Document:

Federal FFEL Servicing Agreement

 Exhibit 10.6 
  

 Federal FFEL 
 Servicing Agreement 
 Goal Capital Funding Trust 2007-1 
 June 7, 2007 
 ACS 
 One World Trade Center, Suite 2200, Long Beach, CA 90831, 310/513-2700 
 2277 East 220th Street, Long Beach, CA 90810, 310/513-2700

 2505 South Finley Road, Lombard, IL 60148, 630/620-2700 
 501 Bleecker Street, Utica, NY 13501, 315/738-2300 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

 TABLE OF CONTENTS 
  

					
	Section	  	Page
	 1.
	  	ACS Obligations	  	1
	 2.
	  	LENDER Obligations	  	4
	 3.
	  	Banking	  	4
	 4.
	  	Charges	  	5
	 5.
	  	Term and Termination	  	6
	 6.
	  	Examination of Records	  	7
	 7.
	  	Exclusion of Warranties and Limitations of ACS’s Liability	  	7
	 8.
	  	Indemnification	  	10
	 9.
	  	Contingency Plan	  	11
	 10.
	  	Financial and Administrative Responsibility	  	11
	 11.
	  	Audits	  	11
	 12.
	  	Waiver of Jury Trial	  	12
	 13.
	  	Privacy	  	12
	 14.
	  	Miscellaneous	  	14
	 15.
	  	ACS Representations and Warranties	  	17
	 16.
	  	Compliance With Lender Bond Documents	  	18
	 17.
	  	Incorporation of Exhibits	  	19

  

			
	 Exhibit
	  	 
	 EXHIBIT A
	  	POST-ORIGINATION SERVICES
	 EXHIBIT B
	  	[Reserved]
	 EXHIBIT C
	  	SERVICING FEES
	 EXHIBIT D
	  	NOTE EXAMINATION ELECTION
	 EXHIBIT E
	  	BLANKET CURE TERMS
	 EXHIBIT E-1
	  	CURE FEES
	 EXHIBIT F
	  	PLUS CREDIT REVIEW SERVICES TERMS
		
	 ANNEX I
	  	SERVICING AGREEMENT ANNEX

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

 THIS AGREEMENT is made and entered into as of June 7, 2007 (the “Closing Date”) by and between
ACS Education Services, Inc., f/k/a AFSA Data Corporation (“ACS”) and Goal Capital Funding Trust 2007-1, the beneficial owner (but not legal titleholder) of certain Student Loans (herein called the “LENDER”) at Long Beach,
California, with reference to the following facts: 
  

	A.	ACS has developed and is marketing a computerized origination, billing, record keeping, accounting, reporting and loan management service designated as the “Guaranteed
Student Loan Processing Service” (the “Service”). 

  

	B.	LENDER desires ACS to assist it in managing its Federal Stafford (SSL), Federal PLUS and Federal Consolidation loans through the use of the Service. 

Now, Therefore, ACS and LENDER hereby agree as follows: 
  

	1.	ACS Obligations. 

  

	 	A.	ACS shall service LENDER’s Federal Stafford (SSL), Federal PLUS and Federal Consolidation loan accounts as provided herein, and any similar student loan accounts as may
be mutually agreed upon (the “Accounts”). For the purposes of this Agreement, an “Account” shall mean one or more loans having the same holder, borrower (and student in the case of a Federal PLUS loan), loan program, Guarantor,
maturity date and repayment terms. Stafford loans, whether subsidized or unsubsidized, shall be considered to have been made under the same loan program. 

  

	 	B.	ACS shall perform all services and duties customary to the servicing of student loans in accordance with generally established procedures and industry standards and
practices, including specifically the services and duties specified in Exhibit A (Post-Origination Services) and Exhibit F (PLUS Credit Review Services Terms) attached to this Agreement. Such services and duties shall be performed with respect to
each Account until such Account is paid in full (whether by the borrower or through the payment of Guarantee benefits or otherwise) or deconverted from ACS’s servicing system in accordance with this Agreement, or this Agreement is otherwise
terminated in accordance with Section 5 below. 

  

	 	C.	 ACS shall perform its services and duties hereunder in material compliance with, and as required by, (i) the Higher Education Act, (ii) the
applicable Guarantor Regulations, (iii) the applicable Contract of Insurance or Guarantee; and (iv) any other laws and regulations governing the servicing of the Accounts, and the foregoing requirements shall determine the general scope of
services hereunder. For purposes of this Agreement, the “Higher Education Act” means Part B of Title IV of the Higher Education Act of 1965, as amended from time to time, and the rules and regulations of the U.S. Department of Education or
any successor thereto (the “Department”) promulgated thereunder, as amended from time to time, and “Guarantor Regulations” means any manual of policies and procedures to be followed under the guarantee program operated by
applicable guarantor of 

  

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the loans involved (the “Guarantor”), as well as all supplements, amendments, bulletins and updates, and all other written or unwritten policies,
procedures, rules and regulations promulgated or adopted, formally or informally, by such Guarantor relating to its guarantee program or the administration, interpretations, claims review or enforcement policies, procedures and practices thereunder,
as the same are reasonably interpreted and understood by ACS from time to time. 

  

	 	 D.
	 Within a reasonable period after delivery of the loan files to ACS (generally within 30 days unless otherwise
expressly agreed), ACS shall (i) establish and maintain records received by ACS with respect to each Account and complete records of ACS’s servicing of the Account from the date such servicing commenced, (ii) maintain possession of
original promissory notes, loan applications and other required supplements or the authoritative copy of the electronic record of each such original promissory note or other document that it receives from LENDER, stored in a fire-rated, secure vault
facility located at 2277 E. 220th Street, Long Beach, California or 501 Bleecker Street, Utica, New York,
(iii) otherwise commence servicing the Accounts relating to such loan documents, and (iv) microfilm or otherwise reproduce the promissory notes, loan applications, and other required supplements and cause such reproductions to be stored at
Brambles Information Management Corporation or any equivalent facility. 

  

	 	E.	If requested in writing by LENDER, for any loans not originated by ACS, ACS shall make a Full Note Examination or an Abbreviated Note Examination of the original promissory
note and other loan documentation for each Account following receipt by ACS for servicing, as requested by LENDER on Exhibit D (Note Examination Election). Following such initial election, LENDER may from time to time with ACS’s consent, which
consent shall not be unreasonably withheld, select a different loan examination option for a particular set of loans or for all subsequent loans by making a new election with respect thereto or by other appropriate written notice to ACS.

  

	 	F.	 By undertaking the loan examination and other duties provided above, ACS assumes no responsibility for the origination, disbursement, documentation or prior
servicing of any loan (except to the extent that ACS performed or was obligated to perform any of these services), it being understood and agreed that the originator and/or prior servicer (if applicable) shall be responsible for all aspects of each
loan prior to the date on which ACS is required to commence servicing of such loan hereunder. ACS shall not be liable in the overall conduct of the loan examination for the entire portfolio being purchased by LENDER for failure, despite its
reasonable efforts, to detect any prior defect or note any exception during the loan examination process. In the event of any such defect or exception, LENDER shall exhaust all recourse and remedies against the original lender, prior servicer, or
other responsible parties before asserting any claim against ACS related thereto. The microfilm or other reproduction of each 

  

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borrower file made by ACS following delivery to ACS for servicing shall be prima facie evidence of the record of loan documentation received and reviewed by
ACS. 

  

	 	G.	If requested in writing by LENDER, ACS shall provide cure services for loans that are unguaranteed due to non-ACS errors, as provided in Exhibit E (Blanket Cure Terms).

  

	 	H.	If ACS reasonably determines that any Account has been rejected by a Guarantor and cannot or is not to be cured hereunder, LENDER is responsible for providing direction to
ACS upon ACS’s written request for the disposition of such Account, which shall remain on ACS’s servicing system pending such direction from LENDER. If LENDER instructs ACS to deconvert any Accounts, ACS shall promptly provide the
following deconversion services: 

  

	 	(1)	Any files related to Accounts to be returned to LENDER shall be assembled in substantially the manner in which they were received by ACS, including any pertinent documents or
information received or created by ACS during its servicing; 

  

	 	(2)	The files related to such Accounts shall be properly deposited in the U.S. Mail as certified or registered mail addressed to LENDER unless otherwise agreed by LENDER and ACS. ACS
shall not be liable for any losses, costs or damages incurred by LENDER if files are lost after being properly deposited in the U.S. Mail. If so instructed by LENDER at any time, ACS shall procure at LENDER’s expense such available insurance
coverage as LENDER may desire with respect to such shipments; 

  

	 	(3)	A transmittal shall be provided by ACS to LENDER listing each Account and certain other mutually-agreeable Account information; and 

  

	 	(4)	Each Account record shall be removed from the ACS servicing system. 

 The deconversion and file preparation and shipping fees specified in Exhibit C (Servicing Fees) shall apply to and shall be payable concurrently with any deconversion of rejected Accounts as provided above, as well as
any deconversion of Accounts following any expiration or termination of this Agreement, or any other removal of Accounts from this Agreement; provided, however, that no such fees shall be charged for any deconversion of Accounts upon termination of
this Agreement pursuant to Section 5.B. (upon ACS breach) or 5.C. or 5.D. (except for reimbursement of reasonable shipping charges as provided therein). 
  

	 	I.	 If any of the Accounts are guaranteed by a Guarantor which permits electronic interface or expedited or express claims filing or review processing (for
example, Texas Guaranteed Student Loan Corporation’s Claims Automated Processing 

  

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System (TGSLC’s CAPS) or Northwest Education Loan Association’s Express Claim Program (NELA’s ECP)), ACS may participate therein on
LENDER’s behalf. In such event, ACS is hereby authorized to enter into any participation agreement or similar documentation required by such Guarantor on LENDER’s behalf as its agent in order to participate therein.

  

	 	J.	ACS agrees, with respect to records in electronic form or with electronic signatures relating to the Pledged Education Loans (as defined below), to comply with all
regulations, standards and other requirements of the Department relating to the validity and enforceability of documents evidencing the Pledged Education Loans, including without limitation the U.S. Department of Education Standards for Electronic
Signatures in Electronic Student Loan Transactions, as revised or supplemented from time to time. 

