Document:

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Exhibit 10.2.3
                                 AMENDMENT NO. 2

                                       TO

                            NON-COMPETITION AGREEMENT

     AMENDMENT NO.2, dated as of June 22, 2001, among THE STUDENT LOAN
CORPORATION, a Delaware corporation (the "Company"), CITIBANK (NEW YORK STATE),
a New York banking corporation ("NYS"), CITIGROUP INC., a Delaware corporation
and the ultimate parent of NYS ("Citigroup" and, together with NYS, the
"Parents").

     WHEREAS, the Company, NYS and Citicorp, a Delaware corporation, have
heretofore entered into a Non-Competition Agreement, dated as of December 22,
1992, the term of which was extended pursuant to a letter agreement dated
November 1, 1999, the term of which was further extended pursuant to Amendment
No.1 dated June 22, 2000 and Citigroup was substituted as a party in lieu of
Citicorp (the Non-Competition Agreement, as so extended and amended, being
referred to herein as the "Agreement").

     WHEREAS, the parties to the Agreement wish to extend the term of the
Agreement.

     NOW THEREFORE, for and in consideration of the premises and of other good
and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Company, NYS and Citigroup hereby consent and agree as
follows:

     SECTION 1. Unless otherwise defined in this Amendment No.2, all defined
terms used in this Amendment No.2 shall have the meanings ascribed to such terms
in the Agreement.

     SECTION 2. The term of the agreement scheduled to expire on December 22,
1999, and previously extended to June 22, 2001, shall be extended for an
additional twelve (12) months to June 22, 2002.

     SECTION 3. This Amendment No.2 may be executed in two or more counterparts,
each of which shall be an original, but all of which together shall constitute
one and the same instrument.

     SECTION 4. From and after the date of this Amendment No.2 all references in
the Agreement to this "Agreement" shall refer to the Agreement as amended
hereby.

IN WITNESS WHEREOF, the Company, NYS and Citigroup have each caused this
Amendment NO 2. to the Agreement to be duly executed by their respective
officers as of the day and year first above written.

                                THE STUDENT LOAN CORPORATION

                                By:  /s/ Bill Beckmann
                                   --------------------------------------
                                Name:    Bill Beckmann
                                Title:   Chairman

<PAGE>

                                CITIBANK (NEW YORK STATE)

                                By:  /s/ Douglas Webb
                                   --------------------------------------
                                Name:    Douglas Webb
                                Title:   Vice President & General Counsel

                                CITIGROUP INC.

                                By:  /s/ Ajay Banga
                                   --------------------------------------
                                Name:    Ajay Banga
                                Title:   Citigroup Global Consumer Bank<PAGE>

Exhibit 10.5
------------

FACILITIES OCCUPANCY, MANAGEMENT AND SUPPORT SERVICE AGREEMENT
--------------------------------------------------------------

1.   Authority of Manager. Manager shall perform the Service for Customer as an
     independent contractor on a non-exclusive basis, and nothing contained
     herein shall be deemed to create any association, partnership, joint
     venture, or relationship of employer and employee between the parties
     hereto or any of their respective affiliates or subsidiaries. Customer
     hereby appoints Manager as its agent to negotiate and/or award any and all
     contacts incidental and necessary to the performance by Manager of the
     Services and to approve and pay any and all invoices for services provided
     for the Property to the extent such contracts and invoices comply with
     Citicorp policies. In each instance, Manager shall execute such contracts
     and approve such invoices on behalf of Customer. Manager shall obtain and
     maintain evidence of: (i) current liability insurance (including, without
     limitation, employer's liability, automobile liability and comprehensive
     general liability) in such amounts as shall be determined by Manager, (ii)
     fidelity insurance containing a third party endorsement, if available, in
     form and amounts determined by Manager, and (iii) workers' compensation
     insurance in statutory amounts, from all third parties performing Services
     specified herein or such other services as customer shall request from
     Manager from time-to-time in writing, except that Manager shall have
     authority to perform those acts incidental and necessary to its performance
     hereunder.

