid or unenforceable, the Auction Note Interest Rate for
the next succeeding Interest Period, which Interest Period shall be an Auction
Period, for Auction Rate Securities shall be the applicable Cap Rate as
determined by the Auction Agent for such next succeeding Auction Period, and if
the Auction Agent shall fail or refuse to determine the Cap Rate, the Cap Rate
shall be determined by the securities dealer appointed by the Issuer capable of
making such a determination in accordance with the provisions of this Appendix A
and written notice of such determination shall be given by such securities
dealer to the Indenture Trustee.

            Section 2.02 Auction Rate.

            (a) Determining the Auction Rate. By purchasing Auction Rate
Securities, whether in an Auction or otherwise, each purchaser of the Auction
Rate Securities, or its Broker-Dealer, must agree and shall be deemed by such
purchase to have agreed (x) to participate in Auctions on the terms described
herein, (y) to have its beneficial ownership of the Auction Rate Securities
maintained at all times in Book-entry Form for the account of its Participant,
which in turn will maintain records of such beneficial ownership and (z) to
authorize such Participant to disclose to the Auction Agent such information
with respect to such beneficial ownership as the Auction Agent may request.

            So long as the ownership of Auction Rate Securities is maintained in
Book-entry Form by the Securities Depository, an Existing Owner may sell,
transfer or otherwise dispose of Auction Rate Securities only pursuant to a Bid
or Sell Order placed in an Auction or otherwise sell, transfer or dispose of
Auction Rate Securities through a Broker-Dealer, provided that, in the case of
all transfers other than pursuant to Auctions, such Existing Owner, its
Broker-Dealer or its Participant advises the Auction Agent of such transfer.
Auctions shall be conducted on each Auction Date, if there is an Auction Agent
on such Auction Date, in the following manner:

            (i)   (A) Prior to the Submission Deadline on each Auction Date;

                        (1) each Existing Owner of Auction Rate Securities may
                  submit to a Broker-Dealer by telephone or otherwise any
                  information as to:

                              a. the principal amount of Outstanding Auction
                        Rate Securities, if any, owned by such Existing Owner
                        which such Existing Owner desires to continue to own
                        without regard to the Auction Note Interest Rate for the
                        next succeeding Auction Period;

                              b. the principal amount of Outstanding Auction
                        Rate Securities, if any, which such Existing Owner
                        offers to sell if the Auction Note Interest Rate for the
                        next succeeding Auction Period shall be less than the
                        rate per annum specified by such Existing Owner; and/or

                              c. the principal amount of Outstanding Auction
                        Rate Securities, if any, owned by such Existing Owner
                        which such Existing Owner offers to sell without regard
                        to the Auction Note Interest Rate for the next
                        succeeding Auction Period;

                        and

                        (2) one or more Broker-Dealers may contact Potential
                  Owners to determine the principal amount of Auction Rate
                  Securities which each Potential Owner offers to purchase, if
                  the Auction Note Interest Rate for the next succeeding Auction
                  Period shall not be less than the rate per annum specified by
                  such Potential Owner.

            The statement of an Existing Owner or a Potential Owner referred to
in (1) or (2) of this paragraph (A) is herein referred to as an "Order," and
each Existing Owner and each Potential Owner placing an Order is herein referred
to as a "Bidder"; an Order described in clause (1)a. is herein referred to as a
"Hold Order"; an Order described in clauses (1)b. and (2) is herein referred to
as a "Bid"; and an Order described in clause (1)c. is herein referred to as a
"Sell Order."

                  (B) (1) Subject to the provisions of Section 2.02(a)(ii) of
            this Appendix A, a Bid by an Existing Owner shall constitute an
            irrevocable offer to sell:

                              a. the principal amount of Outstanding Auction
                        Rate Securities specified in such Bid if the Auction
                        Note Interest Rate determined as provided in this
                        Section 2.02(a) shall be less than the rate specified
                        therein; or

                              b. such principal amount, or a lesser principal
                        amount of Outstanding Auction Rate Securities to be
                        determined as set forth in Section 2.02(a)(iv)(A)(4) of
                        this Appendix A, if the Auction Note Interest Rate
                        determined as provided in this Section 2.02(a) shall be
                        equal to the rate specified therein; or

                              c. such principal amount, or a lesser principal
                        amount of Outstanding Auction Rate Securities to be
                        determined as set forth in Section 2.02(a)(iv)(B)(3) of
                        this Appendix A, if the rate specified therein shall be
                        higher than the applicable Maximum Rate and Sufficient
                        Bids have not been made.

                        (2) Subject to the provisions of Section 2.02(a)(ii) of
                  this Appendix A, a Sell Order by an Existing Owner shall
                  constitute an irrevocable offer to sell:

                              a. the principal amount of Outstanding Auction
                        Rate Securities  specified in such Sell Order; or

                              b. such principal amount, or a lesser principal
                        amount of Outstanding Auction Rate Securities set forth
                        in Section 2.02(a)(iv)(B)(3) of this Appendix A, if
                        Sufficient Bids have not been made.

                        (3) Subject to the provisions of Section 2.02(a)(ii) of
                  this Appendix A, a Bid by a Potential Owner shall constitute
                  an irrevocable offer to purchase:

                              a. the principal amount of Outstanding Auction
                        Rate Securities specified in such Bid if the Auction
                        Note Interest Rate determined as provided in this
                        Section 2.02(a) shall be higher than the rate specified
                        in such Bid; or

                              b. such principal amount, or a lesser principal
                        amount of Outstanding Auction Rate Securities set forth
                        in Section 2.02(a)(iv)(A)(5) of this Appendix A, if the
                        Auction Note Interest Rate determined as provided in
                        this Section 2.02(a) shall be equal to the rate
                        specified in such Bid.

            (ii)  (A) Each Broker-Dealer shall submit in writing to the
      Auction Agent prior to the Submission Deadline on each Auction Date all
      Orders obtained by such Broker-Dealer and shall specify with respect to
      each such Order:

                        (1) the name of the Bidder placing such Order;

                        (2) the aggregate principal amount of Auction Rate
                  Securities that are the subject of such Order;

                        (3) to the extent that such Bidder is an Existing Owner:

                              a. the principal amount of Auction Rate
                        Securities, if any, subject to any Hold Order placed by
                        such Existing Owner;

                              b. the principal amount of Auction Rate
                        Securities, if any, subject to any Bid placed by such
                        Existing Owner and the rate specified in such Bid; and

                              c. the principal amount of Auction Rate
                        Securities, if any, subject to any Sell Order placed by
                        such Existing Owner;

                        and

                        (4) to the extent such Bidder is a Potential Owner, the
                  rate specified in such Potential Owner's Bid.

                  (B) If any rate specified in any Bid contains more than three
            figures to the right of the decimal point, the Auction Agent shall
            round such rate up to the next higher one thousandth of 1%.

                  (C) If an Order or Orders covering all Outstanding Auction
            Rate Securities owned by an Existing Owner is not submitted to the
            Auction Agent prior to the Submission Deadline, the Auction Agent
            shall deem a Hold Order to have been submitted on behalf of such
            Existing Owner covering the principal amount of Outstanding Auction
            Rate Securities owned by such Existing Owner and not subject to an
            Order submitted to the Auction Agent.

                  (D) Neither the Issuer, the Indenture Trustee nor the Auction
            Agent shall be responsible for any failure of a Broker-Dealer to
            submit an Order to the Auction Agent on behalf of any Existing Owner
            or Potential Owner.

                  (E) If any Existing Owner submits through a Broker-Dealer to
            the Auction Agent one or more Orders covering in the aggregate more
            than the principal amount of Outstanding Auction Rate Securities
            owned by such Existing Owner, such Orders shall be considered valid
            as follows and in the following order of priority:

                        (1) All Hold Orders shall be considered valid, but only
                  up to the aggregate principal amount of Outstanding Auction
                  Rate Securities owned by such Existing Owner, and if the
                  aggregate principal amount of Auction Rate Securities subject
                  to such Hold Orders exceeds the aggregate principal amount of
                  Auction Rate Securities owned by such Existing Owner, the
                  aggregate principal amount of Auction Rate Securities subject
                  to each such Hold Order shall be reduced pro rata so that the
                  aggregate principal amount of Auction Rate Securities subject
                  to such Hold Order equals the aggregate principal amount of
                  Outstanding Auction Rate Securities owned by such Existing
                  Owner.

                        (2) a. Any Bid shall be considered valid up to an amount
                  equal to the excess of the principal amount of Outstanding
                  Auction Rate Securities owned by such Existing Owner over the
                  aggregate principal amount of Auction Rate Securities subject
                  to any Hold Order referred to in clause (A) of this paragraph
                  (ii);

                             b. subject to subclause (1) of this clause (E), if
                        more than one Bid with the same rate is submitted on
                        behalf of such Existing Owner and the aggregate
                        principal amount of Outstanding Auction Rate Securities
                        subject to such Bids is greater than such excess, such
                        Bids shall be considered valid up to an amount equal to
                        such excess;

                             c. subject to subclauses (1) and (2) of this
                        clause (E), if more than one Bid with different rates
                        are submitted on behalf of such Existing Owner, such
                        Bids shall be considered valid first in the ascending
                        order of their respective rates until the highest rate
                        is reached at which such excess exists and then at such
                        rate up to the amount of such excess; and

                              d. in any such event, the amount of Outstanding
                        Auction Rate Securities, if any, subject to Bids not
                        valid under this clause (E) shall be treated as the
                        subject of a Bid by a Potential Owner at the rate
                        therein specified; and

                        (3) All Sell Orders shall be considered valid up to an
                  amount equal to the excess of the principal amount of
                  Outstanding Auction Rate Securities owned by such Existing
                  Owner over the aggregate principal amount of Auction Rate
                  Securities subject to Hold Orders referred to in clause (1) of
                  this paragraph (v) and valid Bids referred to in clause (2) of
                  this paragraph (E).

                  (F) If more than one Bid for Auction Rate Securities is
            submitted on behalf of any Potential Owner, each Bid submitted shall
            be a separate Bid with the rate and principal amount therein
            specified.

                  (G) An Existing Owner that offers to purchase additional
            Auction Rate Securities is, for purposes of such offer, treated as a
            Potential Owner.

                  (H) Any Bid or Sell Order submitted by an Existing Owner
            covering an aggregate principal amount of Auction Rate Securities
            not equal to an Authorized Denomination shall be rejected and shall
            be deemed a Hold Order. Any Bid submitted by a Potential Owner
            covering an aggregate principal amount of Auction Rate Securities
            not equal to an Authorized Denomination shall be rejected.

                  (I) Any Bid specifying a rate higher than the applicable
            Maximum Rate will (1) be treated as a Sell Order if submitted by an
            Existing Owner and (2) not be accepted if submitted by a Potential
            Owner.

                  (J) Any Order submitted in an Auction by a Broker-Dealer to
            the Auction Agent prior to the Submission Deadline on any Auction
            Date shall be irrevocable.

           (iii)  (A) Not earlier than the Submission Deadline on each
      Auction Date, the Auction Agent shall assemble all valid Orders submitted
      or deemed submitted to it by the Broker-Dealers (each such Order as
      submitted or deemed submitted by a Broker-Dealer being herein referred to
      individually as a "Submitted Hold Order," a "Submitted Bid" or a
      "Submitted Sell Order," as the case may be, or as a "Submitted Order," and
      collectively as "Submitted Hold Orders," "Submitted Bids" or "Submitted
      Sell Orders," as the case may be, or as "Submitted Orders") and shall
      determine:

                        (1) the excess of the total principal amount of
                  Outstanding Auction Rate Securities over the sum of the
                  aggregate principal amount of Outstanding Auction Rate
                  Securities subject to Submitted Hold Orders (such excess being
                  herein referred to as the "Available Auction Rate
                  Securities"), and

                        (2) from the Submitted Orders whether:

                              a. the aggregate principal amount of Outstanding
                        Auction Rate Securities subject to Submitted Bids by
                        Potential Owners specifying one or more rates equal to
                        or lower than the applicable Maximum Rate;

                  exceeds or is equal to the sum of:

                              b. the aggregate principal amount of Outstanding
                        Auction Rate Securities subject to Submitted Bids by
                        Existing Owners specifying one or more rates higher than
                        the applicable Maximum Rate; and

                              c. the aggregate principal amount of Outstanding
                        Auction Rate Securities subject to Submitted Sell
                        Orders;

                  (in the event such excess or such equality exists, other than
                  because all of the Outstanding Auction Rate Securities are
                  subject to Submitted Hold Orders, such Submitted Bids
                  described in subclause a. above shall be referred to
                  collectively as "Sufficient Bids"); and

                        (3) if Sufficient Bids exist, the Bid Auction Rate,
                  which shall be the lowest rate specified in such Submitted
                  Bids such that if:

                              a. (x) each Submitted Bid from Existing Owners
                        specifying such lowest rate and (y) all other Submitted
                        Bids from Existing Owners specifying lower rates were
                        rejected, thus entitling such Existing Owners to
                        continue to own the principal amount of Auction Rate
                        Securities subject to such Submitted Bids; and

                              b. (x) each such Submitted Bid from Potential
                        Owners specifying such lowest rate and (y) all other
                        Submitted Bids from Potential Owners specifying lower
                        rates were accepted;

                  the result would be that such Existing Owners described in
                  subclause a. above would continue to own an aggregate
                  principal amount of Outstanding Auction Rate Securities which,
                  when added to the aggregate principal amount of Outstanding
                  Auction Rate Securities to be purchased by such Potential
                  Owners described in subclause b. above, would equal not less
                  than the Available Auction Rate Securities.

                  (B) Promptly after the Auction Agent has made the
            determinations pursuant to Section 2.02(a)(iii)(A) of this Appendix
            A, the Auction Agent shall advise the Indenture Trustee, the
            Broker-Dealers and the Issuer of the Net Loan Rate, Maximum Rate and
            the All Hold Rate and the components thereof on the Auction Date
            provided, however, the Auction Agent shall have no obligation to
            determine the Net Loan Rate except on any Auction Date on which the
            Auction Rate for the next succeeding Interest Period would exceed
            the applicable Commercial Paper Rate (90-day) plus 0.70% or
            Sufficient Bids do not exist for such Auction Date. Based on such
            determinations, the Auction Rate for the next succeeding Interest
            Period will be established as follows:

                        (1) if Sufficient Bids exist, that the Auction Rate for
                  the next succeeding Interest Period shall be equal to the Bid
                  Auction Rate so determined;

                        (2) if Sufficient Bids do not exist (other than because
                  all of the Outstanding Auction Rate Securities are subject to
                  Submitted Hold Orders), that the Auction Rate for the next
                  succeeding Interest Period shall be equal to the applicable
                  Maximum Rate; or

                        (3) if all Outstanding Auction Rate Securities are
                  subject to Submitted Hold Orders, that the Auction Rate for
                  the next succeeding Interest Period shall be equal to the
                  applicable All Hold Rate.

                  (C) Promptly after the Auction Agent has determined the
            Auction Rate, the Auction Agent shall determine and advise the
            Indenture Trustee of the Auction Note Interest Rate, which rate
            shall be the lesser of (x) the Auction Rate and (y) the applicable
            Maximum Rate.

            (iv) Existing Owners shall continue to own the principal amount
      of Auction Rate Securities that are subject to Submitted Hold Orders. If
      the Net Loan Rate is equal to or greater than the Bid Auction Rate and if
      Sufficient Bids have been received by the Auction Agent, the Bid Auction
      Rate will be the Auction Note Interest Rate, and Submitted Bids and
      Submitted Sell Orders will be accepted or rejected and the Auction Agent
      will take such other action as described below in subparagraph (A).

            If the Maximum Rate is less than the Auction Rate, the Maximum Rate
will be the Auction Note Interest Rate. If the Auction Agent has not received
Sufficient Bids (other than because all of the Outstanding Auction Rate
Securities are subject to Submitted Hold Orders), the Auction Note Interest Rate
will be the applicable Maximum Rate. In any of the cases described above,
Submitted Orders will be accepted or rejected and the Auction Agent will take
such other action as described below in subparagraph (B).