  

	2.	LENDER Obligations. 

  

	 	A.	LENDER shall promptly transmit or cause to be transmitted to ACS any material written communications it receives at any time with respect to any borrower’s Account,
including but not limited to letters, notices of death or disability, adjudications of bankruptcy and like documents, and forms requesting deferment of repayment or loan cancellations. ACS will have no liability for reliance upon information that
would have been corrected by timely transmittal to it of any such written communication, and shall not bear any related servicing or other costs which reasonably could have been avoided thereby. 

  

	 	B.	LENDER shall examine all reports submitted to it by ACS promptly upon receipt and promptly notify ACS of any discovered errors. ACS shall not be responsible for damages or
losses caused by any error disclosed by a report to LENDER unless such error is brought to ACS’s attention within sixty (60) days after receipt by LENDER. This time restriction shall be extended for the Lender Reporting System (LaRS)
quarterly reports, for which the LENDER shall have 90 days to bring an error to the attention of ACS. 

  

	 	C.	LENDER shall be responsible for assuring that the form documents that have been used in the origination of the Accounts (other than such documents created independently by
ACS) are in compliance with all applicable federal, state and local laws and regulations, including without limitation any consumer loan laws or disclosure requirements applicable thereto, and shall defend, indemnify and hold ACS harmless from any
violation or non-compliance with any of the foregoing. 

  

	3.	Banking. 

 All borrower and other remittances shall
be deposited to an ACS account at a remittance banking/lock box facility at a bank selected by ACS which is reasonably acceptable to LENDER, with all earnings on such account being retained by ACS. Such remittances 

  

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shall be promptly processed and posted to borrower Accounts and the associated funds shall be transferred to LENDER by ACH or wire transfer on a mutually
acceptable schedule. 
  

	4.	Charges. 

  

	 	A.	LENDER shall pay ACS for services rendered in the prior month according to the schedule of fees in Exhibit C (Servicing Fees), within fifteen (15) days after receipt of
an invoice sent by ACS to LENDER. Payments become delinquent if not received by ACS within thirty (30) days from the invoice date, and thereafter shall incur a late charge of one and one-half percent (1-1/2%) per month until paid.

  

	 	B.	The fees specified in Exhibit C shall remain fixed until March 1, 2008. Unless otherwise expressly agreed, charges during each subsequent twelve (12) month period
of this Agreement may be increased over such fees charged during the previous twelve (12) month period by an amount equal to the greater of (i) the percentage increase in the U.S. Department of Labor’s Consumer Price Index for Urban
Wage Earners and Clerical Workers, U.S. City Average (1982-84=100) (the “CPI”) for the most recent twelve (12)-month period available at the time of each annual adjustment, or (ii) three percent (3%) per annum. (If at any
adjustment date the CPI is no longer published, then any replacement index specified by the Bureau of Labor Statistics or successor U.S. governmental agency shall be substituted therefor, with appropriate application of any necessary conversion
formula as may be specified by such agency, or if no such replacement index has been so specified, then a comparable cost-of-living index as may be mutually agreed between the parties shall be used.) 

  

	 	C.	ACS’s fees are subject to adjustment by ACS (i) in the event of any increase in telephone or postage rates, or (ii) as provided in Section 5.C below.

  

	 	D.	In addition to any other servicing fees or expense reimbursements to which ACS shall be entitled under this Agreement, LENDER agrees to reimburse ACS for (i) any sales
or use taxes or similar taxes now or hereafter imposed upon any goods or services provided by or activities of ACS hereunder, and (ii) any expenses which ACS incurs as a result of any additional work required due to any transfer of the
guarantee on serviced loans to a new or successor Guarantor, or any Guarantor error, or any testing, reconciliation or remediation project or other non-routine activity required by the particular needs of Guarantor or LENDER or resulting from third
party errors. 

  

	 	E.	 In the event of any good faith dispute by LENDER regarding any amount billed by ACS, LENDER may by written notice to ACS detailing the grounds for the
dispute withhold payment of such disputed amount for a reasonable period pending resolution of the dispute, but shall pay the undisputed portion billed when and as due. If the dispute has not been mutually resolved within sixty (60) days

  

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after the date initially due, LENDER shall deposit the withheld amount into an independent escrow reasonably satisfactory to ACS pending mutual agreement or
court decision regarding proper disposition of such funds. Failure of LENDER to pay the undisputed portion of a billing or to place any disputed amount in escrow as provided above shall constitute a default hereunder. 

 

	 	 F.
	 ACS shall have the right to offset any amounts due from ACS to LENDER against the servicing fees or other amounts
due ACS hereunder. 

  

	5.	Term and Termination. 

  

	 	A.	This Agreement is for a term beginning June 7, 2007, and ending on June 7, 2012; provided, however, that unless either party shall give the other written notice of
its intention not to renew this Agreement at least ninety (90) days prior to its scheduled expiration date, this Agreement shall automatically renew for successive twelve (12)-month periods thereafter, subject to any renegotiated terms which
may be mutually desired. 

  

	 	B.	Either party may terminate this Agreement before its expiration upon a material breach by the other party, if such breach has not been cured within ninety (90) days
after written notice of such material breach has been sent to the other party, which written notice shall specify in reasonable detail the alleged breach and reference this provision; provided, however, that the notice and cure period shall only be
thirty (30) days if the breach is the non-payment of ACS’s fees or other charges. 

  

	 	 C.
	 In the event of changes in the Higher Education Act, Guarantor Regulations, or other current or future law,
regulation or other requirement applicable to the serviced loans, including without limitation, any changes in any interpretation, claims review or enforcement policies, procedures or practices with respect thereto (and including, without
limitation, implementation or enforcement of third-party servicer regulations promulgated by the Department), which in ACS’s reasonable determination expose ACS to materially increased risk of liability to the Secretary of Education, LENDER or
any other party, impose materially increased duties or obligations upon ACS, cause ACS to incur materially additional expense, or materially restrict or derogate from ACS’s indemnification rights or liability limitations under this Agreement,
ACS shall have the right, at its option, to (i) terminate this Agreement upon 180 days’ prior written notice to LENDER, or (ii) propose to LENDER an amendment to this Agreement which in ACS’s reasonable judgment appropriately
addresses the increased risk, duties or obligations (which may include an adjustment to ACS’s fees and/or expense reimbursements), and if the parties are unable to agree upon such amendment within thirty (30) days after the same is
submitted to LENDER, ACS shall be entitled to terminate this Agreement upon 180 days’ prior written notice to LENDER. ACS shall not be entitled to charge any deconversion fees hereunder in connection with the deconversion of LENDER’s loans
from ACS’s system 

  

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following any termination by ACS under this Section 5.C, but ACS shall be entitled to receive reimbursement of its reasonable file preparation and
shipping costs. 

  

	 	D.	In the event that ACS announces or actually commences a wind-down of its servicing activities for the purpose of exiting the student loan servicing business, LENDER shall
have the right, at its option, to terminate this Agreement upon 90 days’ prior written notice to ACS. In such event ACS shall not be entitled to charge any deconversion fees hereunder in connection with the deconversion of LENDER’s loans
from ACS’s system following any termination by ACS under this Section 5.D, but ACS shall be entitled to receive reimbursement of its reasonable file preparation and shipping costs. 

  

	6.	Examination of Records. 

 LENDER or its agent shall have the right,
at reasonable hours and under reasonable circumstances on a mutually agreeable schedule, to examine all LENDER’s assigned student loan records and material serviced by ACS and related servicing processes that it deems necessary to determine
compliance with this Agreement. ACS shall submit to like examination by any governmental agency or authority having supervisory jurisdiction over LENDER or any affiliate of LENDER. 
 All rights, obligations and duties of ACS and LENDER under this Section 6 shall terminate one year after the termination of this Agreement. 
  

	7.	Exclusion of Warranties and Limitations of ACS’s Liability. 

  

	 	A.	ACS shall be entitled to reasonably rely upon any information or data supplied to it by LENDER, any party on LENDER’s behalf, or any third party normally relied upon by
servicers in the student loan industry, and shall have no liability for any error or loss caused by such information or data being incomplete or inaccurate. ACS shall not be responsible for reviewing and verifying the compliance of forms and
processes prescribed by the Secretary or Guarantor with applicable state and federal laws and regulations, and ACS shall be fully entitled to rely upon and use such materials and processes, unless notified to the contrary by LENDER, and shall have
no liability for any damages or loss resulting from such use absent such notice. 

  

	 	 B.
	 ACS shall use due care and diligence in performing its services in a timely manner consistent with the applicable
student loan program as reasonably interpreted and understood by ACS. ACS hereby excludes and disclaims any and all other warranties with respect to its services under this Agreement, and no employee, agent or representative of ACS has the authority
to bind ACS to any other oral or written representation or warranty. LENDER will review all processing output, reports and other information provided to it by ACS and will use due care and diligence to detect and notify ACS of any errors therein
which 

  

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LENDER discovers. Upon prompt notification to or discovery by ACS of any processing error or data inaccuracy, ACS shall re-perform any processing to the
extent practicable and necessary, without charge if ACS is at fault and otherwise at a rate equal, in ACS’s best and reasonable judgment, to the greater of its original charge for such processing or its direct and allocated indirect cost of
such reprocessing. ACS agrees to provide, at cost to LENDER if necessitated by the nature of the data submitted, such evidence as LENDER may reasonably require which will verify the complete and proper execution of the corrections.

  

	 	C.	ACS shall be entitled to cure at its own expense any error or omission in the performance of its duties under this Agreement by the reperformance of such duties to the extent
such reperformance will reasonably eliminate or mitigate any losses to LENDER caused by such error or omission. 

  

	 	D.	Notwithstanding the form in which any legal or equitable action may be brought, whether in contract, tort, negligence, strict liability or otherwise, ACS’s liability, if
any, arising out of or in any way related to any act or omission by ACS in connection with this Agreement or its services hereunder, including but not limited to errors due to ACS, its equipment, operators, programmers, or program, shall be limited
to direct losses of principal and interest on rejected claims resulting directly and primarily from ACS’s negligence or willful misconduct. In the event a loan is rejected by a Guarantor directly and primarily due to ACS’s negligence or
willful misconduct, and ACS is unable to cure the loan within twelve (12) months of the final reject date, ACS shall reimburse LENDER for all principal and accrued interest loss thereon (including such loss during the period of non-guarantee)
by the end of the thirteenth (13th) month following the final reject date, and the loan shall thereupon be assigned and transferred to ACS or its designee, and this shall be the sole and exclusive remedy of LENDER relating to such occurrences.

