Document:

<PAGE>

                                                                    EXHIBIT 10.4

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT. THE SYMBOL "[****]" HAS BEEN INSERTED IN PLACE OF THE PORTIONS SO
OMITTED.

                          REAL WORLD CONSOLIDATION LOAN

                      ORIGINATION RESPONSIBILITY AGREEMENT

      This Real World Consolidation Loan Origination Responsibility Agreement
dated as of April 1, 2003 ("Agreement") is by and between COLLEGIATE FUNDING
SERVICES, L.L.C., with its principal office located at 100 Riverside Parkway,
Suite 125, Fredericksburg, Virginia 22406 ("CFS"), and MISSISSIPPI HIGHER
EDUCATION ASSISTANCE CORPORATION, with its principal office located at Jackson,
Mississippi ("Lender").

      CFS and Lender hereby agree as follows:

53.   Purpose:

      The purpose of this Agreement is to establish terms under which the
parties agree to operate with respect to the marketing, servicing and funding of
the RWCL Program (as hereinafter defined).

      The following provisions establish the terms, conditions and
      responsibilities of CFS and Lender with respect to Lender's funding of
      Consolidation Loans guaranteed under the requirements of the Act (as
      hereinafter defined).

54.   Eligible Loans:

      Borrower accounts processed under the RWCL Program must consist of: at
      least one federal loan qualifying for Federal Consolidation as defined
      under Section 428 C of the Act; it being understood that such accounts at
      no time will include any HEAL loan, any loan held by the guarantor or
      insurer of such loan, or any Loan with a condition, or that is affected by
      an event or circumstance, allowing the holder thereof to file any claim
      for guarantee or insurance payment with respect to such Loan.

55.   Definitions:

      Unless the context clearly indicates otherwise, the terms set forth below
      shall have the following meanings:

      Y.    "ACT" means Title IV, Parts B, F and G of the Higher Education Act
            of 1965 (20 USC Sec. 1071 et. seq.), as amended and in effect from
            time to time, or any successor enactment thereto, the effective
            administrative regulations promulgated thereunder, and any binding
            directives issued by the Secretary pursuant thereto.

      Z.    "AFFILIATE" means any other person or entity Controlling, Controlled
            by, or under common Control of another person or entity.

<PAGE>

      AA.   "ABI' means the average borrower indebtedness of a Loan.

      BB.   "APPLICATION" means an application for a Loan, which may be included
            in the Consolidation Loan Note.

      CC.   "BORROWER" means an individual who is (i) eligible under the Act and
            Regulations to be the obligor of a Loan, and/or (ii) the sole
            maker(s) of a Consolidation Loan Note.

      DD.   "BORROWER FILE" means, with respect to any Loan, the following, as
            appropriate:

        (1) the Consolidation Loan Note (together with the Completed Application
            if separate from the Consolidation Loan Note) for such Loan;

        (2) the Borrower's Application, if separate from the Consolidation Loan
            Note;

        (3) evidence of the Loan Consolidation Verification Certificate; and

        (4) copies of any correspondence between CFS and the Borrower related to
            the RWCL Program, other than generic marketing letters.

      EE.   "BUSINESS DAY" means any day, other than a Saturday, a Sunday or a
            day on which banks located in the Commonwealth of Virginia and/or
            the State of Mississippi are required or authorized by law to remain
            closed. Any other references to "days" shall mean calendar days.

      FF.   "COMPLETED APPLICATION" means an Application that contains all of
            the information required by the federal application form and the Act
            to make the Loan for which such Application is made.

      GG.   "CONSOLIDATION LOAN" means a Loan made pursuant to Section 428 C of
            the Act.

      HH.   "CONSOLIDATION LOAN NOTE" means a promissory note executed by a
            Borrower for a Loan set forth on the appropriate form, which may be
            furnished or approved by a Guarantor, which Consolidation Loan Note
            meets the requirements and criteria set forth in law, including the
            Act and applicable Regulations, and which further contains no blank
            spaces and no alterations or modifications of any kind whatsoever
            and bears an unaltered original signature in the name of the
            Borrower listed on the Application (in ink or in any other legally
            valid electronic or digital form). The Application may include the
            Consolidation Loan Note.

      II.   "CONTROL", "CONTROLLED" or "CONTROLLING" means the possession of the
            power to direct or cause the direction of the management and
            policies of a person or entity, whether through the ownership of
            voting securities, by contract other than a commercial contract for
            goods or non-management services or otherwise, unless the power is
            the result of an official position with or corporate office held by
            the person. Control shall be presumed to exist if any person or
            entity, direct or indirectly, owns, controls, holds with the power
            to vote or holds proxies representing more than fifty percent (50%)
            of any class of voting stock of another person.

<PAGE>

      JJ.   "DEFAULT" means, with respect to any Consolidation Loan Note, the
            occurrence of any event which shall constitute a default or other
            grounds for filing a Guarantee claim under the terms of the Act and
            related Regulations.

      KK.   "DEFERMENT" means the period defined by the Act and applicable
            Regulations during which a Borrower in repayment may postpone making
            payments.

      LL.   "FORBEARANCE" means the period permitted by the Act and the policies
            of the Guarantor during which a Borrower in repayment is permitted
            to temporarily forego payments or make reduced payments.

      MM.   "GUARANTEE" or "GUARANTEED" means a written commitment by a
            Guarantor to pay Lender the unpaid principal balance plus accrued
            unpaid interest of a Loan or any portion thereof upon submission of
            a valid default, death, disability, or bankruptcy claim or claim
            with respect to any other event or circumstance for which a claim
            would be paid under the Act, in accordance with the Act and
            applicable Regulations.

      NN.   "GUARANTOR" means any state or private nonprofit organization that
            has entered into agreements with the Lender and with the Secretary
            to Guarantee Loans under the Act and is listed on Exhibit 2 to this
            Agreement, as such Exhibit 2 may be amended from time to time in
            accordance with the provisions of Section 14 of this Agreement.

      OO.   "INTEREST BENEFITS PAYMENTS" means those amounts which are payable
            with respect to a Loan by the Secretary under Section 1078(a) of the
            Act or any payment of a similar nature prescribed by law hereafter
            adopted.

      PP.   "LOAN" or "LOANS" means a loan or loans of money (which may be
            disbursed in one or more installments) on behalf of a Borrower,
            contingent upon an agreement to repay, evidenced by a Consolidation
            Loan Note (and Guarantee if appropriate), which Loan was originated
            in accordance with this Agreement and is a Consolidation Loan under
            FFELP.

      QQ.   "LOAN CONSOLIDATION VERIFICATION CERTIFICATE" or "LCVC" means the
            federal form loan consolidation verification certificate to be
            completed by the lender(s) or their designated agent(s) whose
            loan(s) are being paid in full by the Consolidation Loan in form
            provided by the Act.

      RR.   "LOAN SERVICING AGREEMENT" means the Servicing Agreement dated April
            1, 2003 between CFS and the Lender.

      SS.   "MHEAC LOANS" means all Consolidation Loans originated through CFS
            or any Affiliate of CFS for the Lender in which the Application
            indicates that at least one of the loans being consolidated by the
            Loan is currently owned by the Lender, Education Services Foundation
            and/or an Affiliate of either of them. MHEAC Loans shall not include
            any Consolidation Loan(s) originated through CFS or any Affiliate of
            CFS that are required by a written agreement executed prior to the

<PAGE>

            date of this Agreement with another lender or a written agreement
            executed prior to the date of this Agreement with an affinity group
            to be placed with another lender.

      TT.   "MISSISSIPPI LOANS" means all Consolidation Loans originated through
            CFS or any Affiliate of CFS in which the Application indicates that
            the Borrower is a resident of the State of Mississippi and/or at
            least one of the loans being consolidated by the Loan is currently
            owned by a lender (other than Lender or its Affiliates) that has an
            address in the State of Mississippi. Mississippi Loans shall not
            include any Consolidation Loan(s) originated through CFS or any
            Affiliate of CFS that are required by a written agreement executed
            prior to the date of this Agreement with another lender or a written
            agreement executed prior to the date of this Agreement with an
            affinity group to be placed with another lender.

      UU.   "NON-MISSISSIPPI LOANS" means Consolidation Loans originated through
            CFS or any Affiliate of CFS that are not Mississippi Loans or MHEAC
            Loans.

      VV.   "REIMBURSEMENT PAYMENTS" means an amount equal to all of the
            principal balance, outstanding interest and fees paid, including
            without limitation all application fees paid to CFS, origination and
            consolidation loan rebate fees paid to the United States Department
            of Education, and any Special Allowances and Interest Benefits
            Payments which the Lender would have been entitled to receive.

      WW.   "RWCL PROGRAM" or the "Real World Consolidation Loan Program" means
            the program pursuant to which Loans will be originated in accordance
            with the terms and conditions of this Agreement.

      XX.   "REGULATIONS" means any regulations rules, policies or procedures
            promulgated or adopted by a Guarantor or the Secretary.

      YY.   "SECRETARY" means the Secretary of Education of the United States
            Department of Education or any successor as the federal official
            charged with responsibilities for administering the Higher Education
            Act.

      ZZ.   "SERVICER" means CFS solely in its capacity as servicer under the
            Loan Servicing Agreement, any successor to CFS as servicer under the
            Loan Servicing Agreement, or any other loan servicer mutually
            agreeable to and approved in writing by the Lender and CFS, neither
            of whose agreement shall be unreasonably withheld.

      AAA.  "SPECIAL ALLOWANCES" means those amounts which are payable with
            respect to a Loan by the Secretary under Section 438 of the Act or
            any payment of a similar nature prescribed by law hereafter adopted.

<PAGE>

56.   Responsibilities of CFS:

      SS.   CFS will act solely as a marketing company for Lender with respect
            to marketing Consolidation Loans pursuant to the terms of this
            Agreement. As a marketing company, CFS shall:

      TT.   Receive Applications and Consolidation Loan Notes from Borrowers.

      UU.   Review the documentation and perform data entry of certain
            information required to complete the consolidation process.

      VV.   Send Application forms to Borrowers for signature within one
            Business Day of securing complete Application information from
            Borrowers, and be responsible for insuring that each Application and
            Consolidation Loan Note submitted for a Consolidation Loan is
            eligible in all respects under federal consolidation loan guidelines
            and criteria.

      WW.   Perform data entry of information required of Servicer and Lender to
            secure required approvals from the Guarantor of the Loan, and
            transfer such information to Servicer on or before 9:00 a.m. on the
            business day the Loan is funded.

      XX.   Ensure that each Borrower File is complete and accurate, that the
            Application and Consolidation Loan Note meets all requirements for
            eligibility for consolidation under the Act and Regulations, and
            that the Consolidation Loan Note has been signed by the Borrower.

      YY.   Ensure accuracy and completeness of any electronically transmitted
            data and send, by overnight courier to Servicer on or before the
            last business day of each week for delivery by 11:00 a.m. on the
            first business day of the following week, corresponding Borrower
            Files for each Loan funded during such week.

      ZZ.   Promptly provide any missing documentation or information and
            promptly correct any error identified by Servicer or Lender.

      AAA.  Maintain all license and other governmental approvals and otherwise
            comply with the Act, Regulations and all other applicable federal,
            state, and local laws and regulations with respect to all of its
            activities and obligations hereunder.

      BBB.  Act as custodian and bailee for Lender and the Servicer with respect
            to all original documents for Loans until all such documents are
            transferred to the Servicer. As bailee and custodian, CFS shall
            maintain custody, control and safekeeping of such documents and such
            documents shall be under the sole dominion and control of CFS until
            delivered to the Servicer at which time they will be under the
            control of the Servicer. CFS shall deal with such documents only as
            this Agreement requires and as Lender and the Servicer otherwise
            instruct in writing.

      CCC.  Promptly pay to Lender all of the Reimbursement Payments with
            respect to any Loan deemed, in whole or part, by any Guarantor to be
            uninsured after

<PAGE>

            consolidation, or to have never been insured, provided that the loss
            or absence of the Guarantee is caused by: (i) CFS's breach of its
            obligations, representations, warranties, or certifications under
            this Agreement, (ii) CFS's action or failure to act, or (iii) any
            lack of documentation which made the Loan ineligible at the time it
            was made. CFS's reimbursement obligation under this paragraph is
            unconditional and not subject to offset or recoupment. CFS shall
            have thirty (30) days after receipt of written notice to cure any
            such loss or lack of insurance. If CFS is unable to effect a cure
            during this time period Reimbursement Payments shall be made to the
            Lender in immediately available funds within five (5) Business Days
            after expiration of the thirty (30) day cure period.

      DDD.  Insure that no Consolidation Loan is originated with respect to a
            previously defaulted loan.

57.   Responsibilities of Lender:

      EEE.  Lender will perform the duties and adhere to the responsibilities
            outlined in this Agreement. Unless CFS shall be in material default
            under this Agreement, Lender shall be obligated to provide daily
            funding (in accordance with the provisions of this Agreement) for
            all Loans certified by CFS under this Agreement. In the event that
            CFS shall be in material default under this Agreement, Lender shall
            have no responsibility to fund any Loans under this Agreement.

      FFF.  All Loans funded by Lender or its Affiliates under the RWCL Program
            and all receivables related thereto, and all Loan documents (in
            whatever form) received by or on behalf of Lender under this
            Agreement or in connection with a Loan, shall be owned solely by
            Lender or its Affiliates. Lender and its Affiliates shall have full
            and unfettered rights in and to the Loans and the receivables
            related thereto, and the Loan documents, including without
            limitation, the right to administer, service, collect, sell,
            transfer, securitize or otherwise dispose in any manner of the Loans
            and receivables related thereto. Nothing contained in this Agreement
            nor any action taken under this Agreement shall be deemed or
            construed to (i) give CFS or its Affiliates any right, title or
            interest, either in law or in equity, in and to any Loan made or
            administered by Lender or its Affiliates (or the receivables or Loan
            documents related to such Loans) or make CFS or its Affiliates a
            loan production office or a holder or originator of any such Loan,
            or (ii) give CFS or its Affiliates any right whatsoever to control
            the content and presentation of the underlying Loan documents.

58.   Responsibilities of Servicer:

      Lender shall ensure that any Servicer retained by Lender to service Loans
      funded under this Agreement shall:

<PAGE>

      BBB.  Promptly upon receipt of the electronic or paper data for a Loan
            that CFS provides under Section 4.D, perform the actions necessary
            to prepare such Loans for loading to Servicer's system.

      CCC.  Promptly upon receipt of each Borrower File, undertake its
            obligation with respect to such file and review the Borrower File
            for each Loan to confirm that each Borrower File is complete,
            including without limitation that:

            (1)   the LCVC is present and signed by a representative of the
                  owner of the loans being consolidated, or by an agent
                  representing the owner and authorized to execute the LCVC on
                  behalf of the owner.

            (2)   the Application and Consolidation Loan Note are present and
                  signed by the Borrower (but the Servicer shall have no
                  obligation to verify that the signature on the Application or
                  Consolidation Loan Note is the actual signature of the
                  Borrower).

      GGG.  Disburse funds from the Funding Account (as defined in Section 7 of
            this Agreement) in accordance with the provisions of this Section
            6.C.

            (1)   Lender or its designated trustee shall cause there to be
                  available in the Funding Account such amount as shall be
                  needed to fund Completed Applications under this Agreement,
                  provided that during any thirty (30) day period such amount
                  shall not be required to exceed [****] Dollars ($[****]) (or
                  such greater amount as the Lender shall from time to time
                  elect by written notice to CFS), upon which the Servicer shall
                  be authorized to draw to fund Completed Applications for
                  Consolidation Loans. Funding authorization shall be in a form
                  acceptable to the Lender and the Servicer and shall be faxed
                  or electronically transmitted by the Servicer to the Lender
                  and CFS (with the original to be forwarded promptly thereafter
                  to the Lender) no later than 10:00 a.m. on each scheduled
                  funding date, provided that the data provided electronically
                  by CFS contains no errors or problems which cause undue or
                  unexpected delays.