2.   Compliance with Laws. Each party hereto agrees that it shall comply with
     all applicable federal, state, and local laws, ordinances, codes and
     regulations in the performance of its obligations under this Agreement,
     including the procurement of permits and certificates where required. If at
     any time during the term of this Agreement, a party is informed or
     information comes to its attention that it is or may be in violation of any
     law, ordinance or code (or if it is so determined by any court, tribunal or
     other authority), that party shall immediately take all appropriate steps
     to remedy such violation and comply with such law, regulation, ordinance or
     code in all respects. Further, each party shall establish and maintain all
     proper records (particularly, but without limitation, accounting records)
     required by any law, code of practice or corporate policy applicable to it
     from time to time.

3.   Indemnification. Each party to this Agreement shall indemnify and hold
     harmless the other party and any of its directors, officers, employees and
     agents from and against any action or threatened action, suit or proceeding
     arising out of or as a result of, the indemnifying party's performance
     under this Agreement and against any and all claims, expenses, losses or
     damages (including reasonable attorneys' fees that result from the actions
     or inaction of the indemnifying party); provided, however, that in no event
     shall a party to this Agreement be obligated for any claims, expenses,
     losses, or damages resulting from the negligent or willful acts or
     omissions of the other party, its agents, employees or subcontractors.

     A party seeking indemnification under this Agreement shall (i) give prompt
     written notice to the indemnifying party as to the existence of the
     indefinable event, (ii) provide such information, cooperation and
     assistance as may reasonably be necessary for the defense of such action or
     claim and (iii) grant full authority to the indemnifying party to defend or
     settle such action or claim. A party seeking indemnification shall not
     compromise or settle any action or claim without the consent of the
     indemnifying party.

4.   Force Majeure. In the event that either party is unable to fulfill any of
     its obligations under this Agreement, other than the payment of money,
     because of causes beyond its reasonable control, such party will give
     immediate notice thereof to the other party and, upon such notice being
     given, such obligation or obligations

<PAGE>

     shall be suspended during the continuance of such cause beyond such party's
     control. Causes beyond a party's control shall include fire, flood or other
     natural disaster; wars, civil wars, riots or civil commotion; priorities or
     other government allocations or controls; lockouts, strikes or other work
     stoppages; interference or restraint of public authority (whether lawful or
     not); explosion or accident; epidemics or quarantine restrictions; or any
     cause which it cannot provide against by the exercise of reasonable
     diligence.

5.   Confidentiality. The Customer and the Manager agree that all information
     provided pursuant to this Agreement by each party to the other party is
     confidential and proprietary to the party providing the information and no
     party shall use any information provided by the other party for any purpose
     other than as permitted or required for performance under this Agreement.
     Each party agrees not to disclose or provide any information provided by
     the other party to any third party (with the exception of (i) any parent,
     affiliate or subsidiary, which is bound to retain the confidentiality of
     the information; (ii) employees who have a need to know in the course of
     performance Services pursuant to this Agreement, provided that such
     employees are bound to retain the confidentially of the information; (iii)
     third party vendors as necessary for the Manager to provide Services to the
     Customer under this Agreement, provided that such vendors are bound to
     retain the confidentially of this information; and (iv) the Customer's
     disclosure of data to its external auditors) without the express written
     consent of the other party, and each party agrees to take all reasonable
     measures, including, without limitation, measures taken by each party to
     safeguard its own confidential information to prevent any such disclosure
     by employees, agents, or contractors. In no event shall the Customer
     divulge to any third party the contents in any invoices/charge
     documentation that it receives from the Manager without the written consent
     of the Manager. Nothing provided herein shall prevent any party from
     disclosing information to the extent the information (i) is or hereafter
     becomes part of the public domain through no fault of that party; (ii) is
     received from or furnished to a third party without similar restriction of
     the third party's rights; (iii) is independently developed by it; (iv) is
     disclosed pursuant to requirements of law; or (v) is already known to it.
     If either party hires another person to assist it in the performance of
     this Agreement, or assigns any portion of its rights or delegates any
     portion of its responsibilities or obligations under this Agreement to
     another person, the assigning or delegating party shall cause its assignee
     or delegate to be bound to retain the confidentiality of the information.