  

	 	E.	If applicable, and notwithstanding any other provision of this Agreement, ACS’s liability, if any, arising out of or in any way related to any act or omission by ACS in
connection with any loans which (i) entered repayment status prior to the date that ACS assumes servicing responsibility, or (ii) have previously been cured following non-ACS servicing error (i.e., rehab loans), shall be limited to general
money damages in an aggregate amount with respect to any Account not to exceed the amount paid for ACS’s services by LENDER with respect to such Account, and this shall be the sole and exclusive remedy of LENDER relating to such occurrences.

  

	 	F.	 ACS shall have no liability for its failure to comply with any law, rule, regulation or other requirement applicable to any of the serviced loans, including
without limitation any change in any interpretation, claim reviews or enforcement policies, procedures or practices with respect thereto, (i) which was not articulated in writing and actually made known to ACS or the student loan servicing
industry generally a reasonable period in advance of its implementation, (ii) which is 

  

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inconsistent with general industry practices or prior Guarantor conduct or requirements unless and until ACS shall have been notified thereof and had a
reasonable opportunity to comply with such new requirement and then only with respect to servicing performed after the date thereof (i.e., not on a retroactive basis with respect to servicing which has previously occurred based upon prior
requirements), or (iii) during any period in which the Department and/or any Guarantor shall have indicated that it will not enforce any such requirement, even if such requirement may legally be in effect. 

  

	 	G.	In no event, regardless of ACS’s ability to reperform or cure any error, shall ACS be liable under any circumstances, (i) for any incidental, indirect, special,
punitive or consequential damages, or (ii) for failure to provide services herein for reasons beyond its reasonable control, or (iii) for any violation of applicable law, regulation or other requirement under this Agreement, where
ACS’s action or inaction was not negligent as determined by reference to legally relevant factors (including without limitation general industry standards in effect at such time), or (iv) for any losses, liabilities or expenses directly or
indirectly arising in whole or in part from or relating to any Guarantor error, or (v) for any losses, liabilities or expenses directly or indirectly arising in whole or in part from or relating to any data transmission or electronic data
interchange (EDI) failure or error not primarily and directly due to ACS’s negligence, or (vi) for the uncollectibility or non-payment of any amounts payable on or with respect to Accounts serviced hereunder, or the failure of any
Guarantor to pay any claim on a loan Account for any reason (including but not limited to the bankruptcy or insolvency of the Guarantor) except where the uncollectibility or failure to pay such claim is directly and primarily as a result of
ACS’s negligence or willful misconduct as provided hereinabove. These limitations on ACS’s liability and exclusion of damages are independent of any other remedy or provision herein and shall not be affected by ACS’s inability to
reperform or cure any error or any failure of any other remedy or provision. 

  

	 	H.	ACS’s sole liability under or in connection with this Agreement or its services, whether in contract, tort, negligence, strict liability, pursuant to violation of
statute or regulation, or under any other theory, shall be limited as provided in this Section 7 and Section 8, and the provisions hereof shall constitute the sole and exclusive remedy of LENDER for breaches hereof by ACS.

  

	 	 I.
	 No claim or action, regardless of form, arising out of or in any way related to any act or omission by ACS in
connection with this Agreement or its services hereunder shall be brought by LENDER more than one year after LENDER discovers the act or omission by ACS giving rise to such claim or action. In the case of rejected claims filed by LENDER due to ACS
negligence or willful misconduct, such one-year period shall commence at the end of the 13th month following the
final reject date. 

  

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	 	J.	The parties agree that the foregoing provisions shall survive the termination of this Agreement and have been reflected in the amount of the charges payable by LENDER to ACS
for the Service, are an essential part of the basis for the bargain between the parties, and that ACS would not have entered into this Agreement but for such provisions. 

  

	8.	Indemnification. 

  

	 	A.	If ACS or LENDER is required to appear in or is made a defendant in any legal action or other proceeding commenced by a borrower or other third party with respect to any loan
Account for which services are provided hereunder (including those services regarding the non-disclosure of information provided in Section 13 below), subject to the limitations contained in this Agreement, LENDER shall defend and indemnify ACS
against, and hold it harmless from, all claims, losses, liabilities, and reasonable expenses (including reasonable attorneys’ fees) arising thereunder, unless and until a final judgment is entered by a court properly holding that the claim or
action resulted directly and primarily from the negligence or willful misconduct by ACS under this Agreement, in which case ACS shall thereafter defend and indemnify LENDER against, and hold it harmless from, all claims, losses, liabilities, and
expenses (including reasonable attorneys’ fees) arising from such negligence or willful misconduct (subject to Section 7 above). In particular, without limiting the foregoing, it is understood that ACS shall be entitled to a defense and
indemnity as provided above where a student alleges that he or she did not receive a proper education and/or was defrauded by the school or lender, or that a prior or subsequent servicer or collection agency committed any error or misconduct or
violated any law or regulation. 

  

	 	B.	Notwithstanding the foregoing, ACS will further defend, indemnify and save LENDER harmless from and against any and all claims, losses and liability relating to (i) any
infringement or threatened infringement of any patent, copyright trademark, trade secret or other proprietary rights of any third party, or (ii) any physical loss or damage to property of a third party, or (iii) any loss or damage arising
from bodily injury, including death, when such loss or damage is caused by the negligent acts, omissions or intentional wrongdoing of ACS, its employees, subcontractors or agents and which arise out of the performance of this Agreement, provided
that (a) LENDER gives ACS prompt written notice of any such claim of loss or damage and, (b) if such loss or damage involves claims by third parties, LENDER allows ACS to control, and reasonably cooperates with ACS in, any related defense
and all related settlement negotiations. 

  

	 	C.	ACS shall provide LENDER prompt notice of the receipt of any complaint, legal action, arbitration or claim, oral or written, relating or with respect to any loan serviced by
ACS pursuant to this Agreement. 

  

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	9.	Contingency Plan. 

 ACS shall maintain a reasonably comprehensive
contingency plan for disaster recovery and continued servicing of the Accounts (the “Plan”) and allow LENDER to review said Plan at ACS’s site. Such review shall be no more frequently than on an annual basis or within sixty
(60) days of implementing any material changes to the Plan. 
  

	10.	Financial and Administrative Responsibility. 

  

	 	A.	Each party hereto represents that it is currently in compliance with, and agrees to maintain its compliance with, all financial and administrative responsibility standards or
requirements which may be established from time to time by the Department or any Guarantor for participation in the Title IV, Higher Education Act programs for which ACS provides services hereunder. Each party shall have the right to terminate this
Agreement upon ninety (90) days’ written notice to the other in the event that the Department’s financial or administrative responsibility standards or requirements are hereafter changed and as a result such party does not thereafter
satisfy such standards or requirements. 

  

	 	B.	ACS agrees to provide LENDER with annual consolidated audited financial statements, as soon as the same are made available to ACS during the term of this Agreement.

  

	 	C.	ACS agrees to maintain insurance bonds and other insurance in full force and effect at all times during the term of this Agreement that meet the following requirements:
(i) a fidelity bond (or direct surety bond) with a policy limit of not less than $50,000,000, a deductible of not more than $1,000,000 and per occurrence coverage of not less than $50,000,000; and (ii) an errors and omissions policy with a
policy limit of not less than $50,000,000 in the aggregate per occurrence (with no per occurrence coverage minimum), and a deductible of not more than $1,000,000. 

  

	11.	Audits. 

 ACS agrees to provide LENDER with (i) a copy of
ACS’s annual SAS 70 servicer audit without charge, and (ii) a copy of ACS’s Lender Audit Guide audit report, as required by the Department under the Higher Education Act, at a prorated charge consistent with the manner charged by ACS
generally to its other clients. 
 LENDER acknowledges that ACS shall have the right and obligation to cooperate fully with independent auditors, the
Secretary of Education, the Department’s Inspector General, the Comptroller General of the United States, and any applicable Guarantor, or their authorized representatives, in the conduct of audits, investigations, and program reviews with
respect to LENDER or the Title IV, Higher Education Act programs administered by ACS for LENDER, as authorized by law. Furthermore, LENDER agrees to provide ACS with written notice and copies of all audit reports or findings (preliminary or final)
relating to ACS’s administration of 

  

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any aspect of such program for LENDER, as soon as such audit reports or findings are available to LENDER. LENDER further agrees to indemnify, reimburse and
hold ACS harmless from the cost of cooperating with, responding to or appealing any such audit report or finding (including any reasonable cost of an attestation engagement performed for any such response or appeal, attorneys’ fees and costs),
unless such audit was caused by any ACS misconduct. 
  

	12.	Waiver of Jury Trial. 

 THE PARTIES HEREBY EXPRESSLY WAIVE ANY RIGHT
TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING UNDER THIS AGREEMENT OR ANY OTHER DOCUMENT OR AGREEMENT EXECUTED OR DELIVERED IN CONNECTION HEREWITH, OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF
THE PARTIES HERETO WITH RESPECT TO THIS AGREEMENT OR ANY SUCH OTHER DOCUMENT OR AGREEMENT, OR THE SERVICES AND TRANSACTIONS RELATED HERETO OR THERETO, WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER IN CONTRACT, TORT OR OTHERWISE. 

 

	13.	Non-disclosure of Information. 

  

	 	A.	ACS and each affiliate of ACS shall comply with all applicable federal and state laws, rules and regulations, including without limitation Part 313 of Title 16 of the Code of
Federal Regulations (the “GLB Regulations”), relating to the reuse, redisclosure, handling, processing, security, safeguards and protection of information and data of and relating to consumers and customers of LENDER and affiliates of
LENDER, including without limitation “non-public personal information”, as defined in Section 313.3 of the GLB Regulations (“Private Customer Information”), and shall not sell, share or otherwise disclose to any other person
or entity or use any such information or data for any purpose. Without limiting the forgoing, ACS shall not disclose or use any Private Customer Information disclosed to ACS, except solely to carry out the purposes for which it was disclosed. ACS
shall maintain and publish a privacy policy in compliance with applicable laws, including the GLB Regulations, and shall disclose all of its policies and procedures with respect to its use, disclosure and protection from disclosure of Private
Customer Information and shall comply in all respects with such policies and procedures. 

