Document:

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                            FIRST SUPPLEMENTAL INDENTURE

                                      between

                                USA EDUCATION, INC.

                                        and

                              THE CHASE MANHATTAN BANK

                            Dated as of October 3, 2000

                                    $500,000,000

                        SENIOR NOTES DUE SEPTEMBER 16, 2002

===============================================================================

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              FIRST SUPPLEMENTAL INDENTURE, dated as of October 3, 2000 (the
"SUPPLEMENTAL INDENTURE"), between USA Education, Inc., a Delaware corporation
(the "COMPANY"), and The Chase Manhattan Bank, as trustee (the "TRUSTEE") under
the Indenture, dated as of October 1, 2000 between the Company and the Trustee
(the "BASE INDENTURE" and, together with this Supplemental Indenture, the
"INDENTURE").

              WHEREAS, the Company executed and delivered the Base Indenture to
the Trustee to provide for the future issuance of debentures, notes or other
evidences of indebtedness of the Company to be issued from time to time in one
or more series as might be determined by the Company under the Indenture, in an
unlimited aggregate principal amount which may be authenticated and delivered as
provided in the Base Indenture;

              WHEREAS, pursuant to the terms of the Base Indenture, the Company
desires to provide for the establishment of a series of senior unsecured and
unsubordinated notes to be known as its Senior Notes due September 16, 2002, the
form and substance of such Notes and the terms, provisions and conditions
thereof to be set forth as provided in the Base Indenture and this Supplemental
Indenture;

              WHEREAS, the Company has requested that the Trustee execute and
deliver this Supplemental Indenture; all requirements necessary to make this
Supplemental Indenture a valid instrument in accordance with its terms, and to
make the Notes, when executed by the Company and authenticated and delivered by
the Trustee, the valid obligations of the Company, have been performed; and the
execution and delivery of this Supplemental Indenture has been duly authorized
in all respects.

              NOW THEREFORE, in consideration for the purchase and acceptance of
the Notes by the Holders thereof, and for the purpose of setting forth, as
provided in the Base Indenture, the form and substance of the Notes and the
terms, provisions and conditions thereof, the Company covenants and agrees with
the Trustee as follows:

                                     ARTICLE 1

                                    DEFINITIONS

       1.1    DEFINITION OF TERMS.  Capitalized terms used and not otherwise
defined in this Supplemental Indenture (including the form of Global Note
attached as EXHIBIT A to this Supplemental Indenture, the terms of which are a
part of this Supplemental Indenture) have the meanings assigned to them below:

              "BASE INDENTURE" is defined in the introductory paragraph.

              "BUSINESS DAY" is defined in the Global Note.

              "COMPANY" is defined in the introductory paragraph.

              "COMPANY ORDER" is defined in the Base Indenture.

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              "DEPOSITARY" is defined in the Base Indenture.

              "ELIGIBLE INSTRUMENTS" is defined in the Base Indenture.

              "GLOBAL NOTE" is defined in Section 2.3.

              "GLOBAL SECURITY" is defined in the Base Indenture.

              "HOLDER" is defined in the Base Indenture.

              "INDENTURE" is defined in the introductory paragraph.

              "INTEREST ACCRUAL PERIOD" is defined in the Global Note.

              "INTEREST PAYMENT DATE" is defined in the Global Note.

              "LIBOR BUSINESS DAY" is defined in the Global Note.

              "LIBOR DETERMINATION DATE" is defined in the Global Note.

              "NOTES" is defined in Section 2.1.

              "MATURITY DATE" is defined in the Global Note.

              "PAYING AGENT" is defined in the Base Indenture.

              "PERSON" is defined in the Base Indenture.

              "REGISTERED SECURITY" is defined in the Base Indenture.

              "REGISTRAR" is defined in the Base Indenture.

              "REGULAR RECORD DATE" is defined in the Global Note.

              "SUPPLEMENTAL INDENTURE" is defined in the introductory paragraph.

              "THREE-MONTH LIBOR" is defined in the Global Note.

              "TRUSTEE" is defined in the introductory paragraph.

       1.2    OTHER RULES OF CONSTRUCTION.  For all purposes of this
Supplemental Indenture, except as otherwise expressly provided or unless the
context otherwise requires:

              (a)    capitalized terms used and not defined in this Supplemental
Indenture have the meanings assigned to them in the Base Indenture;

              (b)    capitalized terms defined in the Global Note have the
meanings assigned to them

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in the Global Note;

              (c)    all terms used in this Supplemental Indenture which are
defined in the Trust Indenture Act, whether directly or by reference therein,
have the meanings assigned to them in the Trust Indenture Act;

              (d)    "or" is not exclusive;

              (e)    words in the singular include the plural, and words in the
plural include the singular;

              (f)    a reference to a Section or Article is to a Section or
Article of this Supplemental Indenture;

              (g)    the words "herein," "hereof" and "hereunder" and other
words of similar import refer to this Supplemental Indenture as a whole and not
to any particular Article, Section or other subdivision; and

              (h)    headings are for convenience of reference only and do not
affect interpretation.