6.   Taxes. Customer shall pay all taxes levied or based upon the Services
     rendered in accordance with this agreement, and Manager has the right to
     collect any and all applicable sales or use taxes from the Customer. If
     Manager does not impose sales and use taxes, then Customer agrees to
     self-impose such taxes on payments under this Agreement and shall not hold
     Manager responsible for any unpaid taxes not charged or self-imposed by
     Customer. Notwithstanding the foregoing provision, Customer shall have no
     liability and Manager shall be solely responsible for the payment of any
     taxes that are based on Manager's income and any assessments/penalties
     related thereto.

7.   Assignment. Neither party may assign any of it rights, obligations or
     responsibilities under this Agreement at any time without the prior written
     consent of the other (such consent not to be unreasonably withheld), except
     that either party may assign such obligations and responsibilities at any
     time to its parent or any of its subsidiaries or affiliates having
     reasonably adequate resources to perform the obligations and undertake the
     responsibilities under this Agreement. All terms and conditions of the
     agreement shall be binding upon and shall inure to the benefit of the
     parties hereto and their successors and authorized assigns. Notwithstanding
     the foregoing, it is expressly understood and agreed by Customer that
     Manager may provide the Service through an affiliate of Manager or other
     third party.

8.   Corporate Authority; Further Assurances. Each party represents that it has
     taken all necessary corporate action to authorize the execution and
     consummation of the Agreement and will furnish the other party with
     satisfactory evidence of same upon request. Each party agrees to negotiate
     in good faith the execution of such other documents or agreements as may be
     necessary or desirable for the implementation of this Agreement and the

<PAGE>

     effective execution of the transactions contemplated hereby, and will
     continue to do so during the term of the Agreement.

9.   Notices. All notices, demands, and other communications hereunder shall be
     in writing and shall be deemed given to the other party when delivered in
     person, by overnight delivery or sent by certified or registered mail,
     return receipt requested, postage prepaid, to the following address:

                                    Manager:
                                            Citicorp North America, Inc.
                                            99 Garnsey Road
                                            Pittsford, New York 14534
                                            Att:  On-Site Manager

                                    Customer:
                                            The Student Loan Corporation
                                            99 Garnsey Road
                                            Pittsford, New York 14534
                                            Att:  Legal Department

SECTION D:  FEE

1.   Payment for Services and Expenses. As compensation for the Occupancy, and
     Facility Management and Support Services, Customer shall pay to Manager or
     such third party as Manager may designate, on or before the tenth (10th)
     day of every month, the amount set forth in Exhibit F attached hereto (the
     "Fee"), which Fee represents the fair value of the use of the property and
     services provided. Manager and Customer agree to renegotiate the fee in
     good faith on an annual basis, such new fee to be effective for a 12-month
     period beginning January 1st of each year. Customer further agrees to
     reimburse Manager for any third party fees or expenses which Manager may be
     requested to incur as a direct result of providing any Service hereunder to
     the extent such third party fees and expenses comply with Citicorp
     policies. All other costs for services not specifically provided for in
     this Agreement will be negotiated between Customer and Manager. Any
     proposed change to the Fee resulting from a change in the level or nature
     of the Services provided or an increase in the Customer's occupancy square
     footage must be approved in writing by Manager and Customer prior to the
     change. Customer and Manager, as agent for Owner, likewise acknowledge that
     Customer is participating in an exercise to consider consolidation of
     certain of Customer's business processed to other locations, which are
     owned or managed by affiliates of Owner. A change in Customer's square
     footage occupancy arising solely by the relocation of one or more of
     Customer's business functions to a location affiliated by common ownership
     to owner shall result in a corresponding change to the fee and space
     allocation, such change to be approved in writing by Manager and Customer.

     Customer shall have the right, during normal business hours, to inspect
     Manager's books and records with respect to the Services. Manager shall
     keep adequate records of its Services hereunder and all costs and expenses
     associated therewith.

     Term and Termination. This agreement shall commence on the date hereof and
     will continue in full force and effect for one year from the commencement
     date of the agreement.

     Entire Agreement. This Agreement is the sole agreement between the parties
     with respect to the provision of the Services, and supersedes all prior
     oral or written agreements for the Services. This Agreement may be signed
     in

<PAGE>

         counterparts, all of which taken together shall constitute one
         instrument. This Agreement may be amended only by the written agreement
         of the parties.