  

	 	B.	 ACS and each affiliate of ACS shall comply with all applicable laws, rules and regulations, including without limitation Part 314 of Title 16 of the Code of
Federal Regulations (the “Customer Information Regulations”), relating to “customer information” (as defined in Section 314.2 of the Customer Information Regulations, “Customer Information”), and implement and
maintain an appropriate security program and appropriate safeguards with respect to Customer Information as reasonably requested by LENDER. In addition, ACS shall notify LENDER immediately in the event of any suspected or actual security breach
(e.g., physical trespass on a secure facility, computing systems intrusion or 

  

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hacking, loss or theft of a laptop or desktop computer, loss or theft of printed materials) that is likely to result or reasonably believed to result in
unauthorized access to any Private Customer Information relating to a consumer or customer of LENDER or an affiliate of LENDER (a “Security Breach”) immediately following such time as ACS becomes aware of such Security Breach. In the event
of any such Security Breach, ACS and LENDER shall coordinate with each other to investigate and remedy the Security Breach. ACS shall not disclose information about any Security Breach to any third party without LENDER’s prior written consent;
provided, however, that if such disclosure is, in the opinion of counsel to ACS, required by applicable law, ACS and LENDER agree to work with each other regarding the content of such disclosure so as to minimize any potential adverse impact upon
ACS and LENDER and their consumers and customers. 

  

	 	C.	ACS and LENDER shall retain all information obtained or created in the course of performance hereunder as is required by any applicable laws. 

  

	 	D.	 ACS and LENDER (each, a “Party”) agree that all information concerning the other Party and such Party’s business operations, plans, proposals
and practices that is provided by such Party or obtained in connection with the performance of this Agreement and not previously known by or publicly available to the receiving Party, whether or not conceived of or prepared by a Party, whether or
not reduced to writing, and whether or not in human readable or machine readable form (including any information concerning a Party’s date processing concepts, techniques, or procedures, software in various stages of development, discoveries,
ideas, inventions operations, data, designs, drawings, diagrams, specifications, documentation, research, know-how, compilations of information, records, costs, purchasing data, financial data, accounting, marketing and development plans, proposals,
market research, marketing techniques and plans or requests for proposals for future services, sales, pricing, profits, business plans or requests for proposals for future services, sales pricing, profits, business plans or procedures, either
Party’s data, employee information and other information not generally known to non-Party personnel, collectively, the “Confidential Information”), shall be deemed confidential and proprietary information of the Party providing it and
shall not be used or disclosed to any other person or entity by the Party receiving it, except to such receiving Party’s own (and its affiliates’ own) employees, agents attorneys, accountants, and contractors as needed for such
Party’s performance of this Agreement. Each Party shall take all reasonable precautions, including such measures as it takes to safeguard its own confidential information, to protect the confidentiality of all Confidential Information of the
other Party and to protect against unauthorized access to or use of such Confidential Information, including the proper disposal of such information. For the avoidance of doubt, Confidential Information shall not include any information which
(i) was already known to receiving Party prior to the time of disclosure by the disclosing Party, (ii) is available or becomes generally available to the public other that through a breach 

  

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of this Agreement by the receiving Party, (iii) is acquired or received rightfully and without confidentiality limitation by the receiving Party,
(iv) is independently developed by the receiving Party without breach of this Agreement, or (v) the disclosure of which is required by law or governmental order. 

 All rights, obligations and duties of the Parties under this Section 13 shall survive the termination of this Agreement. 
  

	14.	Miscellaneous. 

  

	 	A.	All specifications, tapes, data cards, programs, forms and procedures used or developed by ACS in connection with this Agreement (except those supplied by LENDER) shall be
and remain the sole property of ACS. 

  

	 	B.	All information belonging to LENDER shall be retained by ACS in confidence. ACS shall not use, make, and/or maintain a list of LENDER’s Account names, addresses, and/or
account numbers for any purpose other than fulfillment of its duties as Servicer under this Agreement. Upon termination or expiration of this Agreement, ACS shall deconvert the loan Accounts as provided in Section 1.H above. This provision
shall survive termination of this Agreement. 

  

	 	C.	Both parties agree to maintain the confidentiality of this Agreement and all amendments hereto, and the terms hereof, and any audit reports or findings (preliminary or final)
relating to ACS’s administration of any Title IV, Higher Education Act program for LENDER, and not to disclose or deliver the same (or any copies, excerpts or summaries thereof) to the Department, any other government agency, national
accrediting agency, or any other third party (whether pursuant to regulation, governmental request, or otherwise) without first using best efforts to give the other party prior written notice of such intention, which notice shall be sent by fax,
Federal Express or other overnight delivery service, and addressed to the other party. The other party may, at its option, thereupon take appropriate steps to assure that any such information which may be entitled to protection from disclosure under
the Freedom of Information Act (FOIA) is so protected, and the first party shall cooperate with such efforts to protect from FOIA disclosure any information of the other party which the other party believes to constitute trade secrets, or of a
commercial or financial interest, or of a privileged or confidential nature, etc., including the inclusion with such disclosure or delivery of appropriate submissions asserting protection from FOIA disclosure. Notwithstanding the foregoing, either
party may disclose or deliver any of the foregoing to their independent auditors on a confidential basis, provided that such auditors shall not disclose or deliver the same without the disclosing party first complying with this paragraph.

  

	 	D.	This Agreement and its performance shall be governed by the internal laws of the State of California. 

  

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	 	E.	This Agreement may not be assigned except to an entity succeeding to substantially all of the business or assets of the assigning party, with written notice to the other
party; provided, however, that LENDER may collaterally assign its interest hereunder to a trustee under an indenture pursuant to which the Lender incurs indebtedness (the “Trustee”). The Trustee shall be a third party beneficiary hereof,
entitled to enforce the provisions of this Agreement against ACS. 

  

	 	F.	ACS reserves the right to change any part or all of the Service; provided, however, that such change shall not abrogate or in any way modify the substantive provisions of,
and general duties of ACS under, this Agreement. 

  

	 	G.	LENDER agrees to provide ACS upon request with LENDER’s current financial statements and such other financial information as ACS may request from time to time.

  

	 	H.	If either party is rendered unable, wholly or in part, to carry out its obligations under this Agreement (other than the payment of money) by reason of any act of God, civil
disturbance, strike or labor unrest, breakdown or interruption of power or communications systems, computer or other equipment failure, failure of subcontractors or suppliers, or other circumstances or event outside such party’s reasonable
control (whether or not similar to the foregoing), the obligations of such party shall be suspended to the extent thereof, and such party shall not be liable to the other party for any non-performance hereunder or incomplete performance as a result
of such occurrence. 

  

	 	I.	This Agreement supersedes any prior agreement and contains the entire agreement of the parties on the subject matter hereof. No other agreement, statement or promise made by
any party to any employee, officer or agent of the other party to this Agreement, or any other person, that is not in writing and signed by both parties to this Agreement, shall be binding upon them. No waiver, alteration or modification of the
Agreement shall bind ACS or LENDER unless in writing and duly executed by ACS and LENDER. 

  

	 	J.	In the event any Account is transferred off ACS’s servicing system, whether in connection with a termination or expiration of this Agreement, a sale of Accounts, or
otherwise, unless otherwise expressly provided herein or agreed in writing at the time of such transfer off, LENDER agrees to pay ACS the deconversion and file preparation and shipping fees specified in Exhibit C (Servicing Fees).

  

	 	K.	Any notice required under this Agreement (including any Exhibit) shall be in writing and shall be effective upon personal delivery or facsimile transmission or upon receipt
after being sent by Federal Express or mailed by registered or certified mail, return receipt requested, postage pre-paid, addressed as follows: If to ACS, at One World Trade Center, Suite 2200, Long Beach, California 90831-2200, Attn: President, or
if to LENDER to: 

  

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 Goal Funding Capital Trust 2007-1 
 c/o Goal Financial, LLC, as Issuer Administrator 
 9477 Waples Street, Suite 100 
 San Diego, California 92121 
 With copies to: 
 The Bank of New York

 Attn: Corporate Trust Manager 
 10161 Centurion Parkway, 2nd Floor 
 Jacksonville, FL 32256 
 Each party may specify a different address by sending to the other written notice of such different address as provided herein. 
  

	 	L.	The section captions in this Agreement are for convenience only and will not be deemed part of this Agreement or used in the interpretation thereof. Both parties and their
counsel have participated in the preparation, drafting and negotiation of this Agreement. Accordingly, this Agreement shall be construed according to its fair language and any ambiguities shall not be resolved against either party as the drafting
party. 

  

	 	M.	The invalidity, illegality or unenforceability of any provision or term of this Agreement in any instance shall not affect the validity or enforceability of such provision in
any other instance or the validity or enforceability of any other provision, and each such provision shall be enforced to the fullest extent possible. 

  

	 	N.	This Agreement may be executed in one or more counterparts, each of which shall be deemed an original and all of which taken together shall constitute one and the same
agreement. 

  

	 	O.	 Limited Role of the Delaware Trustee. It is expressly understood and agreed by the parties hereto that (a) this Agreement is executed and delivered by
Wilmington Trust Company, not individually or personally, but solely as trustee of the LENDER in the exercise of the powers and authority conferred and vested in it, (b) each of the representations, undertakings and agreements herein made on
the part of the LENDER is made and intended not as personal representations, undertakings and agreements by Wilmington Trust Company but is made and intended for the purpose of binding only the LENDER, (c) nothing herein contained shall be
construed as creating any liability on Wilmington Trust Company, individually or personally, to perform any covenant either expressed or implied contained herein, all such liability, if any, being expressly waived by the parties hereto and by any
Person claiming by, through or under the parties hereto and (d) under no circumstances shall Wilmington Trust Company be personally liable for the payment of any indebtedness or expenses of the LENDER or be 

  

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liable for the breach or failure of any obligation, representation, warranty or covenant made or undertaken by the LENDER under this Agreement.