                                     ARTICLE 2

                         TERMS AND CONDITIONS OF THE NOTES

       2.1    TITLE OF SECURITIES. The title of the Securities is "Senior Notes
due September 16, 2002" (the "NOTES").

       2.2    AGGREGATE PRINCIPAL AMOUNT OF NOTES.  The aggregate principal
amount of Notes that may be authenticated and delivered is $500,000,000.  Upon
receipt of a Company Order for the authentication and delivery of the Notes and
satisfaction of the requirements of Section 2.03 of the Base Indenture, the
Trustee shall authenticate Notes for original issuance in an aggregate principal
amount of $500,000,000.

       2.3    FORM OF NOTES.  The Notes and the Trustee's Certificate of
Authentication to be endorsed on the Notes are to be substantially in the form
attached as EXHIBIT A to this Supplemental Indenture (the "GLOBAL NOTE").

       2.4    MATURITY DATE.  The entire outstanding principal of the Notes
shall be payable on Maturity Date set forth on the face of the Global Note to
Holders as of the Regular Record Date immediately preceding the Maturity Date.

       2.5    INTEREST.  The rate of interest on the Notes for each Interest
Accrual Period after the first shall be Three-month LIBOR, plus the Spread set
forth on the face of the Global Note, determined by the Trustee as set forth in
the Global Note.  Interest shall accrue from the Original Issue Date set forth
on the face of the Global Note, and the interest rate for the first Interest
Accrual Period shall be as set forth in the Global Note.  Interest is payable on
each Interest

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Payment Date to Holders as of  each Regular Record Date, determined as set forth
in the Global Note.  Interest shall be computed on the basis of a 360-day year
and the actual number of days elapsed in the applicable Interest Accrual Period.
Upon each determination of Three-month LIBOR, the Trustee shall forthwith notify
the Company of such determination.  The Trustee may appoint an agent to
determine Three-month LIBOR.

       2.6    RECORD DATE.  Payments of interest and principal shall be made to
Holders on each Regular Record Date, determined as set forth in the Global Note.

       2.7    PAYING AGENT.  The Trustee shall be the Registrar and the Paying
Agent with respect to the Notes.  Payments in respect of the Notes represented
by Global Securities (including principal and interest) shall be made in
immediately available funds as provided in the Global Note.

       2.8    REGISTERED SECURITIES.  The Notes shall be issuable only as
Registered Securities (without coupons) and as permanent Global Securities.  The
Notes shall not be issuable in definitive form (other than in the name of the
Depositary's nominee) except under the circumstances described in Section 2.15
of the Base Indenture.  The Trustee shall act as transfer agent for the Notes.

       2.9    DEPOSITARY. The Depositary for Notes in global form shall be The
Depository Trust Company.  Beneficial interests in such Notes shall be held
through the Depositary.

       2.10   DENOMINATION.  The Notes shall be issued in denominations of
$1,000 and any integral multiple thereof.  The Notes may be transferred or
exchanged only in minimum denominations of $1,000 and integral multiples of
$1,000 in excess thereof; and any attempted transfer, sale or other disposition
of Notes in a denomination of less than $1,000 shall be deemed to be void and of
no legal effect whatsoever.

       2.11   CURRENCY. Payments of the principal and interest on the Notes
shall be made in U.S. Dollars, and the Notes shall be denominated in U.S.
Dollars.

       2.12   REDEMPTION.  The Company shall have no option to redeem the Notes
prior to their maturity, nor shall they be repayable before the Maturity Date at
the option of any Holder.

       2.13   SINKING FUND.  The Notes shall not have the benefit of any sinking
fund.

       2.14   CONVERSION.  The Notes shall not be convertible or exchangeable
into any other class or series of securities.

       2.15   DEFEASANCE.  The Company shall not be entitled to defease payments
under the Notes.

       2.16.  PRIORITY.  The Notes are senior unsecured obligations of the
Company and rank equally in right of payment with any other senior unsecured and
unsubordinated indebtedness that the Company may issue from time to time.  The
Notes will rank senior to any subordinated

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indebtedness that the Company may issue from time to time.

                                     ARTICLE 3

                                  TRUSTEE PAYMENTS

       3.1.   ESTABLISHMENT OF ACCOUNT; INVESTMENTS.  The Company hereby directs
and authorizes the Trustee to establish and maintain a debt service account to
be entitled the "USA Education, Inc. 2000-A Debt Service Account." All or a
portion of amounts paid to the Trustee by the Company pursuant to Section 2.05
of the Base Indenture shall be deposited in the USA Education, Inc. 2000-A Debt
Service Account established for such purpose and shall be invested and
reinvested by the Trustee pursuant to written directions from the Company, which
direction may be in the form of a standing direction.  Such investments may be
in one or more Eligible Instruments or Eligible Investments (defined below).
Notwithstanding the foregoing, no investment of any such amount may mature later
than the business day preceding the applicable payment date (or, in the case of
an investment in an obligation of the Trustee, no later than the applicable
payment date) and no such investment shall be sold prior to its maturity date.
On each payment date the Trustee shall withdraw any net reinvestment income and
return such amount to the Company.  The Trustee shall have no obligation to
invest and reinvest any cash held in the USA Education Inc. 2000-A Debt Service
Account in the absence of timely and specific written investment direction from
the Company.  In no event shall the Trustee be liable for the selection of
investments or for investment losses incurred thereon.  The Trustee shall have
no liability in respect of losses incurred as a result of the liquidation of any
investment prior to its stated maturity or the failure of the Company to provide
timely written investment direction.