                  (A) If Sufficient Bids have been made and the Maximum Rate is
            equal to or greater than the Bid Auction Rate (in which case the
            Auction Note Interest Rate shall be the Bid Auction Rate), all
            Submitted Sell Orders shall be accepted and, subject to the
            provisions of clauses (4) and (5) of this Section 2.02(a)(iv),
            Submitted Bids shall be accepted or rejected as follows in the
            following order of priority, and all other Submitted Bids shall be
            rejected:

                        (1) Existing Owners' Submitted Bids specifying any rate
                  that is higher than the Auction Note Interest Rate shall be
                  accepted, thus requiring each such Existing Owner to sell the
                  aggregate principal amount of Auction Rate Securities subject
                  to such Submitted Bids;

                        (2) Existing Owners' Submitted Bids specifying any rate
                  that is lower than the Auction Note Interest Rate shall be
                  rejected, thus entitling each such Existing Owner to continue
                  to own the aggregate principal amount of Auction Rate
                  Securities subject to such Submitted Bids;

                        (3) Potential Owners' Submitted Bids specifying any rate
                  that is lower than the Auction Note Interest Rate shall be
                  accepted;

                        (4) Each Existing Owners' Submitted Bid specifying a
                  rate that is equal to the Auction Note Interest Rate shall be
                  rejected, thus entitling such Existing Owner to continue to
                  own the aggregate principal amount of Auction Rate Securities
                  subject to such Submitted Bid, unless the aggregate principal
                  amount of Outstanding Auction Rate Securities subject to all
                  such Submitted Bids shall be greater than the principal amount
                  of Auction Rate Securities (the "remaining principal amount")
                  equal to the excess of the Available Auction Rate Securities
                  over the aggregate principal amount of Auction Rate Securities
                  subject to Submitted Bids described in clauses (2) and (3) of
                  this Section 2.02(a)(iv)(A), in which event such Submitted Bid
                  of such Existing Owner shall be rejected in part, and such
                  Existing Owner shall be entitled to continue to own the
                  principal amount of Auction Rate Securities subject to such
                  Submitted Bid, but only in an amount equal to the aggregate
                  principal amount of Auction Rate Securities obtained by
                  multiplying the remaining principal amount by a fraction, the
                  numerator of which shall be the principal amount of
                  Outstanding Auction Rate Securities owned by such Existing
                  Owner subject to such Submitted Bid and the denominator of
                  which shall be the sum of the principal amount of Outstanding
                  Auction Rate Securities subject to such Submitted Bids made by
                  all such Existing Owners that specified a rate equal to the
                  Auction Note Interest Rate, subject to the provisions of
                  Section 2.02(a)(iv)(D) of this Appendix A; and

                        (5) Each Potential Owner's Submitted Bid specifying a
                  rate that is equal to the Auction Note Interest Rate shall be
                  accepted, but only in an amount equal to the principal amount
                  of Auction Rate Securities obtained by multiplying the excess
                  of the aggregate principal amount of Available Auction Rate
                  Securities over the aggregate principal amount of Auction Rate
                  Securities subject to Submitted Bids described in clauses (2),
                  (3) and (4) of this Section 2.02(a)(iv)(A) by a fraction the
                  numerator of which shall be the aggregate principal amount of
                  Outstanding Auction Rate Securities subject to such Submitted
                  Bid and the denominator of which shall be the sum of the
                  principal amount of Outstanding Auction Rate Securities
                  subject to Submitted Bids made by all such Potential Owners
                  that specified a rate equal to the Auction Note Interest Rate,
                  subject to the provisions of Section 2.02(a)(iv)(D) of this
                  Appendix A.

                  (B) If Sufficient Bids have not been made (other than because
            all of the Outstanding Auction Rate Securities are subject to
            submitted Hold Orders), or if the Maximum Rate is less than the Bid
            Auction Rate (in which case the Auction Note Interest Rate shall be
            the Maximum Rate), subject to the provisions of Section
            2.02(a)(iv)(D) of this Appendix A, Submitted Orders shall be
            accepted or rejected as follows in the following order of priority
            and all other Submitted Bids shall be rejected:

                        (1) Existing Owners' Submitted Bids specifying any rate
                  that is equal to or lower than the Auction Note Interest Rate
                  shall be rejected, thus entitling such Existing Owners to
                  continue to own the aggregate principal amount of Auction Rate
                  Securities subject to such Submitted Bids;

                        (2) Potential Owners' Submitted Bids specifying (x) any
                  rate that is equal to or lower than the Auction Note Interest
                  Rate shall be accepted and (y) any rate that is higher than
                  the Auction Note Interest Rate shall be rejected; and

                        (3) each Existing Owner's Submitted Bid specifying any
                  rate that is higher than the Auction Note Interest Rate and
                  the Submitted Sell Order of each Existing Owner shall be
                  accepted, thus entitling each Existing Owner that submitted
                  any such Submitted Bid or Submitted Sell Order to sell the
                  Auction Rate Securities subject to such Submitted Bid or
                  Submitted Sell Order, but in both cases only in an amount
                  equal to the aggregate principal amount of Auction Rate
                  Securities obtained by multiplying the aggregate principal
                  amount of Auction Rate Securities subject to Submitted Bids
                  described in clause (2)(x) of this Section 2.02(a)(iv)(B) by a
                  fraction the numerator of which shall be the aggregate
                  principal amount of Outstanding Auction Rate Securities owned
                  by such Existing Owner subject to such submitted Bid or
                  Submitted Sell Order and the denominator of which shall be the
                  aggregate principal amount of Outstanding Auction Rate
                  Securities subject to all such Submitted Bids and Submitted
                  Sell Orders.

                  (C) If all Auction Rate Securities are subject to Submitted
            Hold Orders, all Submitted Bids shall be rejected.

                  (D) If, as a result of the procedures described in paragraph
            (A) or (B) of this Section 2.02(a)(iv), any Existing Owner would be
            entitled or required to sell, or any Potential Owner would be
            entitled or required to purchase, a principal amount of Auction Rate
            Securities that is not equal to an Authorized Denomination, the
            Auction Agent shall, in such manner as in its sole discretion it
            shall determine, round up or down the principal amount of Auction
            Rate Securities to be purchased or sold by any Existing Owner or
            Potential Owner so that the principal amount of Auction Rate
            Securities purchased or sold by each Existing Owner or Potential
            Owner shall be equal to an Authorized Denomination.

                  (E) If, as a result of the procedures described in paragraph
            (B) of this Section 2.02(a)(iv), any Potential Owner would be
            entitled or required to purchase less than an Authorized
            Denomination of Auction Rate Securities, the Auction Agent shall, in
            such manner as in its sole discretion it shall determine, allocate
            Auction Rate Securities for purchase among Potential Owners so that
            only Auction Rate Securities in Authorized Denominations are
            purchased by any Potential Owner, even if such allocation results in
            one or more of such Potential Owners not purchasing any Auction Rate
            Securities.

            (v) Based on the result of each Auction, the Auction Agent shall
      determine the aggregate principal amount of Auction Rate Securities to be
      purchased and the aggregate principal amount of Auction Rate Securities to
      be sold by Potential Owners and Existing Owners on whose behalf each
      Broker-Dealer submitted Bids or Sell Orders and, with respect to each
      Broker-Dealer, to the extent that such aggregate principal amount of
      Auction Rate Securities to be sold differs from such aggregate principal
      amount of Auction Rate Securities to be purchased, determine to which
      other Broker-Dealer or Broker-Dealers acting for one or more purchasers
      such Broker-Dealer shall deliver, or from which other Broker-Dealer or
      Broker-Dealers acting for one or more sellers such Broker-Dealer shall
      receive, as the case may be, Auction Rate Securities.

            (vi) Any calculation by the Auction Agent or the Indenture Trustee,
      as applicable, of the Auction Note Interest Rate, the Maximum Rate, the
      All Hold Rate, the Net Loan Rate and the Non-Payment Rate shall, in the
      absence of manifest error, be binding on all other parties.

            (vii) Notwithstanding anything in this Appendix A to the contrary,
      (A) no Auction for the Auction Rate Securities for an Auction Period of
      less than 180 days will be held on any Auction Date hereunder on which
      there are insufficient moneys in the Revenue Fund to pay, or otherwise
      held by the Indenture Trustee under the Indenture and available to pay,
      the principal of and interest due on the Auction Rate Securities on the
      Payment Date immediately following such Auction Date, and (B) no Auction
      will be held on any Auction Date hereunder during the continuance of a
      Payment Default. The Indenture Trustee shall promptly notify the Auction
      Agent of any such occurrence.

            (b) Application of Interest Payments for the Auction Rate
Securities.

            (i) The Indenture Trustee shall determine not later than 2:00 p.m.,
      eastern time, on the Business Day next succeeding an Payment Date, whether
      a Payment Default has occurred. If a Payment Default has occurred, the
      Indenture Trustee shall, not later than 2:15 p.m., eastern time, on such
      Business Day, send a notice thereof in substantially the form of Exhibit C
      attached hereto to the Auction Agent by telecopy or similar means and, if
      such Payment Default is cured, the Indenture Trustee shall immediately
      send a notice in substantially the form of Exhibit D attached hereto to
      the Auction Agent by telecopy or similar means.

            (ii) Not later than 2:00 p.m., eastern time, on each anniversary of
      the Closing Date, the Indenture Trustee shall pay to the Auction Agent, in
      immediately available funds out of amounts in the Revenue Fund, an amount
      equal to the Auction Agent Fee as set forth in the Auction Agent Agreement
      as set forth in the Servicer's Report. Not later than 2:00 p.m., eastern
      time, on each Auction Date, the Indenture Trustee shall pay to the Auction
      Agent, in immediately available funds out of amounts in the Revenue Fund,
      an amount equal to the Broker-Dealer Fee as calculated in the Auction
      Agent Agreement. The Indenture Trustee shall, from time to time at the
      request of the Auction Agent and at the direction of an Authorized
      Officer, reimburse the Auction Agent for its reasonable expenses as
      provided in the Auction Agent Agreement, such expenses to be paid out of
      amounts in the Revenue Fund.

            (c) Calculation of Maximum Rate, All Hold Rate, Net Loan Rate,
Applicable LIBOR Rate, and Non-Payment Rate. The Auction Agent shall calculate
the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, and All Hold
Rate, as the case may be, on each Auction Date and shall notify the Indenture
Trustee and the Broker-Dealers of the applicable Maximum Rate, Net Loan Rate,
Applicable LIBOR Rate, and All Hold Rate, as the case may be, as provided in the
Auction Agent Agreement; provided, that if the ownership of the Auction Rate
Securities is no longer maintained in Book-entry Form, or if a Payment Default
has occurred, then the Indenture Trustee shall determine the applicable Maximum
Rate, Net Loan Rate, Applicable LIBOR Rate, All Hold Rate and Non-Payment Rate
for each such Interest Period. If the ownership of the Auction Rate Securities
is no longer maintained in Book-entry Form by the Securities Depository, the
Indenture Trustee shall calculate the applicable Maximum Rate and the Net Loan
Rate on the Business Day immediately preceding the first day of each Interest
Period after the delivery of certificates representing the Auction Rate
Securities pursuant to the Indenture. If a Payment Default shall have occurred,
the Indenture Trustee shall calculate the Non-Payment Rate on the Interest Rate
Determination Date for (i) each Interest Period commencing after the occurrence
and during the continuance of such Payment Default and (ii) any Interest Period
commencing less than two Business Days after the cure of any Payment Default.
The determination by the Indenture Trustee or the Auction Agent, as the case may
be, of the applicable Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, All
Hold Rate and Non-Payment Rate shall (in the absence of manifest error) be final
and binding upon all parties. If calculated or determined by the Auction Agent,
the Auction Agent shall promptly advise the Indenture Trustee of the applicable
Maximum Rate, Net Loan Rate, Applicable LIBOR Rate, and All Hold Rate.

            (d) Notification of Rates, Amounts and Payment Dates.

            (i) By 12:00 noon, eastern time, on the Business Day following each
      Regular Record Date, the Indenture Trustee shall determine the aggregate
      amounts of interest distributable on the next succeeding Payment Date to
      the beneficial owners of Auction Rate Securities.

            (ii) At least four days prior to any Payment Date, the Indenture
      Trustee shall:

                  (A) confirm with the Auction Agent, so long as no Payment
            Default has occurred and is continuing and the ownership of the
            Auction Rate Securities is maintained in Book-entry Form by the
            Securities Depository, (1) the date of such next Payment Date and
            (2) the amount payable to the Auction Agent on the Auction Date
            pursuant to Section 2.02(b)(ii) of this Appendix A; and

                  (B) advise the Securities Depository, so long as the ownership
            of the Auction Rate Securities is maintained in Book-entry Form by
            the Securities Depository, upon request, of the aggregate amount of
            interest distributable on such next Payment Date to the beneficial
            owners of each Class of the Auction Rate Securities.

            If any day scheduled to be an Payment Date shall be changed after
the Indenture Trustee shall have given the notice or confirmation referred to in
clause (i) of the preceding sentence, the Indenture Trustee shall, not later
than 11:15 a.m., eastern time, on the Business Day next preceding the earlier of
the new Payment Date or the old Payment Date, by such means as the Indenture
Trustee deems practicable, give notice of such change to the Auction Agent, so
long as no Payment Default has occurred and is continuing and the ownership of
the Auction Rate Securities is maintained in Book-entry Form by the Securities
Depository.

            (e) Auction Agent.

            (i) Bankers Trust Company is hereby appointed as Initial Auction
      Agent to serve as agent for the Issuer in connection with Auctions. The
      Indenture Trustee and the Issuer will, and the Indenture Trustee is hereby
      directed to, enter into the Initial Auction Agent Agreement with Bankers
      Trust Company, as the Initial Auction Agent. Any Substitute Auction Agent
      shall be (A) a bank, national banking association or trust company duly
      organized under the laws of the United States of America or any state or
      territory thereof having its principal place of business in the Borough of
      Manhattan, New York, or such other location as approved by the Indenture
      Trustee in writing and having a combined capital stock or surplus of at
      least $50,000,000, or (B) a member of the National Association of
      Securities Dealers, Inc., having a capitalization of at least $50,000,000,
      and, in either case, authorized by law to perform all the duties imposed
      upon it hereunder and under the Auction Agent Agreement. The Auction Agent
      may at any time resign and be discharged of the duties and obligations
      created by this Appendix A by giving at least 90 days' notice to the
      Indenture Trustee, each Broker-Dealer and the Issuer. The Auction Agent
      may be removed at any time by the Indenture Trustee upon the written
      direction of an Authorized Officer or by the holders of a majority of the
      aggregate principal amount of the Auction Rate Securities then
      Outstanding, and if by such Noteholders, by an instrument signed by such
      Noteholders or their attorneys and filed with the Auction Agent, the
      Issuer and the Indenture Trustee upon at least 90 days' written notice.
      Neither resignation nor removal of the Auction Agent pursuant to the
      preceding two sentences shall be effective until and unless a Substitute
      Auction Agent has been appointed and has accepted such appointment. If
      required by the Issuer, a Substitute Auction Agent Agreement shall be
      entered into with a Substitute Auction Agent. Notwithstanding the
      foregoing, the Auction Agent may terminate the Auction Agent Agreement if,
      within 25 days after notifying the Indenture Trustee, each Broker-Dealer
      and the Issuer in writing that it has not received payment of any Auction
      Agent Fee due it in accordance with the terms of the Auction Agent
      Agreement, the Auction Agent does not receive such payment.

            (ii) If the Auction Agent shall resign or be removed or be
      dissolved, or if the property or affairs of the Auction Agent shall be
      taken under the control of any state or federal court or administrative
      body because of bankruptcy or insolvency, or for any other reason, the
      Indenture Trustee at the direction of an Authorized Officer, shall use its
      best efforts to appoint a Substitute Auction Agent.

            (iii) The Auction Agent is acting as agent for the Issuer in
      connection with Auctions. In the absence of bad faith, negligent failure
      to act or negligence on its part, the Auction Agent shall not be liable
      for any action taken, suffered or omitted or any error of judgment made by
      it in the performance of its duties under the Auction Agent Agreement and
      shall not be liable for any error of judgment made in good faith unless
      the Auction Agent shall have been negligent in ascertaining (or failing to
      ascertain) the pertinent facts.

            (f) Broker-Dealer.

            (i) The Auction Agent will enter into Broker-Dealer Agreements with
      Salomon Smith Barney Inc. and Merrill Lynch & Co. as the initial
      Broker-Dealers. An Authorized Officer may, from time to time, approve one
      or more additional persons to serve as a Broker-Dealer under the
      Broker-Dealer Agreements and shall be responsible for providing such
      Broker-Dealer Agreements to the Indenture Trustee and the Auction Agent.