  

	15.	ACS Representations and Warranties. 

 ACS hereby
represents and warrants to LENDER the following: 
  

	 	(i)	ACS is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware, and is duly qualified or licensed to do business and in good
standing under the laws of each jurisdiction where the performance of, and consummation of the transactions contemplated by, this Agreement requires it to be so qualified or licensed. ACS is eligible as a third party servicer to service
LENDER’s loans under the Higher Education Act and applicable Guarantor Rules and Regulations. 

  

	 	(ii)	ACS has full power and authority under its organizational documents to execute and deliver this Agreement and to perform its obligations under, and consummate the transactions
contemplated by this Agreement. 

  

	 	(iii)	This Agreement has been duly authorized, executed and delivered by ACS and constitutes a valid, legal and binding agreement of ACS, enforceable against it in accordance with its
terms, except to the extent that enforcement may be limited by applicable bankruptcy or insolvency laws and by general principles of equity. Neither the execution, delivery or performance by ACS of this Agreement will conflict with or result in a
breach or violation of or default under any of (i) organizational documents of ACS, (ii) any laws applicable to ACS in effect as of the date hereof affecting the Accounts, (iii) any judgment, order, injunction, award or decree of any
court, agency or authority, or (iv) any contract, instrument, or agreement to which it is a party or may be subject. 

  

	 	(iv)	ACS owns or has the right to use the Service including any databases, output formats, computer systems, software, know-how, technologies, and processes used by it to perform its
obligations hereunder, and such property does not and will not infringe upon or violate any patent, copyright, or other proprietary rights of any third party. 

  

	 	(v)	There is no legal action, claim, proceeding, investigation, or controversy pending or to the best of ACS’s knowledge threatened against it, which would materially and adversely
affect its ability to perform its obligations under this Agreement. 

  

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	16.	Compliance With Lender Bond Documents. 

 In the event that any loans
which LENDER delivers to ACS for servicing hereunder constitute “Financed Student Loans” under the Indenture of Trust dated as of the Closing Date (the “Indenture”), between Lender and The Bank of New York, as Eligible Lender
Trustee, and The Bank of New York, as Indenture Trustee (the “Trustee”), or are pledged in connection with, or constitute collateral under any similar indenture or loan agreement pledging or granting to any entity a security interest
therein (all such loans or other loans pledged to or held by a trustee or other entity are hereafter referred to as the “Pledged Education Loans”), ACS agrees as follows: 
 (a) At the request of the Trustee or other pledgee of such Pledged Education Loans, ACS will enter into a Custodian Agreement or other similar document,
in form and substance reasonably acceptable to ACS, LENDER and such Trustee or other pledgee, for the purpose of establishing a bailment with respect to any Pledged Education Loans pledged to the Trustee or other pledgee. 
 (b) ACS shall hold all Pledged Education Loans and related documentation as bailee for and on behalf of the Trustee (or such other pledgee as may be
applicable) for Trustee’s intended purpose of perfecting the security or other interests of such Trustee or other pledgee therein. 
 (c)
All sums received by ACS with respect to Pledged Education Loans shall be held on behalf of the Trustee or other applicable pledgee, including but not limited to, all payments of principal and interest, and insurance or guarantee payments. All such
funds shall be held in a segregated account (which may, however, contain funds belonging to other ACS servicing customers, including ACS affiliates) and shall not be commingled with any of ACS’s other funds and shall be accounted for such that
all such funds are identified separately from all other payments received by ACS in respect of the servicing of loans. Any such amounts, if received by ACS, shall be remitted only to the Trustee or other pledgee, and not to the LENDER, unless
otherwise directed by the Trustee or other applicable pledgee. 
 (d) If any loans are
Pledged Education Loans, all periodic reports (including those on Exhibit A) required to be furnished pursuant to this Agreement shall be furnished to the Trustee at the following address: The Bank of New York, Attention: Corporate Trust Manager,
10161 Centurion Parkway, 2nd Floor, Jacksonville, Florida 32256. 
 (e) With respect to the servicing of any Pledged Education Loans on behalf of or for the benefit of the Trustee or any other applicable pledgee, no
amendment, modification, or addition to this Agreement shall be effective with respect to any Trustee or such other applicable pledgee without their written approval, consent, or direction of Trustee. 
 (f) ACS waives any lien that it might have pursuant to statute or otherwise available at law or in equity on any and all notes evidencing Pledged
Education Loans held by it on behalf of the Trustee, and on all related documentation, including all moneys and 

  

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proceeds derived therefrom or relating thereto. Notwithstanding the foregoing, if ACS incurs cost or expense (i) due to an “unreasonable act”
of a Guarantor resulting in the Guarantor’s refusal to pay a claim, or (ii) due to LENDER failing to make payments to the Department required by law or Regulation, ACS may offset such cost or expense against moneys derived from Pledged
Education Loans serviced by ACS and held by LENDER on behalf of the Trustee. In addition, ACS may offset against such derived moneys in the event fees due it are not paid in accordance with this Agreement. 
 (g) If there is an Event of Default under the Indenture and the Trustee forecloses on its security interest on the Education Loans, then the Trustee shall
assume all duties and obligations of the LENDER hereunder. 
  

	17.	Incorporation of Exhibits. 

 This Agreement incorporates any
exhibit, appendix and annex attached hereto, each of which is an integral part of this Agreement. 
  

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 Executed as of the day and year first above written. 
  

			
	ACS EDUCATION SERVICES, INC.
		
	By:	 	 /s/ Meta Gonzalez

	Name:	 	Meta Gonzalez
	Title:	 	Sr. V.P.

  

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	GOAL CAPITAL FUNDING TRUST 2007-1
		
	By: 	 	Wilmington Trust Company, not in its individual capacity but solely as Delaware Trustee
			
		 	By:	 	 /s/ J. Christopher Murphy

		 	Name:	 	J. Christopher Murphy
		 	Title:	 	Financial Services Officer

  

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 EXHIBIT A 
 POST-ORIGINATION SERVICES 
  

	1.	LOAN CONVERSION 

 At the time of purchase or placement of a loan
with ACS for servicing, the loan shall be converted and a note examination may be conducted in accordance to predetermined criteria. The tasks involved in loan conversion generally include: 
 Origination and Verification of Account Data 
 Generation of Receipt of Loans Transferred 
 Account Package Preparation 
 Generation of Exceptions Report 
 Renegotiation of Rejected Accounts 
 Reconciliation and Balancing 
 Keypunch Account Data 
 Microfilm
and Microfiche Copies 
 Run Serialization Crosscheck 
 Edit and Error Correction 
 Appropriate Vault Space 
 Generate Sale Transmittal 
 Mail
Conversion Notification to Borrower 
  

	2.	BORROWER RELATIONS 

 Borrower relations begin during In-school
Status and continue throughout the life of the loan. During this period, the Service generally provides the following printed notices to the borrower and required telephone contacts: 
 Introductory Letter 
 Pre-Grace
Statement 
 Separation Data Change Letters 
 Disclosure Statement 
 Phone/Address Verification 
 Grace Expiration/First Payment Reminder 
 Student Status Verification (as required) 
 Skip Trace Locate Letters 
 Response to Borrower Inquiry Letters 
 Deferment Processed Notices: 
 Continuing 
 Forbearance 
 Unemployment

					
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 Other Deferment 
 Billing Notices: 
 Interim Interest Notices 
 Regular Installment and Past Due Payment Notices 
 Interim and Payout Demand Notices 
 Telephone Contacts: 
 Due Diligence Borrower Calls 
 Due
Diligence Parent/Relative Calls 
 Skip Tracing Calls 
 Response to Borrower Inquiry Calls 
 All other activities of this nature required of a lender
under the HEA and Guarantor Regulations within the scope of ACS’s responsibilities hereunder. 
  

	3.	RELATED LOAN SERVICING ACTIVITIES 

 Related loan servicing
activities include: 
 Lock Box Remittance Banking 
 Payment Processing 
 Name/Address Updates 
 Payment Research and Special Handling 
 Interest Capitalization 
 Payment Reapplication 
 Internal Audit of Default Claim 
 Diligent Skip-Tracing and Pursuit of Payments from Delinquent Borrowers 
 Claim Preparation and Submission 

Reperformance/Renegotiation 
 All other activities of this nature required of a lender under the HEA and Guarantor Regulations within the scope of ACS’s responsibilities hereunder. 
  

	4.	REPORTING 

 Record keeping and accounting are performed as part of
the Service. A series of monthly reports are provided to LENDER regarding the status of its loans. This reporting includes: 
 Loans
Transferred/Removed Ledger 
 Student Loan Ledger 
 Monthly Transaction Report 
 Accounting Entry Summary Report 
 Portfolio Summary and Analysis - Characteristics 
 Portfolio Summary and Analysis - Delinquency 
 Portfolio Summary and Analysis - Maturity Analysis

 Portfolio Summary and Analysis - Reconciliation 
 Delinquent Report and Summary 
 Name/Address Report 
 Paid-in-Full Ledger 

					
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 Receipt for Loans Transferred 
 Customer Service Report Card 
 Department of Education Lender Reporting System (LaRS) reports (or their successor) 

					
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 EXHIBIT B 
 [RESERVED] 

					
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 EXHIBIT C 
 Goal Capital Funding Trust 2007-1 SERVICING FEES 
  

							
	 	  	Manual	  	Automated
	 ORIGINATION SERVICES* FEDERAL SSL/PLUS
	  			  		
	 Less than $2.5 Million/Year
	  	$	18.75	  	$	12.31
	 Greater than $2.5 Million/Year
	  	$	12.31	  	$	10.59
			
	 CONSOLIDATION – Modified**
	  			  		
	 First 40,000 Consolidations
	  	$	25.03	  		
	 40,001 +
	  	$	22.75	  		
	 CONSOLIDATION – Full
	  			  	$	64.44
			
	 SET UP FEES FOR NEWLY ORIGINATED LOANS***
 FEDERAL SSL/PLUS
	  			  		
	 Fee per Disbursement
	  	$	2.69	  	$	1.52

  

										
	 	  	In-school+	  	Grace and
Repayment+#	  	Consolidation
Repayment#
	 MONTHLY SERVICING FEDERAL FFEL
	  			  			  		
	 Per Month^
	  	$	1.68	  	$	3.78	  	$	3.57

  

						
	 DEFAULT RELATED FEES^^ FEDERAL FFEL
	  			 	
	 Claim Filing
	  	$	23.66	 	+50 BP
	 Resubmission
	  	$	23.66	 	
	 Underpaid Claim Processing
	  	$	23.66	 	
	 DDB Certification
	  	$	26.23	 	
	 Resales
	  	$	32.81	 	
	 Repurchases
	  	$	23.66	 	
	 Recalls
	  	$	23.66	 	

	*	Loans originated by ACS will be disbursed from an ACS maintained bank account. A separate loan origination and set-up fee is charged for each type of loan originated based upon each
application. 