       "Eligible Investments" means book-entry securities, negotiable
instruments or securities represented by instruments in bearer or registered
form, with respect to which the Trustee has taken delivery, which evidence:
(a) direct obligations of, and obligations fully guaranteed as to the full
and timely payment by, the United States of America; (b) demand deposits,
time deposits or certificates of deposit of any depository institution or
trust company incorporated under the laws of the United States of America or
any State thereof and subject to supervision and examination by Federal or
State banking or depository institution authorities, provided that at the
time of the investment or contractual commitment to invest therein, the
commercial paper or other short-term unsecured debt obligations (other than
such obligations the rating of which is based on the credit of a Person other
than such depository institution or trust company) thereof shall be rated
"A-1+" by Standard & Poor's Ratings Services  ("S&P") and "P-1" by Moody's
Investors Service, Inc. ("MOODY'S"); (c) commercial paper that, at the time
of the investment or contractual commitment to invest therein, is rated "A-1"
by S&P and "P-1" by Moody's; (d) bankers' acceptances issued by any
depository institution or trust company referred to in (b) above; (e)
repurchase obligations with respect to any security pursuant to a written
agreement that is a direct obligation of, or fully guaranteed as to the full
and timely payment by, the United States of America or any agency or
instrumentality thereof, the obligations of which are backed by the full
faith and credit of the United States of America, in either case entered into
with (i) a depository institution or trust company the deposits of which are
insured by the Federal Deposit Insurance Corporation and whose commercial
paper or other short-term unsecured debt

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obligations are rated "A-1+" by S&P and "Aaa" by Moody's; and (f) money
market mutual funds registered under the Investment Company Act having a
rating, at the time of such investment from each of S&P and Moody's in the
highest investment category granted thereby.  Any Eligible Investments may be
purchased by or through the Trustee or any of its Affiliates and shall
include such securities issued by the Trustee or its Affiliates.

                                     ARTICLE 4

                                   MISCELLANEOUS

       4.1    TERMS.  The foregoing form and terms of the Notes have been
established in conformity with the provisions of the Base Indenture.

       4.2    RATIFICATION OF BASE INDENTURE; SUPPLEMENTAL INDENTURE CONTROLS.
The Base Indenture, as supplemented by this Supplemental Indenture, is in all
respects ratified and confirmed, and this Supplemental Indenture shall be deemed
part of the Base Indenture in the manner and to the extent herein and therein
provided.  The provisions of this Supplemental Indenture (including the Global
Note) shall supersede the provisions of the Base Indenture to the extent the
Base Indenture is inconsistent herewith.

       4.3    TRUSTEE NOT RESPONSIBLE FOR RECITALS.  The recitals in this
Supplemental Indenture are made by the Company and not by the Trustee, and the
Trustee assumes no responsibility for the correctness thereof.  The Trustee
makes no representation as to the validity or sufficiency of this Supplemental
Indenture.

       4.4    GOVERNING LAW.  THIS SUPPLEMENTAL INDENTURE AND EACH NOTE SHALL BE
DEEMED TO BE A CONTRACT MADE UNDER THE INTERNAL LAWS OF THE STATE OF NEW YORK,
AND FOR ALL PURPOSES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
LAWS OF SAID STATE, WITHOUT REGARD TO CONFLICTS OF LAW PRINCIPLES THEREOF.

       4.5    SEPARABILITY.  In case any one or more of the provisions contained
in this Supplemental Indenture or in the Notes shall for any reason be held to
be invalid, illegal or unenforceable in any respect, such invalidity, illegality
or unenforceability shall not affect any other provisions of this Supplemental
Indenture or of the Notes, but this Supplemental Indenture and the Notes shall
be construed as if such invalid or illegal or unenforceable provision had never
been contained herein or therein.

       4.6    COUNTERPARTS.  This Supplemental Indenture may be executed in any
number of counterparts each of which shall be an original; but such counterparts
shall together constitute but one and the same instrument.

                    [remainder of page left blank intentionally]

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          IN WITNESS WHEREOF, the parties hereto have caused this
Supplemental Indenture to be duly executed as of the day and year set forth
above.

                         USA EDUCATION, INC.

                         By:  /s/ John F. Remondi
                              -------------------
                         Name:  John F. Remondi
                         Title: Senior Vice President & Treasurer

                         THE CHASE MANHATTAN BANK, not in its
                         individual capacity, but solely as Trustee
                         By:  /s/ Patricia M.F. Russo
                              -----------------------
                         Name:  Patricia M.F. Russo
                         Title: Vice President

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                                                                       EXHIBIT A

                               [FORM OF GLOBAL NOTE]

                                         -A-<PAGE>

EXCEPT AS OTHERWISE PROVED IN SECTION 2.15 OF THE BASE INDENTURE, THIS NOTE MAY
BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
DEPOSITARY OR TO A SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

REGISTERED

No. R-1                                                       $400,000,000.00

                                                              CUSIP 90390U AA 0

                                 USA EDUCATION, INC.