            (ii) Any Broker-Dealer may be removed at any time, at the request of
      an Authorized Officer, but there shall, at all times, be at least one
      Broker-Dealer appointed and acting as such.

            (g) Changes in Auction Period or Periods and Certain Percentages.

            (i) While any of the Auction Rate Securities are Outstanding, the
      Issuer may, from time to time, change the length of one or more Auction
      Periods (an "Auction Period Adjustment"), in order to conform with then
      current market practice with respect to similar securities or to
      accommodate economic and financial factors that may affect or be relevant
      to the length of the Auction Period and the interest rate borne by the
      Auction Rate Securities. The Issuer shall not initiate an Auction Period
      Adjustment unless it shall have received the written consent of the
      applicable Broker-Dealer, which consent shall not be unreasonably
      withheld, not later than nine days prior to the Auction Date for such
      Auction Period. The Issuer shall initiate the Auction Period Adjustment by
      giving written notice by Issuer Order to the Indenture Trustee, the
      Auction Agent, the applicable Broker-Dealer, each Rating Agency and the
      Securities Depository in substantially the form of, or containing
      substantially the information contained in, Exhibit E attached hereto at
      least 10 days prior to the Auction Date for such Auction Period.

            (ii) Any such adjusted Auction Period shall not be less than 7 days
      nor more than 366 days.

            (iii) An Auction Period Adjustment shall take effect only if (A) the
      Indenture Trustee and the Auction Agent receive, by 11:00 a.m., eastern
      time, on the Business Day before the Auction Date for the first such
      Auction Period, an Issuer Certificate in substantially the form attached
      as, or containing substantially the same information contained in, Exhibit
      F attached hereto, authorizing the Auction Period Adjustment specified in
      such certificate along with a copy of the written consent of the
      applicable Broker-Dealer and, (B) Sufficient Bids exist as of the Auction
      on the Auction Date for such first Auction Period. If the condition
      referred to in (A) above is not met, the applicable Auction Note Interest
      Rate for the next Auction Period shall be determined pursuant to the above
      provisions of this Section 2.02 and the Auction Period shall be the
      Auction Period determined without reference to the proposed change. If the
      condition referred to in (A) is met but the condition referred in (B)
      above is not met, the applicable Auction Note Interest Rate for the next
      Auction Period shall be the applicable Maximum Rate and the Auction Period
      shall be the Auction Period determined without reference to the proposed
      change.

            In connection with any Auction Period Adjustment, the Auction Agent
shall provide such further notice to such parties as is specified in Section
2.03 of the Auction Agent Agreement.

            (h) Changes in the Auction Date. The applicable Broker-Dealer,
with the written consent of an Authorized Officer and, if applicable, upon
receipt of the opinion of Note Counsel as required below, may specify a
different Auction Date (but in no event more than five Business Days earlier)
than the Auction Date that would otherwise be determined in accordance with the
definition of "Auction Date" in Section 1.01 of this Appendix A with respect to
one or more specified Auction Periods in order to conform with then current
market practice with respect to similar securities or to accommodate economic
and financial factors that may affect or be relevant to the day of the week
constituting an Auction Date and the interest rate borne on the Auction Rate
Securities. The applicable Broker-Dealer shall deliver a written request for
consent to such change in the length of the Auction Date to the Issuer at least
14 days prior to the effective date of such change. If the Issuer shall have
delivered such written consent to the applicable Broker-Dealer, such
Broker-Dealer shall provide notice of its determination to specify an earlier
Auction Date for one or more Auction Periods by means of a written notice
delivered at least 10 days prior to the proposed changed Auction Date to the
Indenture Trustee, the Auction Agent, the Issuer, each Rating Agency and the
Securities Depository. Such notice shall be substantially in the form of, or
contain substantially the information contained in, Exhibit G attached hereto.

            In connection with any change described in this Section 2.02(h), the
Auction Agent shall provide such further notice to such parties as is specified
in Section 2.03 of the Auction Agent Agreement.

            Section 2.03 Additional Provisions Regarding the Interest Rates on
the Auction Rate Securities. The determination of a Variable Rate by the Auction
Agent or any other Person pursuant to the provisions of the applicable Section
of this Article II shall be conclusive and binding on the Noteholders of the
Auction Rate Securities to which such Variable Rate applies, and the Issuer and
the Indenture Trustee may rely thereon for all purposes.

            In no event shall the cumulative amount of interest paid or payable
on the Auction Rate Securities (including interest calculated as provided
herein, plus any other amounts that constitute interest on the Auction Rate
Securities under applicable law, which are contracted for, charged, reserved,
taken or received pursuant to the Auction Rate Securities or related documents)
calculated from the Date of Closing of the Auction Rate Securities through any
subsequent day during the term of the Auction Rate Securities or otherwise prior
to payment in full of the Auction Rate Securities exceed the amount permitted by
applicable law. If the applicable law is ever judicially interpreted so as to
render usurious any amount called for under the Auction Rate Securities or
related documents or otherwise contracted for, charged, reserved, taken or
received in connection with the Auction Rate Securities, or if the redemption or
acceleration of the maturity of the Auction Rate Securities results in payment
to or receipt by the Noteholder or any former Noteholder of the Auction Rate
Securities of any interest in excess of that permitted by applicable law, then,
notwithstanding any provision of the Auction Rate Securities or related
documents to the contrary, all excess amounts theretofore paid or received with
respect to the Auction Rate Securities shall be credited on the principal
balance of the Auction Rate Securities (or, if the Auction Rate Securities have
been paid or would thereby be paid in full, refunded by the recipient thereof),
and the provisions of the Auction Rate Securities and related documents shall
automatically and immediately be deemed reformed and the amounts thereafter
collectible hereunder and thereunder reduced, without the necessity of the
execution of any new document, so as to comply with the applicable law, but so
as to permit the recovery of the fullest amount otherwise called for under the
Auction Rate Securities and under the related documents.
<PAGE>

                                   EXHIBIT A-1

                              FORM OF SENIOR NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (AS DEFINED IN THE INDENTURE) OR TO A SUCCESSOR SECURITIES DEPOSITORY
OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTE
                        SENIOR CLASS A-[1] [2] [3] [4]
                             AUCTION RATE SECURITIES

REGISTERED NO. A-__                                REGISTERED $________________

   MATURITY DATE        INTEREST RATE    ORIGINAL ISSUE DATE      CUSIP NO.
-------------------- ------------------ --------------------- -----------------
 [December 1, 2035]       Variable        [March __, 2002]      _____________

PRINCIPAL  SUM:  _________________________________________  AND 00/100 DOLLARS
NOTEHOLDER: CEDE & CO.

            SLC STUDENT LOAN TRUST-I, a Delaware business trust organized under
the laws of the State of Delaware (the "Issuer," which term includes any
successor entity under the Indenture of Trust, dated as of [March _, 2002] (the
"Indenture") and the Series 2002-1 Supplemental Indenture of Trust dated as of
[March _, 2002] (as amended, the "Series 2002-1 Supplemental Indenture"), each
between the Issuer and Bankers Trust Company, as Indenture Trustee (the
"Indenture Trustee," which term includes any successor indenture trustee under
the Indenture)) for value received, hereby promises to pay to the Noteholder
(stated above) or registered assigns, the Principal Sum of (stated above), but
solely from the revenues and receipts hereinafter specified and not otherwise,
on the Maturity Date specified above (subject to the right of prior redemption
hereinafter described), upon presentation and surrender of this note at the
Corporate Trust Office of the Indenture Trustee, as paying agent, Indenture
Trustee, authenticating agent and registrar for the Notes, or a duly appointed
successor paying agent, and to pay interest in arrears on said Principal Sum,
but solely from the revenues and receipts hereinafter specified and not
otherwise, to the Noteholder hereof from the most recent Payment Date to which
interest has been paid hereon, until the payment of said principal sum in full.

            Any capitalized words and terms used as defined words and terms in
this note and not otherwise defined herein shall have the meanings given them in
the Indenture.

            This note shall bear interest at an Auction Rate, all as determined
in Appendix A of the Series 2002-1 Supplemental Indenture.

            The principal of and interest on this note are payable in lawful
money of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.

            Interest payable on this note shall be computed on the assumption
that each year contains 360 days and actual days elapsed.

            This note is one of a series of notes of the Issuer designated
Student Loan Asset-Backed Notes, Senior Class A-[1][2][3][4] Auction Rate
Securities, dated the Original Issue Date, in the aggregate original principal
amount of $_______________ (the "Class A-[1][2][3][4] Notes") which have been
authorized by the Issuer, and issued by the Issuer pursuant to the Indenture.
The Issuer is, simultaneously with the Class A-[1][2][3][4] Notes, issuing
$_______________ of its Student Loan Asset-Backed Notes, Senior Class A Notes in
three other classes (together with the Class A-[1][2][3][4] Notes, the "Class A
Notes"), $_____ of its Student Loan Asset-Backed Notes, Subordinate Class 2002-1
Notes in one class (the "Class B Notes") and $_____ of its Student Loan
Asset-Backed Notes, Residual Class 2002-1 Notes in one class (the "Class R
Notes"). The proceeds of such notes have been used by the Issuer, together with
other moneys of the Issuer, for the purpose of providing funds to finance the
acquisition of student loans, fund a reserve fund and to pay certain costs and
expenses in connection with the issuance of such notes. The Indenture provides
for the issuance of additional notes (the "Additional Notes") which may be
secured on a parity with or subordinate to the Class A Notes, the Class B Notes
and Class R Notes as determined by the Issuer. The Class A Notes, the Class B
Notes, the Class R Notes and any Additional Notes are collectively referred to
herein as the "Notes."

            Mandatory Redemption and Optional Redemption. This note is subject
to mandatory redemption and optional redemption, all as described in the
Indenture.

            Optional Redemption or Purchase. The Issuer may redeem or purchase
or cause to be purchased all of the Notes on any Payment Date on which the
aggregate current principal balance of all the Notes (other than the Residual
Notes) shall be less than or equal to10% of the initial aggregate principal
balance of all the Notes (other than the Residual Notes) issued under the
Indenture on the respective Dates of Issuance, at a redemption or purchase price
equal to the aggregate current principal balance of all the Notes, plus accrued
interest on the Notes through the day preceding the Payment Date on which the
redemption or purchase occurs.

            Notice of Redemption or Purchase. Notice of the call for redemption
shall be given by the Indenture Trustee by mailing a copy of the notice at least
12 days prior to the redemption or purchase date to the Noteholders to be
redeemed in whole or in part at the address of such Noteholder last showing on
the registration books. Failure to give such notice or any defect therein shall
not affect the validity of any proceedings for the redemption or purchase of
such Auction Rate Securities for which no such failure or defect occurs. All
Notes called for redemption or purchase will cease to bear interest after the
specified redemption or purchase date, provided funds for their payment are on
deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.

            The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.

            The principal of and interest on the Class A Notes and any
Additional Notes issued on a parity with the Class A Notes and any Issuer
Derivative Payments secured on a parity with the Class A Notes are payable on a
superior basis to such payments on the Class B Notes and any Additional Notes
issued on a parity or subordinate to the Class B Notes; provided, however, that
current principal and interest may be paid on the Class B Notes and any
Additional Notes issued on a parity with the Class B Notes or subordinate to the
Class B Notes if all principal and interest payments due and owing at such time
on the Class A Notes and any Additional Notes issued on a parity with the Class
A Notes and any Issuer Derivative Payments secured on a parity with the Class A
Notes have been previously made or provided for as provided in the Indenture.

            Reference is hereby made to the Indenture, copies of which are on
file in the Corporate Trust Office of the Indenture Trustee, and to all of the
provisions of which any Noteholder of this note by his acceptance hereof hereby
assents, for definitions of terms; the description of and the nature and extent
of the security for the Notes; the Issuer's student loan origination and
acquisition program; the revenues and other money pledged to the payment of the
principal of and interest on the Notes; the nature and extent and manner of
enforcement of the pledge; the conditions upon which the Indenture may be
amended or supplemented with or without the consent of the Noteholders and any
Reciprocal Payor; the rights and remedies of the Noteholder hereof with respect
hereto and thereto, including the limitations upon the right of a Noteholder
hereof to institute any suit, action, or proceeding in equity or at law with
respect hereto and thereto; the rights, duties, and obligations of the Issuer
and the Indenture Trustee thereunder; the terms and provisions upon which the
liens, pledges, charges, trusts, and covenants made therein may be discharged at
or prior to the stated maturity or earlier redemption of this note, and this
note thereafter shall no longer be secured by the Indenture or be deemed to be
Outstanding, as defined in the Indenture, thereunder; and for the other terms
and provisions thereof.

            THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY
FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

            No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Indenture Trustee, or any
employee, or agent of the Issuer, nor against the State of Delaware, or any
official thereof, but the obligation to pay all amounts required by the
Indenture securing this note and the obligation to do and perform the covenants
and acts required of the Issuer therein and herein shall be and remain the
responsibility and obligation of said Issuer, limited as herein set forth.

            Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Indenture
Trustee, as registrar, upon surrender of this note for transfer at the Corporate
Trust Office of the Indenture Trustee, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of the same series, Stated
Maturity, of authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount will be issued to the designated
transferee or transferees. At the option of the Noteholder, any Note may be
exchanged for other Notes in authorized denominations upon surrender of the Note
to be exchanged at the Corporate Trust Office of the Indenture Trustee. Upon any
such presentation for exchange, one or more new Notes of the same series, Stated
Maturity, in authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount as the Note or Notes so surrendered will
be issued to the Noteholder of the Note or Notes so surrendered; and the Note or
Notes so surrendered shall thereupon be cancelled by the Indenture Trustee.

            Notwithstanding the foregoing, so long as the ownership of the Notes
is maintained in book-entry form by The Depository Trust Company (the
"Securities Depository") or a nominee thereof, this note may be transferred in
whole but not in part only to the Securities Depository or a nominee thereof or
to a successor Securities Depository or its nominee.

            The Issuer, the Indenture Trustee, and any agent of either of them
shall treat the Person in whose name this note is registered as the Noteholder
hereof (a) on the record date for purposes of receiving timely payment of
interest hereon, and (b) on the date of surrender of this note for purposes of
receiving payment of principal hereof at its stated maturity and (c) for all
other purposes, whether or not this note is overdue, and neither the Issuer, the
Indenture Trustee, nor any such agent shall be affected by notice to the
contrary.

            To the extent permitted by the Indenture, modifications or
alterations of the Indenture and any supplemental indenture may be made with the
consent of less than all of the holders of the Notes then Outstanding or without
the consent of any of such Noteholders (by reason of a change in the Act or
Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Payment Date, or rate of interest on any Outstanding Notes or affect the
rights of the Noteholders of less than all of the Notes Outstanding.

            Any capitalized term used herein and not otherwise defined herein
shall have the same meaning ascribed to such term in the herein defined
Indenture unless the context shall clearly indicate otherwise.

            It is hereby certified and recited that all acts and things required
by the laws of the State of Delaware to happen, exist, and be performed
precedent to and in the issuance of this note, and the execution of said
Indenture, have happened, exist and have been performed as so required.
<PAGE>

            IN WITNESS WHEREOF, the Issuer has caused this note to be executed
in its name and on its behalf by its Administrator, all as of the Original Issue
Date.

                                    SLC STUDENT LOAN TRUST-I

                                    By: THE STUDENT LOAN CORPORATION,
                                        as Administrator,

                                    By
                                       ----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This note is one of the Class A-__ Notes designated therein and
described in the within-mentioned Indenture.

                                    Bankers Trust Company, as Indenture
                                       Trustee

                                    By:
                                       ---------------------------------------
                                       Authorized Signatory

Authentication Date:

---------------------------

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto __________ (Social Security or other identifying number
__________) the within note and all rights thereunder and hereby irrevocably
appoints __________ attorney to transfer the within note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                                Signed:

-------------------                   ----------------------------------

                                      NOTICE: The signature on this Assignment
                                      must correspond with the name of the
                                      Noteholder as it appears on the face of
                                      the within note in every particular.

Signature Guaranteed by:

------------------------------
A Member of The New York Stock
Exchange or a State or National Bank
<PAGE>

                                   EXHIBIT A-2

                            FORM OF SUBORDINATE NOTES

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION ("DTC"), TO THE ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY NOTE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO
SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.

EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS GLOBAL NOTE MAY BE
TRANSFERRED, IN WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE SECURITIES
DEPOSITORY (AS DEFINED IN THE INDENTURE) OR TO A SUCCESSOR SECURITIES DEPOSITORY
OR TO A NOMINEE OF A SUCCESSOR SECURITIES DEPOSITORY.