            (2)   No monies in or drawn from the Funding Account shall be
                  commingled with funds of the Servicer. Lender or its
                  designated trustee shall retain sole ownership of the Funding
                  Account and all monies contained therein or drawn therefrom.
                  All actions taken by the Servicer in connection with the
                  Funding Account shall be as agent for the Lender or its
                  designated trustee. All monies in the Funding Account shall be
                  used solely for the purpose of funding the Loans. The Servicer
                  shall indemnify and hold harmless the Lender and its
                  designated trustee for any other use of monies in the Funding
                  Account.

            (3)   The Servicer shall provide disbursement information to the
                  Lender and/or its designated trustee and, upon funding,
                  convert the Loans to its servicing

<PAGE>

                  system and commence repayment servicing in accordance with any
                  servicing agreement between Servicer and Lender.

      HHH.  Promptly upon discovery, inform Lender and CFS in writing of any
            Loan with respect to which CFS has a Reimbursement Payments
            obligation pursuant to Section 4.J of this Agreement.
            Notwithstanding the preceding sentence, failure by the Servicer to
            promptly so inform Lender and CFS does not relieve CFS of its duties
            and responsibilities under this Agreement.

      III.  Perform the services authorized by Section 15 of this Agreement with
            respect to borrower benefits.

The Lender shall cause the Servicer's obligations under this Section 6 to be
evidenced in a written agreement between the Servicer and the Lender.

59. Funding of the Loans:

      All of the Loans to be funded by Lender pursuant to the terms and
      conditions of this Agreement shall be funded according to the following
      procedure:

      DDD.  Lender or its designated trustee shall cause a special account (the
            "Funding Account") to be established with Trustmark National Bank,
            AmSouth Bank or such other bank or financial institution as shall be
            mutually acceptable to CFS and Lender. Disbursements from the
            Funding Account shall be made in accordance with the provisions of
            Section 6.C of this Agreement.

      EEE.  Lender or its designated trustee shall cause there to be available
            in the Funding Account such amount as shall be needed to fund
            Completed Applications under this Agreement, provided that during
            any thirty (30) day period such amount shall not be required to
            exceed [****] Dollars ($[****]) (or such greater amount as the
            Lender shall from time to time elect by written notice to CFS), upon
            which the Servicer shall be authorized to draw to fund Completed
            Applications for Consolidation Loans. CFS shall not during any
            thirty (30) day period present Completed Applications to Lender for
            funding in excess of the amount required to be available in the
            Funding Account.

      FFF.  Lender shall have the right, at any time, to elect an alternate
            funding mechanism for funding the Loans; provided that such funding
            mechanism allows for the funding of the Loans by Lender or its
            designated trustee within sixty (60) minutes of receipt by Lender
            from the Servicer of accurate disbursement information (provided
            that in the event that monies are to be disbursed to any payee other
            than CFS, Lender or its designated trustee shall have received at
            least one week's prior written notice).

60. Insurance:

      CFS shall obtain and maintain in force until all Loans that Lender funds
      hereunder are repaid in full or paid as a claim by a Guarantor, and upon
      the request of Lender furnish

<PAGE>

      proof of, errors and omissions and liability insurance policies acceptable
      to Lender providing coverage (with no per occurrence minimum and not more
      than $10,000 aggregate deductible), with respect to claims by Lender,
      arising from CFS's failure to perform any of its responsibilities under,
      or from CFS's breach of its representations, warranties or certifications
      made in, this Agreement, including without limitation, CFS's obligations
      under Section 4.J. of this Agreement, in an amount of at least
      $1,000,000.00. Each such policy shall be maintained with an insurer rated
      not lower than "A" by A. M. Best Co. The policy shall provide that it
      cannot be canceled, amended or modified without at least sixty (60) days
      written notice to Lender and the Servicer and shall provide that CFS
      cannot cancel the coverage without the Lender being afforded the
      opportunity to assume the coverage in its own name. The policy shall not
      be cancelled, amended or modified by CFS in any manner that limits,
      restricts, or conditions the coverage provided, decreases the amount of
      coverage or increases the deductible, or in any other way reduces the
      coverage provided, without the prior written consent of Lender and
      Servicer, which shall not be unreasonably withheld.

61. Reimbursement Procedure:

      If Lender believes that CFS is obligated to reimburse it for any Loan
      pursuant to Section 4.J. hereof, Lender shall:

      GGG.  Notify CFS in writing of the reason it believes CFS is obligated to
            reimburse it and CFS shall issue a Reimbursement Payment in
            accordance with Section 4.J; provided, however, that CFS shall have
            thirty (30) days after receipt of such notice to (i) deliver written
            notice to Lender of CFS's dispute, if any, with respect to said
            claim detailing CFS's good faith basis for believing it is not
            obligated to reimburse Lender for the affected Loan(s) under the
            terms of this Agreement, or (ii) cure to Lender's satisfaction the
            cause of CFS's obligation, if any, to reimburse Lender for such
            Loan. The parties shall negotiate in good faith to promptly resolve
            any such dispute raised by CFS in accordance with this Section 9.A.
            If any such dispute is not resolved within thirty (30) days after
            CFS has given written notice of the dispute, then either party may
            submit the dispute for resolution by binding arbitration pursuant to
            Section 31 of this Agreement.

      HHH.  In the case of notice from Servicer, Servicer shall notify Lender,
            in writing, of the reason it believes CFS is obligated to reimburse
            Lender and follow Lender's instructions with respect to the Loan,
            any extension of the cure period or other actions determined to be
            appropriate by Lender.

62. Loan Origination Requirements:

      III.  CFS agrees that it will send Completed Applications to the Lender
            for funding, and the Lender agrees that it will fund the Completed
            Applications sent to the Lender by CFS, during the applicable term
            of this Agreement for (i) [****]; (ii) at least [****] Dollars
            ($[****]) annually in Non-Mississippi Loans; and (iii) an additional
            [****] Dollars ($[****]) annually in Non-Mississippi Loans, unless
            either party provides written notice to the other prior to the
            commencement of any

<PAGE>

            annual period that it elects a lesser specified additional amount
            (which specified amount may be as little as zero) for such ensuing
            annual period.

      JJJ.  Borrowers must have a minimum Loan indebtedness of [****] Dollars
            ($[****]). CFS agrees to maintain an average ABI Application size of
            between [****] Dollars ($[****]) and [****] Dollars ($[****]) Lender
            and CFS will review the ABI monthly. Should the average ABI funded
            be below [****] Dollars ($[****]) or above [****] Dollars ($[****])
            for two (2) consecutive months, either the Lender or CFS may elect
            to renegotiate the referral fees described in Section 10.C of this
            Agreement in accordance with the procedures set forth in Section 11
            of this Agreement.

      KKK.  Except as otherwise provided in this Section 10.C, the Lender agrees
            to pay a referral fee of (i) [****] Dollars ($[****]) for each
            Completed Application for a MHEAC Loan or a Mississippi Loan; (ii)
            [****] Dollars ($[****]) for each Completed Application for a
            Non-Mississippi Loan up to [****] Dollars ($[****]) annually; and
            (iii) [****] Dollars ($[****]) for each Completed Application for
            Non-Mississippi Loans in excess of [****] Dollars ($[****])
            annually, regardless of whether such MHEAC Loans, Mississippi Loans,
            or Non-Mississippi Loans are actually funded by the Lender. If the
            Loan involves a MHEAC Loan in which the Application indicates that
            more than fifty percent (50%) in principal amount of the loans being
            consolidated are MHEAC Loans, then the Lender agrees to pay a
            marketing fee of [****] Dollars ($[****]) for each Completed
            Application for such MHEAC Loan, regardless of whether such MHEAC
            Loan is actually funded by the Lender.

63. Renegotiation of Marketing Fee:

      In the event that either the Lender or CFS elects to renegotiate the
      referral fees provided for under the provisions of Section 10 of this
      Agreement, the party electing to renegotiate shall send written notice to
      the other party. Thereafter both parties shall undertake good faith
      efforts to agree to adjust such fees to their mutual satisfaction. In the
      event that the parties are unable to agree upon an adjustment to said fees
      within thirty (30) days of notice by one party to the other , either the
      Lender or CFS, as the case may be, may terminate this Agreement at any
      time thereafter upon written notice to the other party.

64. Eligible Guarantors:

      CFS shall have the right to designate the Guarantor from among those
      listed on Exhibit 2 to this Agreement, as such may be amended from time to
      time by mutual agreement of CFS and the Lender, as the Guarantor to be
      used in connection with processing any particular Consolidation Loan.
      Lender agrees to use its best efforts to become eligible to use, sign an
      agreement with, and add to Exhibit 2 any financially sound Guarantor
      selected by CFS that accepts national consolidation loan guarantees.
      Lender shall promptly notify CFS of any changes to any agreement with a
      Guarantor or the processes or procedures of that Guarantor that are
      reasonably expected by the Lender to affect the guaranty of a Loan.

<PAGE>

65. Borrower Rates:

      Lender further agrees to provide incentives described in Exhibit 1 to
      Borrowers of Consolidation Loans made under the RWCL Program to pay their
      Loans in a timely manner. At the time that CFS transfers information to
      the Servicer pursuant to Section 4.D of the Agreement, it also will
      provide notice to the Servicer regarding the particular incentive program
      being offered at the time a Loan is made.

      Servicer may reinstate disqualified Borrowers that lose their benefits due
      to Servicer error. Servicer shall communicate to the Borrower when they
      have achieved the rate reduction, at disqualification and at
      reinstatement, as applicable.

66. Marketing:

      CFS agrees that marketing the RWCL Program is the responsibility of CFS,
      subject to the following conditions:

      JJJ.  Lender and Servicer will not be required to produce any of the
            marketing materials developed, nor will their names, service marks,
            trademarks or logos be used by CFS in any promotions without their
            prior written consent, which shall not be unreasonably withheld.

      KKK.  Subject to the requirements of Section 14.A., Lender hereby gives
            CFS, limited, non-exclusive, non-transferable, royalty-free
            permission, during the term of this Agreement (including any
            extensions and renewals hereof), to use Lender's name and other
            trademarks and service marks on marketing and promotional materials
            related to the RWCL Program (the "Marketing Materials"); provided,
            however, that the Marketing Materials must be approved in writing by
            Lender prior to use by CFS. Lender shall approve or object to
            marketing materials within five (5) business days of submission to
            Lender by CFS. If Lender does not submit any comments within said
            time period, then Lender shall be deemed to have approved said
            Marketing Materials.

      LLL.  Lender and CFS shall agree with each other as to the form and
            substance of any press release relating to this Agreement and any
            press release about the RWCL Program referencing or identifying
            Lender, and consult with each other as to the form and substance of
            other public disclosures related to Lender's participation in the
            RWCL Program; provided, however, that nothing contained in this
            Agreement shall prohibit any party from making any disclosure which
            its legal counsel reasonably deems necessary to comply with
            applicable law.

      MMM.  In performing its marketing services under this Agreement, CFS shall
            at all times comply with (i) applicable federal and state consumer
            privacy laws and regulations, and (ii) Direct Marketing Association
            guidelines and all State "do not solicit" telemarketing lists
            (whether covering telemarketing or direct mail marketing).
            Furthermore, CFS shall not attempt further phone calls or send
            additional mailings to, or in any way contact, individuals who
            request that no future phone calls, mailings, or contacts be made to
            the individual.

<PAGE>

      NNN.  CFS agrees not to market the RWCL Program for funding by Lender to
            any individual who is (i) subject to consumer opt-out protections
            under any applicable laws or regulations, and (ii) identified by
            Lender to CFS. Whenever Lender provides CFS with a report listing
            such individuals, CFS shall promptly and accurately match such list
            against any file, database, or list of consumers/customers
            maintained or used by CFS to promote the RWCL Program. CFS shall not
            market RWCL Loans for funding by Lender to individuals identified in
            such data-matching process.

      OOO.  CFS agrees that it will not, for itself or on behalf of any other
            person or entity, in any way market, advertise or promote
            consolidation loans or education finance products of any type from
            any source to Borrowers whose residence is listed as being located
            in the State of Mississippi other than pursuant to the terms and
            conditions of this Agreement. This prohibition shall not cover any
            marketing, advertisement or promotion involving an affinity group
            with which CFS has a written agreement prior to the date of this
            Agreement or another lender with which CFS has a written agreement
            prior to the date of this Agreement to market, advertise, promote or
            make consolidation loans or education finance products.

67. Regulatory Changes:

      If regulatory or legislative changes to the Act occur which prevent Lender
      from realizing sufficient revenue from the RWCL Program, Lender has the
      option to withdraw from the RWCL Program with one hundred twenty (120)
      days prior written notice to CFS. If legal or regulatory changes prohibit,
      limit or alter the compensation provisions for the services rendered by
      CFS to Lender, either party shall have the option to negotiate an
      amendment to the Agreement or withdraw from the RWCL Program with one
      hundred twenty (120) days prior notice to the other party. Lender shall
      have no obligation to fund Loans after the date of any of the foregoing
      notices, except that during such one hundred twenty (120) day notice
      period Lender shall, subject to and in accordance with this Agreement,
      fund Loans for which CFS has secured complete application information and
      has mailed related application forms to Borrowers for signature prior to
      the date of any such notice, unless such actions would result in
      violation(s) of law. Notwithstanding anything to the contrary contained
      herein, in the event that any provision of this Agreement or the RWCL
      Program shall be prohibited due to regulatory or legislative changes to
      the Act or other applicable law, then no party to this Agreement shall be
      obligated to act in a manner that would violate the Act or applicable law.

68. Invoicing and Payment of Application Fees:

      CFS shall invoice all application fees payable in accordance with Section
      10.C of this Agreement each Friday for all Loans processed during that
      week. Each invoice shall provide sufficient detail to permit Lender to
      verify the bill at the Borrower level. Lender agrees to execute a wire
      transfer of funds for all invoices, except as to amounts that are under
      good faith dispute, within three (3) business days of receipt of invoice.

<PAGE>

69. Expenses:

      Other than the expenses described in this Agreement, all parties agree to
      be responsible for their respective expenses under the RWCL Program. CFS
      shall be responsible for the cost of all marketing materials, data entry,
      sales and related expenses incurred with respect to its marketing
      activities.

70. Confidentiality:

      LLL.  This Agreement is considered confidential by all parties hereto and
            must not be copied or disclosed to anyone other than employees of
            the parties directly involved in the RWCL Program or their
            accountants, attorneys, or other professional advisors or government
            agencies having jurisdiction over such parties without the written
            consent of the other parties, except as otherwise required by law.

      MMM.  All data, information, records, correspondence, reports or other
            documentation relating to and identified with prospective, existing
            or former Borrowers of Loans under this Agreement, contained or
            reflected in Loan forms (including without limitation the
            Application and the Consolidation Loan Note), RWCL Program forms, or
            otherwise obtained, received, prepared, generated or maintained by
            CFS in connection with this Agreement or necessary to complete,
            process, fund service, or otherwise administer a RWCL Program Loan,
            is and shall remain the confidential information and property of
            Lender, regardless of whether it is initially received or obtained
            by CFS from or at the direction of Lender, the Borrower, or any
            lender of any loan underlying the Borrower's Loan, or prepared and
            maintained by CFS in the course of any of its activities under this
            Agreement (individually or collectively referred to hereinafter as
            "Lender Proprietary Information"). Lender Proprietary Information
            (i) includes any customer list provided by Lender to CFS in
            connection with Section 14.E., and (ii) excludes information
            contained in marketing lists purchased by CFS or information
            obtained by CFS other than in connection with the RWCL Program. CFS
            shall hold all Lender Proprietary Information in strictest
            confidence and not release or divulge such information to any party
            other than Lender and Lender's Affiliates without Lender's prior
            written consent, except (i) as provided in Section 18.A, (ii) to
            such other parties as Lender directs in writing, and (iii) as
            otherwise explicitly set forth in this Agreement. CFS understands
            and agrees that it shall only use Lender Proprietary Information to
            perform its duties under this Agreement and that CFS shall not
            directly or indirectly use, or suffer, permit or cause to be used,
            any such Information for any other purpose whatsoever. In the event
            that CFS becomes legally compelled to disclose any of the Lender
            Proprietary Information to entities not described in the third
            sentence of this Section 18.B., CFS shall provide Lender with prompt
            notice before such Lender Proprietary Information is disclosed so
            that Lender may seek, before such disclosure is made, a protective
            order or other remedy. If a protective order or other remedy is not
            obtained, or that Lender waives compliance with this Section 18.B.,
            CFS shall furnish only that portion of Lender Proprietary
            Information which it is advised by counsel is

<PAGE>

            legally required and, if requested by Lender at its sole expense,
            CFS shall exercise reasonable efforts to obtain a protective order
            or other reliable assurance that confidential treatment will be
            accorded to such Information.

