Document:

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                                                                    Exhibit 10.3

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                     WAREHOUSE LOAN AND SECURITY AGREEMENT

                                     among

                                 NHELP-I, INC.,
                                as the Borrower

                                      and

                 NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
                                 as the Trustee

                                      and

                    CONCORD MINUTEMEN CAPITAL COMPANY, LLC,
                                 as the Lender

                         Dated as of September 30, 1998

                               U.S. $500,000,000

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                               TABLE OF CONTENTS

                                                                            Page

                                   ARTICLE I

                                  DEFINITIONS

Section 1.01.  Certain Defined Terms ......................................... 1
Section 1.02.  Other Terms .................................................. 19
Section 1.03.  Computation of Time Periods .................................. 19

                                   ARTICLE II

                                  THE FACILITY

Section 2.01.  Borrowings ................................................... 19
Section 2.02.  The Initial Borrowing and Subsequent Borrowings .............. 20
Section 2.03.  Termination or Reduction of the Facility Limit ............... 21
Section 2.04.  [Intentionally Omitted.] ..................................... 21
Section 2.05.  Collection Account ........................................... 21
Section 2.06.  Transfers from Collection Account ............................ 21
Section 2.07.  Cash Reserve Account ......................................... 23
Section 2.08.  Transfers from the Cash Reserve Account ...................... 23
Section 2.09.  Management of Collection Account and Cash Reserve Account .... 24
Section 2.10.  Pledged Collateral Assignment of the Transaction Documents ... 24
Section 2.11.  Grant of a Security Interest ................................. 24
Section 2.12.  Evidence of Debt ............................................. 25
Section 2.13.  Special Provisions Governing Advances ........................ 25
Section 2.14.  Payments by the Borrower ..................................... 25
Section 2.15.  Payment of Stamp Taxes, Etc. ................................. 26
Section 2.16.  Sharing of Payments, Etc. .................................... 26
Section 2.17.  Yield Protection ............................................. 26

                                  ARTICLE III

                            CONDITIONS OF BORROWINGS

Section 3.01.  Conditions Precedent to Initial Borrowing .................... 28
Section 3.02.  Conditions Precedent to All Borrowings ....................... 28

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                               TABLE OF CONTENTS
                                  (continued)
                                                                            Page

                                   ARTICLE IV

REPRESENTATIONS AND WARRANTIES .............................................. 29

                                   ARTICLE V

                       GENERAL COVENANTS OF THE BORROWER

Section 5.01.  General Covenants ............................................ 31
Section 5.02.  Acquisition, Collection and Assignment of Student Loans ...... 36
Section 5.03.  Enforcement of Financed Loans ................................ 36
Section 5.04.  Enforcement of Servicing Agreements .......................... 37
Section 5.05.  Administration and Collection of Financed Loans .............. 37
Section 5.06.  Amendment of Form of Sale and Purchase Agreement ............. 37
Section 5.07.  Custodian .................................................... 37
Section 5.08.  Prepayments and Refinancing .................................. 37
Section 5.09.  Periodic Reporting ........................................... 38
Section 5.10.  UCC Matters; Protection and Perfection of Pledged Collateral;
               Delivery of Documents ........................................ 38
Section 5.11.  Obligations of the Borrower With Respect to Pledged Collateral 39
Section 5.12.  Collateral Call .............................................. 40
Section 5.13.  Guarantor Limitations ........................................ 40

                                   ARTICLE VI

EVENTS OF DEFAULT ........................................................... 40

                                  ARTICLE VII

                                    TRUSTEE

Section 7.01.  Acceptance of Trust .......................................... 42
Section 7.02.  Trustee's Right to Reliance .................................. 43
Section 7.03.  Compensation of Trustee ...................................... 44
Section 7.04.  Resignation of Trustee ....................................... 44
Section 7.05.  Removal of Trustee ........................................... 44
Section 7.06.  Successor Trustee ............................................ 45
Section 7.07.  Manner of Vesting Title in Trustee ........................... 45
Section 7.08.  Servicing Agreement .......................................... 45
Section 7.09.  Trustee Covenants with Respect to "Eligible Lender" Status ... 45
Section 7.10.  Trustee's Status as an "Eligible Lender." .................... 46

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                               TABLE OF CONTENTS
                                  (continued)
                                                                            Page