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTE
                           [SUBORDINATE CLASS B-1]
                             AUCTION RATE SECURITIES

REGISTERED NO. B-                                          REGISTERED $________

   MATURITY DATE        INTEREST RATE    ORIGINAL ISSUE DATE      CUSIP NO.
-------------------- ------------------ --------------------- -----------------

 [December 1, 2035]      [Variable]        [____ _, 2002]       _____________

PRINCIPAL SUM: [________________] AND 00/100 DOLLARS

NOTEHOLDER: CEDE & CO.

            SLC STUDENT LOAN TRUST-I, a Delaware business trust organized under
the laws of the State of Delaware (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of [March _, 2002]
(the "Original Indenture") and the Series 2002-1 Supplemental Indenture of Trust
dated as of [March _, 2002] (as amended, the "Series 2002-1 Supplemental
Indenture," and together with the Original Indenture, the "Indenture"), each
between the Issuer and Bankers Trust Company, as Indenture Trustee (the
"Indenture Trustee," which term includes any successor indenture trustee under
the Indenture)) for value received, hereby promises to pay to the Noteholder
(stated above) or registered assigns, the Principal Sum of (stated above), but
solely from the revenues and receipts hereinafter specified and not otherwise,
on the Maturity Date specified above (subject to the right of prior redemption
hereinafter described), upon presentation and surrender of this note at the
principal office of the Indenture Trustee, as paying agent, Indenture Trustee,
authenticating agent and registrar for the Notes, or a duly appointed successor
paying agent, and to pay interest in arrears on said Principal Sum, but solely
from the revenues and receipts hereinafter specified and not otherwise, to the
Noteholder hereof from the most recent Payment Date to which interest has been
paid hereon, until the payment of said principal sum in full.

            Any capitalized words and terms used as defined words and terms in
this note and not otherwise defined herein shall have the meanings given them in
the Indenture.

            This note shall bear interest at an Auction Rate, all as determined
in Appendix A of the Series 2002-1 Supplemental Indenture.

            The principal of and interest on this note are payable in lawful
money of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.

            Interest payable on this note shall be computed on the assumption
that each year contains 360 days and actual days elapsed.

            This note is one of a series of notes of the Issuer designated
Student Loan Asset-Backed Notes, Subordinate Class B-1 Auction Rate Securities,
dated the Original Issue Date, in the aggregate original principal amount of
$_______ (the "Class B-1 Notes") which have been authorized by the Issuer, and
issued by the Issuer pursuant to the Indenture. The Issuer is, simultaneously
with the Class B-1 Notes, issuing $______ of its Student Loan Asset-Backed
Notes, Senior Class A Notes in four classes (collectively, the "Class A Notes")
and $______ of its Student Loan Asset-Backed Notes, Residual Class Notes in one
class (the "Class R Notes"). The proceeds of such notes have been used by the
Issuer, together with other moneys of the Issuer, for the purpose of providing
funds to finance the acquisition of student loans, fund a reserve fund and to
pay certain costs and expenses in connection with the issuance of such notes.
The Indenture provides for the issuance of additional notes (the "Additional
Notes") which may be secured on a parity with or subordinate to the Class A
Notes, the Class B Notes and the Class R Notes as determined by the Issuer. The
Class A Notes, the Class B Notes, the Class R Notes and any Additional Notes are
collectively referred to herein as the "Notes."

            Mandatory Redemption, Optional Redemption and Extraordinary
Redemption. This note is subject to mandatory redemption, optional redemption
and extraordinary redemption, all as described in the Indenture.

            Optional Redemption or Purchase. The Issuer may redeem or purchase
or cause to be purchased all of the Notes on any Payment Date on which the
aggregate current principal balance of all the Notes (other than the Residual
Notes) shall be less than or equal to10% of the initial aggregate principal
balance of all the Notes (other than the Residual Notes) issued under the
Indenture on the respective Dates of Issuance, at a redemption or purchase price
equal to the aggregate current principal balance of all the Notes, plus accrued
interest on the Notes through the day preceding the Payment Date on which the
redemption or purchase occurs.

            Notice of Redemption or Purchase. Notice of the call for redemption
shall be given by the Indenture Trustee by mailing a copy of the notice at least
12 days prior to the redemption or purchase date to the Noteholders to be
redeemed in whole or in part at the address of such Noteholder last showing on
the registration books. Failure to give such notice or any defect therein shall
not affect the validity of any proceedings for the redemption or purchase of
such Auction Rate Securities for which no such failure or defect occurs. All
Notes called for redemption or purchase will cease to bear interest after the
specified redemption or purchase date, provided funds for their payment are on
deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.

            The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.

            The principal of and interest on the Class A Notes and any
Additional Notes issued on a parity with the Class A Notes and any Issuer
Derivative Payments secured on a parity with the Class A Notes are payable on a
superior basis to such payments on the Class B Notes and any Additional Notes
issued on a parity or subordinate to the Class B Notes; provided, however, that
current principal and interest may be paid on the Class B Notes and any
Additional Notes issued on a parity with the Class B Notes or subordinate to the
Class B Notes if all principal and interest payments due and owing at such time
on the Class A Notes and any Additional Notes issued on a parity with the Class
A Notes and any Issuer Derivative Payments secured on a parity with the Class A
Notes have been previously made or provided for as provided in the Indenture.

            Reference is hereby made to the Indenture, copies of which are on
file in the principal office of the Indenture Trustee, and to all of the
provisions of which any Noteholder of this note by his acceptance hereof hereby
assents, for definitions of terms; the description of and the nature and extent
of the security for the Notes; the Issuer's student loan origination and
acquisition program; the revenues and other money pledged to the payment of the
principal of and interest on the Notes; the nature and extent and manner of
enforcement of the pledge; the conditions upon which the Indenture may be
amended or supplemented with or without the consent of the Noteholders and any
Reciprocal Payor; the rights and remedies of the Noteholder hereof with respect
hereto and thereto, including the limitations upon the right of a Noteholder
hereof to institute any suit, action, or proceeding in equity or at law with
respect hereto and thereto; the rights, duties, and obligations of the Issuer
and the Indenture Trustee thereunder; the terms and provisions upon which the
liens, pledges, charges, trusts, and covenants made therein may be discharged at
or prior to the stated maturity or earlier redemption of this note, and this
note thereafter shall no longer be secured by the Indenture or be deemed to be
Outstanding, as defined in the Indenture, thereunder; and for the other terms
and provisions thereof.

            THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY
FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

            No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Indenture Trustee, or any
incorporator, director, officer, employee, or agent of the Issuer, nor against
the State of Delaware, or any official thereof, but the obligation to pay all
amounts required by the Indenture securing this note and the obligation to do
and perform the covenants and acts required of the Issuer therein and herein
shall be and remain the responsibility and obligation of said Issuer, limited as
herein set forth.

            Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Indenture
Trustee, as registrar, upon surrender of this note for transfer at the principal
office of the Indenture Trustee, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Indenture Trustee duly
executed by, the Noteholder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of the same series, Stated Maturity, of
authorized denominations, bearing interest at the same rate, and for the same
aggregate principal amount will be issued to the designated transferee or
transferees. At the option of the Noteholder, any Note may be exchanged for
other Notes in authorized denominations upon surrender of the Note to be
exchanged at the principal office of the Indenture Trustee. Upon any such
presentation for exchange, one or more new Notes of the same series, Stated
Maturity, in authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount as the Note or Notes so surrendered will
be issued to the Noteholder of the Note or Notes so surrendered; and the Note or
Notes so surrendered shall thereupon be cancelled by the Indenture Trustee.

            Notwithstanding the foregoing, so long as the ownership of the Notes
is maintained in book-entry form by The Depository Trust Company (the
"Securities Depository") or a nominee thereof, this note may be transferred in
whole but not in part only to the Securities Depository or a nominee thereof or
to a successor Securities Depository or its nominee.

            The Issuer, the Indenture Trustee, and any agent of either of them
shall treat the Person in whose name this note is registered as the Noteholder
hereof (a) on the record date for purposes of receiving timely payment of
interest hereon, and (b) on the date of surrender of this note for purposes of
receiving payment of principal hereof at its stated maturity and (c) for all
other purposes, whether or not this note is overdue, and neither the Issuer, the
Indenture Trustee, nor any such agent shall be affected by notice to the
contrary.

            To the extent permitted by the Indenture, modifications or
alterations of the Indenture and any supplemental indenture may be made with the
consent of less than all of the holders of the Notes then outstanding or without
the consent of any of such Noteholders (by reason of a change in the Act or
Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Payment Date, or rate of interest on any outstanding Notes or affect the
rights of the Noteholders of less than all of the Notes outstanding.

            Any capitalized term used herein and not otherwise defined herein
shall have the same meaning ascribed to such term in the herein defined
Indenture unless the context shall clearly indicate otherwise.

            It is hereby certified and recited that all acts and things required
by the laws of the State of Delaware to happen, exist, and be performed
precedent to and in the issuance of this note, and the passage of said
resolution and the execution of said Indenture, have happened, exist and have
been performed as so required.
<PAGE>

            IN WITNESS WHEREOF, the Issuer has caused this note to be executed
in its name and on its behalf by its Administrator, all as of the Original Issue
Date.

                                    SLC STUDENT LOAN TRUST-I

                                    By: THE STUDENT LOAN CORPORATION,
                                        as Administrator,

                                    By ----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This note is one of the Class B-_ Notes designated therein and
described in the within-mentioned Indenture.

                                    BANKERS TRUST COMPANY, as Indenture
                                       Trustee

                                    By:---------------------------------------
                                       Authorized Signatory

Authentication Date:

--------------------------

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto __________ (Social Security or other identifying number
__________) the within note and all rights thereunder and hereby irrevocably
appoints __________ attorney to transfer the within note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                                Signed:

-------------------                   ----------------------------------

                                      NOTICE: The signature on this Assignment
                                      must correspond with the name of the
                                      Noteholder as it appears on the face of
                                      the within note in every particular.

Signature Guaranteed by:

------------------------------
A Member of The New York Stock
Exchange or a State or National Bank

<PAGE>

                                   EXHIBIT A-3

                        FORM OF CLASS R-1 RESIDUAL NOTES

THIS NOTE HAS NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE "SECURITIES ACT"), OR ANY STATE SECURITIES LAW. THE HOLDER
HEREOF, BY PURCHASING THIS NOTE, AGREES THAT THIS NOTE MAY BE REOFFERED, RESOLD,
PLEDGED OR OTHERWISE TRANSFERRED ONLY (A) IN ACCORDANCE WITH OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT AND (B) IN ACCORDANCE WITH
ANY OTHER APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES.

THE TRANSFER OF THIS NOTE WILL NOT BE EFFECTIVE UNLESS THE TRANSFEREE HAS
DELIVERED TO THE INDENTURE TRUSTEE A WRITTEN OPINION OF COUNSEL IN FORM AND
SUBSTANCE SATISFACTORY TO THE INDENTURE TRUSTEE STATING THAT (I) SUCH TRANSFER
IS EXEMPT FROM THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAW AND
(II) SUCH TRANSFER WILL NOT CAUSE THE TRUST TO BE TREATED FOR U.S. FEDERAL
INCOME TAX PURPOSES AS AN ASSOCIATION (OR PUBLICLY-TRADED PARTNERSHIP) TAXABLE
AS A CORPORATION, AND WILL NOT MATERIALLY AFFECT THE FEDERAL INCOME TAX
TREATMENT OF THE NOTEHOLDERS.

THIS NOTE AND ANY BENEFICIAL INTEREST HEREIN MAY NOT BE ACQUIRED BY OR WITH THE
ASSETS OF (A) EMPLOYEE BENEFIT PLANS, RETIREMENT ARRANGEMENTS, INDIVIDUAL
RETIREMENT ACCOUNTS OR KEOGH PLANS SUBJECT TO EITHER TITLE I OF THE EMPLOYEE
RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED, OR SECTION 4975 OF THE
INTERNAL REVENUE CODE OF 1986, AS AMENDED, OR (B) ENTITIES (INCLUDING INSURANCE
COMPANY GENERAL ACCOUNTS) WHOSE UNDERLYING ASSETS INCLUDE PLAN ASSETS BY REASON
OF THE INVESTMENT BY ANY SUCH PLANS, ARRANGEMENTS OR ACCOUNTS IN SUCH ENTITIES
(A "BENEFIT PLAN INVESTOR"). EACH TRANSFEREE OF THIS NOTE SHALL BE REQUIRED TO
REPRESENT (A) THAT IT IS NOT A BENEFIT PLAN INVESTOR AND IS NOT ACQUIRING THIS
NOTE WITH THE ASSETS OF A BENEFIT PLAN INVESTOR AND (B) THAT IF THIS NOTE IS
SUBSEQUENTLY DEEMED TO BE A PLAN ASSET IT WILL DISPOSE OF THIS NOTE.

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTE
                                 RESIDUAL NOTES

REGISTERED NO. R-                                          REGISTERED $_______

   MATURITY DATE        INTEREST RATE    ORIGINAL ISSUE DATE      CUSIP NO.
-------------------- ------------------ --------------------- -----------------
 [December 1, 2042]      [Variable]        [March _, 2002]      _____________

PRINCIPAL SUM: [________________] AND 00/100 DOLLARS

NOTEHOLDER: [SLC Student Loan Receivables I, Inc.]

            SLC STUDENT LOAN TRUST-I, a Delaware business trust organized under
the laws of the State of Delaware (the "Issuer," which term includes any
successor corporation under the Indenture of Trust, dated as of March 27 2002
(the "Indenture") and the Series 2002-1 Supplemental Indenture of Trust dated as
of March 27, 2002 (as amended, the "Series 2002-1 Supplemental Indenture"), each
between the Issuer and Bankers Trust Company, as Indenture Trustee (the
"Indenture Trustee," which term includes any successor indenture trustee under
the Indenture)) for value received, hereby promises to pay to the Noteholder
(stated above) or registered assigns, the Principal Sum of (stated above), but
solely from the revenues and receipts hereinafter specified and not otherwise,
on the Maturity Date specified above (subject to the right of prior redemption
hereinafter described), upon presentation and surrender of this note at the
Corporate Trust Office of the Indenture Trustee, as paying agent, Indenture
Trustee, authenticating agent and registrar for the Notes, or a duly appointed
successor paying agent, and to pay interest in arrears on said Principal Sum,
but solely from the revenues and receipts hereinafter specified and not
otherwise, to the Noteholder hereof from the most recent Payment Date to which
interest has been paid hereon, until the payment of said principal sum in full.

            Any capitalized words and terms used as defined words and terms in
this note and not otherwise defined herein shall have the meanings given them in
the Indenture.

            This note shall bear interest at the Commercial Paper Rate (90-day)
plus 0.85%, adjusted on the first Business Day of each calendar quarter.

            The principal of and interest on this note are payable in lawful
money of the United States of America. If the specified date for any payment of
principal or interest accrued to such specified date shall be a day other than a
Business Day then such payment may be made on the next succeeding Business Day,
with the same force and effect as if made on the specified date for such payment
without additional interest.

            Interest payable on this note shall be computed on the assumption
that each year contains 360 days and actual days elapsed and shall be paid in
accordance with Section 2.01 of the Series 2002-1 Supplement Indenture.

            This note is one of a series of notes of the Issuer designated
Student Loan Asset-Backed Notes, Class R-1 Residual Notes, dated the Original
Issue Date, in the aggregate original principal amount of $_______ (the "Class
R-1 Notes") which have been authorized by the Issuer, and issued by the Issuer
pursuant to the Indenture. The Issuer is, simultaneously with the Class R-1
Notes, issuing $________ of its Student Loan Asset-Backed Notes, Subordinate
Class B-1 (the "Class B-1 Notes") and $______ of its Student Loan Asset-Backed
Notes, Senior Class A Notes in four classes (collectively, the "Class A Notes").
The proceeds of such notes have been used by the Issuer, together with other
moneys of the Issuer, for the purpose of providing funds to finance the
acquisition of student loans, fund a reserve fund and to pay certain costs and
expenses in connection with the issuance of such notes. The Indenture provides
for the issuance of additional notes (the "Additional Notes") which may be
secured on a parity with or subordinate to the Class A Notes, the Class B Notes
and the Class R-1 Notes as determined by the Issuer. The Class A Notes, the
Class B Notes, the Class R-1 Notes and any Additional Notes are collectively
referred to herein as the "Notes."