      NNN.  Nothing contained in this Section or in this Agreement shall
            preclude distribution of information to rating agencies, credit
            enhancers, trustees and others involved in financings, provided that
            the party distributing such information shall have advised the party
            to whom such information is distributed that the information being
            transmitted is of a confidential nature. MHEAC will not be liable
            for inappropriate disclosure by any such rating agency, credit
            enhancer, trustee or other party involved in a financing.

71. Representations, Warranties, and Covenants of CFS:

      CFS represents, warrants, and covenants each of the following to Lender on
      the date of this Agreement, on the date of each request for Lender to
      originate and fund any Loan and on the date of Lender's funding of any
      Loan (which such representations, warranties and covenants shall survive
      any termination of this Agreement):

      OOO.  CFS (i) is duly organized, validly existing, and in good standing
            under the laws of the jurisdiction in which it is organized; (ii) is
            duly qualified to transact business and is in good standing as a
            foreign limited liability company in each jurisdiction where the
            nature and extent of its business and properties require due
            qualification and good standing; (iii) possesses all requisite
            authority, permits and power to conduct its business as is now being
            conducted; and (iv) is in compliance with all applicable federal and
            state laws and regulations and all of its obligations under this
            Agreement.

      PPP.  The execution and delivery by CFS of this Agreement and the
            performance by it of its obligations hereunder (i) are within its
            limited liability company power; (ii) have been duly authorized by
            all necessary company action; (iii) except for any action or filing
            that has been taken or made on or before the date of this Agreement,
            requires no action by or filing with any governmental agency; and
            (iv) do not violate any provision of its operating or company
            agreement.

      QQQ.  This Agreement will, upon execution and delivery by all parties
            thereto, constitute a legal, valid and binding obligation of CFS,
            enforceable against CFS according to its terms.

      RRR.  CFS is not subject to, or aware of the threat of, any litigation
            that is reasonably likely to be determined adversely to it and that,
            if so adversely determined, would have a material adverse effect on
            its financial condition, and no outstanding or unpaid judgments
            against CFS exist.

      SSS.  All tax returns of CFS required to be filed have been filed (or
            extensions have been granted) before delinquency and all taxes
            imposed upon CFS that are due and payable have been paid before
            delinquency, other than taxes which are being contested in good
            faith by lawful proceedings diligently conducted and against

<PAGE>

            which reserve or other provision required by GAAP has been made and
            in respect of which levy and execution of any lien have been and
            continue to be stayed.

      TTT.  Until all Loans that Lender funds hereunder have been repaid in full
            or paid as a claim by a Guarantor, CFS or transferred by Lender to
            another entity:

            (1)   CFS shall maintain books, records and accounts necessary to
                  prepare and will prepare financial statements according to
                  Generally Accepted Accounting Principles.

            (2)   CFS shall (i) maintain its corporate existence (such that
                  there shall not be any mergers or acquisitions in which CFS is
                  not the surviving entity) and good standing in its state of
                  organization, and (ii) maintain all licenses, permits, and
                  franchises necessary for its business.

      PPP.  The referral fees payable under Section 10.C of this Agreement are
            not prohibited by the Act or the Regulations.

72. Representations and Warranties of Lender:

      Lender represents and warrants to CFS on the date of this Agreement, on
      the date of each request for Lender to originate and fund any Loan, and on
      the date of Lender's funding of any Loan (which such representations and
      warranties shall survive any termination of this Agreement):

      UUU.  Lender (i) is duly organized, validly existing, and in good standing
            under the laws of the jurisdiction in which it is organized; (ii) is
            duly qualified to transact business as a Mississippi, non-profit
            corporation; and (iii) possesses all requisite authority, permits
            and power to conduct its business as is now being, or is
            contemplated by this Agreement to be, conducted.

      VVV.  The execution and delivery by Lender of this Agreement and the
            performance by it of its obligations hereunder (i) are within its
            corporate power; (ii) have been duly authorized by all necessary
            action; (iii) except for any action or filing that has been taken or
            made on or before the date of this Agreement, require no action by
            or filing with any governmental agency; and (iv) do not violate any
            provision of its articles of incorporation.

      WWW.  This Agreement will, upon execution and delivery by all parties
            thereto, constitute a legal, valid and binding obligation of Lender,
            enforceable against Lender according to its terms.

      XXX.  Lender is not subject to, or aware of the threat of, any litigation
            that is reasonably likely to be determined adversely to it and that,
            if so adversely determined, would have a material adverse affect on
            its financial condition.

<PAGE>

73. Notice:

      All notices, requests, demands or other instruments which may or are
      required to be given by either party to the other, shall be in writing and
      each shall be deemed to have been properly given (a) effective upon
      delivery when delivered either by personal or hand delivery; or by
      facsimile or telecopier transmission (with electronic confirmation and a
      hard copy follow-up by first class mail, postage prepaid), or (b)
      effective upon receipt when either sent by a recognized overnight courier
      service offering written proof of delivery, or when mailed, postage
      prepaid, by registered or certified mail, requesting return receipt,
      addressed as follows:

            If to CFS:

                  J. Barry Morrow, CEO Collegiate Funding
                  Services, L.L.C. 100 Riverside Parkway,
                  Suite 125 Fredericksburg, Virginia 22406

            with a copy to:

                  Collegiate Funding Services, LLC
                  100 Riverside Parkway, Suite 125
                  Fredericksburg, VA  22406

                  ATTN: Charles L. Terribile, Executive VP & General Counsel

            If to Lender:

                  Kenneth L. Smith, Jr.
                  Executive Director
                  Mississippi Higher Education Assistance Corporation
                  2600 Lakeland Terrace
                  Jackson, MS 39216

            with a copy to:

                  David L. Martin, Esq.
                  Watkins Ludlam Winter & Stennis, P.A.
                  633 North State Street (39202)
                  P.O. Box 427 Jackson MS 39205-0427

      Either party may change the address to which subsequent notices are to be
      sent to it by written notice to the other given as aforesaid, but any such
      notice of change, if sent by mail, shall not be effective unless given as
      provided in this Section.

<PAGE>

74. Entire Agreement:

      This Agreement, including all exhibits hereto, represents the entire
      agreement of the parties and supersedes all prior agreements, written or
      oral, with respect to such subject matter. Each of the parties has read
      and understands this Agreement, and has had the opportunity to have this
      Agreement reviewed by an attorney.

75. Term; Termination:

      QQQ.  The parties agree that the term of this Agreement shall be from the
            effective date specified in Section 37 of this Agreement until:

            (12)  With respect to MHEAC Loans and Mississippi Loans, the
                  Servicing Agreement expires or is terminated.

            (13)  With respect to Non-Mississippi Loans, the expiration of a
                  period of three (3) years after such effective date; provided
                  that such three (3) year period shall automatically extend
                  each year for an additional one (1) year period unless one of
                  the parties notifies the other in writing at least ninety (90)
                  days prior to December 31 of any year of its intent not to
                  further extend the term of this Agreement with respect to
                  Non-Mississippi Loans.

      RRR.  This Agreement may be terminated as follows:

            (14)  By mutual agreement of the parties, in writing, at the time so
                  agreed to by the parties;

            (15)  Except as otherwise specifically provided in this Agreement,
                  by either party in writing, in the event the other party has
                  in any material respect breached any covenant, obligation,
                  representation or warranty contained herein, and such breach
                  has not been cured within sixty (60) calendar days after the
                  date on which written notice of such breach is given to the
                  party committing such breach.

            (16)  By either party (the "solvent Party") in writing, in the event
                  the other party (the "insolvent Party") files for or is
                  subject to any insolvency or bankruptcy proceeding, makes an
                  assignment for the benefit of creditors or becomes subject to
                  any receivership, conservatorship or liquidation, in which
                  case this Agreement may be immediately terminated by the
                  solvent Party by giving written notice of termination to the
                  insolvent Party. In such event, this Agreement shall not
                  constitute assets or property in any insolvency proceeding,
                  and therefore may not be assigned to any trustee, receiver,
                  creditor or the other third party.

            (17)  In the event that Lender shall determine that it will be
                  unable to provide funding for Loans under this Agreement
                  solely as a result of Lender having inadequate funds available
                  for such funding, and Lender has used its best efforts to
                  obtain such funding, then the Lender shall have the right

<PAGE>

                  to terminate this Agreement by providing one hundred twenty
                  (120) days advance written notice to CFS.

      SSS.  Termination or expiration of the Agreement shall not terminate or
            affect any rights, obligations or liabilities of either party that
            arose prior to the effective date of such expiration or termination.

      TTT.  All Applications for Mississippi Loans and MHEAC Loans that have
            been initiated by CFS prior to termination of this Agreement shall
            be processed by CFS and submitted to the Lender for funding under
            this Agreement, and the Lender shall pay all amounts due to CFS as a
            result of any Completed Application so submitted to it by CFS,
            unless (1) such processing, funding or payment is unlawful, or (2)
            such Completed Application is submitted by CFS to the Lender more
            than ten (10) business days after the effective date of termination
            of this Agreement.

76. Change of Control:

      CFS and the Lender each shall give the other party thirty (30) days prior
      written notice after the effective date of any change of Control.

77. Amendment:

      This Agreement may be amended only by a written instrument signed by all
      of the parties hereto. The effective date of any amendments shall be the
      date the parties have signed said instrument unless otherwise stated
      therein.

78. Binding Effect; Assignment:

      This Agreement shall be binding upon and shall inure to the benefit of the
      parties and each one's permitted successors and assigns. No party may
      assign its rights or delegate its duties under this Agreement without the
      other parties' prior written consent (which shall not be unreasonably
      withheld.). Any assignment contrary to the foregoing shall be void.

79. Agency:

      The parties acknowledge that nothing herein is intended to authorize CFS
      or Lender to enter into an agency relationship with any other entity or
      individual, including without limitation the holder of any loans to be
      consolidated or their agents, nor shall any provision hereof be
      interpreted as creating such an agency relationship or subjecting Lender
      to any liability, loss or imputed or vicarious knowledge, liability, or
      loss in connection with any Loan made pursuant to this Agreement by reason
      of any act or omission of any such other entity or individual. No legal
      relationship of any kind exists as a result of this Agreement other than
      the covenants expressly contained herein. This Agreement shall not be
      deemed or construed to constitute, create, give effect to or otherwise
      imply a partnership, co-partnership, joint venture or business
      organization of

<PAGE>

      any kind between the parties, or principal and agent relationship between
      the parties or any of their respective Affiliates. It is agreed that each
      party shall at all times be an independent contractor and not an agent for
      the other party. Neither party has the authority to assume or create any
      obligation or responsibility, express or implied, on behalf of, or in the
      name of, the other party or to bind such other party in any way. Each
      party shall be responsible for wages, taxes, withholding, insurance,
      hours, and conditions of employment of its personnel during the term of
      this Agreement.

80. Default; Jurisdiction:

      Should any party default hereunder, the nondefaulting party shall be
      entitled to recover all costs of enforcing this Agreement, including
      reasonable attorney's fees. This agreement shall be governed by, subject
      to, and interpreted in accordance with the laws of the Commonwealth of
      Virginia without regard for its conflict of laws statute.

81. Indemnification:

      Each party (the "Indemnifying Party") agrees to assume liability and to
      pay for, and hereby agrees to indemnify, defend, and hold harmless the
      other party (the "Indemnified Party") and its officers, directors,
      employees, Affiliates, successors, and assigns from and against any and
      all liabilities, losses, costs, damages, penalties, fines, or expenses,
      including without limitation legal costs and reasonable attorney's fees
      (together "Losses"), in connection with any claims, suits or proceedings
      made or brought by a third party to the extent that such Losses result
      from, arise out of, or relate to a violation, breach or non-performance by
      the Indemnifying party or its agent(s) of any of the Indemnifying Party's
      obligations, covenants, representations, warranties, or certifications
      under or in connection with this Agreement. It is specifically understood
      that neither party shall make or agree to any settlement of any such claim
      involving financial compensation by the other party, its successors,
      assigns, or Affiliates.

82. Severability:

      It is the intent of the parties that the Agreement be construed and
      interpreted in a manner such as to permit enforcement of all of its terms.
      However, if any provision of this Agreement is held invalid or
      unenforceable in any jurisdiction for any reason, such provision shall, as
      to such jurisdiction, be ineffective to the extent of such invalidity or
      unenforceability without invalidating the remainder of such provision or
      the remaining provisions hereof, and any such invalidity or
      unenforceability in any jurisdiction shall not invalidate or render
      unenforceable such provision in any other jurisdiction, unless such
      invalidity shall destroy the economic incentive for either party's
      participation in the Agreement. Such invalid or unenforceable provision
      shall be amended, if possible, in accordance with Section 25 hereof in
      order to accomplish the purposes of this Agreement.

83. Arbitration:

      UUU.  Any dispute under this Agreement which cannot be resolved in a
            manner mutually acceptable to CFS and the Lender within the time
            frame specified in this

<PAGE>

            Agreement or otherwise within ninety (90) days from the date a
            dispute is first brought to the attention of the other party (by
            written notice) shall, upon the request of any party to this
            Agreement, be resolved by binding arbitration. CFS and the Lender
            specifically agree that all disputes shall be resolved by binding
            arbitration, and that the express reference to resolution of
            disputes in certain provisions of this Agreement shall not be
            construed to indicate that only those disputes are to be resolved by
            binding arbitration. The following rules shall govern every
            arbitration under this Agreement: Such arbitration may be initiated
            by giving twenty (20) days written notice to the other party. The
            arbitration shall be conducted either by a single arbitrator agreed
            upon by the parties or, if the parties are unable to agree upon a
            single arbitrator, by a panel of three arbitrators. If the
            arbitration is to be conducted by a panel of three arbitrators, then
            each party shall appoint one arbitrator, and the two arbitrators so
            appointed shall select the third member of the arbitration panel.

      VVV.  The arbitrators shall be paid for their services at a rate
            established by the American Arbitration Association (the "AAA"). The
            arbitrators in their sole discretion may allocate all such fees and
            costs solely to either party if the arbitrators determine that the
            position of such party in requiring or participating in the
            arbitration is not meritorious. Otherwise, CFS and the Lender shall
            each be responsible for one-half of all expenses and costs of its
            officers, employees, agents or the like related to such arbitration.

      WWW.  The arbitration shall be conducted in accordance with the Rules of
            Arbitration of the AAA. The arbitrators shall decide any matter
            before them in accordance with the wording of this Agreement and the
            laws of the State of Virginia, without regard to the conflict of
            laws principles thereof.

      XXX.  The arbitrators shall use their best efforts to resolve each
            arbitration issue as promptly as possible.

      YYY.  The arbitration shall be held in Fredericksburg, Virginia or such
            other location as may be agreed to by all parties to the dispute.

      ZZZ.  If all of the parties to the dispute agree, the arbitrators may
            suspend the arbitration at any time for a period of not more than
            ninety (90) days for nonbinding mediation. Nothing done as part of
            the mediation may be used in any way in further dispute resolution
            proceedings.

      AAAA. Each party to this Agreement hereby irrevocably waives any claims it
            may have against the arbitrators relating to any arbitration under
            this Agreement, except claims providing for the enforcement of
            written agreements to resolve disputes by arbitration.

      BBBB. The arbitrators may direct any party to this Agreement to take an
            action relating to the controversy or refrain from taking an action
            relating to the controversy or may

<PAGE>

            require any party to this Agreement to pay money damages to the
            other party or to a third party.