                                  ARTICLE VIII
INDEMNIFICATION ............................................................. 46

                                   ARTICLE IX

                                 MISCELLANEOUS

Section 9.01.  Amendments and Waivers ....................................... 48
Section 9.02.  Notices, Etc. ................................................ 48
Section 9.03.  No Waiver; Remedies .......................................... 49
Section 9.04.  Binding Effect; Assignability ................................ 49
Section 9.05.  Survival ..................................................... 49
Section 9.06.  Governing Law; Severability .................................. 49
Section 9.07.  Submission to Jurisdiction; Waiver of Jury and Bond .......... 50
Section 9.08.  Costs, Expenses and Taxes .................................... 50
Section 9.09.  Recourse Against Certain Parties ............................. 51
Section 9.10.  Execution in Counterparts; Severability; Integration ......... 51
Section 9.11.  Confidentiality .............................................. 51
Section 9.12.  Section Titles ............................................... 52
Section 9.13.  Entire Agreement ............................................. 52
Section 9.14.  No Petition .................................................. 52

EXHIBIT A      FORM OF SALE AND PURCHASE AGREEMENT
EXHIBIT B      FORM OF VALUATION AGENT AGREEMENT
EXHIBIT C      DRAW NOTICE
EXHIBIT D      MONTHLY REPORT
EXHIBIT E      FORMS OF ASSET COVERAGE RATIO AND CASH RELEASE CERTIFICATE
EXHIBIT F      TRUSTEE'S FEE LETTER AGREEMENT
EXHIBIT G      COPIES OF SERVICING AND CUSTODIAN AGREEMENTS

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     THIS WAREHOUSE LOAN AND SECURITY AGREEMENT (the "Agreement") is made as of
September 30, 1998, among: NHELP-I, INC., a corporation duly organized under
the laws of the state of Nevada (the "Borrower"); CONCORD MINUTEMEN CAPITAL
COMPANY, LLC, a Delaware limited liability company ("Concord"); and NORWEST
BANK MINNESOTA, NATIONAL ASSOCIATION, a national banking association, as
eligible lender and trustee (the "Trustee").

                             PRELIMINARY STATEMENTS

     1.   Concord is engaged in the business of issuing promissory notes in the
domestic commercial paper market and using the proceeds from the sale of such
commercial paper to acquire interests in financial assets from various sellers
from time to time, pursuant to one or more facilities between each seller and
Concord, or to make loans to certain entities for the purpose of financing
financial assets of such entities.

     2.   The Borrower proposes to purchase from time to time certain Eligible
Loans (as hereinafter defined) in accordance with various Sale and Purchase
Agreements (as hereinafter defined) (such purchases constituting the
"Transactions").

     3.   The Borrower desires to fund the Transactions through loans made by
Concord up to the Facility Limit on the terms and conditions set forth herein.

     4.   To provide liquidity support to Concord in connection with the loans
made by it hereunder, Concord may, from time to time, assign all or a part of
such loans to the Agent or to certain other financial institutions as assignees
of the commitment of the Agent pursuant to the terms of the Liquidity Agreement
referred to below, and as a result of such assignment, such financial
institutions would become Lenders hereunder.

     NOW, THEREFORE, in consideration of the premises and the mutual covenants
and agreements herein contained, the parties hereto agree as follows:

                                   ARTICLE I

                                  DEFINITIONS

     SECTION 1.01.  CERTAIN DEFINED TERMS.

          (a)  Certain capitalized terms used throughout this Agreement are
     defined above or in this Section 1.01.

          (b)  As used in this Agreement and its exhibits, the following terms
     shall have the following meanings (such meanings to be equally applicable
     to both the singular and plural forms of the terms defined).

     "Advance" means a loan, including a Rollover Advance, made by the Lenders
to the Borrower pursuant to Article II.

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     "Advance Percentage Calculation Report" means the report prepared by the
Valuation Agent and delivered to the Required Lenders, the Agent, the Trustee
and the Borrower (a) not later than four Business Days prior to each Advance,
other than a Rollover Advance, setting forth the Maximum Advance Percentage for
the Eligible Loans to be financed with such Advance, and (b) on each Valuation
Date, setting forth the weighted average of the Maximum Advance Percentage and
the Eligible Loans financed since the last Advance Percentage Calculation
Report, the forms of which are attached as Exhibit A to the Valuation Agreement.
The Maximum Advance Percentage determined pursuant to any Advance Percentage
Calculation Report with respect to any Financed Loans shall remain in effect
with respect to such Financed Loans until the Borrowing Date immediately
following the delivery of the next Valuation Report delivered pursuant to
Section 5.09.

     "Adverse Claim" means a lien, security interest, charge, encumbrance or
other right or claim or restriction in favor of any Person (other than, with
respect to the Pledged Collateral, any lien, security interest, charge,
encumbrance or other right or claim or restriction in favor of the Trustee for
the benefit of the Secured Creditors).