            Mandatory Redemption, Optional Redemption and Extraordinary
Redemption. This note is subject to mandatory redemption, optional redemption
and extraordinary redemption, all as described in the Indenture.

            Optional Redemption or Purchase. The Issuer may redeem or purchase
or cause to be purchased all of the Notes on any Payment Date on which the
aggregate current principal balance of all the Notes issued under the Indenture
(excluding Residual Notes) shall be less than or equal to10% of the initial
aggregate principal balance of all the Notes issued under the Indenture
(excluding Residual Notes) on the respective Dates of Issuance, at a redemption
or purchase price equal to the aggregate current principal balance of such
Notes, plus accrued interest on the Notes through the day preceding the Payment
Date on which the redemption or purchase occurs.

            Notice of Redemption or Purchase. Notice of the call for redemption
shall be given by the Indenture Trustee by mailing a copy of the notice at
[least 15 days] prior to the redemption or purchase date to the Noteholders to
be redeemed in whole or in part at the address of such Noteholder last showing
on the registration books. Failure to give such notice or any defect therein
shall not affect the validity of any proceedings for the redemption or purchase
of such Auction Rate Securities for which no such failure or defect occurs. All
Notes called for redemption or purchase will cease to bear interest after the
specified redemption or purchase date, provided funds for their payment are on
deposit at the place of payment at the time. If less than all Notes are to be
redeemed or purchased, Notes shall be selected for redemption or purchase as
provided in the Indenture.

            The Class R-1 Notes shall be subject to certain transfer
restrictions as described in Section 3.22(d) of the Indenture.

            The Indenture provides that the Issuer may enter into a derivative
product between the Issuer and a derivative provider (a "Reciprocal Payor"), as
originally executed and as amended or supplemented, or other interest rate hedge
agreement between the Issuer and a Reciprocal Payor, as originally executed and
as amended or supplemented. Payments due to a Reciprocal Payor from the Issuer
pursuant to the applicable Derivative Product are referred to herein as "Issuer
Derivative Payments," and may be secured on a parity with any series of Bonds.

            Payments of interest and principal on the Class R-1 Notes shall be
subordinate to the rights of the Class A Notes and Class B Notes to receive
payments of interest and principal.

            Reference is hereby made to the Indenture, copies of which are on
file in the Corporate Trust Office of the Indenture Trustee, and to all of the
provisions of which any Noteholder of this note by his acceptance hereof hereby
assents, for definitions of terms; the description of and the nature and extent
of the security for the Notes; the Issuer's student loan origination and
acquisition program; the revenues and other money pledged to the payment of the
principal of and interest on the Notes; the nature and extent and manner of
enforcement of the pledge; the conditions upon which the Indenture may be
amended or supplemented with or without the consent of the Noteholders and any
Reciprocal Payor; the rights and remedies of the Noteholder hereof with respect
hereto and thereto, including the limitations upon the right of a Noteholder
hereof to institute any suit, action, or proceeding in equity or at law with
respect hereto and thereto; the rights, duties, and obligations of the Issuer
and the Indenture Trustee thereunder; the terms and provisions upon which the
liens, pledges, charges, trusts, and covenants made therein may be discharged at
or prior to the stated maturity or earlier redemption of this note, and this
note thereafter shall no longer be secured by the Indenture or be deemed to be
Outstanding, as defined in the Indenture, thereunder; and for the other terms
and provisions thereof.

            THE NOTES ARE LIMITED OBLIGATIONS OF THE ISSUER, PAYABLE SOLELY
FROM, AND FURTHER SECURED BY, THE TRUST ESTATE, AS DEFINED IN THE INDENTURE.

            No recourse, either directly or indirectly, shall be had for the
payment of the principal of and interest on this note or any claim based hereon
or in respect hereof or of the Indenture, against the Indenture Trustee, or any
incorporator, director, officer, employee, or agent of the Issuer, nor against
the State of Delaware, or any official thereof, but the obligation to pay all
amounts required by the Indenture securing this note and the obligation to do
and perform the covenants and acts required of the Issuer therein and herein
shall be and remain the responsibility and obligation of said Issuer, limited as
herein set forth.

            Subject to the restrictions specified in the Indenture, this note is
transferable on the Note Register kept for that purpose by the Indenture
Trustee, as registrar, upon surrender of this note for transfer at the Corporate
Trust Office of the Indenture Trustee, duly endorsed by, or accompanied by a
written instrument of transfer in form satisfactory to the Indenture Trustee
duly executed by, the Noteholder hereof or his attorney duly authorized in
writing, and thereupon one or more new Notes of the same series, Stated
Maturity, of authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount will be issued to the designated
transferee or transferees. At the option of the Noteholder, any Note may be
exchanged for other Notes in authorized denominations upon surrender of the Note
to be exchanged at the Corporate Trust Office of the Indenture Trustee. Upon any
such presentation for exchange, one or more new Notes of the same series, Stated
Maturity, in authorized denominations, bearing interest at the same rate, and
for the same aggregate principal amount as the Note or Notes so surrendered will
be issued to the Noteholder of the Note or Notes so surrendered; and the Note or
Notes so surrendered shall thereupon be cancelled by the Indenture Trustee.

            The Issuer, the Indenture Trustee, and any agent of either of them
shall treat the Person in whose name this note is registered as the Noteholder
hereof (a) on the record date for purposes of receiving timely payment of
interest hereon, and (b) on the date of surrender of this note for purposes of
receiving payment of principal hereof at its stated maturity and (c) for all
other purposes, whether or not this note is overdue, and neither the Issuer, the
Indenture Trustee, nor any such agent shall be affected by notice to the
contrary.

            To the extent permitted by the Indenture, modifications or
alterations of the Indenture and any supplemental indenture may be made with the
consent of less than all of the holders of the Notes then Outstanding or without
the consent of any of such Noteholders (by reason of a change in the Act or
Regulation or to cure ambiguities or conflicts), but such modification or
alteration is not permitted to affect the maturity date, Stated Maturity,
amount, Payment Date, or rate of interest on any Outstanding Notes or affect the
rights of the Noteholders of less than all of the Notes Outstanding.

            Any capitalized term used herein and not otherwise defined herein
shall have the same meaning ascribed to such term in the herein defined
Indenture unless the context shall clearly indicate otherwise.

            It is hereby certified and recited that all acts and things required
by the laws of the State of Delaware to happen, exist, and be performed
precedent to and in the issuance of this note, and the passage of said
resolution and the execution of said Indenture, have happened, exist and have
been performed as so required.
<PAGE>

            IN WITNESS WHEREOF, the Issuer has caused this note to be executed
in its name and on its behalf by its Administrator, all as of the Original Issue
Date.

                                    SLC STUDENT LOAN TRUST-I

                                    By: THE STUDENT LOAN CORPORATION,
                                        as Administrator,

                                    By
                                       ----------------------------------------
                                       Name:
                                       Title:

<PAGE>

                          CERTIFICATE OF AUTHENTICATION

            This note is one of the Class R-_ Notes designated therein and
described in the within-mentioned Indenture.

                                    BANKERS TRUST COMPANY, as Indenture
                                       Trustee

                                    By:
                                       ----------------------------------------
                                       Authorized Signatory

Authentication Date:

--------------------------

<PAGE>

                                   ASSIGNMENT

            FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and
transfers unto __________ (Social Security or other identifying number
__________) the within note and all rights thereunder and hereby irrevocably
appoints __________ attorney to transfer the within note on the books kept for
registration thereof, with full power of substitution in the premises.

Dated:                                Signed:

------------------------------        ----------------------------------

                                      NOTICE: The signature on this Assignment
                                      must correspond with the name of the
                                      Noteholder as it appears on the face of
                                      the within note in every particular.

Signature Guaranteed by:

------------------------------
A Member of The New York Stock
Exchange or a State or National Bank

<PAGE>

                                    EXHIBIT B

                 SERIES 2002-1 CLOSING CASH FLOW PROJECTIONS

                              (attached hereto)

<PAGE>

                                    EXHIBIT C

                            NOTICE OF PAYMENT DEFAULT

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTES
                                    CLASS __
                         AUCTION RATE CERTIFICATE NOTES

            NOTICE IS HEREBY GIVEN that a Payment Default has occurred and is
continuing with respect to the Auction Rate Securities identified above. The
next Auction for the Auction Rate Securities will not be held. The Auction Rate
for the Auction Rate Securities for the next succeeding Interest Period shall be
the Non-Payment Rate.

                                    BANKERS TRUST COMPANY, as Indenture
                                       Trustee

Dated:                                By:
       ---------------------             ------------------------------------

<PAGE>

                                    EXHIBIT D

                        NOTICE OF CURE OF PAYMENT DEFAULT

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTES
                                    CLASS __
                         AUCTION RATE CERTIFICATE NOTES

            NOTICE IS HEREBY GIVEN that a Payment Default with respect to the
Auction Rate Securities identified above has been waived or cured. The next
Payment Date is __________________________ and the Auction Date is
__________________________.

                                    BANKERS TRUST COMPANY, as Indenture
                                       Trustee

Dated:                                By:
       ---------------------             ------------------------------------

<PAGE>

                                    EXHIBIT E

                       NOTICE OF PROPOSED CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTES
                                    CLASS __
                         AUCTION RATE CERTIFICATE NOTES

            Notice is hereby given that the Issuer proposes to change the length
of one or more Auction Periods pursuant to the Indenture of Trust, as amended
(the "Indenture") as follows:

            1. The change shall take effect on _______________, the Interest
Rate Adjustment Date for the next Auction Period (the "Effective Date").

            2. The Auction Period Adjustment in Paragraph 1 shall take place
only if (a) the Indenture Trustee and the Auction Agent receive, by 11:00 a.m.,
eastern time, on the Business Day before the Auction Date for the Auction Period
commencing on the Effective Date, a certificate from the Issuer, as required by
the Indenture authorizing the change in length of one or more Auction Periods
and (b) Sufficient Bids exist on the Auction Date for the Auction Period
commencing on the Effective Date.

            3. If the condition referred to in (a) above is not met, the
Auction Rate for the Auction Period commencing on the Effective Date will be
determined pursuant to the Auction Procedures and the Auction Period shall be
the Auction Period determined without reference to the proposed change. If the
condition referred to in (a) is met but the condition referred to in (b) above
is not met, the Auction Rate for the Auction Period commencing on the Effective
Date shall be the Maximum Rate and the Auction Period shall be the Auction
Period determined without reference to the proposed change.

            4. It is hereby represented, upon advice of the Auction Agent for
the Class __ Notes described herein, that there were Sufficient Bids for such
Class __ Notes at the Auction immediately preceding the date of this Notice.

            5. Terms not defined in this Notice shall have the meanings set
forth in the Indenture entered into in connection with the Class __ Notes.

                                    SLC STUDENT LOAN TRUST-I

Dated:                                By:
       ---------------------             ------------------------------------

<PAGE>

                                    EXHIBIT F

                      NOTICE ESTABLISHING CHANGE IN LENGTH
                         OF ONE OR MORE AUCTION PERIODS

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTES
                                    CLASS __
                         AUCTION RATE CERTIFICATE NOTES

            Notice is hereby given that the Issuer hereby establishes new
lengths for one or more Auction Periods pursuant to the Indenture of Trust, as
amended:

            1. The change shall take effect on _______________, the Interest
Rate Adjustment Date for the next Auction Period (the "Effective Date").

            2. For the Auction Period commencing on the Effective Date, the
Interest Rate Adjustment Date shall be _______________, or the next succeeding
Business Day if such date is not a Business Day.

            3. For Auction Periods occurring after the Auction Period
commencing on the Effective Date, the Interest Rate Adjustment Date shall be
[_______________(date) and every ______________(number) ______________(day of
week) thereafter] [every ______________(number) ______________(day of week)
after the date set forth in paragraph 2 above], or the next Business Day if any
such day is not a Business Day; provided, however, that the length of subsequent
Auction Periods shall be subject to further change hereafter as provided in the
Indenture of Trust.

            4. The changes described in paragraphs 2 and 3 above shall take
place only upon delivery of this Notice and the satisfaction of other conditions
set forth in the Indenture of Trust and our prior notice dated _______________
regarding the proposed change.

            5. Terms not defined in this Notice shall have the meanings set
forth in the Indenture of Trust relating to the Class __ Notes.

                                    SLC STUDENT LOAN TRUST-I

Dated:                                By:
       ---------------------             ------------------------------------

<PAGE>

                                    EXHIBIT G

                        NOTICE OF CHANGE IN AUCTION DATE

                            SLC STUDENT LOAN TRUST-I
                         STUDENT LOAN ASSET-BACKED NOTES
                                    CLASS __
                         AUCTION RATE CERTIFICATE NOTES

            Notice is hereby given by [ ], as Broker-Dealer for the Auction Rate
Securities, that with respect to the Auction Rate Securities, the Auction Date
is hereby changed as follows:

            1. With respect to Class __ Notes, the definition of "Auction
Date" shall be deemed amended by substituting "_______________(number) Business
Day" in the second line thereof and by substituting "_______________(number)
Business Days" for "two Business Days" in subsection (d) thereof.

            2. This change shall take effect on _______________ which shall be
the Auction Date for the Auction Period commencing on _______________.

            3. The Auction Date for the Class __ Notes shall be subject to
further change hereafter as provided in the Indenture of Trust.

            4. Terms not defined in this Notice shall have the meaning set
forth in the Indenture of Trust, as amended, relating to the Class __ Notes.

                                    [BROKER-DEALER], as Broker-Dealer

Dated:                                By:
       ---------------------             ------------------------------------EXHIBIT 4.3

                                                                  EXECUTION COPY

            This AMENDED AND RESTATED TRUST AGREEMENT dated as of March 27, 2002
(this "Agreement"), by and between, SLC Student Loans Receivables I, Inc., a
Delaware corporation, as depositor (the "Depositor"), and Wilmington Trust
Company, a Delaware banking corporation, as owner trustee (the "Owner Trustee").

            WHEREAS, the Depositor and the Owner Trustee are parties to that
certain original trust agreement, dated as of December 20, 2001, pursuant to
which SLC Student Loan Trust-I was created (the "Original Trust Agreement"); and

            WHEREAS, the Depositor and the Owner Trustee desire to amend and
restate the Original Trust Agreement in its entirety on the terms and conditions
as set forth below.

            NOW, THEREFORE, in consideration of the mutual agreements,
provisions and covenants contained herein, the Original Trust Agreement is
amended and restated to read in its entirety, and the parties hereto agree, as
follows:

                                    ARTICLE I

                                   DEFINITIONS

            Capitalized terms used herein and not defined herein shall have the
meanings assigned to such terms in Appendix A to the Indenture of Trust dated as
of March 27, 2002, among the Issuer, Bankers Trust Company, as Indenture
Trustee, and Bankers Trust Company, as Eligible Lender Trustee, which also
contains rules of usage and construction that shall be applicable herein.

                                   ARTICLE II
                                  ORGANIZATION

            2.01 General.

            (a) The Trust created by the Original Trust Agreement shall be known
as SLC Student Loan Trust-I (the "Trust"), in which name the Owner Trustee may
conduct the activities contemplated hereby, make and execute contracts and other
instruments on behalf of the Trust and sue and be sued.

            (b) The Depositor and the Owner Trustee hereby authorize and direct
the Depositor, as the agent of the Trust, (i) to file with the Commission and
execute, in each case on behalf of the Trust, the Registration Statement on Form
S-3 (the "1933 Act Registration Statement"), including any pre-effective or
post-effective amendments to the 1933 Act Registration Statement, relating to
the registration under the 1933 Act, of the Trust securities; (ii) to file and
execute on behalf of the Trust such applications, reports, surety bonds,
irrevocable consents, appointments of attorney for service of process and other
papers and documents as shall be necessary or desirable to register the Trust
securities under the securities or blue sky laws of such jurisdictions as the
Depositor, on behalf of the Trust, may deem necessary or desirable; (iii) to
execute on behalf of the Trust one or more underwriting agreements relating to
the Trust securities, among the Trust, the Depositor and the underwriter named
therein, substantially in the form included as an exhibit to the 1933 Act
Registration Statement, and (iv) to take such actions and execute all documents
and instruments in connection with the foregoing as may be necessary or
desirable.

            2.02 Office. The office of the Trust shall be in care of the Owner
Trustee, addressed to Wilmington Trust Company, Rodney Square North, 1100 North
Market Street, Wilmington, Delaware 19890-0001 or at such other address as the
Owner Trustee may designate by notice to the Depositor.