      CCCC. CFS, the Lender and the arbitrators shall use every reasonable
            effort to maintain in confidence the existence and outcome of any
            arbitration under this Agreement and all other facts relating to the
            arbitration.

      DDDD. The award of the arbitrators shall be final and shall bind CFS and
            the Lender, and an order confirming the judgment may be entered in
            any court having jurisdiction.

84. No Implied Waivers:

      No failure or delay on the part of any party in exercising any right,
      privilege, power, or remedy under this Agreement, and no course of
      dealings among the parties, shall operate as a waiver of such right,
      privilege, power, or remedy; nor shall any single or partial exercise of
      any right, privilege, power, or remedy under this Agreement preclude any
      other or further exercise of any right, privilege, power, or remedy or the
      existence of any other right, privilege, power, or remedy. No waiver shall
      be effective against any party unless signed in writing by an authorized
      officer of such party.

85. Corporate Obligation:

      No director, officer, employee or agent of any party shall be individually
      liable to any other party for the taking of any action, or for refraining
      to take any action, in good faith pursuant to this Agreement. The
      Agreement is a corporate obligation and any liability arising hereunder
      shall be a corporate liability.

86. Remedies Not Exclusive:

      Unless specifically provided otherwise herein, no remedy by the terms of
      this Agreement conferred upon or reserved to any party hereto is intended
      to be exclusive of any other remedy, but each and every such remedy shall
      be cumulative and in addition to every other remedy given under this
      Agreement or existing at law or in equity (including, without limitation
      the right to such equitable relief by way of injunction) or by statute on
      or after the date of this Agreement.

87. Effective Date:

      The effective date of this Agreement shall be the date that the term of
      the Servicing Agreement shall commence.

      Entered into as of the first date written above.

      This document may be signed by the parties hereto in duplicate copies with
      signatures on separate pages.

MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION

<PAGE>

By /s/ Kenneth Smith
   -----------------------------------
   Kenneth Smith
   Executive Director

COLLEGIATE FUNDING SERVICES, LLC

By /s/ Charles L. Terribile
   -----------------------------------
   Charles Terribile
   Assistant Secretary

<PAGE>

                                    EXHIBIT 1

Borrowers may receive a one percent (1%) interest rate reduction on the RWCL
Loan after either (i) 36 consecutive on-time payments; (ii) 48 consecutive
on-time payments; or (iii) 60 consecutive on-time payments, depending on which
program(s) is(are) being offered by CFS to Borrowers at the time the RWCL loan
is made. Borrowers must maintain on-time payments to continue to qualify for the
rate reduction. "On time" payment is considered to be one that is made prior to
the 15th day of delinquency. Borrowers may also receive a .25% rate reduction
upon the commencement of electronic drafting for Loan payment purposes. Said
..25% rate reduction shall only apply so long as the Borrower maintains
electronic drafting for payment purposes.

<PAGE>

                                    EXHIBIT 2

                           List of Approved Guarantors

Florida Guaranteed Loan Program

Kentucky Higher Education Assistance Authority

Louisiana Guaranteed Student Loan Program

Massachusetts Higher Education Assistance Corporation doing business as American
Student Assistance***

Nebraska Student Loan Program

New York State Higher Education Services Corporation***<PAGE>

                                                                    EXHIBIT 10.5

CERTAIN PORTIONS OF THIS EXHIBIT HAVE BEEN OMITTED AND FILED SEPARATELY WITH THE
SECURITIES AND EXCHANGE COMMISSION PURSUANT TO A REQUEST FOR CONFIDENTIAL
TREATMENT. THE SYMBOL "[****]" HAS BEEN INSERTED IN PLACE OF THE PORTIONS SO
OMITTED.

                                     MOHELA
        ORIGINATION, DISBURSEMENT, INTERIM SUB SERVICING, AND PURCHASING
                                MASTER AGREEMENT

      THIS ORIGINATION, DISBURSEMENT, INTERIM SUB SERVICING, AND PURCHASING
MASTER AGREEMENT ("AGREEMENT") entered into this 19th day of February, 2004, by
and between: Collegiate Funding Originations, LLC ("CFO"), Collegiate Funding
Services Resources I, L.L.C., ("CFSR I") the "Subsidiaries" of CFO from time to
time party hereto, U.S. Bank National Association as eligible lender trustee
("ELT"), Collegiate Funding Master Servicing, L.L.C. ("CFMS") and the Higher
Education Loan Authority of the State of Missouri ("MOHELA").

      The following Articles which contain X's shall constitute the effective
parts of this Agreement.

                                                          Applicable

<TABLE>
<S>                                                                        <C>
Recitals                                                                   [ X ]

Article I.   Definitions                                                   [ X ]

Article II   Guarantee Processing, Loan Origination, and Loan              [ X ]
             Disbursement

Article III. Servicing                                                     [ X ]

Article IV.  Purchase                                                      [ X ]

Article V    Program Standards                                             [ X ]

Article VI.  Representation and Warranties                                 [ X ]

Article VII. Miscellaneous                                                 [ X ]

             Signatures                                                    [ X ]
</TABLE>

                                    RECITALS

      WITNESSETH THAT:

<PAGE>

      WHEREAS, CFO is an eligible lender who is authorized to and does make
"Student Loans" through U.S. Bank National Association acting as eligible lender
trustee as hereinafter defined; and

      WHEREAS, CFO will make and then simultaneously sell the Student Loans to
its wholly owned Subsidiary, CFSR I; and

      WHEREAS, CFSR I, the "Lenders" party thereto, Citicorp North America, Inc,
as Agent for the Lenders (the "Agent"), the ELT, U.S. Bank National Association,
as Indenture Trustee (the "Indenture Trustee"), CFMS and Collegiate Funding
Portfolio Administration, L.L.C. have entered into that certain Indenture dated
as of July 23, 2003 (as amended, restated, supplemented or otherwise modified
from time to time, the "Indenture") whereby CFSR I has pledged all of its right,
title and interest in, to and under the Student Loans and related assets to the
Indenture Trustee to secure its obligations under the Indenture; and

      WHEREAS, CFO and CFSR I (collectively hereinafter referred to as "CFS")
has a servicing agreement with CFMS to service all of its Student Loans and CFMS
may contract to a subservicer; and CFMS desires to contract with MOHELA to
subservice the Student Loans made by CFS under this Agreement; and

      WHEREAS, MOHELA is authorized to enter into agreements for the servicing,
holding and purchase of Student Loans in order to make available funds to assist
students in obtaining a post-secondary education; and

      WHEREAS, if Article II above is checked, MOHELA shall assist CFO by
providing a guarantee processing and loan disbursement service; and

      WHEREAS, if Article III above is checked, MOHELA shall service the Student
Loans for CFO and CFSR I as subservicer for CFMS and purchase the same from CFSR
I; and

      WHEREAS, if Article IV above is checked, CFSR I has met the eligibility
requirements established by MOHELA for its Program and expects to apply from
time to time for commitments by MOHELA to purchase Student Loans meeting the
terms and conditions established by the Program Standards under Article V
hereof; and

      WHEREAS, if Article IV above is checked, MOHELA shall make commitments to
CFSR I from time to time to purchase Student Loans in amounts determined by
MOHELA and available for such purchase from the proceeds of the sale of Bonds
and other funds of MOHELA;

      All Recitals and Captions shall be incorporated as part of the Agreement
and shall be enforceable as such between the parties.

      NOW THEREFORE, in consideration of the recitals, agreement and covenants
hereinafter contained and the mutual benefits to be derived herefrom, it is
hereby agreed as follows:

                                    ARTICLE I
                                   DEFINITIONS

<PAGE>

ACADEMIC YEAR: For the purposes of Title IV aid, a period that begins on the
first day of classes and ends on the last day of classes or examinations and
that consists of at least 30 weeks of instructional time during which an
undergraduate, full-time student is expected to complete either of the
following: 1. At least 24 semester or trimester hours, or 36 quarter hours in an
educational program that measures program length in credit hours. 2. At least
900 clock hours in an educational program that measures program length in clock
hours. The Department may, at its option, reduce the minimum number of weeks in
an academic year.

ACT: The Missouri Higher Education Loan Authority Act, Revised Statutes of
Missouri, Sections 173.350 through 173.450, as amended.

ACTUAL INTEREST RATE: The annual interest rate a lender charges on a loan, which
may be equal to or less than the applicable interest rate on that loan.

AGREEMENT: This Master Agreement, together with all Schedules attached thereto
and made a part of this Master Agreement.

APPLICABLE INTEREST RATE: The maximum annual interest rate that a lender may
charge under the Higher Education Act on a loan.

BILLING PERIOD: Any partial or full calendar quarter during which time MOHELA
services each Student Loan of CFS.

BONDS: The bonds, notes, or other financing instrument of MOHELA issued to
obtain funds to purchase Student Loans.

BORROWER: Any obligor under a Student Loan who meets the criteria as an eligible
borrower set forth in this Agreement and the Higher Education Act.

CANCELLATION (of a Guarantee): The revocation of a loan guarantee, which occurs
if any of the following conditions exist: 1. No loan proceeds were disbursed to
the Borrower. 2. The CFS check was never cashed. 3. None of the loan proceeds
were negotiated within 120 days of the date on which they were disbursed. 4. EFT
and master check loan proceeds in the school's account are not delivered to the
Borrower within 120 days after being transferred to the account. 5. The loan is
repaid in full within 120 days of final disbursement. The guarantee is not lost
on the remainder of the loan if one disbursement is canceled.

CAPITALIZED INTEREST: Accrued borrower interest that is added to the Borrower's
outstanding principal in accordance with federal regulations, except for
interest capitalized during a period of a loss of guarantee.

CODE: The Internal Revenue Code of 1986, as amended.

COMMON MANUAL: A document prepared for the lender and school participants to
follow in the administration of the loan programs. A compilation of agreed upon
policies by FFELP guarantee agencies.

CONSOLIDATION: The combining of two or more Eligible Loans into a single debt.

<PAGE>

CONVERSION DATE: The date the loan becomes active on MOHELA's system(s).

CUSTODIAL AGENT: A business entity with which MOHELA subcontracts to perform the
custodial duties required to be performed by MOHELA. A copy of the contract will
be forwarded to CFO prior to the execution of this document. In such case, the
business entity to which the custodial duties are subcontracted to shall become
the "Custodian", but MOHELA nonetheless shall remain responsible and liable for
the performance of all of such subcontractor's duties and obligations hereunder;
and provided that such subcontract shall not become effective until (i) required
approvals, if any, are obtained from the CFO's rating agency, bond insurers,
trustees, lenders, and agents for such lenders or other parties to financing
arrangements and (ii) CFO has advised MOHELA in writing that such approvals have
been obtained or that such approvals are required.

CUSTODIAN: MOHELA is the Custodian under this Agreement.

DEFAULT: The failure of a Borrower and endorser, if any, or joint Borrowers on
an Eligible Loan, to make an installment payment when due, or to meet other
terms of the promissory note, if the Secretary or Guaranty Agency finds it
reasonable to conclude that the Borrower and endorser, if any, no longer intend
to honor the obligation to repay.

DISBURSEMENT: The transfer of loan proceeds by a lender to a Borrower, a school
or an escrow agent by issuance of a check or by electronic funds transfer.

EFFECTIVE DATE: Date first appearing above.

ELIGIBLE LOAN: Student Loan that is guaranteed by a Guarantor or the Secretary
and meets MOHELA's requirements for purchase.

EVENT OF DEFAULT: The happening of any one or more of the following events
affecting the Agreement;

      (1) Any representations or warranty by any party made by under the
Agreement proves to be materially incorrect;

      (2) Any party fails to observe or perform any of the material covenants,
conditions or agreements in the Agreement;

      (3) The Borrower of the Note evidencing the Student Loan asserts a defense
that raises a reasonable doubt as to its legal enforcement;

      (4) The Secretary or the Guarantor refuses to honor in full any claim made
with respect to a Student Loan, including any claim for interest subsidy,
Special Allowance Payments, guarantee or insurance payment because of any
circumstances which occurred before the conversion and/or purchase of the
Student Loan by MOHELA;

      (5) A decree or order of a court or agency or supervisory authority having
jurisdiction in the premises for the appointment of a conservator or receiver or
liquidator in any insolvency, readjustment of debt, marshaling of assets and
liabilities or similar proceedings, or for the

<PAGE>

winding up or liquidation of its affairs, shall have been entered against CFS
and such decree or order shall have remained in force undischarged or unstayed
for a period of sixty (60) days;

      (6) Any party shall consent to the appointment of a conservator or
receiver or liquidator in any insolvency, readjustment of debt, marshaling of
assets and liabilities or similar proceedings of or relating to any party or
relating to all or substantially all of its property;

      (7) Any party shall admit in writing its inability to pay its debts
generally as they become due, file a petition to take advantage of any
applicable insolvency or reorganization statute, make an assignment for the
benefit of its creditors or voluntarily suspend payment of its obligations;

      (8) Any party shall fail to correct any error, omission, or other defect
in a Student Loan that could have the effect of jeopardizing the guarantee of
the Student Loan, within five (5) calendar days after notice of such error,
omission, or other defect to the responsible party. The examination of any
documents required pursuant to this Agreement by MOHELA or any of its agents
shall not constitute an acceptance of their validity, legality, and efficacy of
all said required documents and each Student Loan; and

      (9) Any party shall fail to provide on a timely basis, not to exceed ten
business days, any documentation, such failure that could jeopardize the
guarantee of the Student Loan.

FISCAL YEAR: The period beginning on July 1 and ending on June 30 of the
following year.

FORBEARANCE: A period of time during which the Borrower is permitted to
temporarily defer principal and interest payments or reduce the size of the
monthly installment.

GRACE PERIOD: The period that begins the day after a Stafford loan borrower
ceases to be enrolled at least half time at an eligible school, ending on that
day before the repayment period begins, and during which payments of principal
are not required.

GUARANTEE: A conditional legal obligation as defined in an agreement by and
between a Guarantee Agency and CFS to reimburse CFS for defaulted loans.

GUARANTEE FEE: A fee deducted at the time of disbursement from the Borrowers
Student Loan proceeds, as required by applicable law.

GUARANTY AGENCY (or GUARANTOR): A state or private non-profit organization which
has an agreement with the Secretary to administer a loan guarantee program under
the Higher Education Act.

HIGHER EDUCATION ACT: Title IV. Part B of the Higher Education Act of 1965, as
amended (20 United States Code Section 1071 et seq.) and the regulations
thereunder.

LaRS: A quarterly report sent by the lender to the Department of Education which
reflects all payments due to and from the Department of Education as well as
portfolio status at the end of that period.

MOHELA:  The Higher Education Loan Authority of the State of Missouri.

<PAGE>

NOTE: The promissory note or master promissory note executed by a Borrower to
evidence the Borrower's obligation to repay the Student Loan.

ORIGINATION FEE: A fee that the lender is required to pay the Secretary to help
defray the Secretary's costs of subsidizing the loan.

PARENT LOAN for UNDERGRADUATE STUDENTS (PLUS): A loan program which allows
parents to borrow for dependent undergraduate, graduate, and professional
students.

PRINCIPAL BALANCE: The outstanding amount of the loan on which the lender
charges interest.

PROGRAM: The program of MOHELA under which Student Loan guarantees may be
processed and Student Loans may be disbursed, serviced and purchased on behalf
of a lender.

PROGRAM STANDARDS: Those requirements and conditions adopted by MOHELA from time
to time as specified in Article V hereof and which must be met in order for
MOHELA to process guarantees and disburse, service and purchase Student Loans.

REFUND: The difference between the amounts the borrower paid toward
institutional charges (including financial aid and/or cash paid) and the amount
the school can retain under appropriate refund policy. This "unearned" amount of
institutional charges must be returned to student financial aid (SFA) programs
on behalf of a student who received SFA funds and who has ceased attending
school.

REPAYMENT PERIOD:

      (1) For a Stafford loan, the period beginning on the date following the
expiration of the grace period and ending no later than 10 years from that date,
exclusive of any period of deferment or forbearance.