                         SENIOR NOTE DUE SEPTEMBER 16, 2002
                                  (FLOATING RATE)

Original Issue Date:  October 3, 2000       LIBOR Determination Date:  Second
                                            LIBOR Business Day prior to
                                            Interest Accrual Period

Maturity Date:  September 16, 2002          Interest Payment Dates: *

Interest Rate Basis:  LIBOR (Telerate)      Interest Accrual Period: **

Index Maturity:  Three Months               Maximum Interest Rate:  Maximum
                                            permitted by law

Spread:  +0.22%                             Redeemable On and After:  N/A

Initial Interest Rate:  7.03125%            Optional Repayment Date(s):  N/A

*      March 16, June 16, September 16 and December 16 of each year, except that
the first Interest Payment Date is January 3, 2001, and the Maturity Date.
**     From previous Interest Payment Date (or Original Issue Date, in the case
of the first Interest Accrual Period) through the calendar day before current
Interest Payment Date.

<PAGE>

              USA EDUCATION, INC., a Delaware corporation (the "Company"), for
value received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal amount stated above on the Maturity Date shown above and interest on
the principal amount stated above at the rate PER ANNUM equal to the Initial
Interest Rate shown above on the first Interest Payment Date shown above and
thereafter at a rate determined in accordance with the provisions on the reverse
hereof, until the principal hereof is fully paid or duly made available for
payment.  The Company will pay interest on each Interest Payment Date and on the
Maturity Date, PROVIDED if any Interest Payment Date, other than the Maturity
Date, would otherwise be a day that is not a Business Day, such Interest Payment
Date will be postponed until the next calendar day that is a Business Day.  If
the Maturity Date is a day that is not a Business Day, principal and interest
will be paid on the next succeeding Business Day, with the same force and effect
as if made on the Maturity Date, and no interest on such payment shall accrue
from or after the Maturity Date.  "Business Day" means any day other than a
Saturday, Sunday or Legal Holiday in New York City.  The "Regular Record Date"
for each payment is the date one calendar day immediately preceding such
Interest Payment Date or Maturity Date.

              The interest so payable, and punctually paid or duly provided for,
on the Interest Payment Dates referred to above, will, as provided in the
Indenture, be paid to the Person in whose name this Note is registered at the
close of business on the Regular Record Date for such interest, PROVIDED that
interest payable on the Maturity Date will be paid to the Person to whom the
principal of this Note is payable.  Any such interest which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date shall
forthwith cease to be payable to the Holder on such Regular Record Date, and may
be paid to the Person in whose name this Note is registered at the close of
business on a special record date for the payment of such defaulted interest to
be fixed by the Trustee, notice whereof shall be given to the Holder of this
Note not less than ten days prior to such special record date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
The Company shall pay interest at the applicable interest rate (calculated
quarterly on each LIBOR Determination Date) on overdue principal and, to the
extent permitted by law, on overdue interest.

              Payments of principal and interest will be made at the office or
agency of the Trustee maintained for that purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America
as at the time of payment is legal tender for the payment of public and private
debt, by check mailed to the address of the Person entitled thereto as such
address shall appear in the register for this Note, PROVIDED that so long as
this Note is represented by a Global Security, each payment shall be made by
wire transfer of immediately available funds, if the registered holder has
provided the Trustee appropriate instructions for such payment.

              The principal hereof and interest due at maturity will be paid
upon maturity by wire transfer of immediately available funds against
presentation of this Note at the office or agency of the Trustee maintained for
that purpose in the Borough of Manhattan, The City of New York.

                                         -2-
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              REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.

              This Note shall be governed by and construed in accordance with
the law of the State of New York.

              Unless the certificate of authentication hereon has been executed
by The Chase Manhattan Bank, the Trustee under the Indenture, or its successor
thereunder by the manual signature of one of its authorized signatories, this
Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                         -3-
<PAGE>

              IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed.

Dated:  October 3, 2000

                                   USA EDUCATION, INC.

                                   By: /s/ Thomas J. Fitzpatrick
                                      ----------------------------------------
                                      Name:  Thomas J. Fitzpatrick
                                      Title: President and Chief Marketing and
                                             and Administrative Officer

                                   By: /s/ John F. Remondi
                                      ----------------------------------------
                                      Name:  John F. Remondi
                                      Title: Senior Vice President & Treasurer

                            CERTIFICATE OF AUTHENTICATION

       This is one of the Notes referred to in the within-mentioned Indenture.

                                   THE CHASE MANHATTAN BANK, as Trustee

                                   By:  /s/ Patricia M.F. Russo
                                      ----------------------------------------
                                        Authorized Signature

                                         -4-
<PAGE>

                                 [Reverse of Note]

                                USA EDUCATION, INC.