            2.03 Purposes and Powers. The purpose of the Trust is to engage in
the following activities:

            (i) to issue and sell from time to time the Notes pursuant to the
      Indenture and supplements thereto, and the Trust Certificate,
      substantially in the form of Exhibit A hereof, pursuant to this Agreement;

            (ii) to borrow funds from time to time subject to the conditions for
      such borrowings set forth in the Indenture;

            (iii) with the proceeds of the sale of the Notes, to purchase from
      time to time pools of the Financed Student Loans to be pledged as
      collateral for the Notes, to fund certain accounts for the benefit of the
      Noteholders, to pay the organizational and transactional expenses of the
      Trust and to pay the balances owed to the Depositor for the purchases made
      pursuant to the Loan Sale and Contribution Agreement, provided, however,
      the Trust shall not purchase Financed Student Loans more frequently than
      once a month;

            (iv) to enter into derivative product agreements;

            (v) to assign, grant, transfer, pledge, mortgage and convey the
      Trust Property pursuant to the Indenture;

            (vi) to enter into and perform its obligations under the Basic
      Documents to which it is to be a party;

            (vii) to engage in those activities, including entering into
      agreements, that are necessary, suitable or convenient to accomplish the
      foregoing or are incidental thereto or connected therewith; and

            (viii)subject to compliance with the Basic Documents, to engage in
      such other activities as may be required in connection with conservation
      of the Trust Property and the making of distributions to the Noteholders.

            The Trust shall not engage in any activity other than in connection
with the foregoing or other than as required or authorized by the terms of this
Agreement or the other Trust Related Agreements.

            2.04 Appointment of the Owner Trustee. The Depositor hereby confirms
the appointment of the Owner Trustee as trustee of the Trust effective as of the
date hereof, to have all the rights, powers and duties set forth herein. The
Owner Trustee acknowledges receipt in trust from the Depositor as of the date of
the Original Trust Agreement, of the sum of one dollar, which constituted the
initial Trust Property.

            2.05 Declaration of Trust. The Owner Trustee hereby declares that it
will hold the Trust Property in trust upon and subject to the conditions set
forth herein for the use and benefit of the Owners, subject to the obligations
of the Owner Trustee under the Basic Documents. It is the intention of the
parties hereto that the Trust constitute a business trust under Chapter 38 of
Title 12 of the Delaware Code (the "Business Trust Act") and that this Agreement
constitute the governing instrument of the Trust. Pursuant to Section 3810 of
the Business Trust Act, the Owner Trustee filed a certificate of trust with the
Delaware Secretary of State on the date of the Original Trust Agreement in order
to form the Trust.

            2.06 Situs of Trust. The Trust will be located and administered in
the State of Delaware. All bank accounts maintained by the Owner Trustee on
behalf of the Trust shall be located in the State of Delaware. The Trust shall
not have any employees in any state other than in the State of Delaware. The
Trust's only office is and will be at the office of the Owner Trustee as set
forth herein.

                                   ARTICLE III

                   TRUST CERTIFICATES AND TRANSFER OF INTEREST

            3.01 Issuance of Trust Certificate.

            (a) As of the date of the Original Trust Agreement, the Owner
Trustee has issued and delivered to the Depositor a Trust Certificate in the
name of the Depositor evidencing 100% of the beneficial interest in the Trust.

            (b) Each Trust Certificate shall be executed by manual signature on
behalf of the Owner Trustee by one of its Authorized Officers. Trust
Certificates bearing the manual signature of an individual who was, at the time
when such signature was affixed, authorized to sign on behalf of the Owner
Trustee shall bind the Trust, notwithstanding that such individual has ceased to
be so authorized prior to the delivery of such Trust Certificate or does not
hold such office at the date of such Trust Certificate. Each Trust Certificate
shall be dated the date of its issuance.

            3.02 Registration and Transfer of Certificates.

            (a) The Owner Trustee shall maintain at its office referred to in
Section 2.02 hereof, or at the office of any agent appointed by it and approved
in writing by the Owners at the time of such appointment, a register for the
registration and transfer of Trust Certificates. No transfer of a beneficial
interest in the Trust shall be made unless such transfer is made pursuant to an
effective registration statement under the 1933 Act and state securities laws,
or is exempt from the registration requirements under the 1933 Act and state
securities laws.

            (b) The registered Owner of any Trust Certificate may transfer all
or any portion of the beneficial interest in the Trust evidenced by such Trust
Certificate upon surrender thereof to the Owner Trustee accompanied by the
documents required by Section 3.04 hereof. Such transfer may be made by the
registered Owner in person or by his attorney duly authorized in writing upon
surrender of the Trust Certificate to the Owner Trustee accompanied by a written
instrument of transfer and with such signature guarantees and evidence of
authority of the Persons signing the instrument of transfer as the Owner Trustee
may reasonably require. Promptly upon the receipt of such documents and receipt
by the Owner Trustee of the transferor's Trust Certificate, the Owner Trustee
shall record the name of such transferee as an Owner and its Ownership
Percentage in the Trust Certificate register and issue, execute and deliver to
such Owner a Trust Certificate evidencing such Ownership Percentage. In the
event a transferor transfers only a portion of its beneficial interest in the
Trust, the Owner Trustee shall register and issue, to such transferor a new
Trust Certificate evidencing such transferor's new Ownership Percentage.
Subsequent to a transfer and upon the issuance of the new Trust Certificate or
Trust Certificates, the Owner Trustee shall cancel and destroy the Trust
Certificate surrendered to it in connection with such transfer. The Owner
Trustee may treat the Person in whose name any Trust Certificate is registered
as the sole Owner of the beneficial interest in the Trust evidenced by such
Trust Certificate.

            (c) As a condition precedent to any registration of transfer, the
Owner Trustee may require the payment of a sum sufficient to cover the payment
of any tax or taxes or other governmental charges required to be paid in
connection with such transfer.

            3.03 Lost, Stolen, Mutilated or Destroyed Certificates. If (i) any
mutilated Trust Certificate is surrendered to the Owner Trustee, or (ii) the
Owner Trustee receives evidence to its satisfaction that any Trust Certificate
has been destroyed, lost or stolen, and upon proof of ownership satisfactory to
the Owner Trustee together with such security or indemnity as may be requested
by the Owner Trustee to save it harmless, the Owner Trustee shall execute and
deliver a new Trust Certificate for the same Ownership Percentage as the Trust
Certificate so mutilated, destroyed, lost or stolen, of like tenor and bearing a
different issue number, with such notations, if any, as the Owner Trustee shall
determine.

            Limitation on Transfer of Ownership Rights. No transfer of a
beneficial interest in the Trust or a Trust Certificate shall be made to any
Person unless (i) such Person delivers to the Owner Trustee an accession
agreement substantially in the form of Exhibit B hereof, (ii) such Person has a
net worth as shown by its most recent audited financial statements of not less
than the product of $10,000,000 and such Person's Ownership Percentage after the
proposed transfer and (iii) the Owner Trustee shall have received a written
opinion of counsel in form and substance satisfactory to the Owner Trustee
stating that such transfer is exempt from the 1933 Act and any applicable state
securities law. Further, no transfer of a beneficial interest in the Trust or
Trust Certificate or any rights or benefits with respect thereto (including the
right to receive distributions) shall be permitted unless Owner Trustee shall
have received an opinion of counsel, to the effect that such transfer will not
cause the Issuer to be treated for U.S. federal income tax purposes as an
association (or publicly-traded partnership) taxable as a corporation, and will
not adversely affect the federal income tax treatment of the Noteholders (other
than the holder of the Residual Notes) in any material respect.

            3.04

            3.05 Assignment of Right to Distributions. An Owner may assign all
or any part of its right to receive distributions hereunder, but such assignment
(in the absence of a permitted transfer) shall effect no change in the ownership
of the Trust.

            3.06 Transfer. Notwithstanding anything to the contrary herein, no
transfer of a beneficial interest in the Trust or in the Trust Certificate or
any rights or benefits with respect thereto (including the right to receive
distributions) shall be permitted unless the Owner Trustee shall have received
an opinion of counsel, at the expense of the transferring Owner, to the effect
that such transfer will not cause the Trust to be treated for U.S. federal
income tax purposes as an association (or publicly-traded partnership) taxable
as a corporation, and will not materially affect the federal income tax
treatment of the Noteholders.

            The Trust Certificates and any beneficial interest in such Trust
Certificates may not be acquired by or with the assets of (a) employee benefit
plans, retirement arrangements, individual retirement accounts or Keogh plans
subject to either Title I of the Employee Retirement Income Security Act of
1974, as amended, or Section 4975 of the Internal Revenue Code of 1986, as
amended, or (b) entities (including insurance company general accounts) whose
underlying assets include plan assets by reason of the investment by any such
plans, arrangements or accounts in such entities (a "Benefit Plan Investor").
Each transferee of a Trust Certificate shall be required to represent (a) that
it is not a Benefit Plan Investor and is not acquiring such Trust Certificate
with the assets of a Benefit Plan Investor and (b) that if such Trust
Certificate is subsequently deemed to be a plan asset it will dispose of such
Trust Certificate. Each Trust Certificate shall bear a legend referring to the
restrictions contained in this paragraph.

            3.07 Federal Income Tax Allocations. In the event a Trust
Certificate is transferred in compliance with Section 3.06, net income of the
Trust for any Interest Period as determined for U.S. federal income tax purposes
(and each item of income, gain, loss and deduction entering into the computation
thereof) shall be allocated to the Owners, pro rata based upon their Ownership
Percentage.

                                   ARTICLE IV

                              CONCERNING THE OWNERS

            4.01 Action by Owners with Respect to Certain Matters.

            With respect to the following matters, the Owner Trustee shall not
have the power to take any action without the prior consent of the Owners:

            (a)the initiation of any material claim or lawsuit by the Trust
(except claims or lawsuits brought in connection with the collection of the
Financed Student Loans) and the compromise of any material action, claim or
lawsuit brought by or against the Trust (except with respect to the
aforementioned claims or lawsuits for collection of Financed Student Loans);

            (b) the election by the Trust to file an amendment to the Trust
Certificate;

            (c) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is required;

            (d) the amendment of the Indenture by a supplemental indenture in
circumstances where the consent of any Noteholder is not required and such
amendment materially adversely affects the interests of the Noteholders;

            (e) the amendment, change or modification of the Administration
Agreement, except to cure any ambiguity or to amend or supplement any provision
in a manner or add any provision that would not materially adversely affect the
interests of the Noteholders;

            (f) the appointment pursuant to the Indenture of a successor
Indenture Trustee, or the consent to the assignment by the Indenture Trustee of
its obligations under the Indenture;

            (g) the consent to the calling or waiver of any default under any
Basic Documents;

            (h) the consent to the assignment by the Indenture Trustee or the
Servicer of their respective obligations under any Basic Documents;

            (i) except as provided in Article IX hereof, dissolve, terminate or
liquidate the Trust in whole or in part;

            (j) merge or consolidate the Trust with or into any other entity, or
convey or transfer all or substantially all of the Trust's assets to any other
entity;

            (k) cause the Trust to incur, assume or guaranty any indebtedness
other than as set forth in this Agreement or the other Basic Documents;

            (l) do any act that conflicts with any other Basic Documents;

            (m) do any act which would make it impossible to carry on the
ordinary business of the Trust as described in Section 2.03 hereof;

            (n) confess a judgment against the Trust;

            (o) possess Trust assets, or assign the Trust's right to property,
for other than a Trust purpose;

            (p) cause the Trust to lend any funds to any entity; or

            (q) change the Trust's purpose and powers from those set forth in
this Agreement.

            4.02 Tax Treatment, Tax Elections and Other Tax Matters. It is the
intention of the parties hereto that the Trust shall not be treated for U.S.
federal income tax purposes as an association (or publicly-traded partnership)
taxable as a corporation. Neither the Depositor, the Trust, nor the Owner
Trustee shall cause the Trust to be treated as an association taxable as a
corporation for U.S. federal income tax purposes. It is the intention of the
parties hereto that the Trust shall be treated as a mere security arrangement,
or failing such treatment, a grantor trust or a disregarded entity for U.S.
federal income tax purposes. All provisions of this Agreement shall be construed
and the affairs of the Trust shall be conducted to achieve the aforementioned
treatment for U.S. federal income tax purposes, and the Noteholders shall agree
that all transactions contemplated by this Agreement will be reported on all
applicable tax returns consistently with the aforementioned treatment.

            4.03 Representations and Warranties of the Depositor. The Depositor
hereby represents and warrants to the Owner Trustee as follows:

            (a) Upon the receipt of the Trust Property by the Owner Trustee
under this Agreement, the Owner Trustee will have good title to the Trust
Property free and clear of any lien.

            (b) The Trust is not, and will not be upon conveyance of the Trust
Property to the Owner Trustee, an "Investment Company" or under the "control" of
an "Investment Company," as such terms are defined in the Investment Company Act
of 1940, as amended.

            (c) This Agreement has been duly and validly authorized, executed
and delivered by, and constitutes a valid and binding agreement of, the
Depositor, enforceable in accordance with its terms.

                                   ARTICLE V

                    INVESTMENT AND APPLICATION OF TRUST FUNDS

            5.01 Investment of Trust Funds. Unless otherwise directed in writing
by the Owners, income with respect to and proceeds of the Trust Property which
are received by the Owner Trustee more than one day prior to a distribution date
shall be invested and reinvested by the Owner Trustee in eligible investments.
All such investments shall have a maturity date no later than the Business Day
preceding the next distribution date unless they are redeemable at the option of
the Owner Trustee prior to maturity. Interest earned from such investment and
reinvestment shall be credited to the Trust Property.

            5.02 Application of Funds.

            (a) Income with respect to and proceeds of Trust Property held by
the Owner Trustee on a distribution date shall be applied by the Owner Trustee
on such distribution date in the following order:

            (i) first, pay any amounts due to the Owner Trustee under this
      Agreement;

            (ii)second, to pay any amounts then due to any Person under the
      Basic Document; and

            (iii) third, to pay any other expenses of the Trust.

            (b) Income and proceeds with respect to the Trust Property held by
the Owner Trustee on a distribution date after the application of funds pursuant
to Section 5.02(a) shall be distributed on such distribution date to the Owners,
in proportion to their respective Ownership Percentages, determined as of the
close of business on the Business Day immediately preceding such distribution
date. All payments to be made under this Agreement by the Owner Trustee shall be
made only from the income and proceeds of the Trust Property and only to the
extent that the Owner Trustee has received such income or proceeds.

            (c) With each distribution to an Owner pursuant to Section 5.02(b)
above, the Owner Trustee shall deliver a distribution date statement setting
forth, for the period since the preceding distribution date:

            (i) income and proceeds received by the Owner Trustee with respect
      to the Trust Property;

            (ii) amounts paid to the Owner Trustee;

            (iii) amounts paid by the Owner Trustee to any Person pursuant to
      the Basic Documents; and

            (iv) amounts paid for other expenses of the Trust.

            (d) In the event that any tax is imposed on the Trust, such tax
shall be charged against amounts otherwise distributable to the Owners on a pro
rata basis. The Owner Trustee is hereby authorized to retain from amounts
otherwise distributable to the Owners sufficient funds to pay or provide for the
payment of, and to actually pay, such tax as is legally owed by the Trust (but
such authorization shall not prevent the Owner Trustee from contesting any such
tax in appropriate proceedings, and withholding payment of such tax, if
permitted by law, pending the outcome of such proceedings).

            5.03 Method of Payment. All amounts payable to the Owners pursuant
to this Agreement shall be paid by the Owner Trustee to such Owner or a nominee
therefor by check payable to such Owner, mailed first class to the address of
such Owner appearing on the register maintained pursuant to Section 3.02 hereof,
or by crediting the amount to be distributed to such Owner to an account
maintained with the Owner Trustee or by transferring such amount by wire
transfer in immediately available funds to a banking institution with bank wire
transfer facilities for the account of such Owner, as instructed in writing from
time to time by such Owner. The Owner Trustee may require an Owner to pay any
wire transfer fees incurred in connection with any wire transfer made to such
Owner.

            5.04 No Segregation of Moneys; No Interest. Subject to Section 5.01,
moneys received by the Owner Trustee hereunder need not be segregated in any
manner except to the extend required by law and may be deposited under such
general conditions as may be prescribed by law, and the Owner Trustee shall not
be liable for any interest thereon.