      (2) For a PLUS loan disbursed in more than one installment, the period
that begins on the date the first disbursement is made for a loan and ending no
later than 10 years from that date, exclusive of any period of deferment or
forbearance; for a PLUS loan disbursed in a single installment, the period that
begins on the date the loan is disbursed and ending no later than 10 years from
that date exclusive of any period of deferment or forbearance.

REPAYMENT SCHEDULE: The document supporting the Note which states the terms of
loan repayment and disclosure requirements under the Higher Education Act.

REPAYMENT STATUS: A loan will be considered in a Repayment Status immediately
following the end of the Grace Period. Loans in a forbearance or deferment
status shall be considered to be in a Repayment Status.

SALE DATE: The date on which legal title to the Note(s) evidencing a Student
Loan or group of Student Loans is/are sold and transferred by CFSR I to MOHELA.

<PAGE>

SECRETARY: The Secretary of the U.S. Department of Education or any successor
thereto as defined in the Higher Education Act.

SPECIAL ALLOWANCE: A percentage of the average unpaid principal balance, paid to
a lender by the Secretary of Education on an Eligible Loan.

STAFFORD STUDENT LOAN: A low-cost loan made available to a student to help pay
for the costs of attending post-secondary schools. A Guaranty Agency insures
lenders against losses on Stafford Loans due to the Borrower's default, or non
default as defined in the Common Manual, provided certain program requirements
are adhered to.

STATE: The state or states in which a lender is authorized to do business.

STATEMENT OF CREDIT DENIAL: Document sent to any PLUS applicant denied a PLUS
loan due to applicant inability to meet credit criteria.

STUDENT LOAN: Any Stafford or PLUS loan made pursuant to the Higher Education
Act to a Borrower to finance post-secondary education that is guaranteed by a
Guarantor or the Secretary and that meets the requirements specified in Article
5.06 hereof.

U.S. DEPARTMENT OF EDUCATION: A department of the federal government responsible
for regulating guaranteed loan programs, student financial assistance programs,
including the programs contained herein.

                                   ARTICLE II
          GUARANTEE PROCESSING, LOAN ORIGINATION AND LOAN DISBURSEMENT
                                    SERVICES

      Section 2.01 Employment. If this Article is in effect, MOHELA is entering
into a sub-servicing agreement with CFO to provide guarantee processing and loan
disbursement service and MOHELA agrees to provide such service in accordance
with and subject to the terms and provisions of this Article.

      Section 2.02. Guarantee Processing. MOHELA will perform the actions
necessary to obtain and maintain the guaranty and/or insurance on each Student
Loan.

      Section 2.03. Disbursement Fees. Fees will be charged in accordance with
Schedule A attached hereto.

      Section 2.04 Payment of Fees. Unless otherwise agreed, the fees for each
loan disbursement shall be paid within thirty (30) days following the receipt of
an invoice from MOHELA by CFO.

      Section 2.05 Electronic Processes. CFO agrees to provide MOHELA prompt
notice of intent to make Student Loans to eligible schools. MOHELA shall be
given sufficient time to ensure electronic processes are in place to meet the
needs of the school prior to accepting applications from said school on behalf
of CFO.

<PAGE>

      Section 2.06. Loan Origination Services.

      (1)         For every FFELP application and promissory note that has been
submitted to MOHELA for origination, disbursement and guaranty, MOHELA shall
complete the application according to the Higher Education Act of 1965 (as
amended).

      (2)         If an application is incomplete, or contains information that
fails to meet federal/ MOHELA or guarantor guidelines, MOHELA will use its best
efforts to contact the borrower and/or the educational institution in order to
obtain the information necessary to complete the application or resolve the
deficiency.

      (3)         If the borrower fails to provide the information requested
within six months from the last processing date, the loan application shall be
placed in an inactive status.

      (4)         For PLUS loans, MOHELA will perform credit services on behalf
of CFO as follows:

         a) MOHELA will perform credit review in accordance with the U.S.
            Department of Education regulations and with MOHELA policy governing
            credit review for PLUS loans. MOHELA may request additional CFO
            guidelines for PLUS review, which CFO will provide to MOHELA

         b) MOHELA will review all applications for completeness.

         c) MOHELA shall

                        i.    Use its best efforts to request a credit history
                  form on the eligible applicant from at least one national
                  credit bureau within 48 hours of receipt of the PLUS loan
                  application.

                        ii.   Identify and reconcile discrepancies, if any.

                        iii.  Seek and receive guaranty on behalf of CFO on a
                  PLUS Loan application for which:

                        -     There is no adverse credit history

                        -     There are documented extenuating circumstances
                              determined by MOHELA.

                        -     Credit check is still valid (within 180 days of
                              initial credit check)

         d) MOHELA may, on behalf of CFO, deny a PLUS application based on the
            credit report that indicates an adverse credit history, unless
            extenuating circumstances exist. CFO shall provide MOHELA with the
            applicable underwriting criteria, unless MOHELA determines on behalf
            of CFO that an extenuating circumstance(s) exists. CFO agrees to
            provide MOHELA with definition of extenuating circumstance(s).

<PAGE>

         e) CFO agrees to provide MOHELA credit guidelines on subjects not
            considered as an adverse credit history.

         f) In the event that MOHELA denies the application on the basis of
            adverse credit history, MOHELA shall, on behalf of CFO, send to the
            applicant within thirty (30) days of receipt of a completed
            application a Statement of Credit Denial in accordance with
            applicable law (appeal instructions shall be included). An
            acceptable notice of borrower denial of PLUS loan shall be provided
            to the applicant's school upon request.

         g) The borrower, to the attention of MOHELA, may file an appeal from
            the Statement of Credit Denial. CFO agrees that appeals beyond the
            borrower's initial appeal may be referred back to CFO.

      (5)         For every loan application and promissory note that has been
submitted to MOHELA for origination, disbursement and guaranty, the policy
guidelines provided in Schedule B attached hereto and incorporated herein by
reference must be strictly followed by the Borrower. The policy guidelines in
Schedule B ensure compliance with Section 326 of the USA Patriot Act of 2001, 31
U.S.C. 5318, which Act requires all financial institutions to obtain, verify and
record information that identifies each person or entity that opens an account
in order to assist the Federal government fight the funding of terrorism and
money laundering activities.

      (6)         Electronic Signature (E-Sign);

            a)          MOHELA and CFO hereby represent and agree that, insofar
      the following is applicable to the parties herein, the parties have used
      their best efforts in establishing or utilizing an Electronic Signature
      process which satisfies the U. S. Department of Education's standards for
      electronic signatures in electronic student loan transactions and the
      Electronic Signatures in Global and National Commerce Act, P.L. 106-229.

            b)          MOHELA and CFO further each represent and agree that
      they will cooperate with any subsequent holder, including the Guarantor,
      in all activities reasonably necessary to enforce an E-Sign Note.

            c)          CFO shall assume sole responsibility for defending the
      validity or enforceability of an E-Sign Note when a Borrower claims they
      did not sign the Note or questions the validity of the electronic
      signature which was originated using CFO's own or a lender designated
      process, other than MOHELA, for electronic execution of the Note. In the
      event a CFS originated E-Sign Note is determined to be invalid or
      unenforceable or the Secretary determines that the Eligible Loan in
      question is not eligible for reinsurance because it was executed
      electronically using CFO's Electronic Signature origination process or a
      non-MOHELA E-Sign process CFO shall immediately repurchase the Loan.

      Section 2.07. Loan Disbursement Service. MOHELA shall:

<PAGE>

      (3) Prepare loan disbursement checks or wire transfers (funded by monies
provided by CFO to MOHELA no less than twenty-four (24) hours prior to
disbursement) in accordance with Borrower's loan application(s) and in
accordance with the Guarantor's guidelines;

      (4) Mail disbursement checks to the appropriate educational institutions
as provided under federal regulations;

      (5) If so directed, electronically transfer the funds to be disbursed
directly to the appropriate educational institution as provided under federal
regulations; and

      (6) If any monies provided by CFO or CFSRI are not disbursed promptly for
the funding of loans or if any borrower subsequently withdraws and/or becomes
entitled to a Cancellation or Refund, and the Student Loan is satisfied or
canceled, MOHELA shall promptly reimburse such monies to CFO or CFSRI, as
applicable.

      Section 2.08. Custodial Agent.

      (7) Delivery to Custodial Agent: Upon receipt of the original
documentation by MOHELA, MOHELA will deliver such original documentation to
Custodial Agent for storage and safekeeping pursuant to MOHELA's agreement for
custodial services with such Custodial Agent.

      (8) Custodial Responsibilities: MOHELA shall act as custodian and bailee
with respect to all original documents and shall hold them subject to the lien
of the Indenture in favor of the Lenders and under the Agreement between the
Safe Deposit Company and Missouri Higher Education Loan Authority dated November
19, 1992, attached as Schedule C.

      Section 2.09. Operational Procedures. In order to provide disbursement
information, CFO or CFMS shall forward, or cause to be forwarded electronically
a copy of the Borrower's loan application, Note and notice of guaranty to
MOHELA. MOHELA will provide data entry services as well as warehousing of
original loan documents for CFMS (through its Custodial Agent) until such time
as MOHELA actually purchases the loan.

      Section 2.10. Termination of This Article. Any party may terminate this
Article upon ninety (90) days written notice to the other party. Upon the
effective date of the termination of this Article, no additional Student Loan
applications shall be delivered for guarantee and disbursement servicing to
MOHELA. Termination of this Article shall in no way affect the validity of the
remainder of this Agreement.

                                  ARTICLE III
                                 LOAN SERVICING

      Section 3.01. Loans Subject to This Article. This Article shall apply to
each Student Loan made by CFO under this agreement and subsequently sold to CFRS
I which Student Loan meets the following criteria:

      (7) has all documentation necessary to qualify for guarantee by a
Guarantor; and

<PAGE>

      (8) the initial Disbursement has been made to the Borrower.

      Section 3.02. CFMS's Obligation. CFMS's obligation in regard to the
servicing of Student Loans shall be as follows:

      (9) to employ MOHELA to service Student Loans generated by CFO and
subsequently sold to CFRS I;

      (10) For any loans not originated by CFO through MOHELA and sent to MOHELA
for servicing, after the initial Disbursement has been made on a Student Loan,
to transmit to MOHELA all original loan documentation, but if the provisions of
Article II apply, CFO, CFSR I or CFMS shall deliver the original Note to MOHELA
pursuant thereto; and

      (11) to forward to MOHELA promptly any documentation or notice of activity
that may occur with regard to a Student Loan being serviced by MOHELA.

      Section 3.03. MOHELA's Obligations. MOHELA's obligation with regard to the
servicing of Student Loans shall be as follows (until such time as this Article
shall be terminated):

      (12) to service in accordance with the Higher Education Act and the loan
servicing regulations of the applicable Guarantor, all Student Loans generated
CFO and subsequently sold to CFSR I except those loans referred to in 3.03(4);

      (13) to prepare and deliver to the Secretary in an accurate, timely and
complete manner the U. S. Department of Education LaRs or such other forms and
reports as the Secretary may, from time to time, require;

      (14) to forward to the Indenture Trustee, for immediate deposit into the
"Collection Account" under and as defined in the Indenture, any funds received
by MOHELA owed to CFO, CFSR I or CFMS from any source and representing a payment
to which MOHELA is not entitled no less frequently then three times per month
and at least once every fifteen days;

      (15) in the event MOHELA shall determine that, for any reason, a loan
being presented to it for servicing shall be deficient in any manner and, as a
result of such deficiency, shall not be guaranteed by the Guarantor, MOHELA may
decline to accept such Student Loan for servicing; however, all Student Loans
accepted by MOHELA for servicing shall be serviced and later purchased pursuant
to this Article, provided CFO or CFSR I has complied fully with Section 3.02;

      (16) will respond promptly to any inquiries from the Borrower, the
Guarantor, the Secretary, Borrower's school, or CFO, CFSR I or CFMS regarding
Student Loans serviced for CFO, CFSR I or CFMS;

      (17) provide all standard lender reports for CFS generated by the MOHELA
system;

      (18) process, on a timely basis, any loan payments from the Borrower,
Guarantor, and Secretary;

<PAGE>

      (19) to provide to the Agent (a) promptly upon the request of the Agent
each financial statement or other reporting information required to be provided
by it to CFO, CFSR I or CFMS under the Agreement, and (b) at the same time it
delivers a copy of the same to CFO, CFSR I or CFMS, each notice that refers to
any default by CFO, CFSR I or CFMS of its obligations under the Agreement or any
other event that would allow the MOHELA to terminate the Agreement; and

      (20) to comply with all requirements of the Higher Education Act and all
other applicable laws and regulations including, without limitation, those
certain laws, rules and regulations listed in Section 7.03(5) of this Agreement.

      Section 3.04. Servicing Fee and Expenses. The fee to be paid to MOHELA
shall be determined and paid as provided on Schedule D, as amended from time to
time.

      Section 3.05. This Section has been intentionally omitted.

      Section 3.06. Assistance with Financings. MOHELA agrees to provide such
assistance in connection with financings by or involving CFSR I and/or the ELT
as shall be reasonably requested, including but not limited to (i) providing
opinions addressing the validity and enforceability of this Agreement; (ii)
providing information concerning MOHELA for inclusion in disclosure documents
relating to such financings; (iii) providing certifications with respect to
information included in such disclosure documents; and (iv) entering into
specific agreements as reasonably requested by any applicable secured party to
such financing.

      Section 3.07. Audit/Inspection Rights. CFMS, CFO, CFSR I, the ELT, the
Agent or any governmental agency having jurisdiction over any of the same shall
have the right from time to time during normal business hours to examine and
audit any of MOHELA's records pertaining to any Student Loan being serviced
hereunder; provided, however, that such activities shall not unreasonably
disrupt the MOHELA's normal business operation. MOHELA agrees that it shall
permit, not more than once per year, CFMS, CFO, CFSR I, the ELT, the Agent or
its designee to conduct or have conducted a procedural audit regarding MOHELA's
compliance with the requirements of the Higher Education Act or the terms of
this Agreement or the Indenture. Such audits shall be at the expense of CFMS.

      Section 3.08. Agreement to Purchase Serviced Student Loans. MOHELA does
hereby agree to purchase all Student Loans being serviced by it, as follows:

      (21) MOHELA will purchase, and CFSR I agree to sell, Student Loans that
are fully disbursed and in which no less than 60 days remain before the
commencement of the Repayment Period. MOHELA will provide CFSR I a monthly
report listing those loans eligible to be purchased by MOHELA.

      (22) MOHELA agrees to pay CFSR I, in immediately available funds on the
Sale Date, as the purchase price for such loans, an amount as outlined in
Section 4.03. CFSR I shall be entitled to all interest and Special Allowance
payments from the Secretary up to but not including the Sale Date.

<PAGE>

      Section 3.09. Termination of This Article. Any party may terminate this
Article upon ninety (90) days written notice to the other party. Upon the
effective date of the termination of this Article, no additional Student Loans
shall be delivered for servicing to MOHELA and all loans being serviced by
MOHELA on that date shall, at the option of MOHELA be purchased by MOHELA or be
returned to CFSM. MOHELA agrees to purchase and service all applications for
Student Loans that CFO has in process on the date of receipt of the notice of
termination by CFO.

                                   ARTICLE IV
                                    PURCHASE

      Section 4.01. Agreement to Make and Sell. CFO and/or CFSR I hereby agrees
to use commercially reasonable efforts to make and sell, with the right of first
refusal to MOHELA, Student Loans in an aggregate principal amount of $[****] and
MOHELA, upon accepting such aggregate principal amount of Student Loans, hereby
agrees to purchase such Student Loans from CFSR I on the terms and conditions
set forth in this Article IV.

      Section 4.02. Right of MOHELA to Adjust Purchase Amount.

      (23) MOHELA shall have the right upon at least 30 days prior written
notice to CFSR I to reduce the amount of the number and dollar amount of Student
Loans to be purchased under this Article at any time; provided however, MOHELA
will purchase all loans which have been committed by CFSR I to the Borrower
prior to the effective date of notice of such reduction.