                         SENIOR NOTE DUE SEPTEMBER 16, 2002

                                  (FLOATING RATE)

              This Note is one of a duly authorized issue of notes of the
Company issued under the Indenture, dated as of October 1, 2000 (the "Base
Indenture"), as supplemented by a First Supplemental Indenture, dated as of
October 3, 2000 (collectively, the "Indenture"), each between the Company and
The Chase Manhattan Bank, as trustee (the "Trustee," which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and limitations of rights thereunder of the Company, the Trustee and the
Holders of the Notes, and the terms upon which the Securities are, and are to
be, authenticated and delivered.  Capitalized terms used and not otherwise
defined in this Note have the meanings ascribed to them in the Indenture.

              This Note is designated as a Senior Note due September 16, 2002.
The Interest Accrual Period for each Interest Payment Date begins on each
Interest Payment Date and ends on the calendar day before the next Interest
Payment Date, PROVIDED that the first Interest Accrual Period begins on October
3, 2000 and ends on January 2, 2001, the calendar day before the first Interest
Payment Date.  The interest rate in effect during each Interest Accrual Period
after the first will be the interest rate determined on the LIBOR Determination
Date immediately preceding such Interest Accrual Period, PROVIDED that the
interest rate in effect for the first Interest Accrual Period will be the
Initial Interest Rate specified on the face hereof.  Interest shall be computed
on the basis of a 360-day year and the actual number of days elapsed in the
applicable Interest Accrual Period.  All percentages resulting from any
calculations will be carried to five decimal places (that is, to the one hundred
thousandths place), with five one-millionths being rounded upwards, if
necessary.  In addition, the interest rate hereon shall in no event be higher
than the maximum rate, if any, permitted by applicable law.

              Commencing with the first LIBOR Determination Date, and thereafter
on each succeeding LIBOR Determination Date, the rate at which interest on this
Note is payable shall be adjusted.  Each such adjusted rate shall be applicable
to the Interest Accrual Period to which it relates.

              Subject to applicable law and except as specified herein, the rate
of interest on this Note for each Interest Accrual Period after the first shall
be Three-month LIBOR, plus the Spread (as specified on the face hereof).

              Three-month LIBOR, for any Interest Accrual Period, is the London
interbank offered rate for deposits in U.S. dollars having a maturity of three
months, commencing on the first day of the Interest Accrual Period, which
appears on Telerate Page 3750 as of 11:00 a.m. London time, on the related LIBOR
Determination Date.  If this rate does not appear on Telerate Page 3750, the
rate for that day will be determined on the basis of the rates at which deposits
in

                                         -5-
<PAGE>

U.S. dollars, having the applicable maturity and in a principal amount of not
less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time,
on that LIBOR Determination Date, to prime banks in the London interbank market
by the Reference Banks.  The Trustee will request the principal London office of
each Reference Bank to provide a quotation of its rate.  If the Reference Banks
provide at least two quotations, the rate for that day will be the arithmetic
mean of the quotations.  If the Reference Banks provide fewer than two
quotations, the rate for that day will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the Trustee, at
approximately 11:00 a.m. New York time, on that LIBOR Determination Date, for
loans in U.S. dollars to leading European banks having the applicable maturity
and in a principal amount of not less than U.S. $1,000,000.  If the banks
selected as described above are not providing quotations, Three-month LIBOR in
effect for the applicable Interest Accrual Period will be Three-month LIBOR as
most recently quoted on Telerate Page 3750.

              "LIBOR Business Day" means any day on which banks in New York City
and the City of London are open for the transaction of international business.

              "LIBOR Determination Date" means, for each Interest Accrual
Period, the second LIBOR Business Day before the beginning of that Interest
Accrual Period.

              "Reference Banks" means four major banks in the London interbank
market selected by the Trustee.

              "Telerate Page 3750" means the display page so designated on the
Dow Jones Telerate Service or any other page that may replace that page on that
service for the purpose of displaying comparable rates or prices.

              The Trustee shall calculate the interest rate hereon in accordance
with the foregoing and will confirm in writing such calculation to the Company
and the Paying Agent (if other than the Trustee) immediately after each
determination.  All determinations made by the Trustee shall be, in the absence
of manifest error, conclusive for all purposes and binding on the Company and
Holders of the Notes.  At the request of the Holder hereof, the Trustee will
provide to the Holder hereof the interest rate hereon then in effect and, if
determined, the interest rate which will become effective as of the next
Interest Accrual Period.

              If an Event of Default with respect to the Notes shall occur and
be continuing, the Trustee, by notice to the Company, or the Holders of at least
25% in principal amount of all of the outstanding Notes, by notice to the
Company and the Trustee, may declare the principal of all the Notes due and
payable in the manner and with the effect provided in the Indenture.

              The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes at any
time by the Company and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Notes at the time outstanding.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Notes at the time outstanding,
on behalf of the Holders of all Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain

                                         -6-
<PAGE>

past defaults under the Indenture and their consequences.  Any such consent or
waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

              Holders of Notes may not enforce their rights pursuant to the
Indenture or the Notes except as provided in the Indenture.  No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and interest on this Note at the time, place, and rate, and
in the coin or currency, herein prescribed.