	**	Beginning March, 2008 the parties shall annually determine ongoing consolidation origination fees based on the volume levels for each prior contract year. 

	***	Client disbursed loans will be placed with ACS within 30 days of disbursement. Automated fee assumes that data will be transmitted in a format acceptable to ACS.

	+	In-school and grace status accounts with one or more unsubsidized FFELP loans are charged an additional $.20 per month. 

	#	Repayment fees are charged the month an account is set up for servicing and continue through the month following the month an account is paid in full by the borrower, guarantor, or
is otherwise removed from the system. 

	^	Delinquency surcharge of $3.51 per account delinquent over 30 days if portfolio delinquency exceeds ACS’ average delinquency by more than 1% for the month.

	^^	Assumes guarantor policies, procedures and practices are in accordance with generally established industry standards. 

					
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 ADDITIONAL AND OPTIONAL SERVICES 
  

			
	 Ad Hoc Reporting
	 	$75/hour; $234.34 minimum per report
	 Bond Swap
	 	$2.34/account
	 Borrower Incentive Programs
	 	$3,514.97 one-time program set-up fee, plus $2.34 set-up fee per participating borrower
	 Conversion Fees:
	 	
	 Interim Automated or On System No Exam
	 	$3.32
	 Repay Automated or On System No Exam
	 	$4.26
	 Cure Fees
	 	Cost plus 15%
	 Deconversion
	 	$46.87/account during the term and $29.29/account at expiration
	 Paper or Fiche Reports
	 	Quotation
	 File Preparation
	 	Cost plus 20%
	 File Shipping
	 	Cost plus 20%
	 Initial Portfolio Conversion Fees
	 	Quotation
	 Late Charges
	 	25% of Collected Amount
	 Legal Review of Documents
	 	Cost plus 20%
	 Master File Tape (Standard Format)
	 	$117.16/each
	 NSF Charges
	 	Direct Cost
	 On-line Access Via the Internet
	 	$150/month first 2 users; $50/month for each user >2
	 Overpaid Refunds
	 	$3.99/each
	 PLUS Credit Review
	 	$3.87/application
	 PLUS Pre-Approval
	 	$5.37/decision
	 Post-Conversion Research
	 	$20/hour
	 Privacy Notices (for Gramm-Leach-Bliley compliance)
	 	ACS mails notices: $.98 per mailing Lender mails notices: No charge, but if ACS supplies labels to Lender, charge is $.41 per paper label or $.10 per electronic label
	 Private Loan Program Setup
	 	$5,000
	 Sales Extracts
	 	$1,000 per extract; 2 extracts included in each sale transaction
	 Securitization Setup
	 	$15,000 + Bond Swap Fee
	 Special Reports
	 	Programming time at $85/hr; testing time at $45/hr
	 Special Activities (Requested by Client or Guarantor)
	 	Quotation
	 Special Delivery (Requested by Client)
	 	Cost plus 20%
	 Tax Notices and IRS Reporting (1098E)
	 	$0.77/notice
	 Wire Transfer Fees > 5/month
	 	Direct Cost

 NOTE: Minimum monthly billing: $500.00. 

					
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 EXHIBIT D 
 NOTE EXAMINATION ELECTION 
 LENDER hereby makes the following election with respect to any Note Examination or other
document examination to be performed by ACS in connection with loan files to be serviced by ACS hereunder (other than any loans which may be originated by ACS for LENDER): 
 ACS ENCOURAGES ALL LENDERS TO HAVE A NOTE EXAMINATION PERFORMED UPON ALL NON-ACS ORIGINATED FILES TO BE DELIVERED TO ACS FOR SERVICING, SO AS TO MINIMIZE TO THE EXTENT POSSIBLE THE LIKELIHOOD OF LOSSES OR OTHER
SERVICING PROBLEMS WHICH MAY RESULT FROM MISSING OR INADEQUATE LOAN DOCUMENTATION. IF LENDER ELECTS NOT TO HAVE A NOTE EXAMINATION, LENDER THEREBY AGREES TO ACCEPT FULL RESPONSIBILITY FOR ANY LOSSES OR SERVICING ERRORS WHICH RESULT IN WHOLE OR IN
PART FROM MISSING OR INADEQUATE LOAN DOCUMENTATION. NOTWITHSTANDING LENDER’S ELECTION, ACS’S LIABILITY FOR ANY LOSSES ARISING FROM ITS FAILURE TO DETECT MISSING, INCOMPLETE, INACCURATE, OR ERRONEOUS DATA OR DOCUMENTS SHALL BE SUBJECT TO
THE LIABILITY LIMITATIONS SPECIFIED IN SECTIONS 1.F AND 7 OF THE SERVICING AGREEMENT. 
  

	        	FULL NOTE EXAMINATION 

 If LENDER has elected Full
Note Examination, ACS agrees to undertake a general review in accordance with standard industry practice of the loan documentation listed on note examination checklists to be generated by ACS and approved by LENDER. By undertaking such review,
however, ACS does not guarantee or assure the genuineness, accuracy, completeness or compliance of such documentation with any contract or with applicable law and regulation. 
  

	        	ABBREVIATED NOTE EXAMINATION 

 If LENDER has elected
Abbreviated Note Examination, ACS agrees to undertake a general review in accordance with standard industry practice of the loan documentation listed for the categories of data selected by LENDER from note examination checklists to be generated by
ACS and approved by LENDER. By undertaking such review, however, ACS does not guarantee or assure the genuineness, accuracy, completeness or compliance of such documentation with any contract or with applicable law and regulation. LENDER
acknowledges and agrees that it shall be responsible for any losses or servicing errors which result in whole or in part from missing or inadequate loan documentation which might have been discovered in a Full Note Examination. 
  

	        	NO NOTE EXAMINATION 

 By electing and instructing
ACS not to undertake any Note Examination or other document examination prior to commencing servicing, LENDER acknowledges and agrees that LENDER assumes the risk and full responsibility for missing or inadequate 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

 
loan documentation and for any losses or servicing errors that might have been avoided had a Full Note Examination been undertaken, and agrees that ACS shall
not be liable under any circumstances for any such losses or servicing errors. 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

 EXHIBIT E 
 BLANKET CURE TERMS 
 The following Blanket Cure Terms shall apply between LENDER and ACS when in the course of its
servicing, ACS submits claims to Guarantors which are rejected by the Guarantor for servicing errors which occurred prior to ACS’s servicing or for which ACS is otherwise not liable under the Servicing Agreement. 
  

	1.	Cure Services for Rejected Account(s) 

  

	 	A.	For any Account rejected by the Guarantor in whole or in part because of servicing error which occurred prior to ACS’s servicing or for which ACS is otherwise not liable
under the Servicing Agreement, ACS and/or an outside collection agency selected by ACS will attempt to reinstate the guaranty (cure) on the Account under the terms and conditions specified below and for the fees specified herein.

  

	 	B.	Cure services shall generally include: 

  

	 	(1)	Using best efforts to locate the borrower in the event the borrower’s address is invalid; 

  

	 	(2)	Upon location, certifying, in a manner acceptable to the Department and the applicable Guarantor, that the borrower has been located in the event a “locate cure” is
required; 

  

	 	 (3)
	 Performing all written and telephone contacts as required for locate cure by the Department and the Guarantor necessary
to claim file the Account with the Guarantor; and/or 

  

	 	(4)	Using best efforts to cause the borrower to make one full payment or return a signed repayment obligation (RO) in the event a “payment or RO cure” is required.

  

	 	 C.
	 ACS will use best efforts to undertake such cure services within 30 days of receipt of a rejected Account. If ACS
is unable to cure the Account within an approximate 45-day period following commencement of cure services, or if ACS in its sole judgment determines not to attempt to cure the Account itself, ACS will place the Account with a “1st placement” outside collection agency for a period generally not longer than 180 days. If the “1st placement” collection agency is unable to cure the Account within the specified time frame, ACS will then place the
Account with a “2nd placement” collection agency for a period generally not longer than 270 days. If the
“2nd placement” collection agency is unable to cure the Account within the specified time frame, ACS will
then place the Account with a “3rd placement” collection agency for a period generally not longer than an
additional 270 days. Following placement with any outside collection agency, 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

	 	 
ACS shall only be responsible for administrative services in interfacing with such agency on the Accounts involved. ACS shall not have any responsibility for
training or otherwise supervising the outside collection agency or its personnel. 

  

	 	D.	For the cure services specified herein, LENDER shall pay to ACS a fee for each Account cured as specified in Exhibit E-1. Such fees are subject to adjustment from time to
time upon 30 days’ prior written notice from ACS to LENDER. 

  

	 	E.	If LENDER wishes ACS to arrange on LENDER’s behalf for additional collection agency services on rejected Accounts for which no cure is successfully accomplished
hereunder, the terms applicable thereto are set forth in Exhibit E-2. If no Exhibit E-2 is attached, ACS shall not provide such services. 

  

	2.	Limitations on ACS’s Liability 

  

	 	A.	LENDER acknowledges that in placing Accounts with outside collection agencies, ACS is merely providing an administrative service to LENDER. Accordingly, ACS does not
guarantee the success of its or any outside collection agency’s cure efforts and shall not otherwise be responsible for the failure of any cure efforts to reinstate or obtain payment of any Account. ACS makes no warranties or representations,
expressed or implied, regarding the cure services or the outside collection agencies used. 