      (24) If MOHELA determines, in its sole discretion, that CFMS has failed to
meet any of the material terms of this Article in providing Student Loans for
purchase by MOHELA, any designated funds for said acquisition of Student Loans
which CFSR I fails to sell to MOHELA may be reallocated to any other lender.

      Section 4.03. Purchase of Student Loans.

      (25) In accordance with Section 3.08 (1), MOHELA will notify CFSRI of the
Student Loans eligible for purchase. CFSR I may from time to time submit to
MOHELA additional Eligible Loans to be purchased.

      (26) The purchase price of each Student Loan will be [****]% of the
aggregate Principal Balance as of the Sale Date unless otherwise agreed to by
the parties for amounts from $[****] to $[****] and [****]% for amounts greater
than $50,000,000.00. This includes current principal amount, plus Capitalized
Interest agreed to by the Borrower.

      (27) CFSR I shall be entitled to receive all amounts due and owing in
relation to the Student Loan from the date such Student Loan is made up to but
not including the Sale Date.

      (28) Should CFSR I wish to sell Student Loans originated during the same
calendar quarter as the Sale Date, CFSR I agrees to make all payments of any
Origination Fees and/or guarantee insurance premiums to the proper authorities.
Should a borrower subsequently withdraw and/or become entitled to a Cancellation
or Refund, and the Student Loan is satisfied or cancelled, CFSR I also agrees to
reimburse such fees or premiums to MOHELA.

<PAGE>

      (29) MOHELA shall purchase, at an agreed upon Sale Date, an amount of
loans from CFSR I in the amount set forth in this Article. CFSR I may tender for
purchase a greater amount of loans, which MOHELA, in its sole discretion, may
purchase.

      (30) If within one year of the date of purchase of an Eligible Loan, CFO
or CFSR I originates or purchases an Eligible Loan which is a Consolidation Loan
and the proceeds of such consolidation loan are used to repay the principal and
interest due on such Eligible Loan sold by CFSR I to MOHELA hereunder, then CFSR
I shall rebate the premiums paid by MOHELA to CFSR I in connection with the
purchase of said Eligible Loan by paying to MOHELA an amount equal to the same
percentage of the Principal Balance of said Eligible Loan then outstanding as
was originally paid by MOHELA therefor.

                                   ARTICLE V
                                PROGRAM STANDARDS

      Section 5.01. Purpose and Objectives. Through its loan purchase program,
MOHELA increases the continued availability of funds to lending institutions so
that they in turn will provide financial resources to Borrowers on an ongoing
basis. MOHELA enters into agreements with financial institutions to purchase
loans approved by MOHELA when the financial institution meets the standards set
forth in these Program Standards.

      Section 5.02. Form and Allocation of Agreements.

      (31) Under the Program, MOHELA makes commitments to purchase Student Loans
from lenders with the proceeds of Bonds or other available funds. MOHELA
maintains contact with the lending community to inform financial institutions of
the availability of cash liquidity.

      (32) This Agreement will be effective only upon the approval by MOHELA and
the delivery of a duly signed copy of this Agreement to CSFR I, which, if
Article IV is in effect, will constitute a binding obligation of MOHELA to
purchase, and CFSR I to sell, Student Loans for a designated amount, having the
terms specified in the Agreement and meeting the requirements set forth in the
Program Standards. Notwithstanding the above, MOHELA, at its sole discretion,
may reduce the amount of Student Loans to be purchased as provided in Article
IV, in accordance with the following paragraph (3).

      (33) Funds will be allocated by MOHELA taking into account the following
factors: (i) capacity of CFO, CFSR I to accomplish the objectives of the
Program; (ii) availability of funds to MOHELA; and (iii) such other factors as
MOHELA determines to be necessary to make an allocation to a lender for the
purposes of the Program. Amounts allocated to one lender may be assigned to
another lender in MOHELA's sole discretion.

      (34) Upon the execution of an Agreement between MOHELA and CFO, CFSR I and
CFMS, CFO, CFSR I, CFMS and MOHELA must commence compliance with all of the
terms of the Agreement, including these Program Standards.

      Section 5.03. Participating Lenders.

<PAGE>

            (1) CFS must be an "Eligible Lender" as defined in the Higher
      Education Act or must be acting through an eligible lender trustee that is
      an "Eligible Lender" as defined in the Higher Education Act. In order to
      deliver loans which are guaranteed by a Guarantor or the Secretary, CFO
      and/or CFSR I must previously have entered into an Agreement for Guarantee
      of Student Loans with the appropriate Guarantor and/or the Secretary;

            (2) In order to participate as a lender an institution must enter
      into this Agreement which provides for the manner and terms of sale of
      Student Loans. CFS will be required to carry out such Agreement in
      accordance with procedures set forth in the Program Standards. Such
      procedures may be revised from time to time, but revisions will not affect
      the eligibility of any lender or the terms of sale of Student Loans as to
      any Agreement originated prior to and continuing at the time of revision
      by MOHELA. Two copies of the Agreement shall be signed and returned to
      MOHELA. MOHELA will execute both copies of the Agreement and return one
      executed copy to CFSR I.

            (3) CFMS must submit a List of Officers of CFSR I (Schedule E) at
      the time this Agreement is executed.

      Section 5.04. Purchase of Student Loans.

      (35) All Student Loans must be submitted for purchase as specified below.
The purchase price for each Student Loan will be as provided in Article IV. In
the event CFSR I is unable to deliver Student Loans, MOHELA may reduce or
terminate this Agreement.

      (36) Student Loans submitted for purchase will be reviewed to determine if
the Student Loans meet the Program Standards and the representations and
warranties of the Agreement. MOHELA will notify CFSR I of any Student Loans
which fail to meet the appropriate requirements and CFSR I will be given the
option to either: (i) take corrective action to bring the loan into compliance;
or (ii) eliminate a particular loan from current sale consideration.

      (37) MOHELA will deliver 2 signed copies of a Bill of Sale in the form of
Schedule F for each portfolio of Loans on the date of sale. This Bill of Sale
will include a list of the Loans MOHELA has purchased in accordance with the
criteria set forth in this Agreement. The list will have been prepared by the
party servicing the Loans. Collegiate Funding Services Resources I, LLC, and
U.S. Bank National Association as Seller Trustee will complete the Bill of Sale
and sign and date it as of the date of the sale.

      (38) Collegiate Funding Services Resources I, LLC will assign the entire
interest in the Loans to MOHELA. This assignment will typically take the form of
a blanket endorsement in the form of Schedule G.

      (39) Any funds or payments received by CFSR I or CFMS on a Student Loan
after the purchase of the Student Loan by MOHELA shall be promptly remitted to
MOHELA or its designated agent.

      (40) MOHELA assumes the responsibility of notifying the Guarantor of its
purchase of the Student Loans from CFRS I. Where a particular Guarantor or the
Secretary requires a
<PAGE>

signature from CSFR I as well as MOHELA, MOHELA will contact CFSR I and furnish
the appropriate forms for CFSR I's signature.

      Section 5.05. Proper Documentation of Student Loans Purchased. A Student
Loan file must be supported by the following items (if applicable) to be
considered for purchase by MOHELA:

            (4)   loan application;

            (5)   evidence of guarantee;

            (6)   origination fee, and all other applicable fees paid;

            (7)   evidence of Disbursement;

            (8)   original Note and any addendum thereto;

            (9)   deferment/forbearance agreement, if applicable;

            (10)  complete payment history record (if applicable);

            (11)  evidence of due diligence activity (if applicable).

      Section 5.06. Minimum Student Loan Criteria.

      (41) Any Student Loan to be serviced and purchased by MOHELA must meet the
following criteria:

            is fully disbursed at the time of sale under the Agreement;

            is guaranteed to the maximum percentage allowed by applicable law as
            to principal and interest by the Guarantor or Secretary;

            bears interest at the prevailing rate as established under the
            Higher Education Act;

            is eligible for the payment of any applicable government subsidy and
            the quarterly Special Allowance at the full rate established under
            the Higher Education Act;

            is in either in-school or in-grace, or in repayment

      (42) A Student Loan must also include all documentation as outlined in
Section 5.05 of these Program Standards, above, except in those cases where CFSR
I has designated MOHELA as agent, therefore making MOHELA responsible to insure.

      Section 5.07. Additional Representations and Warranties.

      (43) CFSR I agrees to sell any and all subsequent Student Loans made to
the same Borrower ("Serial Loans") after an initial sale of the Borrower's
Note(s), and MOHELA further agrees to purchase any and all such Serial Loans
prior to the newly determined graduation date

<PAGE>

or upon notification from CFSR I, provided the Serial Note meets all eligibility
requirements as of the Sale Date.

      (44) CFMS represents and warrants that all Student Loans offered for sale
to MOHELA are representative of CFSR I's portfolio as a whole, and have not been
selected to be offered for sale on the basis of the educational institutions
attended by, or the age, sex, race, national origin or place of residence of,
the Borrowers, or with respect to any other identifying characteristics of such
Borrowers.

      (45) CFO has collected or shall collect the amount of Origination Fees
authorized pursuant to Section 438 of the Higher Education Act and has paid or
shall pay such to the Secretary for the period in which such fees were
authorized to be collected and paid. CFO has made and shall make any Refund of
an Origination Fee which may be required pursuant to the Higher Education Act.

      (46) CFO or CFMS has reported or shall report the amount of the Guarantor
insurance premium authorized to be collected, and has paid or shall pay said
premium to the Guarantor with all rights therein inuring to MOHELA; and in the
event a Borrower withdraws within the period specified as qualifying for a
Cancellation or Refund by the Guarantor, CFMS agrees to apply for and forward
such Cancellation or Refund to MOHELA.

                                   Article VI
                          REPRESENTATION AND WARRANTIES

      Section 6.01. Representations, Warranties and Covenants by MOHELA. MOHELA
represents and warrants to, and covenants with, CFO, CFSR I or CFMS that:

      (47) MOHELA is a public instrumentality and body corporate and politic of
the state of Missouri created pursuant to the Act. MOHELA has authorized the
promulgation of this Agreement.

      (48) MOHELA has found and determined that its duties under the terms of
this Agreement will both further the purposes of the Act and the Higher
Education Act and be in the public interest by increasing the supply of money
available for the making of loans to students who are unable to finance their
post-secondary education through other methods.

      (49) MOHELA has complied with all of the provisions of the Constitution
and laws of the state of Missouri, including the Act, and has full power and
authority to consummate all transactions contemplated by this Agreement and any
and all other agreements relating thereto.

      (50) MOHELA shall deliver to CFMS, upon request, copies of the A133 audit
reports, or if not available the annual compliance audit as required by Section
428(b)(l)(4) of the Higher Education Act, as amended.

      Section 6.02. Representations, Warranties and Covenants of CFMS. CFMS
represents and warrants to MOHELA (and these warranties and representations
shall be deemed continuing and repeated as of the date each Student Loan shall
become subject to this Agreement) as follows:

<PAGE>

      (51) Existence: CFMS is a limited liability company duly organized and
validly existing and in good standing under the laws of Delaware, and is duly
qualified to do business in all jurisdictions where its failure to so qualify
would materially impair its ability to perform its obligations under this
Agreement.

      (52) Right to Act: No registration with or approval of any governmental
agency is required for the due execution and delivery or enforceability of this
Agreement. CFMS has legal power to execute and deliver this Agreement under the
laws of Virginia and to perform such Services and observe the provisions herein
under the laws of Virginia. By executing and delivering this Agreement, and by
performing and observing the provisions of this Agreement, CFMS will not violate
any existing provision of its Articles of Incorporation or its bylaws or any
applicable law or violate or otherwise become in default under any existing
contract or other obligation binding upon CFMS. The officers executing and
delivering this Agreement are duly authorized to do so, and this Agreement is
legally binding upon CFMS and enforceable against the CFMS in every respect.

      (53) Financial Condition: Since the date of CFMS's and Parent's last
audited financial statements, CFMS and Parent have conducted their business in
the ordinary course and in a manner consistent with past practice and, since
such date, there has not been any material adverse effect on the CFMS's or
Parent's financial condition, results of operation or assets. Each of the
balance sheets of CFMS and Parent provided to MOHELA fairly present the
financial position of CFMS and Parent as of their respective dates in accordance
with GAAP. Each of the statements of income and of cash flow of CFMS and Parent
provided to MOHELA fairly present the results of operations and cash flows, as
the case may be, of CFMS and Parent for the periods set forth in those
statements of income and cash flows, in each case in conformity with GAAP
consistently applied throughout the periods indicated.

      Neither CFMS nor Parent (i) has liabilities or obligations of any nature
(whether accrued, absolute, contingent or otherwise) that, individually or in
the aggregate, have had or could reasonably be expected to have a material
adverse effect on CFMS's or Parent's financial condition, results of operations
or assets; (ii) is insolvent; (iii) has made a general assignment for the
benefit of creditors; (iv) has suffered or permitted the appointment of a
receiver for its business and assets; (v) has become subject to a proceeding
under the bankruptcy or insolvency law, whether domestic or foreign; or (vi) has
liquidated, voluntarily or otherwise.

      (54) At the Sale Date, the Student Loans meet the terms and conditions of,
and have been processed in accordance with, the provisions of this Agreement and
the Higher Education Act, all fees or rebates due and payable to the Borrower,
Secretary or Guarantor have been paid in full, the payment of the principal of
and interest on the Student Loan is insured by the Secretary, or guaranteed by
the Guarantor and reinsured by the Secretary, and the applicable insurance or
guarantee is in full force and effect and is freely transferable and will inure
to the benefit of MOHELA;

      (55) All information furnished by CFMS on behalf of CFO or CFSR I to
MOHELA or its agents with respect to Student Loan is true, complete and correct
as of the Sale Date, and CFMS has no knowledge of any material misstatement or
omission in the material provided by

<PAGE>

the Borrower under the Student Loan, or of no counterclaim, offset, defense or
right to rescission that exists which can be asserted and maintained by the
Borrower under the Student Loan;

      (56) The Student Loan was made in compliance with all applicable local,
State and federal laws, rules, and regulations which govern the affairs of the
ELT and CFO for the making of such loans, and CFMS, acting on behalf of the ELT,
CFO and CFSR I, has exercised due diligence in making and servicing (to the
extent applicable) the Student Loan as required under the Higher Education Act
and the rules and regulations of the Guarantor, if applicable;

      (57) Except as indicated in paragraph (8) below, the Student Loan has not
been satisfied, subordinated or impaired, in whole or in part, except for the
payment of principal and interest as disclosed on a student loan transmittal
summary, and to the best of CFMS's knowledge and information, CFO or CFSR I have
not executed any instrument or release, cancellation, subordination, or
satisfaction with respect to the Student Loan;

      (58) The Student Loan is not subject to any existing assignment or pledge,
and will be transferred to an affiliate, Collegiate Funding Services Resources I
on the same day the Student Loan is funded by CFO. CFRS I will be the sole owner
and holder thereof subject to a security interest in the Student Loan by Lenders
under the Indenture, to which CFMS is a party. If the Student Loan is either to
be assigned or sold by CFSR I or its affiliate, notice of such action must be
given to CFSR I's creditor who then must grant permission for said assignment or
transfer. If said creditor grants permission, then CFSR I has the right and
authority to having good title thereto and full right and authority to assign
and transfer the same and to endorse and deliver all required documents, and
upon endorsement to MOHELA of the Note representing the loan, MOHELA will
acquire full right, title and interest to the loan, free and clear of all liens,
pledges or encumbrances;

      (59) No Event of Default is continuing and no event has occurred and is
continuing which would by the passage of time or giving of notice thereof
constitute an Event of Default under the Student Loan;

      (60) The terms, covenants and conditions of the Note have not been waived,
altered, impaired or modified in any respect which would materially affect the
value, validity, enforceability or prompt payment of the Student Loan; and as of
the Sale Date, neither CFO or CFSR I have done any act to create an offset,
defense or counterclaim to the Student Loan, including any limitation on the
obligation of the Borrower to pay the unpaid principal of and interest on the
Student Loan.