              As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Note
register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and this Note duly executed by,
the Holder hereof or by his attorney duly authorized in writing and thereupon
one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

              The Notes are issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.  As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different authorized denomination as requested by
the Holder surrendering the same.

              No service charge will be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

              Prior to the due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

                                         -7-
<PAGE>

                                    ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM       -      as tenants in common

TEN ENT       -      as tenants by the entireties

JT TEN        -      as joint tenants with right of survivorship and not as
                     tenants in common

UNIF GIFT MIN ACT - ________________________ Custodian ________________________
                            (Cust)                             (Minor)

                                 Under Uniform Gifts to Minors Act

                            ___________________________________________

                            ____________________(State)

Additional abbreviations may also be used though not in the above list.

                            ___________________________

                                     ASSIGNMENT

                         FOR VALUE RECEIVED, the undersigned
                    hereby sell(s), assign(s) and transfer(s) unto

_______________________________________________________________________________
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

_______________________________________________________________________________

_______________________________________________________________________________
PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

_______________________________________________________________________________
the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

______________________________________________________________________ Attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:  __________________________        ________________________________

_____________________________________
       (Signature Guarantee)

                                         -8-
<PAGE>

EXCEPT AS OTHERWISE PROVED IN SECTION 2.15 OF THE BASE INDENTURE, THIS NOTE MAY
BE TRANSFERRED IN WHOLE, BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE
DEPOSITARY OR TO A SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER
STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT IS MADE TO CEDE &
CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.

REGISTERED

No. R-2                                                       $100,000,000.00

                                                              CUSIP 90390U AA 0

                                USA EDUCATION, INC.

                         SENIOR NOTE DUE SEPTEMBER 16, 2002
                                  (FLOATING RATE)

Original Issue Date:  October 3, 2000       LIBOR Determination Date:  Second
                                            LIBOR Business Day prior to
                                            Interest Accrual Period

Maturity Date:  September 16, 2002          Interest Payment Dates: *

Interest Rate Basis:  LIBOR (Telerate)      Interest Accrual Period: **

Index Maturity:  Three Months               Maximum Interest Rate:  Maximum
                                            permitted by law

Spread:  +0.22%                             Redeemable On and After:  N/A

Initial Interest Rate:  7.03125%            Optional Repayment Date(s):  N/A

*      March 16, June 16, September 16 and December 16 of each year, except that
the first Interest Payment Date is January 3, 2001, and the Maturity Date.
**     From previous Interest Payment Date (or Original Issue Date, in the case
of the first Interest Accrual Period) through the calendar day before current
Interest Payment Date.

<PAGE>

              USA EDUCATION, INC., a Delaware corporation (the "Company"), for
value received, hereby promises to pay to CEDE & CO., or registered assigns, the
principal amount stated above on the Maturity Date shown above and interest on
the principal amount stated above at the rate PER ANNUM equal to the Initial
Interest Rate shown above on the first Interest Payment Date shown above and
thereafter at a rate determined in accordance with the provisions on the reverse
hereof, until the principal hereof is fully paid or duly made available for
payment.  The Company will pay interest on each Interest Payment Date and on the
Maturity Date, PROVIDED if any Interest Payment Date, other than the Maturity
Date, would otherwise be a day that is not a Business Day, such Interest Payment
Date will be postponed until the next calendar day that is a Business Day.  If
the Maturity Date is a day that is not a Business Day, principal and interest
will be paid on the next succeeding Business Day, with the same force and effect
as if made on the Maturity Date, and no interest on such payment shall accrue
from or after the Maturity Date.  "Business Day" means any day other than a
Saturday, Sunday or Legal Holiday in New York City.  The "Regular Record Date"
for each payment is the date one calendar day immediately preceding such
Interest Payment Date or Maturity Date.

              The interest so payable, and punctually paid or duly provided for,
on the Interest Payment Dates referred to above, will, as provided in the
Indenture, be paid to the Person in whose name this Note is registered at the
close of business on the Regular Record Date for such interest, PROVIDED that
interest payable on the Maturity Date will be paid to the Person to whom the
principal of this Note is payable.  Any such interest which is payable, but is
not punctually paid or duly provided for, on any Interest Payment Date shall
forthwith cease to be payable to the Holder on such Regular Record Date, and may
be paid to the Person in whose name this Note is registered at the close of
business on a special record date for the payment of such defaulted interest to
be fixed by the Trustee, notice whereof shall be given to the Holder of this
Note not less than ten days prior to such special record date, or may be paid at
any time in any other lawful manner not inconsistent with the requirements of
any securities exchange on which the Notes may be listed and upon such notice as
may be required by such exchange, all as more fully provided in the Indenture.
The Company shall pay interest at the applicable interest rate (calculated
quarterly on each LIBOR Determination Date) on overdue principal and, to the
extent permitted by law, on overdue interest.