                                   ARTICLE VI

                       AUTHORITY AND DUTIES OF THE TRUSTEE

            6.01 General Authority. The Owner Trustee is authorized to take all
actions required or permitted to be taken by it pursuant to the terms of this
Agreement and the Basic Documents.

            6.02 Specific Authority. The Owner Trustee is hereby authorized and
directed to execute and deliver the Basic Documents and each certificate or
other document attached as an exhibit to or contemplated by the Basic Documents.

            6.03 General Duties. It shall be the duty of the Owner Trustee to
discharge (or cause to be discharged) all of its responsibilities pursuant to
the terms of this Agreement and to administer the Trust in the interest of the
Owners.

            6.04 Accounting and Reports to the Owners, the Internal Revenue
Service and Others. The Administrator shall (i) maintain or cause to be
maintained the books of the Trust on a calendar year basis on the accrual method
of accounting, (ii)deliver to each Owner, within 60 days of the end of each
Fiscal Year, or more often, as may be required by the Code and the regulations
thereunder, a copy of the annual financial statement of the Trust for such
Fiscal Year and a statement in such form and containing such information as may
be required by such regulations, and as is necessary and appropriate to enable
each Owner to prepare its federal and state income tax returns, (iii) prepare
(or cause to be prepared), and shall be solely responsible for the preparation
of, all federal, state and local tax and information returns and reports
required to be filed by or in respect of the Trust, (iv) sign such returns, or
any other information, statements or schedules in the manner required by law,
(v) file, on a timely basis, such returns and such of the above information, or
any other information, statements or schedules, as may be required under
applicable tax laws, and (vi) cause to be mailed to each Owner copies of all
such reports and tax returns of the Trust.

            6.05 Signature of Returns. The Administrator shall sign on behalf of
the Trust the tax returns and other Periodic Filings of the Trust, unless
applicable law requires an Owner to sign such documents, in which case, so long
as the Depositor is an Owner and applicable law allows the Depositor to sign any
such document, the Depositor shall sign such document. At any time that the
Depositor is not an Owner, or is otherwise not allowed by law to sign any such
document, then the Owner required by law to sign such document shall sign.

            6.06 Right to Receive Instructions. In the event that the Owner
Trustee is unable to decide between alternative courses of action, or is unsure
as to the application of any provision of this Agreement or any Basic Document,
or such provision is ambiguous as to its application, or is, or appears to be,
in conflict with any other applicable provision, or in the event that this
Agreement or any Basic Document permits any determination by the Owner Trustee
or is silent or is incomplete as to the course of action which the Owner Trustee
is required to take with respect to a particular set of facts, the Owner Trustee
may give notice (in such form as shall be appropriate under the circumstances)
to the Depositor requesting instructions and, to the extent that the Owner
Trustee shall have acted or refrained from acting in good faith in accordance
with any instructions received from the Owners, the Owner Trustee shall not be
liable on account of such action or inaction to any Person. If the Owner Trustee
shall not have received appropriate instructions within ten days of such notice
(or within such shorter period of time as may be specified in such notice) the
Owner Trustee may, but shall be under no duty to, take or refrain from taking
such action, not inconsistent with this Agreement or the Basic Documents, as the
Owner Trustee shall deem to be in the best interests of the Owners, and the
Owner Trustee shall have no liability to any Person for such action or inaction.

            6.07 No Duties Except as Specified in this Agreement or in
Instructions. The Owner Trustee shall not have any duty or obligation to manage,
make any payment in respect of, register, record, sell, dispose of or otherwise
deal with the Trust Property, prepare or file any tax, qualification to do
business or securities law filings or reports or to otherwise take or refrain
from taking any action under, or in connection with, any document contemplated
hereby to which the Owner Trustee is a party, except as expressly provided by
the terms of this Agreement and no implied duties or obligations shall be read
into this Agreement against the Owner Trustee. The Owner Trustee nevertheless
agrees that it will, at its own cost and expense, promptly take all action as
may be necessary to discharge any liens on any part of the Trust Property which
result from claims against the Owner Trustee personally that are not related to
the ownership or the administration of the Trust Property or the transactions
contemplated by the Basic Documents.

            6.08 No Action Except Under Specified Documents or Instructions. The
Owner Trustee shall not manage, control, use, sell, dispose of or otherwise deal
with any part of the Trust Property except (i) in accordance with the powers
granted to and the authority conferred upon the Owner Trustee pursuant to this
Agreement, and (ii) in accordance with instructions delivered to the Owner
Trustee pursuant to Section 6.06 hereof.

                                  ARTICLE VII

                             CONCERNING THE TRUSTEE

            7.01 Acceptance of Trusts and Duties. The Owner Trustee accepts the
trusts hereby created and agrees to perform its duties hereunder with respect to
the same but only upon the terms of this Agreement. The Owner Trustee shall not
be personally liable under any circumstances, except (i) for its own willful
misconduct or gross negligence, (ii) for liabilities arising from the failure by
the Owner Trustee to perform obligations expressly undertaken by it in the last
sentence of Section 6.07 hereof, or (iii) for taxes, fees or other charges on,
based on or measured by any fees, commissions or compensation received by the
Owner Trustee in connection with any of the transactions contemplated by this
Agreement or the Basic Documents. In particular, but not by way of limitation:

            (a) The Owner Trustee shall not be personally liable for any error
of judgment made in good faith by an Authorized Officer of the Owner Trustee;

            (b) The Owner Trustee shall not be personally liable with respect to
any action taken or omitted to be taken by the Owner Trustee in good faith in
accordance with the instructions of the Owner;

            (c) No provision of this Agreement shall require the Owner Trustee
to expend or risk its personal funds or otherwise incur any financial liability
in the performance of any of its rights or powers hereunder, if the Owner
Trustee shall have reasonable grounds for believing that repayment of such funds
or adequate indemnity against such risk or liability is not reasonably assured
or provided to it;

            (d) Under no circumstance shall the Owner Trustee be personally
liable for any indebtedness of the Trust under any Basic Document; and

            (e) The Owner Trustee shall not be personally responsible for or in
respect of the validity or sufficiency of this Agreement or for the due
execution hereof by the Depositor, or for the form, character, genuineness,
sufficiency, value or validity of any Collateral, or for or in respect of the
validity or sufficiency of the Basic Documents.

            7.02 Furnishing of Documents. The Owner Trustee shall furnish to the
Owners, promptly upon receipt thereof, duplicates or copies of all material
reports, notices, requests, demands, certificates, financial statements and any
other instruments furnished to the Owner Trustee hereunder (other than documents
originated by or otherwise furnished to the Owners).

            7.03 Reliance; Advice of Counsel.

            (a) The OwnerTrustee shall incur no liability to anyone in acting
upon any signature, instrument, notice, resolution, request, consent, order,
certificate, report, opinion, bond or other document or paper believed by it to
be genuine and believed by it to be signed by the proper party or parties. The
Owner Trustee may accept a certified copy of a resolution of the board of
directors or other governing body of any corporate party as conclusive evidence
that such resolution has been duly adopted by such body and that the same is in
full force and effect. As to any fact or matter the manner of ascertainment of
which is not specifically prescribed herein, the Owner Trustee may for all
purposes hereof rely on a certificate, signed by the president or any vice
president or by the treasurer or any assistant treasurer or the secretary or any
assistant secretary of the relevant party, as to such fact or matter, and such
certificate shall constitute full protection to the Owner Trustee for any action
taken or omitted to be taken by it in good faith in reliance thereon.

            (b) In the exercise or administration of the trusts hereunder and in
the performance of its duties and obligations under any of the Basic Documents,
the Owner Trustee (i) may act directly or, at the expense of the Trust, through
agents or attorneys pursuant to agreements entered into with any of them, and
the Owner Trustee shall not be liable for the default or misconduct of such
agents or attorneys if such agents or attorneys shall have been selected by the
Owner Trustee with reasonable care; and (ii) may, at the expense of the Trust,
consult with counsel, accountants and other skilled persons to be selected with
reasonable care and employed by it, and the Owner Trustee shall not be liable
for anything done, suffered or omitted in good faith by it in accordance with
the advice or opinion of any such counsel, accountants or other skilled persons.

            7.04 Not Acting in Individual Capacity. Except as expressly provided
in this Article VII, in accepting the trusts hereby created the Owner Trustee
acts solely as trustee hereunder and not in its individual capacity, and all
Persons having any claim against the Owner Trustee by reason of the transactions
contemplated by this Agreement or the Basic Documents shall look only to the
Trust Property for payment or satisfaction thereof.

                                  ARTICLE VIII

                             COMPENSATION OF TRUSTEE

            8.01 Owner Trustee's Fees and Expenses. The Owner Trustee shall
receive compensation from the Owners for its services hereunder as set forth in
a separate fee arrangement with the Owner Trustee and the Depositor, a copy of
which is attached hereto as Exhibit C. The Owner Trustee shall be entitled to be
reimbursed by the Owners for its reasonable expenses hereunder, including,
without limitation, the reasonable compensation, expenses and disbursements of
such agents, representatives, experts and counsel as the Owner Trustee may
employ in connection with the exercise and performance of its rights and duties
under this Agreement and the Basic Documents.

            8.02 Indemnification. The Owners shall be jointly and severally
liable for, and hereby agree to indemnify the Owner Trustee and its successors,
assigns, agents and servants (collectively, the "Indemnified Persons"), from and
against, any and all liabilities, obligations, losses, damages, taxes (other
than taxes incurred as the result of the payment of fees and expenses pursuant
to Section 8.01 hereof), claims, actions, suits, costs, expenses and
disbursements (including legal fees and expenses) of any kind and nature
whatsoever (collectively, "Expenses") which may be imposed on, incurred by or
asserted at any time against the Indemnified Persons (whether or not indemnified
against by other parties) in any way relating to or arising out of this
Agreement, any Basic Document, the administration of the Trust Property or the
action or inaction of the Owner Trustee hereunder, except only that the Owners
shall not be required to indemnify the Owner Trustee for Expenses arising or
resulting from any of the matters described in the second and third sentences of
Section 6.01. To the fullest extent permitted by law, Expenses to be incurred by
an Indemnified Person shall, from time to time, be advanced by, or on behalf of,
the Owners prior to the final disposition of any matter upon receipt by the
Owners of an undertaking by, or on behalf of, such Indemnified Person to repay
such amount if it shall be determined that the Indemnified Person is not
entitled to be indemnified under this Agreement. The obligations of the Owners
pursuant to this Section 8.02 shall be borne (as between the Owners inter se) in
proportion to their respective Ownership Percentages. The indemnities contained
in this Section 8.02 shall survive the resignation or removal of the Owner
Trustee or the termination of this Agreement. The indemnities contained in this
Section 8.02 extend only to the Owner Trustee in its individual capacity and
shall not be construed as indemnities of the Trust Property.

            8.03 Payments to the Owner Trustee. Any amounts paid to the Owner
Trustee from the Trust Property pursuant to this Article VIII shall be deemed
not to be part of the Trust Property immediately after such payment.

                                   ARTICLE IX

                              TERMINATION OF TRUST

            9.01  Termination of Trust.

            (a) The Trust shall dissolve and the Trust Property shall, subject
to compliance with Section 3808 of the Business Trust Act, be distributed to the
Owners in accordance with their respective Ownership Percentages upon the sale
or other final disposition by the Owner Trustee of the Trust Property and the
final distribution by the Owner Trustee of all moneys or other property or
proceeds of the Trust Property in accordance with the terms of this Agreement
and the Basic Documents. Upon the dissolution of the Trust, after paying or
making reasonable provision for the payment of all liabilities of the Trust in
accordance with applicable law, the Owner Trustee shall file a certificate of
cancellation with the Delaware Secretary of State and, thereupon, the Trust
shall terminate and this Agreement (other than Article VIII) shall be of no
further force or effect.

            (b) The bankruptcy, death or incapacity of any Owner shall not
operate to terminate this Agreement, nor entitle such Owner's legal
representatives or heirs to claim an accounting or to take any action or
proceeding in any court for a partition or winding up of the Trust Property, nor
otherwise affect the rights, obligations and liabilities of the parties hereto.

            9.02 No Termination by Depositor or Owners. Except as provided in
Section 9.01 hereof, neither the Depositor nor the Owners shall be entitled to
terminate or revoke the Trust established hereunder.

                                   ARTICLE X

                   SUCCESSOR TRUSTEES AND ADDITIONAL TRUSTEES

            10.01 Resignation of Owner Trustee; Appointment of Successor.

            (a) The Owner Trustee may resign at any time without cause by giving
at least 60 days' prior written notice to the Owners, such resignation to be
effective upon the acceptance of appointment by a successor owner trustee under
Section 10.01(b) below. In addition, the Owners may at any time remove the Owner
Trustee without cause by an instrument in writing delivered to the Owner
Trustee, such removal to be effective upon the acceptance of appointment by a
successor owner trustee under Section 10.01(b) below. In case of the resignation
or removal of the Owner Trustee, the Owners may appoint a successor owner
trustee by an instrument signed by the Owners. If a successor owner trustee
shall not have been appointed within 30 days after the giving of written notice
of such resignation or the delivery of the written instrument with respect to
such removal, the Owner Trustee or the Owners may apply to any court of
competent jurisdiction to appoint a successor owner trustee to act until such
time, if any, as a successor owner trustee shall have been appointed as provided
above. Any successor owner trustee so appointed by such court shall immediately
and without further act be superseded by any successor owner trustee appointed
as above provided within one year from the date of the appointment by such
court.

            (b) Any successor owner trustee, however appointed, shall execute
and deliver to the predecessor Owner Trustee an instrument accepting such
appointment, and thereupon such successor owner trustee, without further act,
shall become vested with all the estates, properties, rights, powers, duties and
trust of the predecessor Owner Trustee in the trusts hereunder with like effect
as if originally named the Owner Trustee herein; but nevertheless, upon the
written request of such successor owner trustee and payment of all amounts due
and owing to it, such predecessor Owner Trustee shall execute and deliver an
instrument transferring to such successor owner trustee, upon the trusts herein
expressed, all the estates, properties, rights, powers, duties and trusts of
such predecessor Owner Trustee, and such predecessor Owner Trustee shall duly
assign, transfer, deliver and pay over to such successor owner trustee all
moneys or other property then held or subsequently received by such predecessor
Owner Trustee upon the trusts herein expressed.

            (c) The Owner Trustee shall at all times be a corporation or
association (i) meeting the requirements of Section 3807(a) of the Delaware
Business Trust Act; (ii) being subject to supervision or examination by federal
or state authorities; and (iii) having (or having a parent which has) a rating
of at least investment grade by the Rating Agencies. If the Owner Trustee shall
publish reports of condition at least annually, pursuant to law or to the
requirements of the aforesaid supervising or examining authority, then for the
purpose of this Section, the combined capital and surplus of the Owner Trustee
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published. In case at any time the Owner Trustee
shall cease to be eligible in accordance with the provisions of this Section,
the Owner Trustee shall resign immediately in the manner and with the effect
specified in this Section.

            (d) Any person into which the Owner Trustee may be merged or
converted or with which it may be consolidated, or any person resulting from any
merger, conversion or consolidation to which the Owner Trustee shall be a party,
or any person to which substantially all the corporate trust business of the
Owner Trustee may be transferred, shall, subject to the terms of Section
10.01(c) hereof, be the Owner Trustee under this Agreement without further act.

            10.02 Appointment of Additional Owner Trustees. At any time or times
for the purpose of meeting any legal requirements of any jurisdiction in which
any part of the Trust Property may at the time be located, the Owner Trustee, by
an instrument in writing, may appoint one or more individuals or corporations to
act as separate trustee or separate trustees of all or any part of the Trust
Property to the full extent that local law makes it necessary or appropriate for
such separate trustee or separate trustees to act alone.

                                   ARTICLE XI

                                  MISCELLANEOUS

            11.01 Supplements and Amendments.

            (a) Subject to (b) and (c) below, this Agreement may be amended only
by a written instrument signed by the Owner Trustee and all of the Owners at the
time of such amendment; provided, however, that if, in the opinion of the Owner
Trustee, any instrument required to be so executed adversely affects any right,
duty or liability of, or immunity or indemnity in favor of, the Owner Trustee
under this Agreement or any of the documents contemplated hereby to which the
Owner Trustee is a party, or would cause or result in any conflict with or
breach of any terms, conditions or provisions of, or default under, the charter
documents or by-laws of the Owner Trustee or any document contemplated hereby to
which the Owner Trustee is a party, the Owner Trustee may in its sole discretion
decline to execute such instrument.