  

	 	B.	Subject to the provisions set forth herein, in the event of any error by ACS for which ACS would be liable under the Servicing Agreement, ACS shall be responsible only for
reperformance of any cure activity or erroneous processing to the extent practicable and necessary without charge to LENDER. With respect to cure services under this Exhibit, ACS shall not otherwise be liable for damages or other monetary relief
except in the case of ACS’s gross negligence or willful misconduct. 

  

	 	C.	ACS shall not under any circumstances, regardless of any failure of the foregoing remedies, be liable for (i) the error or misconduct of any outside collection agency,
or (ii) for losses or damages caused by circumstances or events beyond ACS’s reasonable control, or (iii) for any special, indirect, incidental, punitive, or consequential damages of any nature. 

  

	3.	Termination 

 The cure services provided for in this Exhibit may be terminated by either party upon 30 days’ written notice to the other. Termination shall not affect any payment obligations of the parties arising from services provided during the
term of the Servicing Agreement, or from cures obtained on Accounts after termination. Following termination, unless otherwise instructed by LENDER in writing, ACS shall permit the outside collection agencies to continue to work any Accounts already
placed which such agencies believe will result in a cure within a reasonable 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

 
period of time following termination. All other Accounts shall be recalled from such agencies within 30 days after termination. 
  

	4.	Exclusions and Deconversion 

 LENDER hereby gives approval for ACS
to undertake the cure services outlined in Section 1 of this Exhibit on Accounts with a principal balance outstanding (PBO) of $500 or greater. Accounts with PBOs less than the aforementioned amount or Accounts which are not successfully cured
within the time frames described above will be deconverted for the fees specified in the Servicing Agreement. 
  

	5.	Incorporation by Reference 

 The terms of the Servicing Agreement
are incorporated herein by reference and shall be applicable to the cure services contemplated by this Exhibit, to the extent not inconsistent with or contrary to any provision herein. In the event of any conflict, the terms of this Exhibit shall
prevail. 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

 EXHIBIT E-1 
 CURE FEES 
 Subject to the Blanket Cure Terms to which this Exhibit E-1 is attached, the following fees shall apply to all services provided thereunder: 

 

						
	 	 	 	  	Cure Fee/Account
	 I.
	 	Accounts Successfully Cured Internally by ACS	  	$	200.00
	 II.
	 	Accounts Successfully Cured by Agency - 1st
Placement	  	$	275.00
	 III.
	 	Accounts Successfully Cured by Agency - 2nd
Placement	  	$	400.00
	 IV.
	 	Accounts Successfully Cured by Agency - 3rd
Placement	  	$	500.00

  

 Confidential and Proprietary 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

 EXHIBIT F 
 PLUS CREDIT REVIEW SERVICES TERMS 
 ACS shall provide the following PLUS Credit Review Services, subject to all of
the terms and conditions of the Servicing Agreement to which this Exhibit F is attached. 
  

	1.	Definitions 

  

	 	A.	As used herein the following words shall have the meanings respectively indicated: 

 “Adverse Credit” or “Adverse Credit history” means that the credit history of an Applicant reflects any condition or event which would at the time of such Loan Application disqualify the Applicant
from eligibility for a PLUS Loan under the Higher Education Act or any applicable Guarantor Regulations. As of the effective date hereof, each of the following is understood to be a disqualifying Adverse Credit item which will be identified by ACS
on its credit review reports: 
  

	 	(a)	any account or debt shown on the Applicant’s credit report is ninety (90) or more days delinquent as of the date of the credit report; or 

  

	 	 (b)
	 at any time during the five (5) years preceding the date of the credit report, the Applicant has been the subject
of a default determination, bankruptcy discharge, foreclosure, repossession, tax lien, wage garnishment, or write off of a Higher Education Act, Title IV debt. 

 “Applicant” means an individual who has submitted a Loan Application to LENDER. 
 “Borrower” means an
individual who is the maker or co-maker of a promissory note and who obtains a PLUS Loan from LENDER in accordance with the Higher Education Act and any applicable Guarantor Regulations. 
 “Educational Institution” means any institution of postsecondary education which is an “eligible institution” under the Higher Education Act and is eligible under any applicable Guarantor
Regulations. 
 “Loan Application” means the application for a PLUS Loan, which application must be executed by a prospective Borrower, certified
by an Educational Institution, and accepted by LENDER. 
 “PLUS Loan” means a loan made
under the Federal PLUS Program established under the Higher Education Act. 
 “Servicing Agreement” shall mean the Servicing Agreement between ACS
and LENDER to which these PLUS Credit Review Services Terms are attached, or to which they relate. 
  

	 	B.	Any other capitalized terms used herein shall have the same meanings as set forth in the Servicing Agreement, unless the context otherwise requires. 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

	2.	Credit Review Services 

  

	 	A.	ACS and LENDER hereby agree to a PLUS credit review services arrangement whereby— 

  

	 	 (1)
	 LENDER agrees to make PLUS Loans to individuals eligible to be Borrowers pursuant to the terms of the Higher Education
Act and any applicable Guarantor Regulations; 

  

	 	 (2)
	 ACS agrees to act as an agent of LENDER for the receipt, evaluation, handling and maintenance of certain PLUS Loan
credit information on behalf of LENDER, in order to assist LENDER in making decisions with respect to the approval or denial of PLUS Loans consistent with the terms of the Higher Education Act and any applicable Guarantor Regulations; and

  

	 	(3)	LENDER makes the final lending decision, in accordance with the procedures established herein and such credit history appeal processes (relating to credit report errors or
extenuating circumstances) as may be further determined by LENDER. 

  

	 	B.	ACS agrees to provide the following credit review services on behalf of LENDER: 

  

	 	(1)	Review Loan Applications for information required by credit bureaus for performing a credit check. In this regard, LENDER shall assure that all Loan Applications with co-Applicants
shall include the social security number of each Applicant. LENDER or the Educational Institution of the Applicant(s) will be contacted if additional information is required. 

  

	 	(2)	Generate and submit to a national credit bureau appropriate Applicant information for the purpose of obtaining credit information for each Applicant. 

  

	 	(3)	Receive and evaluate a credit report from a national credit bureau for each Applicant. ACS shall be entitled to rely upon all information furnished to ACS by a national credit
bureau and shall not be liable or responsible in any manner for any inaccuracy or error contained in the credit report obtained by ACS on LENDER’s behalf from a national credit bureau. 

  

	 	(4)	Identify each Applicant for a PLUS Loan who does not have an Adverse Credit history by generating and providing to LENDER a disbursement report related to loan origination.

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

	 	(5)	Identify each Applicant for a PLUS Loan who has an Adverse Credit history by generating and providing to LENDER a credit review report which: 

  

	 	a.	Lists the name, address, and social security number of each Applicant who has an Adverse Credit history; 

  

	 	b.	Lists the Adverse Credit factors found on the Applicant’s credit bureau report which, absent extraordinary circumstances, require credit denial; and 

 

	 	c.	Provides the name and address of the credit bureau accessed for the Adverse Credit history information. 

  

	 	(6)	Generate and mail to the Applicant an “adverse action” letter on behalf of LENDER and in LENDER’s name with respect to each Applicant who has been identified as
having an Adverse Credit history, within 30 days after ACS receives a completed Loan Application from LENDER and the credit bureau report and otherwise comply with the Equal Credit Opportunity Act (ECOA) and Regulation B thereunder to the extent
applicable to ACS’s services. 

  

	 	(7)	Upon request by LENDER from time to time, return the original or a copy of each Loan Application processed by ACS (other than electronically transmitted Loan Applications, which
will not be transmitted to LENDER) for which an Adverse Credit history exists, and other information in ACS’s possession regarding its review of such Loan Application. 

  

	 	(8)	Maintain accurate books and records of all transactions hereunder, including Adverse Credit history reports of Applicants processed for LENDER hereunder. 

 

	 	C.	LENDER agrees that, with respect to all PLUS Loans processed under these PLUS Credit Review Services Terms, it will; 

  

	 	(1)	Assure that all information set forth in Loan Applications and all other information provided to ACS in connection with the performance of its services hereunder is accurate and
complete. 

  

	 	(2)	Be responsible for handling and evaluating all appeals of credit denial. 

  

	 	(3)	 Communicate, if appropriate after the credit denial appeal process is completed, its approval of a Loan Application to ACS for each Applicant which ACS previously
identified as possessing an Adverse Credit history by submitting a letter attached to the Loan Application (or a copy of the Loan Application) requesting the PLUS Loan to be guaranteed, due to 

					
		 		 	 FEDERAL FFEL

		 		 	SERVICING AGREEMENT

  

	 	 
error or other extenuating circumstances relating to the original credit information obtained by ACS on LENDER’s behalf, and properly documenting such
error correction or other extenuating circumstances. 

  

	 	D.	Nothing contained in these PLUS Credit Review Services Terms shall make ACS a loan production office or a holder or originator of any PLUS Loan, the application of which has
been processed hereunder. LENDER acknowledges that it has sole authority and responsibility for the decision to approve or deny PLUS Loans hereunder. 

  

	3.	Term 

 The credit review services contemplated by these PLUS Credit
Review Services Terms shall commence on the date first mentioned above and continue until the sooner of (i) termination by either party, with or without cause, upon not less than thirty (30) days’ written notice to the other party; or
(ii) automatic termination upon the termination or expiration of the Servicing Agreement. 
  

	4.	Liability Limitations 

 In performing its PLUS Loan credit review services and other Loan Application processing functions, ACS shall only be liable for its own gross negligence or intentional misconduct. ACS shall have no responsibility for
the inaccuracy or incompleteness of any Loan Application or credit bureau report or the information contained thereon, or for any credit decision made by the Lender. Subject to the foregoing, the provisions of the Servicing Agreement limiting
ACS’s liability are also hereby incorporated by reference and shall be binding between the parties hereto with respect to the PLUS Loan credit review services and other matters contemplated herein. 
  