              Payments of principal and interest will be made at the office or
agency of the Trustee maintained for that purpose in the Borough of Manhattan,
The City of New York, in such coin or currency of the United States of America
as at the time of payment is legal tender for the payment of public and private
debt, by check mailed to the address of the Person entitled thereto as such
address shall appear in the register for this Note, PROVIDED that so long as
this Note is represented by a Global Security, each payment shall be made by
wire transfer of immediately available funds, if the registered holder has
provided the Trustee appropriate instructions for such payment.

              The principal hereof and interest due at maturity will be paid
upon maturity by wire transfer of immediately available funds against
presentation of this Note at the office or agency of the Trustee maintained for
that purpose in the Borough of Manhattan, The City of New York.

                                         -2-
<PAGE>

              REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE
SET FORTH ON THE REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS IF SET FORTH ON THE FACE HEREOF.

              This Note shall be governed by and construed in accordance with
the law of the State of New York.

              Unless the certificate of authentication hereon has been executed
by The Chase Manhattan Bank, the Trustee under the Indenture, or its successor
thereunder by the manual signature of one of its authorized signatories, this
Note shall not be entitled to any benefit under the Indenture or be valid or
obligatory for any purpose.

                                         -3-
<PAGE>

              IN WITNESS WHEREOF, the Company has caused this instrument to be
duly executed.

Dated:  October 3, 2000

                                   USA EDUCATION, INC.

                                   By: /s/ Thomas J. Fitzpatrick
                                      -----------------------------------------
                                      Name:   Thomas J. Fitzpatrick
                                      Title:  President and Chief Marketing and
                                              Administrative Officer

                                   By: /s/ John F. Remondi
                                      -----------------------------------------
                                      Name:   John F. Remondi
                                      Title:  Senior Vice President & Treasurer

                            CERTIFICATE OF AUTHENTICATION

       This is one of the Notes referred to in the within-mentioned Indenture.

                                   THE CHASE MANHATTAN BANK, as Trustee

                                   By: /s/ Patricia M.F. Russo
                                      -----------------------------------------
                                      Authorized Signature

                                         -4-
<PAGE>

                                 [Reverse of Note]

                                USA EDUCATION, INC.

                         SENIOR NOTE DUE SEPTEMBER 16, 2002

                                  (FLOATING RATE)

              This Note is one of a duly authorized issue of notes of the
Company issued under the Indenture, dated as of October 1, 2000 (the "Base
Indenture"), as supplemented by a First Supplemental Indenture, dated as of
October 3, 2000 (collectively, the "Indenture"), each between the Company and
The Chase Manhattan Bank, as trustee (the "Trustee," which term includes any
successor trustee under the Indenture), to which Indenture and all indentures
supplemental thereto reference is hereby made for a statement of the respective
rights and limitations of rights thereunder of the Company, the Trustee and the
Holders of the Notes, and the terms upon which the Securities are, and are to
be, authenticated and delivered.  Capitalized terms used and not otherwise
defined in this Note have the meanings ascribed to them in the Indenture.

              This Note is designated as a Senior Note due September 16, 2002.
The Interest Accrual Period for each Interest Payment Date begins on each
Interest Payment Date and ends on the calendar day before the next Interest
Payment Date, PROVIDED that the first Interest Accrual Period begins on October
3, 2000 and ends on January 2, 2001, the calendar day before the first Interest
Payment Date.  The interest rate in effect during each Interest Accrual Period
after the first will be the interest rate determined on the LIBOR Determination
Date immediately preceding such Interest Accrual Period, PROVIDED that the
interest rate in effect for the first Interest Accrual Period will be the
Initial Interest Rate specified on the face hereof.  Interest shall be computed
on the basis of a 360-day year and the actual number of days elapsed in the
applicable Interest Accrual Period.  All percentages resulting from any
calculations will be carried to five decimal places (that is, to the one hundred
thousandths place), with five one-millionths being rounded upwards, if
necessary.  In addition, the interest rate hereon shall in no event be higher
than the maximum rate, if any, permitted by applicable law.

              Commencing with the first LIBOR Determination Date, and thereafter
on each succeeding LIBOR Determination Date, the rate at which interest on this
Note is payable shall be adjusted.  Each such adjusted rate shall be applicable
to the Interest Accrual Period to which it relates.

              Subject to applicable law and except as specified herein, the rate
of interest on this Note for each Interest Accrual Period after the first shall
be Three-month LIBOR, plus the Spread (as specified on the face hereof).

              Three-month LIBOR, for any Interest Accrual Period, is the London
interbank offered rate for deposits in U.S. dollars having a maturity of three
months, commencing on the first day of the Interest Accrual Period, which
appears on Telerate Page 3750 as of 11:00 a.m. London time, on the related LIBOR
Determination Date.  If this rate does not appear on Telerate Page 3750, the
rate for that day will be determined on the basis of the rates at which deposits
in

                                         -5-
<PAGE>

U.S. dollars, having the applicable maturity and in a principal amount of not
less than U.S. $1,000,000, are offered at approximately 11:00 a.m., London time,
on that LIBOR Determination Date, to prime banks in the London interbank market
by the Reference Banks.  The Trustee will request the principal London office of
each Reference Bank to provide a quotation of its rate.  If the Reference Banks
provide at least two quotations, the rate for that day will be the arithmetic
mean of the quotations.  If the Reference Banks provide fewer than two
quotations, the rate for that day will be the arithmetic mean of the rates
quoted by major banks in New York City, selected by the Trustee, at
approximately 11:00 a.m. New York time, on that LIBOR Determination Date, for
loans in U.S. dollars to leading European banks having the applicable maturity
and in a principal amount of not less than U.S. $1,000,000.  If the banks
selected as described above are not providing quotations, Three-month LIBOR in
effect for the applicable Interest Accrual Period will be Three-month LIBOR as
most recently quoted on Telerate Page 3750.