         Waiver. Either party may delay or forego exercising any of its rights
         under this Agreement without waiving any of its rights.

         Governing Law. This agreement shall be governed by and constructed in
         accordance to the laws of the State of New York.

         IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
         executed as of the date first written above.

         CUSTOMER:                            OWNER:

         The Student Loan Corporation         Citibank (NYS) by Citicorp North
                                              America, Inc., Agent.

         By:   /s/ Yiannis Zographakis        By:      /s/ Thomas Zizzi
               -----------------------                 ----------------
               Yiannis Zographakis                     Thomas Zizzi

<PAGE>

                                    EXHIBIT A

                                    PROPERTY
                                    --------

         The Customer occupies forty four thousand three hundred and ninety one
         (44,391) square footage of usable and allocated common space at
         property located at 99 Garnsey Road, Pittsford, Town of Perinton, New
         York.

<PAGE>

                                    EXHIBIT B

                        PREMISES SERVICES INCLUDED IN FEE
                        ---------------------------------

     o    BASE BUILDING OPERATIONS

     o    Building Access Control and Security Maintenance and Repair

     o    Electrical distribution System Maintenance and Repair

     o    HVAC Systems Maintenance and Repair

     o    Life/Fire/Safety Systems Maintenance and Repair

     o    Interior building structure Maintenance and Repair

     o    Interior and Exterior water systems Maintenance and Repair

     o    Parking Lot and sidewalk/walkway Maintenance (including follow up with
          Landlord as applicable, that lot plowing is completed adequately,
          salting as needed and winter maintenance of sidewalks and building
          entrances/exits). If resurfacing of parking lot repair and maintenance
          is responsibility of Landlord, manager will act as agent for Customer
          in Landlord maintenance issues.

     o    Exterior Building Signage Maintenance and Repair

     o    Exterior Landscape service

     o    Light bulb/Lighting replacement

     o    Environmental monitoring, maintenance and repairs as needed

     o    Cafeteria/Kitchen Equipment Maintenance and Repair

     o    General building interior painting

     o    Surveillance equipment, surveillance film and processing

     o    BUILDING SERVICES

     o    Cleaning Service (Including vacuuming, general dusting, lavatory
          cleaning and supply replacement, floor washing, and window cleaning)

     o    Emergency Lock replacement or access service

     o    Coordinate and implement fire and safety evacuation plans

     o    Rubbish collection and removal

     o    Recycle collection and removal

     o    Pest Control

     o    Restack coordination and implementations services

     o    Furniture replacement/repairs (All purchases will be upon mutual
          agreement between Manager and Customer)

     o    Furniture storage

     This listing represents services in the CRS Northeast Region specific to
     the 99 Garnsey Road, Pittsford NY Location.

<PAGE>

EXTENSION AGREEMENT
-------------------

This Extension Agreement is entered into as of the 1st day of January 1999, by
and between Citicorp North America, Inc., ("Manager"), a Delaware corporation
having an office at 99 Garnsey Road, Pittsford, New York, as agent for Citibank
(New York State) and The Student Loan Corporation ("Customer"), a Delaware
corporation having an office at 99 Garnsey Road, Pittsford, New York.

Whereas, Customer is the tenant of certain premises more particularly described
in Exhibit A upon terms of a Facilities Occupancy, Management and Support
Service Agreement (the "Agreement") dated January 1, 1998 by and between
Customer and Manager; and

Whereas, Customer and Manager desire that Customer remain as a tenant in the
premises for an additional term subject to the terms of the Agreement and this
Extension Agreement.

NOW THERFORE, in consideration of the mutual covenants and agreement hereinafter
set forth and for other good and valuable consideration, the parties agree as
follows:

1.   The term of the extended tenancy shall commence on the first day of January
     1999 and will continue in full force and effect for until December 31, 1999
     unless extended or modified by agreement of the parties.