	5.	Incorporation by Reference 

 The terms of the Servicing Agreement
are incorporated herein by reference and shall be applicable to the PLUS Loan credit review services, to the extent not inconsistent with or contrary to any provision herein. In the event of any conflict, the terms of this Exhibit shall prevail.Guarantee Agreement

 EXHIBIT 10.7 
 GUARANTEE AGREEMENT 
 This agreement it entered into between
Massachusetts Higher Education Assistance Corporation doing business as American Student Assistance® , a private nonprofit corporation created by the Commonwealth of Massachusetts with its principal office at 100 Cambridge Street, Suite 1600, Boston Massachusetts 02114 (hereinafter
“ASA”) and THE BANK OF NEW YORK TRUST COMPANY, N.A., AS ELIGIBLE
LENDER TRUSTEE FOR GOAL CAPITAL FUNDING TRUST 2007-1 a national association organized under the laws of THE
UNITED STATES OF AMERICA with its principal office at 10161 CENTURION PARKWAY, JACKSONVILLE, FL 32256 (hereinafter
“Lender”). 
 WHEREAS, pursuant to agreements with the United States Department of Education (“Department”) ASA is a
participating guarantor in the Federal Family Education Loan Program (“FFELP”) authorized by Part B of Title IV of The Higher Education Act of 1965, as amended (codified at 20 USC Section 1071 et seq. and hereinafter the
“Act”), and further governed by regulations promulgated by the Department and published in the Code of Federal Regulations (34 CFR Part 682); and 
 WHEREAS, ASA’s agreements with the Department and FFELP regulations confer eligibility upon program participant to receive certain federal benefits, including but not limited to full or partial interest subsidy
for Borrowers; interest, special allowance and claim payments for eligible Lenders; insurance, reinsurance or other payments for Guaranty Agencies, all as more fully described and defined in applicable regulation; and 
 WHEREAS, Lender wishes to participate in ASA’s loan guarantee program pursuant to the Act. 
 NOW THEREOF, in consideration of the mutual covenants contained herein, ASA and Lender agree and attest as follows; 
  

	 	1.	Lender qualifies as an eligible lender under FFELP, fulfilling such criteria as have been forth by federal and state statute and regulation and by ASA. 

  

	 	2.	Lender shall make loans in accordance with FFELP program regulations to eligible borrowers as such are defined by statute, federal regulation and ASA policy. Lender shall collect
such fees as may be required of the Borrower, by ASA or the Department, and shall apply or allocate of such fees as directed by regulation. 

  

	 	3.	Lender covenants that every loan made hereunder and submitted to ASA for guarantee and/or claim payment is based upon fully enforceable note that was made and serviced under all
applicable statutes, FFELP regulations and ASA policies, including sound lending practices and standards of Due Diligence. 

  

	 	4.	Lender shall maintain for all loans guaranteed a system of records and accounts, and will prepare and make available reports or other information as may be reasonably required by
the Department or ASA and shall allow independent auditors or authorized representatives of ASA or the Department access to the operations and financial records and procedures pertaining to the federal program administered by ASA. Lender shall
maintain such records for the period required by applicable law and regulation. 

  

	 	5.	In its administration of the FFELP, Lender shall utilize all forms required by ASA and or the Department. 

  

	 	6.	 By submitting a claim to ASA for reimbursement, Lender certifies, to the best of its knowledge, that the information in the claim is true and accurate and that
loans included in the claim were 

  

 Page 1 of 3 

	 	 
made, disbursed and serviced in compliance with all federal regulation and appropriate ASA policies. Should ASA determine that the loans were not serviced in
compliance with federal regulations and appropriate ASA policy, and such non-compliance results in ASA’s inability to collect from the borrower or in ASA’s ineligibility for federal reinsurance or benefits on the loans, Lender agrees to
repurchase such loan(s) or refund the amount of the reinsurance or benefit loss if required ASA. For value received, the Lender will assign all rights, title, and interest in the loans listed in the claim to ASA, or its successor.

  

	 	7.	ASA will guarantee the payment of principal and interest in the event of borrower’s Default or other failure to pay in accordance with the terms and conditions of applicable
FFELP regulation, including but not limited to death, total and permanent disability, closed school, false certification, discharge in bankruptcy, ineligible borrower, unpaid refund, or such other qualifying events as defined by the Act and/or other
applicable law and regulation 

  

	 	8.	ASA will accept a claim for payment upon its guarantee and, if satisfied that loan is based on and enforceable note and was made and serviced in accordance with the Act,
regulations, and ASA policies, and resulted in a binding legal promissory note will make payment to Lender in an amount authorized and required by applicable federal regulation for that claim type. 

  

	 	9.	ASA will administer its guaranty programs in such a manner as to preserve to the fullest extent possible all federal benefits applicable to the loans. 

  

	 	10.	If Lender shall violate, or fail to comply with, any of the terms of this Guarantee Agreement (“Agreement”), it shall become liable to ASA in an amount equal to the
damages sustained by virtue of such violation or failure to comply. ASA may, at its option and in addition to any other remedies available to it law or in equity, limit, suspend or terminate Lender’s participation as detailed in applicable
regulation. 

  

	 	11.	The parties to this Agreement shall take all legally required measures to protect non-public personal customer information exchanged pursuant hereto and shall use exchange such
information only as required or allowed by applicable privacy laws and FFELP regulations. 

  

	 	12.	This Agreement may be modified only by written agreement of the parties hereto. Any waiver, modification or failure to insist upon the strict performance of the duties of either
party to this Agreement shall not be construed as a waiver or modification generally or of such particular condition in a subsequent instance. 

  

	 	13.	Should any of the provisions of this Agreement be invalid, changed by law or regulation, the remaining provisions of this Agreement shall not be affected thereby, and this Agreement
shall be construed as if such invalid provisions had not been inserted in this Agreement, or as if the new law or regulation were incorporated herein. 

  

	 	14.	Either party may terminate this Agreement by providing at least thirty (30) days’ written notice of such termination to the other party hereto. Such termination shall be
prospective only and shall not affect the obligations of the parties which were incurred prior to such termination. Notwithstanding any other provision, this Agreement is terminable by the Secretary of ED (hereinafter the “Secretary”) upon
thirty (30) days’ notice to the contracting parties if the Secretary determines that this Agreement includes an impermissible transfer of the reserve funds or assets of a guaranty agency or is otherwise inconsistent with the terms and
purposes of Section 422 of the Act. 

  

	 	15.	Any capitalized terms not defined herein have the definition ascribed to them in the Act and FFELP program regulations. 

  

 Page 2 of 3 

 IN WITNESS WHEREOF, ASA and Lender have caused this instrument to be executed by duly authorized officers
or representative and effective as of this 5 day of June, 2007. 
 By checking below, Lender signifies its intent to participate in the
programs checked. 
  

	 	x	Participation in the Federal (Subsidized and Unsubsidized) Stafford Loan Programs 

	 	x	Participation in the Federal PLUS Loan Program 

	 	x	Participation in the Federal Consolidation Loan Program 

	 	 ̈	Participation in the Federal Loan Rehabilitation Program 

	 	 ̈	Participation in the ASA Lender of Last Resort Program 

 MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION 
 D/B/A/ AMERICAN STUDENT ASSISTANCE 
  

			
	By:	 	 /s/ Michael F. Finn

	Printed Name:	 	Michael F. Finn
	Title:	 	EVP & CFO

 LENDER: THE BANK OF NEW
YORK TRUST COMPANY, N.A. AS 
 ELIGIBLE LENDER
TRUSTEE FOR GOAL CAPITAL FUNDING TRUST 
 2007-1

  

			
	By:	 	 /s/ Nathan E Turner

	Printed Name:	 	Nathan E. Turner
	Title:	 	Assistant Treasurer
	Lender Code:	 	834226

  

 Page 3 of 3 

 CERTIFICATE OF COMPREHENSIVE INSURANCE 
 For Consolidation Loans made in accordance with The Federal Family Education Loan Program (“FFELP”) of the Higher Education Act of 1965, as amended and
formerly known as the Guaranteed Student Loan programs. 
 Massachusetts Higher Education Assistance
Corporation doing business as American Student Assistance (ASA®), herein referred to as
the “Agency”, authorizes that all Consolidation Loans made in conformity with the requirements of the FFELP of the Higher Education Act of 1965, as amended (“Act”), by THE BANK OF
NEW YORK TRUST COMPANY, N.A., AS ELIGIBLE LENDER TRUSTEE FOR GOAL
FUNDING TRUST 2007-1, 834226, herein referred to as the “Lender,” are fully insured against loss of principal and interest by the Agency, provided: 
  

	 	1.	The Lender has determined to its satisfaction, in accordance with reasonable and prudent business practices, that for each loan being consolidated – 

 

	 	(a)	the loan is a legal, valid, and binding obligation of the borrower; 

  

	 	(b)	such loan was made and serviced in compliance with applicable laws and regulations; and 

  

	 	(c)	the insurance on such loan is in full force and effect. 

  

	 	2.	The Consolidation Loan(s) are made on or after July 1, 1987, unless limited by the Act. 

  

	 	3.	The total unpaid principal amount of all Consolidation Loans made under this certificate is equal to or less than $500 Million Dollars 

  

	 	4.	If the Lender, prior to expiration of this certification (which occurs upon reaching of the dollar limit), no longer proposes to make Consolidation Loans, the Lender shall notify
the Agency so that the certificate may be terminated. Such termination shall not affect the insurance on any Consolidation Loan made prior to such termination. 

  

	 	5.	The Lender’s loan consolidation program practices are subject to the Agency’s FFELP Lender Participation Limitation, Suspension or Termination procedures. The insurance on
any loan(s) made under this certificate prior to the Agency’s imposition of a limitation, suspension or termination action shall not be affected by such action. 

  

	 	6.	The Lender complies with the Agency’s Federal Consolidation Loan policies and procedures. (As published in the Common Manual and/or provided by the guarantor).

  

	 	7.	The Lender notifies the Agency of the alternative repayment terms which will be offered by the Lender. 

 Please note that the Agency reserves the right to change or modify the total amount of insurance granted to the Lender under this Certificate, provided the Agency so notifies the Lender promptly thereafter.

 The Agency’s office at 100 Cambridge Street, Suite 1600, Boston Massachusetts 02114 is designated as the office which will process claims and perform
other related administrative functions. 
  

			
	 /s/ Paul Combe
	 	 6/6/07

	Paul Combe, President	 	Date

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