      (61) The List of CFMS Officers in Schedule E is true and correct as of the
date thereof.

      Section 6.03. Limitations Representations, Warranties and Covenants of
CFMS. If Article II of this Agreement is in effect, only Subsection (5), (6),
(7), (8), (9), (10) and (11) of Section 6.02 shall apply to CFO, or CFSR I.

         Section 6.04 Representations, Warranties and Covenants of CFO and CFSR
I. Relating to Student Loans to be Originated, Serviced, or Sold. CFO and CFSR
I, hereby represent and warrant to, and covenant with, MOHELA that:

<PAGE>

      (12) CFO and/or CFSR I, each acting through the Eligible Lender Trustee,
is an eligible lender authorized to make Student Loans through an eligible
lender trustee and is authorized to offer Student Loans in the State.

      (13) CFO and CFSR I are in good standing and qualified to do business
under the laws of the United States of America or the State and are qualified to
carry out the purposes of this Program.

      (14) CFO and CFSR I are not under any cease and desist order or other
order of a similar nature, temporary or permanent, of any federal, State or
local authority, nor are there any proceedings presently in progress or to its
knowledge contemplated which would, if successful, lead to the issuance of such
order, nor is there any action or proceeding pending or threatened against CFO
and CFSR I before any court or administrative agency that might have a
materially adverse effect on the ability of CFO and CFSR I to perform its
obligations under this Agreement.

      (15) CFSR I has read and understands the Program Standards which are a
part hereof.

      Section 6.05 Remedies. Whenever any Event of Default shall have occurred,
and is continuing, MOHELA shall take any one or more of the following remedial
steps:

      (62) In the event of occurrence of default under subsection (1), (2), (3),
(4), (8) and (9) of the definition of "Event of Default," MOHELA may notify CFO
or CFSR I in writing that it intends to rescind the purchase of the Student Loan
with respect to which such Event of Default occurs and CFO or CFSR I within one
month from the date of such notification shall pay upon delivery to it of such
Student Loan the sum of its principal balance at delivery to MOHELA less amounts
paid in reduction of the principal balance plus any interest and Special
Allowance payments accrued but unpaid, and any reasonable attorney's fee, legal
expenses, court costs or other expenses that might have been incurred by MOHELA
in connection with the Student Loan.

      (63) In addition to the remedies set forth above, MOHELA and CFMS shall
have all remedies available at law or in equity including, but not limited to,
rescission of this Agreement, equitable relief by way of injunction (mandatory
or prohibitory), recovery of damages for the failure of any representation made
herein, in order to prevent the breach or threatened breach of any provisions of
this Agreement, or to enforce performance thereof. No termination of this
Agreement shall affect the rights of MOHELA or CFO, CFSR I or CFMS pursuant to
this Section.

      (64) All of the remedies provided in this Section shall be cumulative, and
the exercise by MOHELA or CFO, CFSR I or CFMS of any one or more of them shall
not in any way alter or diminish the rights of MOHELA or CFO, CFSR I or CFMS to
any other remedy provided in this Agreement or by law. In the event of any such
default or breach by the MOHELA or CFO, CFSR I or CFMS of the Agreement, MOHELA
shall be entitled to reimbursement from the CFMS of all of its costs enforcing
any of such terms, including any reasonable or necessary attorney's fees.

      (65) MOHELA agrees that notwithstanding the provisions of this Section
6.05, it will allow the Agent a period of at least 30 days to cure any Event of
Default of CFMS' or CFO
<PAGE>

CFSR I's obligations under this Agreement or otherwise take any action that will
prevent termination of this Agreement or the exercise by MOHELA of its remedies
hereunder.

                                  Article VII
                            MISCELLANEOUS PROVISIONS

      Section 7.01. Limitation on Liability. MOHELA shall exercise care and due
diligence in performing the services required by this Agreement. To the extent
that MOHELA is required to appear in, or is made a defendant in any legal action
or other proceeding commenced by a party other than CFMS with respect to any
matter arising hereunder or in connection herewith, CFMS shall indemnify and
hold MOHELA harmless from all loss, liability and expense (including reasonable
attorney's fees) except for any loss, liability or expense arising out of or
relating to MOHELA's acts, omissions or misconduct with regard to the
performance of services hereunder. MOHELA shall indemnify and hold each of CFMS,
CFO, CFSR I and the ELT harmless from all loss, liability and expense (including
reasonable attorney's fees) arising out of or relating to MOHELA's acts,
omissions, or misconduct with regard to the performance of services hereunder,
including, without limitation, the services and reports required to be provided
by MOHELA under Section 3.03 of this Agreement; provided that in no event shall
MOHELA, CFMS, CFO, or CFSR I be responsible or liable for any consequential or
special damages with respect to any matter whatsoever arising out of this
Agreement.

      Section 7.02. Confidentiality.

      (66) This Agreement and all schedules, exhibits, supplements and addendums
hereto are considered confidential by all parties hereto and must not be copied,
released or disclosed to anyone other than employees, accountants, attorneys, or
other professional advisors of the parties to this Agreement or government
agencies or entities having jurisdiction over one or both parties without the
written consent of the other party, except as otherwise required by applicable
law or as set forth in this Agreement.

      (67) All data, information, records, correspondence, reports or other
documentation relating to and identified with prospective, existing, or former
Borrowers of Student Loans under this Agreement, contained or reflected in loan
forms (including without limitation the application and/or promissory note) or
otherwise obtained received, prepared, generated or maintained by MOHELA or CFO,
CFSR I or CFMS in connection with this Agreement or necessary to complete,
process, fund service, or otherwise administer as Student Loan for CFO, CFSR I
or CFMS, is and shall remain confidential. MOHELA and CFO, CFSR I and CFMS
hereby agree to hold all Borrower information and each other's proprietary
information in the strictest confidence and not release or divulge such
information to any other party without prior written consent, except (i) to such
other parties as MOHELA or CFO, CFSR I or CFMS or the applicable Borrower
directs in writing, and (ii) as otherwise explicitly set forth in this
Agreement. MOHELA and CFO, CFSR I and CFMS understand and agree that it shall
only use confidential and proprietary information of the other party to perform
its duties under this Agreement and that MOHELA and CFO, CFSR I and CFMS shall
not directly or indirectly use, or suffer, permit or cause to be used, any such
information for any other purpose whatsoever. MOHELA and CFO, CFSR I and CFMS
shall exercise reasonable efforts to ensure that confidential treatment will be
accorded to such information. In the event that MOHELA or

<PAGE>

CFO, CFSR I or CFMS becomes legally compelled to disclose any of MOHELA or CFO,
CFSR I or CFMS' confidential or proprietary information to third parties not
contemplated above, MOHELA or CFO, CFSR I and CFMS shall provide the
non-disclosing party with prompt notice before such information is disclosed so
that the non-disclosing party may seek, before such disclosure is made, a
protective order or other appropriate remedy at its own expense or waive
compliance with this provision of the Agreement.

      Section 7.03. Privacy Compliance.

      (68) If directed and approved by CFO, CFSR I or CFMS, and agreed to by
MOHELA, which agreement shall not be unreasonably withheld, MOHELA may include
as a separate insert along with the mailing of each initial disclosure required
under Department of Education regulations for loans made in conjunction with the
Federal Family Education Loan Program, CFO and CFSR I customer information
privacy and opt-out policies and practices ("Lender's Initial Privacy Notice"),
and any other government required disclosure/information statement, as provided
by CFO, CFSR I or CFMS. In the alternative, at MOHELA's option, MOHELA may
provide CFO or CFSR I's Initial Privacy Notice to the Borrower at any earlier
point in the student loan transaction. MOHELA may incorporate CFO or CFSR I's
Initial Privacy Notice into the applicable on-line student loan application
service offered by MOHELA, if available.

      (69) If directed and approved by CFS, and agreed to by MOHELA, which
agreement shall not be unreasonably withheld, MOHELA may include CFO or CFSR I's
customer information privacy and opt-out policies and practices ("Lender's
Annual Privacy Notice"), and any other government required
disclosure/information statement, as a separate insert along with the mailing of
a borrower statement or other MOHELA generated document(s) to the Borrower as
MOHELA deems appropriate, or in the alternative, at MOHELA's option, as a
separate mailing. MOHELA may provide electronic delivery, if available, of CFO
or CFSR I's Annual Privacy Notice to Borrowers.

      (70) If directed and approved by CFO, CFSR I or CFMS, and agreed to by
MOHELA, which agreement shall not be unreasonably withheld, MOHELA will, provide
a copy of CFO or CFSR I's Initial and Annual Privacy Notices,"), and any other
government required disclosure/information statement, to all of CFO or CFSR I's
existing Borrowers whose loans MOHELA services on behalf of the CFMS.

      (71) CFMS and CFSR I hereby agrees that MOHELA will not be responsible or
held liable for the content of CFO or CFSR I's Initial Privacy Notice or CFO or
CFSR I's Annual Privacy Notice and will not be responsible or held liable for
performing any administrative, communicative, tracking or servicing functions,
and CFMS hereby agrees not to request or demand such activity from MOHELA, with
regard to CFO or CFSR I's opt-out policies and practices other than distribution
of said opt-out policies and practices as set forth above in this Agreement.
CFMS shall be solely responsible and liable for administering, communicating,
tracking and servicing all opt-out functions and shall notify all of its
Borrowers that Borrower communication regarding opt-out shall be directed
exclusively to CFO or CFSR I's. MOHELA will, however, use its best efforts in
timely forwarding to CFMS any inadvertent Borrower communication received by
MOHELA indicating the Borrower's election to opt-out of the sharing of Borrower
information by or among CFO or CFSR I's, its affiliates, agents and

<PAGE>

subcontractors. CFMS shall further agree to perform its opt-out practices and
administer its opt-out policies on its own in accordance with all applicable
federal, state and local statutes, laws, rules, regulations, ordinances, orders,
writs, injunctions or decrees and agrees to indemnify, defend and hold MOHELA
harmless (including paying for all costs and attorney fees) for any and all
actions, charges, complaints or claims made by any third party, including but
not limited to a Borrower or regulator, against MOHELA for CFO or CFSR I's'
failure to perform said opt-out function either completely or properly or for
the content of CFO or CFSR I's Initial Privacy Notice and/or CFO or CFSR I's
Annual Privacy Notice. CFMS is solely responsible for providing MOHELA a copy,
and all updated versions, of its Initial and Annual Privacy Policies in a timely
manner and in a format acceptable to MOHELA.

      (72) Each party agrees and hereby consents in cooperating and assisting
the other party in complying with all applicable federal, state and local
statutes, laws, rules, regulations, ordinances, orders, writs, injunctions or
decrees, including but not limited to the following in so far they apply to the
Federal Family Education Loan Program or the alternative (private) student loan
program, the Equal Credit Opportunity Act, the Federal Reserve Board's
Regulation B, the Fair Credit Reporting Act, the Truth-in-Lending Act,
Regulation Z, the Fair Debt Collection Practices Act, the Gramm-Leach-Bliley
Act, Electronic Signatures in Global and National Commerce Act, and all other
state and federal nondiscrimination, truth-in-lending, usury, electronic
transaction, consumer privacy, consumer credit, consumer protection and credit
opportunity laws and regulations, applicable to the performance by MOHELA or
CFO, CFSR I or CFMS respectively in originating, disbursing, servicing,
collecting, reporting, recordkeeping or other duties and obligations with
respect to Student Loans.

      (73) Should CFMS fail to direct or elect not to have MOHELA provide CFO or
CFSR I's Initial and/or Annual Privacy Notice to CFO or CFSR I's Borrowers, then
CFMS shall agree and warrant to perform such function on its own in accordance
with all applicable laws and regulations governing same and CFO, CFSR I and CFMS
shall further agree to indemnify, defend and hold MOHELA harmless (including
paying for all costs and attorney fees) for any and all actions, charges,
complaints or claims by any third party, including but not limited to a Borrower
or regulator, against MOHELA for CFMS's failure to perform said notification to
the Borrower or failure to perform said notification to the Borrower properly,
adequately or completely. MOHELA may charge a fee to CFMS for some or all of the
services described above, not to exceed the approximate cost of said services,
at its sole discretion.

      Section 7.04. Waivers and Modifications. The terms and conditions of this
Agreement cannot be waived or modified unless done so in writing with such
written waiver or modification being signed by all parties hereto. CFO, CFSR I
or CFMS' inaction or failure to demand strict performance by MOHELA shall not
later be deemed to be a waiver by CFO, CFSR I or CFMS of strict performance.

      Section 7.05. Governing Law. This Agreement shall be construed in
accordance with the laws of the State of Missouri without regard to its
conflicts of laws rules.

      Section 7.06. Execution in Counterparts. This Agreement may be executed in
several counterparts, each of which shall be deemed to be an original and all of
which shall constitute but one and the same instrument.

<PAGE>

      Section 7.07. Severability. In the event any provision of this Agreement
shall be held to be invalid or unenforceable such determination shall not affect
any other provision of this Agreement but all other such provisions shall
continue to be binding upon the parties hereto.

      Section 7.08. Notices. All notices, reports or other communications
required hereinunder shall be deemed to be sufficiently given when delivered to
the address of the party receiving the same as indicated below or when deposited
in the United States mail, postage prepaid and addressed to the address
indicated below. All notices and other correspondence to CFMS shall be sent to:
Collegiate Funding Master Servicing, LLC, 100 Riverside Parkway, Fredericksburg,
VA 22406.

All notices and other correspondence to MOHELA shall be sent to: MOHELA, 633
Spirit Drive, Chesterfield, Missouri 63005-1243, ATTN: Executive Director

In the event the address of either party shall change, such party shall give the
other written notice thereof, including the new address to which all notices,
reports or other communications are to be sent.

      Section 7.09. Assignment. Neither party shall have the right to assign, in
whole or in part, any part of this Agreement without the prior written consent
of the other party, which shall not be unreasonably withheld. This Agreement
shall be binding upon and inure to the benefit of the parties and their assigns
and successors in interest. Notwithstanding the foregoing, MOHELA acknowledges
that each of CFSR I and the ELT has assigned or will assign to the Indenture
Trustee, its successor or successors and its or their assigns, for the benefit
of the Secured Parties (as defined in the Indenture), a security interest in all
right, title and interest of CFSR I and the ELT under this Agreement. MOHELA
acknowledges and consents to CFSR I and the ELT granting such security interest
and to the Indenture Trustee exercising all of its rights and remedies with
respect thereto and agrees that this Agreement will not be amended without the
prior written consent of the Indenture Trustee.

      Section 7.10. Forwarding Communications. CFO, CFSR I, and CFMS agrees to
forward to MOHELA any documents or notices of activity pertaining to Student
Loans immediately upon receipt.

      Section 7.11. Arbitration. In the event any dispute arises between the
parties concerning this Agreement or the performance of either party hereunder,
such dispute, at the request of either party, shall be submitted to binding
arbitration in St. Louis, Missouri. Such arbitration shall be conducted under
the rules and auspices of the American Arbitration Association and shall be
conducted by an arbitrator acceptable to both parties selected from a list
provided by the American Arbitration Association. The decision of the arbitrator
shall be binding and enforceable in a court of competent jurisdiction. In making
its award, the arbitrator may award costs and attorney fees to either party.

      Section 7.12. Force Majeure. MOHELA and CFO, CFSR I, and CFMS shall be
excused from any breach of or failure to perform under this Agreement if
performance is prohibited or prevented by an applicable law, rule or regulation;
or if such breach or failure results from any acts of God, strikes or other
labor disputes, failures of third parties, war, riots or civil

<PAGE>

disturbances of any cause beyond its reasonable control which hinders or
prevents its performance under this Agreement.