2.   The premises occupied by Customer for the extended term shall be as
     described in Amended Schedule A.

3.   As compensation for the tenancy, Customer shall pay to Manager or such
     third party as Manager may designate the amount set forth in Amended
     Schedule F attached hereto (the "Fee") which shall represent the fair
     market value of the use of the property and services provided. All other
     terms and provisions of SECTION D 1. not amended by this paragraph shall
     remain in full force and effect for the term of Customer's tenancy as
     extended by this Extension Agreement.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the date first above written.

The Student Loan Corporation          Citibank (New York State) by Citicorp
                                      North America, Inc., authorized agent

By  /s/ Yiannis Zographakis           By:  /s/ David J. Crowe
    -----------------------                ------------------
      Yiannis Zographakis                      David Crowe

<PAGE>

EXTENSION AGREEMENT
-------------------

This Extension Agreement is entered into as of the 1st day of January 2000, by
and between Citicorp North America, Inc., ("Manager"), a Delaware corporation
having an office at 99 Garnsey Road, Pittsford, New York, as agent for Citibank
(New York State) and The Student Loan Corporation ("Customer"). Whereas,
Customer is the tenant of certain premises more particularly described in
Exhibit A upon terms of a Facilities Occupancy, Management and Support Service
Agreement (the "Agreement") dated January 1, 1998 by and between Customer and
Manager; and

Whereas, Customer and Manager desire that Customer remain as a tenant in the
premises for an additional term subject to the terms of the Agreement and this
Extension Agreement.

NOW THERFORE, in consideration of the mutual covenants and agreement hereinafter
set forth and for other good and valuable consideration, the parties agree as
follows:

1.   The term of the extended tenancy shall commence on the first day of
     January, 2000 and will continue in full force and effect for until December
     31, 2000 unless extended or modified by agreement of the parties.

2.   The premises occupied by Customer for the extended term shall be as
     described in Exhibit A.

3.   Premises Services included in fee shall be as described in Exhibit B.

4.   As compensation for the tenancy, Customer shall pay to Manager or such
     third party as Manager may designate the amount set forth in Exhibit C
     attached hereto (the "Fee") which shall represent the fair market value of
     the use of the property and services provided. All other terms and
     provision of SECTION D 1. not amended by this paragraph shall remain in
     full force and effect for the term of Customer's tenancy as extended by
     this Extension Agreement.

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed as of
the date first above written.

The Student Loan Corporation        Citibank (New York State) by Citicorp
                                    North America, Inc., authorized agent

By:  /s/ Yiannis Zographakis        By:  /s/ David J. Crowe
     -----------------------             ------------------
        Yiannis Zographakis              David J. Crowe

<PAGE>

Citigroup Corporate Realty Services
Midwest Region, St. Louis

MEMO TO: Bill Beckmann, CEO Student Loan Corporation
         Ben Foster, President, Citibank New York State

FROM:    David Crowe

SUBJECT: Commitment to Leaseback space, 99 Garnsey Rd., Rochester, N.Y.

DATE:    February 8, 2000

CC:      Jim Means, CRS
         Mike Zahn, CRS

This memorandum is intended as an update of the lease back option agreement as
it applies to the proposed staffing requirements provided to CRS by the Student
Loan Corporation and Citibank New York State in regards to business operations
at the above noted Citi facility. The revised staffing and space requirements
are now as follows: The Student Loan Corporation and Citibank New York State
remain the primary occupants of the lease back space with a combined long term
total population of 345. In summary, the Student Loan Corporation projects 275
staff, CNYS 28, and the combined support businesses total 40 staff. The lease
back option will commit these Citigroup businesses to approximately 62M RSF for
a seven (7) year term.

By way of signing this memorandum, SLC and CNYS hereby agree and commit to full
financial responsibility related to the remodeling, relocation, leasing,
license, and operation of the leased space for a 7-year term. 100% of the costs
related to this space will be transferred to SLC and CNYS and support groups by
way of a yet to be finalized direct charge calculated by CRS and based upon a
pro rata allocation of the space occupied by these respective Citigroup
businesses. The preliminary estimate of the anticipated direct charge remains in
the range of $24 per sq ft.

/s/ Bill Beckmann
----------------------------------------------------
Bill Beckmann, CEO Student Loan Corporation

/s/ Ben Foster
----------------------------------------------------
Ben Foster, President, Citibank New York State

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