              "LIBOR Business Day" means any day on which banks in New York City
and the City of London are open for the transaction of international business.

              "LIBOR Determination Date" means, for each Interest Accrual
Period, the second LIBOR Business Day before the beginning of that Interest
Accrual Period.

              "Reference Banks" means four major banks in the London interbank
market selected by the Trustee.

              "Telerate Page 3750" means the display page so designated on the
Dow Jones Telerate Service or any other page that may replace that page on that
service for the purpose of displaying comparable rates or prices.

              The Trustee shall calculate the interest rate hereon in accordance
with the foregoing and will confirm in writing such calculation to the Company
and the Paying Agent (if other than the Trustee) immediately after each
determination.  All determinations made by the Trustee shall be, in the absence
of manifest error, conclusive for all purposes and binding on the Company and
Holders of the Notes.  At the request of the Holder hereof, the Trustee will
provide to the Holder hereof the interest rate hereon then in effect and, if
determined, the interest rate which will become effective as of the next
Interest Accrual Period.

              If an Event of Default with respect to the Notes shall occur and
be continuing, the Trustee, by notice to the Company, or the Holders of at least
25% in principal amount of all of the outstanding Notes, by notice to the
Company and the Trustee, may declare the principal of all the Notes due and
payable in the manner and with the effect provided in the Indenture.

              The Indenture permits, with certain exceptions as therein
provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes at any
time by the Company and the Trustee with the consent of the Holders of a
majority in aggregate principal amount of the Notes at the time outstanding.
The Indenture also contains provisions permitting the Holders of specified
percentages in aggregate principal amount of the Notes at the time outstanding,
on behalf of the Holders of all Notes, to waive compliance by the Company with
certain provisions of the Indenture and certain

                                         -6-

<PAGE>

past defaults under the Indenture and their consequences.  Any such consent or
waiver by the Holder of this Note shall be conclusive and binding upon such
Holder and upon future Holders of this Note and of any Note issued upon the
registration of transfer hereof or in exchange therefor or in lieu hereof
whether or not notation of such consent or waiver is made upon this Note.

              Holders of Notes may not enforce their rights pursuant to the
Indenture or the Notes except as provided in the Indenture.  No reference herein
to the Indenture and no provision of this Note or the Indenture shall alter or
impair the obligation of the Company, which is absolute and unconditional, to
pay the principal of and interest on this Note at the time, place, and rate, and
in the coin or currency, herein prescribed.

              As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Note may be registered on the Note
register of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company in the Borough of Manhattan, The
City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in form satisfactory to the Company, and this Note duly executed by,
the Holder hereof or by his attorney duly authorized in writing and thereupon
one or more new Notes, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

              The Notes are issuable only in registered form without coupons in
denominations of $1,000 or any amount in excess thereof which is an integral
multiple of $1,000.  As provided in the Indenture and subject to certain
limitations therein set forth, this Note is exchangeable for a like aggregate
principal amount of Notes of different authorized denomination as requested by
the Holder surrendering the same.

              No service charge will be made for any such registration of
transfer or exchange, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.

              Prior to the due presentment of this Note for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee
may treat the Person in whose name this Note is registered as the owner hereof
for all purposes, whether or not this Note be overdue, and neither the Company,
the Trustee nor any such agent shall be affected by notice to the contrary.

                                         -7-

<PAGE>

                                    ABBREVIATIONS

The following abbreviations, when used in the inscription on the face of this
instrument, shall be construed as though they were written out in full according
to applicable laws or regulations:

TEN COM       -      as tenants in common

TEN ENT       -      as tenants by the entireties

JT TEN        -      as joint tenants with right of survivorship and not as
                     tenants in common

UNIF GIFT MIN ACT - ________________________ Custodian ________________________
                            (Cust)                             (Minor)

                                Under Uniform Gifts to Minors Act

                            __________________________________________

                            _____________________(State)

Additional abbreviations may also be used though not in the above list.

                            ___________________________

                                     ASSIGNMENT

                         FOR VALUE RECEIVED, the undersigned
                    hereby sell(s), assign(s) and transfer(s) unto

_______________________________________________________________________________
PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

_______________________________________________________________________________

_______________________________________________________________________________

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

_______________________________________________________________________________

the within Note and all rights thereunder, hereby irrevocably constituting and
appointing

______________________________________________________________________ Attorney
to transfer said Note on the books of the Company, with full power of
substitution in the premises.

Dated:  __________________________        ________________________________

______________________________________
       (Signature Guarantee)

                                         -8-

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