            (b) This Agreement may be amended by the Depositor and the Owner
Trustee without the consent of any of the Noteholders or the Owners, to cure any
ambiguity, to correct or supplement any provisions in this Agreement or for the
purpose of adding any provisions to or changing in any manner or eliminating any
of the provisions in this Agreement or modifying in any manner the rights of the
Noteholders or the Owners; provided, however, that such action shall not, as
evidenced by an Opinion of Counsel, adversely affect in any material respect the
interests of any Noteholder or Owners.

            (c) This Agreement may also be amended from time to time by the
Depositor and the Owner Trustee (i) with the consent of the Noteholders of Notes
evidencing not less than a majority of the aggregate outstanding principal
balance of the Notes and (ii) with the consent of the Owners of Certificates
evidencing not less than a majority of the aggregate Ownership Percentage, for
the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of this Agreement or of modifying in any manner the rights
of the Noteholders or the Owners; provided, however, that no such amendment
shall (a) increase or reduce in any manner the amount of, or accelerate or delay
the timing of, collections of payments on Financed Student Loans or
distributions that shall be required to be made for the benefit of the
Noteholders or the Owners or (b) reduce the aforesaid percentage of the
aggregate outstanding amount of the Notes and the Ownership Percentage of
Certificates required to consent to any such amendment, without the consent of
all the outstanding Noteholders and Owners.

            (d) Promptly after the execution of any such amendment or consent,
the Owner Trustee shall furnish written notification of the substance of such
amendment or consent to each Owner and the Indenture Trustee.

            (e) It shall not be necessary for the consent of the Owners or the
Noteholders, as the case may be, pursuant to this Section to approve the
particular form of any proposed amendment or consent, but it shall be sufficient
if such consent shall approve the substance thereof. The manner of obtaining
such consents (and any other consents of Owners provided for in this Agreement
or in any other Basic Document) and of evidencing the authorization of the
execution thereof by Owners shall be subject to such reasonable requirements as
the Owner Trustee may prescribe.

            (f) Prior to the execution of any amendment to this Agreement, the
Owner Trustee shall be entitled to receive and rely upon an opinion of counsel
stating that the execution of such amendment is authorized or permitted by this
Agreement. The Owner Trustee may, but shall not be obligated to, enter into any
such amendment which affects the Owner Trustee's own rights, duties or
immunities under this Agreement or otherwise.

            11.02 No Legal Title to Trust Property in Owner. The Owners shall
not have legal title to any part of the Trust Property and shall only have an
undivided beneficial interest therein. No transfer, by operation of law or
otherwise, of any right, title and interest of the Owners in and to their
undivided beneficial interest in the Trust Property hereunder shall operate to
terminate this Agreement or the trusts hereunder or entitle any successor
transferee to an accounting or to the transfer to it of legal title to any part
of the Trust Property.

            11.03 Pledge of Collateral by Owner Trustee is Binding. The pledge
of any Trust Property to any Person by the Owner Trustee made under any Basic
Document and pursuant to the terms of this Agreement shall bind the Owners and
shall be effective to transfer or convey the rights of the Owner Trustee and the
Owners in and to such Trust Property to the extent set forth in such Basic
Document. No purchaser or other grantee shall be required to inquire as to the
authorization, necessity, expediency or regularity of such pledge or as to the
application of any proceeds with respect thereto by the Owner Trustee.

            11.04 Limitations on Rights of Others. Nothing in this Agreement,
whether express or implied, shall be construed to give to any Person other than
the Owner Trustee and the Owners any legal or equitable right, remedy or claim
in the Trust Property or under or in respect of this Agreement or any covenants,
conditions or provisions contained herein.

            11.05 Notices. Unless otherwise expressly specified or permitted by
the terms hereof, all notices shall be in writing and delivered by hand or
mailed by certified mail, postage prepaid, if to the Owner Trustee, addressed to
Wilmington Trust Company, Rodney Square North, 1100 North Market Street,
Wilmington, Delaware 19890-0001 or to such other address as the Owner Trustee
may have set forth in a written notice to the Owners; and if to an Owner,
addressed to it at the address set forth for such Owner in the register
maintained by the Owner Trustee. Whenever any notice in writing is required to
be given by the Owner Trustee hereunder, such notice shall be deemed given and
such requirement satisfied 72 hours after such notice is mailed by certified
mail, postage prepaid, addressed as provided above; any notice given by an Owner
to the Owner Trustee shall be effective upon receipt by an Authorized Officer of
the Owner Trustee.

            11.06 Severability. Any provision of this Agreement which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction.

            11.07 Separate Counterparts. This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered shall be an original, but all such counterparts shall together
constitute but one and the same instrument.

            11.08 Successors and Assigns. All covenants and agreements contained
herein shall be binding upon, and inure to the benefit of, the Owner Trustee and
its successors and assigns and each Owner and its successors and permitted
assigns, all as herein provided. Any request, notice, direction, consent, waiver
or other instrument or action by an Owner shall bind the successors and assigns
of such Owner.

            11.09 Headings. The headings of the various Articles and Sections
herein are for convenience of reference only and shall not define or limit any
of the terms or provisions hereof.

            11.10 Governing Law. This Agreement shall in all respects be
governed by, and construed in accordance with, the laws of the State of Delaware
(excluding conflict of law rules), including all matters of construction,
validity and performance. Sections 3540 and 3561 of Title 12 of the Delaware
Code shall not apply to the Trust.

            11.11 No Petition. (a) The Depositor will not, prior to the date
which is one year and one day after the termination of the Indenture, institute
against the Trust any bankruptcy proceedings under any U.S. federal or state
bankruptcy or similar law in connection with any obligations relating to the
Trust Certificates, the Notes, this Agreement or any of the other Basic
Documents.
<PAGE>

            IN WITNESS WHEREOF, the parties hereto have caused this Trust
Agreement to be duly executed by their respective officers hereunto duly
authorized, as of the day and year first above written.

                                     SLC STUDENT LOANS RECEIVABLES I, INC.,
                                        as Depositor

                                     By /s/ Steven J. Gorey
                                        ----------------------------------------
                                        Name: Steven J. Gorey
                                        Title: Chief Financial Officer

                                     WILMINGTON TRUST COMPANY,
                                        as Owner Trustee

                                     By: /s/ Anita E. Dallago
                                        ----------------------------------------
                                        Name: Anita E. Dallago
                                        Title: Senior Financial Services Officer

<PAGE>

                                                                       EXHIBIT A

                            FORM OF TRUST CERTIFICATE

            THE BENEFICIAL INTEREST IN THE TRUST REPRESENTED BY THIS TRUST
CERTIFICATE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"), OR ANY STATE SECURITIES LAW, AND MAY NOT BE DIRECTLY OR INDIRECTLY
OFFERED OR SOLD OR OTHERWISE DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER
HEREOF UNLESS IN THE OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE, SUCH
TRANSACTION IS EXEMPT FROM REGISTRATION UNDER THE ACT AND STATE SECURITIES LAWS.
THE TRANSFER OF THIS TRUST CERTIFICATE WILL NOT BE EFFECTIVE UNLESS THE
TRANSFEREE HAS DELIVERED TO THE TRUSTEE A LETTER IN THE FORM REQUIRED BY SECTION
3.04 OF THE TRUST AGREEMENT AND THE TRANSFEREE PROVIDES THE TRUSTEE WITH
EVIDENCE SATISFACTORY TO THE TRUSTEE DEMONSTRATING THE TRANSFEREE'S COMPLIANCE
WITH THE NET WORTH REQUIREMENTS OF SECTION 3.04 OF THE TRUST AGREEMENT.

                                TRUST CERTIFICATE
                         UNDER TRUST AGREEMENT DATED AS
                             OF ___________________

Certificate No._________________

            [___________________________], a Delaware banking corporation, as
trustee (the "TRUSTEE") under a trust agreement dated as of _________________
with _______________ (the "DEPOSITOR"), on behalf of the holders from time to
time (each an "OWNER") of beneficial interests in the trust created thereby (the
"TRUST AGREEMENT"), hereby certifies that _____________________ is the owner of
a ____% undivided beneficial interest in the Trust Property provided for and
created by the Trust Agreement. This Trust Certificate is issued pursuant to and
is entitled to the benefits of the Trust Agreement, and each Owner by acceptance
hereof shall be bound by the terms of the Trust Agreement. Reference is hereby
made to the Trust Agreement for a statement of the rights and obligations of the
Owner hereof. The Trustee may treat the person shown on the register maintained
by the Trustee pursuant to Section 3.02 of the Trust Agreement as the absolute
Owner hereof for all purposes.

            Capitalized terms used herein without definition have the meanings
ascribed to them in or by reference in the Trust Agreement.

            Transfer of this Trust Certificate is subject to certain restriction
and limitations set forth in the Trust Agreement. In the manner more fully set
forth in, and as limited by, the Trust Agreement, this Trust Certificate may be
transferred upon the books of the Trustee by the registered Owner in person or
by his attorney duly authorized in writing upon surrender of this Trust
Certificate to the Trustee accompanied by a written instrument of transfer and
with such signature guarantees and evidence of authority of the Persons signing
the instrument of transfer as the Trustee may reasonably require, whereupon the
Trustee shall issue in the name of the transferee a Trust Certificate or Trust
Certificates evidencing the amount and extent of interest of the transferee.

            The Owner hereof, by its acceptance of this Trust Certificate,
warrants and represents to the Trustee and to the Owners of the other Trust
Certificates issued under the Trust Agreement and agrees [(a) that it is jointly
and severally liable for all fees, expenses, taxes, indemnity payments and other
charges of the Trust pursuant to the Trust Agreement, (b)] not to transfer this
Trust Certificate except in accordance with the Trust Agreement.

            This Trust Certificate and the Trust Agreement shall in all respects
be governed by, and construed in accordance with, the laws of the State of
Delaware (excluding conflict of law rules).
<PAGE>

            IN WITNESS WHEREOF, the Trustee, pursuant to the Trust Agreement,
has caused this Trust Certificate to be issued as of the date hereof.

                                       [________________________________]
                                          as Trustee

                                       By
                                          ------------------------------------
                                          Name
                                              --------------------------------
                                          Title
                                               -------------------------------
<PAGE>

                                                                       EXHIBIT B

                              Certificate of Trust
                           FORM OF ACCESSION AGREEMENT

                                                           _______________, 19__

[Name and Address
of Trustee]

Dear Sirs:

            We refer to the Trust Agreement, dated as of __________ (the "TRUST
Agreement"), between _________________ (the "COMPANY"), and
[_____________________], a Delaware banking corporation (in its capacity as
trustee thereunder, the "TRUSTEE"). We propose to purchase a beneficial interest
in _______________, a Delaware trust (the "Trust") formed pursuant to the Trust
Agreement. Capitalized terms used herein without definition have the meanings
given them in the Trust Agreement. 1.____We hereby confirm that at the date
hereof our net worth exceeds the minimums set forth in Section 3.04 of the Trust
Agreement.

            [2. We hereby further agree, as provided and to the extent specified
in Section 2.06 of the Trust Agreement, to be jointly and severally liable with
any other holders of trust certificates with respect to the Trust for all fees,
expenses, taxes, indemnity payments and other liabilities of the Trust in
accordance with the terms of the Trust Agreement, including (except as otherwise
provided in the Trust Agreement) those incurred by
[____________________________] in its capacity as Trustee in the administration
of the Trust thereunder, to the extent such fees, expenses, taxes, indemnity
payments and other liabilities of the Trust or the Trustee, as the case may be,
with respect to the Trust, are not paid out of the Trust Property; provided,
however, that we will be liable only for obligations of the Trust arising on and
after the date hereof.]

            3. We understand that our Trust Certificate is not being registered
under the Securities Act of 1933, as amended (the "1933 ACT"), or any state
securities or "BLUE SKY" law and is being sold to us in a transaction that is
exempt from the registration requirements of the 1933 Act and any applicable
state laws.

            4. We have knowledge and experience in financial and business
matters as to be capable of evaluating the merits and risks of an investment in
the Trust, we are able to bear the economic risk of investment in the Trust and
we are an accredited investor as defined in Regulation D under the 1933 Act.

            5. We are acquiring our Trust Certificate for our own account and
not for the benefit of any other person and not with a view to any distribution
of our beneficial interest in the Trust subject, nevertheless, to the
understanding that disposition of our property shall at all times be and remain
within our control.

            6. We agree that our beneficial interest in the Trust must be held
indefinitely by us unless subsequently registered under the 1933 Act and any
applicable state securities or "BLUE SKY" law or unless exemptions from the
registration requirements of the 1933 Act and applicable state laws are
available.

            7. We agree that in the event that at some future time we wish to
dispose of or exchange any of our beneficial interest in the Trust, we will not
transfer or exchange any of our beneficial interest in the Trust unless:

            (A) (1) if such transfer or exchange is a sale, the sale price is at
least $250,000, (2) the transfer or exchange is made to an Eligible Purchaser
(as defined below), (3) a letter to substantially the same effect as this letter
is executed promptly by such Eligible Purchaser or by an Eligible Dealer (as
defined below) on behalf of such Eligible Purchaser (4) all offers or
solicitations in connection with the sale (if a sale), whether made directly or
through any agent acting on our behalf, are Limited only to Eligible Purchasers
and are not made by means of any form of general solicitation or general
advertising whatsoever and (5) the Trustee has received an opinion of counsel to
the effect that such transfer will not cause the Trust to be treated for U.S.
federal income tax purposes as an association (or publicly traded partnership)
taxable as a corporation, and will not adversely affect the federal income tax
treatment of the Noteholders in any material respect; or

            (B) our beneficial interest in the Trust is sold in a transaction
that does not require registration under the 1933 Act and any applicable State
"BLUE SKY" law.

            "ELIGIBLE PURCHASER" means an Eligible Dealer or a corporation,
partnership or other entity which we have reasonable grounds to believe and do
believe can make representations with respect to itself to substantially the
same effect as the representations set forth herein. "ELIGIBLE DEALER" means any
corporation or other entity having as a principal business acting as a broker or
dealer in securities.

            8. We understand that our Trust Certificate bears a legend to
substantially the following effect:

THE BENEFICIAL INTEREST IN THE TRUST REPRESENTED BY THIS TRUST CERTIFICATE HAS
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
ANY STATE SECURITIES LAW, AND MAY NOT BE DIRECTLY OR INDIRECTLY OFFERED OR SOLD
OR OTHERWISE DISPOSED OF (INCLUDING PLEDGED) BY THE HOLDER HEREOF UNLESS IN THE
OPINION OF COUNSEL SATISFACTORY TO THE TRUSTEE SUCH TRANSACTION IS EXEMPT FROM
REGISTRATION UNDER THE ACT AND STATE SECURITIES LAWS. THE TRANSFER OF THIS TRUST
CERTIFICATE WILL NOT BE EFFECTIVE UNLESS THE TRANSFEREE HAS DELIVERED TO THE
TRUSTEE A LETTER IN THE FORM REQUIRED BY SECTION 3.04 OF THE TRUST AGREEMENT AND
THE TRANSFEREE PROVIDES THE TRUSTEE WITH EVIDENCE SATISFACTORY TO THE TRUSTEE
DEMONSTRATING THE TRANSFEREE'S COMPLIANCE WITH THE NET WORTH REQUIREMENTS OF
SECTION 3.04 OF THE TRUST AGREEMENT.

            9. It is not (i) an employee benefit plan, retirement arrangement,
individual retirement account or Keogh plan subject to either Title I of the
Employee Retirement Income Security Act of 1974, as amended, of Section 4975 of
the Code, or (2) an entity (including an insurance company general account)
whose underlying assets include plan assets by reason of the investment by such
plans, arrangements or accounts in any such entity.

            10. It is a U.S. Person as defined in Section 7701(a)(30) of the
Code.

            11. We agree to be bound by all the terms and conditions of our
Trust Certificate and the Trust Agreement.

                                Very truly yours,

                               ------------------------------
                               [Name of Purchaser]

                                       By
                                          ------------------------------------
                                          Name
                                              --------------------------------
                                          Title
                                               -------------------------------

Accepted and Acknowledged this ___ day of ____________, 198_.

[________________________________]
            as Trustee

By
   ------------------------------------
   Name
       --------------------------------
   Title
        -------------------------------

<PAGE>

                      Owner Trustee Compensation Agreement

                                (attached hereto)

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