      Section 7.13. Third Party Beneficiary. MOHELA agrees that each of the
Agent, CFO, CFSR I, CFMS, the Program Support Providers, the Indenture Trustee,
and the Secured Parties (as such term is defined in the Indenture) shall be a
third party beneficiary of this Agreement with a right to enforce the provisions
of the Agreement as though it were CFMS, CFO, CFSR I or the ELT hereunder as
such provisions relate to the Student Loans and the obligations of MOHELA with
respect thereto. MOHELA agrees that in the event, or as a result, of the
exercise of any security interest in the Student Loans granted by CFSR I or the
ELT, any applicable Secured Party becomes the legal owner of any Student Loans,
MOHELA will continue to service the Student Loans for the benefit of such
applicable Secured Party in accordance with the terms of, and at the fees set
forth herein; provided that the applicable Secured Party pays, or causes to be
paid, all the fees owing to MOHELA under this Agreement and the obligations of
CFMS, CFO, CFSR I or the ELT under this Agreement are performed, or caused to be
performed, by the applicable secured lender. Nothing herein shall require the
applicable Secured Party to assume any obligations of CFMS, CFO, CFSR I or the
ELT. MOHELA hereby consents to the assignment by CFMS, CFO, CFSR I or the ELT of
their rights under this Agreement to the applicable Secured Party and agrees
that it will continue to service the Student Loans for the benefit of the
applicable Secured Party notwithstanding any right that MOHELA may have to
terminate this Agreement due to any breach or inaction on the part of CFMS, CFO,
CFSR I or the ELT, provided that within five (5) Business Days after the
applicable Secured Party shall receive written notice from CFMS of such right to
terminate, the applicable Secured Party agree to fulfill the conditions to such
continued servicing and cure any material breach of this Agreement by CFMS, CFO,
CFSR I or the ELT. MOHELA hereby acknowledges that it has received notice from
CFSR I that the Secured Parties maintain a security interest in the Student
Loans. In any event, MOHELA shall provide the applicable Secured Party with a
copy of any notice of a proposed termination of this Agreement simultaneously
with the delivery of such notice to CFMS, CFO, CFSR I or the ELT.

      Section 7.14. No Petition. Each party hereto, by entering into this
Agreement, covenants and agrees that it will not at any time institute against
CFSR I, or join in any institution against CFSR I, any bankruptcy,
reorganization, arrangement, insolvency or liquidation proceedings, or other
proceedings under any United States Federal or state bankruptcy or similar law
in connection with any obligation relating to this Agreement.

      Section 7.15. Foreclosure upon Loans by a Secured Party. In the event that
a Secured Party exercises its rights as secured party under Financing Documents
with respect to any of the Loans (a "foreclosure"), CFO or CFSR I will give
MOHELA prompt notice of such foreclosure and, where possible, will give MOHELA
advance notice of such Secured Party's intent to effect such foreclosure, in
each case specifying the effective date of such foreclosure and, if all of the
Loans relating to a particular Financing will not be foreclosed upon, which
Loans are or will be foreclosed upon, provided, however, that any failure to
provide such notice will not constitute a breach such as would excuse MOHELA's
performance hereunder. MOHELA agrees to continue to service all Loans foreclosed
upon under the same terms and conditions of this Agreement, for the balance of
the term of this Agreement, whether such Loans are transferred to such Secured
Party or sold to another party, provided that such Secured Party or purchaser
has provided

<PAGE>

satisfactory assurances to MOHELA that it's servicing fees will be paid and that
all of CFO and CFSR I's obligations will be fulfilled hereunder on a current
basis.

      Section 7.16 Change of Services. MOHELA reserves the right to change any
part or all of the services in connection with this Agreement provided that such
change shall not abrogate or in any way modify the obligations of MOHELA under
this Agreement, including without limitation the quality of the services
provided or the compliance requirements hereunder.

      Section 7.17. License. CFO and CFSR I grants MOHELA a royalty free,
non-exclusive license to use its intellectual property relating to its
identifying trade and service marks, including but not limited to, all related
CFO or CFSR I names(s) and logos and consents to use of same in all
applications, documents and programs related to the services provided in this
Agreement.

      Section 7.18 Covenants. CFO and CFSR I and any related persons (within the
meaning of Section 144 (a)(3) of the Code) shall not at any time, pursuant to
any arrangement formal or informal, purchase and hold for its own account any
Bonds in an amount related to the amount of Student Loans to be originated by
CFO pursuant to this Agreement.

      Section 7.19. Entire Agreement. This Agreement embodies the entire
Agreement between the parties concerning the subject matter hereof. It is
understood and agreed that the representations, warranties and covenants set
forth in this Section shall survive the sale of the Student Loans by CFSR I to
MOHELA and that the representations and warranties shall inure to the benefit of
the transferees and assigns of MOHELA. This Agreement may be signed by the
parties hereto in duplicate copies with signatures on separate pages and which
may be a fax copy of an original, but all of which, taken together, shall
constitute one and the same instrument.

THIS CONTRACT CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED
BETWEEN THE PARTIES.

                              MOHELA

                              By:/s/Michael J. Cummins
                                 --------------------------------
                              Michael J. Cummins
                              Executive Director, MOHELA

                              Collegiate Funding Master Servicing, LLC

                              By:/s/Kevin Landgraver
                                 --------------------------------
                                    Kevin Landgraver
                                    Treasurer
<PAGE>

                              U.S. Bank National Association, as Trustee for
                              Collegiate Funding Originations, LLC

                              By:/s/Daniel R. Bley
                                 --------------------------------
                              Daniel R. Bley
                              Vice President & Trust Officer

                              US Bank National Association as Trustee for
                              Collegiate Funding Services Resources I, LLC

                              By: /s/Daniel R. Bley
                                  -------------------------------
                                       Daniel R. Bley
                                       Vice President & Trust Officer

                              Collegiate Funding Originations, LLC

                              By:/s/Kevin Landgraver
                                 --------------------------------
                                       Kevin Landgraver
                                       Treasurer

                              Collegiate Funding Services Resources I, LLC

                              By:/s/Kevin Landgraver
                                 --------------------------------
                                       Kevin Landgraver
                                       Treasurer

<PAGE>

                                                                      SCHEDULE A

                 GUARANTEE PROCESSING, LOAN ORIGINATION AND LOAN
                           DISBURSEMENT SERVICES FEES

88. MOHELA will provide its guarantee processing and disbursement service for a
fee of [****] dollars and [****] cents ($[****]) per Disbursement, to a maximum
of [****] dollars ($[****]) for Guaranteed Student Loans requiring two or more
Disbursements within an Academic Year, provided that CFO agrees to implement an
ACH (Automated Clearinghouse) process with MOHELA.

In the case of PLUS loans, because MOHELA purchases the loan immediately after
full Disbursement, there is no guarantee processing and disbursement fee
charged.

MOHELA reserves the right to levy a per item cancellation charge of [****]
dollars ($[****]) per canceled origination instrument, should excess
cancellation situations warrant assessment of said charges.

Any disbursement fees charged CFO will be in addition to MOHELA's regular fee
charged to CFMS for interim loan servicing.

With the exception to paragraph 3 & 4 above, MOHELA agrees to waive the fees
contained in this schedule for a three-year period beginning January, 2004.

The parties hereto agree to the aforementioned fees.

                                    MOHELA

                                    By:/s/Michael J. Cummins
                                       --------------------------------
                                             Michael J. Cummins
                                             Executive Director, MOHELA

                                    Collegiate Funding Master Servicing, LLC

                                    By:/s/Kevin Landgraver
                                       --------------------------------
                                             Kevin Landgraver
                                             Treasurer

                                    U.S. Bank National Association, as Trustee
                                    for Collegiate Funding Originations, LLC

                                    By:/s/ Daniel R. Bley
                                       ---------------------------------
                                             Daniel R. Bley
                                             Vice President & Trust Officer

<PAGE>

                                    Collegiate Funding Originations, LLC

                                    By:/s/Kevin Landgraver
                                       ---------------------------------
                                             Kevin Landgraver
                                             Treasurer

<PAGE>

                                                                      SCHEDULE B

                         CUSTOMER IDENTIFICATION POLICY
                    MISSOURI HIGHER EDUCATION LOAN AUTHORITY
                                    (MOHELA)

It is the policy of MOHELA to maintain maximum compliance with the Customer
Identification Program pursuant to Section 326 of the USA Patriot Act. The
Privacy Officer, as appointed by the Board of Directors, will be responsible to
oversee the Customer Identification Program for MOHELA.

This policy shall apply to all new educational loan borrowers applying for the
Federal Family Educational Loan Program (FFELP Stafford or PLUS) or MOHELA's
CASHLoan program using MOHELA's systems and services after the date of the
adoption of this policy, which is September 22, 2003, with an effective date of
October 1, 2003. Educational loan borrowers who have previously had or have a
relationship with MOHELA through its loan origination, servicing products or
educational loan borrowers whose loans are acquired through MOHELA's loan
purchase will not be subject to the requirements of this policy providing MOHELA
staff is reasonably assured they know the true identity of the educational loan
borrower. This policy will also apply to educational institutions seeking a line
of credit or other financing to fund School As Lender programs.

It is the policy of MOHELA to obtain identifying information about every new
educational loan borrower. MOHELA will obtain the following:

      Individual's name;
      Individual's date of birth;
      Individual's residence address (permanent address)
      If the educational loan borrower is a U.S. person, the individual's social
      security number. If the educational loan borrower is a non-U.S. person at
      least one of the following: U.S. taxpayer identification number; a
      passport number and country of issuance; an alien identification card
      number and country of issuance or any other government-issued document
      evidencing nationality or residence and bearing a photograph or similar
      safeguard.

If the customer is not an educational loan borrower, MOHELA will obtain the
following:

      Customer's name;
      Address of the customer's principal place of business, local office, or
      other physical location.
      U.S. tax identification number and/or Department of Education OE#

      MOHELA shall not establish an account relationship with an educational
loan borrower or educational institution until the required information about
the educational loan borrower or educational institution is obtained and
verified.

MOHELA shall verify the identity of every new educational loan borrower or
educational institution at the time of application and prior to opening the
account. MOHELA shall adopt

<PAGE>

procedures for verifying the identity of each new educational loan borrower or
educational institution that are sufficient to enable MOHELA to form a
reasonable belief that it knows the true identity of the new educational loan
borrower or educational institution. The procedures shall be based on the risk
presented by the various products and services that MOHELA offers.

Independent testing for compliance to the requirements of the Customer
Identification Program will be completed annually.

Training will be provided to all FFELP Loan Origination staff, CASHLoan
Origination staff and those responsible for contracting with new FFELP or
CASHLoan lenders.

It is the policy of MOHELA to adhere to the following recordkeeping
requirements.

      (18)  All identifying information (name, date of birth, address, Social
            Security or Alien Residence Number) must be maintained for five
            years after the account is closed. This information can be stored
            electronically.

      (19)  The following will be retained for five years after the record is
            created:

            a.    A description of any non-documentary methods used and the
                  result (credit report, school certification, etc.);

            b.    Description of how any substantial discrepancies were
                  resolved.

It is the policy of MOHELA to provide educational loan borrowers or educational
institutions with adequate notice that the information being requested will be
used to verify their identities. The notice will be given orally to educational
loan borrowers seeking pre-credit approval over the phone. The notice will
appear on MOHELA's web site prior to the completion of a credit pre-approval
application, CASHLoan or FFELP application/promissory note, and in the paper
copy of same.

It is the policy of MOHELA to determine whether the educational loan borrower or
educational institution appears on any list of known or suspected terrorists or
terrorist organizations within a reasonable period of time after the account is
opened, or earlier, if required by another Federal law or regulation.

<PAGE>

                                                                      SCHEDULE C

          INSERT SOFT COPY OF SAFE DEPOSIT CO / MOHELA AGREEMENT HERE.

<PAGE>

[COMPANY LOGO]

The
SAFE DEPOSIT COMPANY

                                 ACKNOWLEDGEMENT

Whereas, The Safe Deposit Company ("SDC") and the Missouri Higher Education Loan
Authority ("MOHELA") have entered into an Agreement dated November 19, 1992,
under which SDC will perform certain custodial services for MOHELA with respect
to all original documents delivered to SDC for storage and safekeeping; and

Whereas, MOHELA has entered into an Agreement with Collegiate Funding
Origination, LLC ("CFO"), Collegiate Funding Resources I, LLC ("CFSR I"), U. S.
Bank National Association as eligible lender trustee for CFO and CFSR I ("ELT"),
Collegiate Funding Master Servicing, LLC ("CFMS") (collectively referred to as
the "CFS Parties") and MOHELA dated as of February 2004 (the "Agreement")
wherein MOHELA will provide origination, disbursement, interim subservicing to
CFO. CFSR I, CFMS and the ELT until such time as the Student Loans originated
thereunder are sold to MOHELA; and

Whereas the CFSR I has pledged all of its right, title and interest in, to and
under the Student Loans and related assets to an Indenture Trustee under a
certain Indenture dated as of July 23, 2003 (as amended, restated, supplemented
or otherwise modified from time to time) (the "Indenture") between CFSR I, the
"Lenders" party thereto, Citicorp North America, Inc., as Agent for Lenders, the
ELT, U.S. Bank National Association as Indenture Trustee (the "Indenture
Trustee"), CFMS and Collegiate Funding Portfolio Administration, LLC; and

Whereas, SDC in performing custodial services for MOHELA will also be performing
the same services for CFSR I and will be holding the documentation and related
assets for the Student Loans owned by CFSR I as custodian for CFSR I, such
Student Loans and related assets being subject to the security interest of the
Indenture Trustee under the Indenture; and

Whereas, in order to perfect the security interest of the indenture Trustee
under the Indenture, SDC must acknowledge that it is holding said Student Loans
and relate assets for the Indenture Trustee.

Now, therefore, in consideration of the recitals, agreements referred to above,
and the mutual benefits to be derived therefrom

I, Julie L Scott , the Vice President of The Safe Deposit Company, do hereby
acknowledge that all documentation of the Student Loans and related assets
forwarded to SDC by MOHELA on behalf of CFSR I under the Agreement shall be held
for the Indenture Trustee under the Indenture and be subject to the security
interest of the Indenture Trustee and shall be appropriately marked so that the
security interest in said Student Loans and related assets ids perfected under
the laws of the state of Missouri.

     515 South Lindbergh Blvd. - Frontenac, MO 63131 - phone: 314.991.3858
                               - fax: 314.991.2503

<PAGE>

Dated: 2/3/04                                Safe Deposit Company

                                             By: /s/  Julie L. Scott
                                                 -------------------------------

<PAGE>

                                                                      SCHEDULE D

                           SERVICING FEES AND EXPENSES

89. The fee shall be paid quarterly;

90. The minimum fee shall be $[****] per month;

91. The fee shall be calculated each month at the rate of $[****] times the
total number of Borrowers of all Student Loans held by CFO or CFSR I and
serviced by MOHELA in such month;

92. MOHELA will send CFMS, not more than 30 days after the end of each Billing
Period, an invoice for services rendered during the previous Billing Period or
fraction thereof and such invoice shall be payable within 30 days of date of
receipt of invoice by CFMS.;

93. MOHELA may modify its fee schedule by giving CFMS sixty (60) days written
notice in advance of the effective date of such change; and

94. At the CFMS' request, MOHELA may elect to perform additional services for
CFMS. CFMS agrees to pay MOHELA its actual expenses for performing those
additional services.

95. With the exception of paragraph 6 above, MOHELA agrees to waive the fees
contained in this schedule for a three-year period beginning January, 2004.

<PAGE>

The parties hereto agree to the aforementioned servicing fees and expenses.

                                    MOHELA

                                    By:/s/Michael J. Cummins
                                       --------------------------------
                                             Michael J. Cummins
                                             Executive Director, MOHELA

Attest:
By:/s/Charles Terribile
   ---------------------------
Charles Terribile
Secretary

                                    Collegiate Funding Master Servicing, LLC

                                    By:/s/Kevin Landgraver
                                       ---------------------------------
                                             Kevin Landgraver
                                             Treasurer

<PAGE>

                                                                      SCHEDULE E

                    COLLEGIATE FUNDING MASTER SERVICING, LLC
                                LIST OF OFFICERS

PRESIDENT                                              J. Barry Morrow

SECRETARY                                              Bruce Rubin

ASSISTANT SECRETARY                                    Charles L. Terribile

TREASURER                                              Kevin Landgraver

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]