     "Affected Party" means each Liquidity Provider and any assignee or
participant of any Liquidity Provider.

     "Affiliate" when used with respect to a Person means any other Person
controlling, controlled by or under common control with such Person. A Person
shall be deemed to control another person if the controlling Person possesses,
directly or indirectly, the power to direct or cause the direction of the
management and policies of the other Person, whether through the ownership of
voting securities, membership interests or otherwise.

     "Agent" means Mellon Bank, N.A., and its successors and assigns in its
capacity as agent of the Liquidity Providers pursuant to the Liquidity
Agreement.

     "Agent Payment Office" means Three Mellon Bank Center, Loan Administration,
Room 1203, Pittsburgh, PA 15259 (Re: Concord Minutemen Capital Company, LLC).

     "Aggregate Market Value" means, as of any date of determination, the sum of
(a) with respect to assets in the Trust Estate which are Financed Loans as of
such date, (i) the outstanding Principal Balance of such Financed Loans, as set
forth in the most recently delivered Valuation Report, multiplied by the Loan
Valuation Percentage, plus, without duplication, (ii) 100% of any accrued
interest thereon, and all accrued and unpaid Special Allowance Payments and
interest subsidies, if any, thereon to such date, (b) with respect to assets in
the Trust Estate, which are Permitted Investments and other cash balances, if
any, on deposit in the Collection Account and the Cash Reserve Account, the
principal balance thereof together with all interest accrued thereon, and (c)
payments on Financed Loans or other assets received by a Servicer or the
Borrower and not yet transferred to the Trustee.

     "Agreement" means this Warehouse Loan and Security Agreement, as the same
may be amended, restated, supplemented or otherwise modified from time to time
hereafter.

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     "Agreement and Acknowledgement" means the Agreement and Acknowledgement
Relating to Student Loan Servicing Agreement dated as of September 30, 1998, by
and among the Borrower, the Lender, the Agent and Great Lakes Higher Education
Servicing Corporation.

     "Alternate Borrowing Rate" means the rate of interest most recently
announced by the Agent in Pittsburgh, Pennsylvania, as its prime rate. The
Alternate Borrowing Rate is not necessarily intended to be the lowest per
annum rate of interest determined by the Agent in connection with extensions of
credit. The Alternate Borrowing Rate shall be computed on the basis of a 365
or, when applicable, 366-day year, and shall change from time to time as the
Agent's prime rate changes.

     "Asset Coverage Ratio" means, as of the date of any Valuation Report or,
the ratio of (a) the Aggregate Market Value of assets in the Trust Estate as of
such date to (b) the Liabilities as of such date.

     "Authorized Officer of the Borrower" means the Borrower's president, chief
financial officer or any vice president.

     "Bankruptcy Code" means Title 11 of the United States Code (11 U.S.C.
Section 101 et seq.), as amended from time to time, and any successor statute.

     "Benefit Plan" means any employee benefit plan as defined in Section 3(3)
of ERISA in respect of which the Borrower or any ERISA Affiliate of the Borrower
is, or at any time during the immediately preceding six years was, an
"employer" as defined in Section 3(5) of ERISA.

     "Borrowing" means a borrowing of Advances by the Borrower under this
Agreement.

     "Borrowing Date" means, with respect to any Borrowing, the date on which
such Borrowing is funded.

     "Business Day" means a day of the year other than a Saturday or a Sunday
on which both (a) banks are not authorized or required to close in New York
City and (b) the Agent at the Agent Payment Office is open for business;
provided, however, if the term "Business Day" is used in connection with the
LIBOR, dealings in dollar deposits are carried on in the London interbank
market.

     "Calculation Date" means the fourth Business Day preceding the end of each
month.

     "Calculation Period" means the calendar month in which each Calculation
Date occurs.

     "Cash Reserve Account" means the special account created pursuant to
Section 2.07 hereof.

     "Cash Reserve Requirement" means, as of any date of determination,
one-half of one percent (0.50%) of the outstanding Facility Amount as of such
date.

     "Closing Date" means September 30, 1998.

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     "Code" means the Internal Revenue Code of 1986, as amended, or any
successor statute and the regulations promulgated and rulings issued thereunder.

     "Collection Account" means the special account created pursuant to Section
2.05 hereof.

     "Collections" means, (a) all revenues and recoveries of principal and
interest and other payments and reimbursements of principal and accrued interest
received with respect to any Financed Loan and any other collection of cash with
respect to such Financed Loan (including, but not limited to, Interest Subsidy
Payments, Special Allowance Payments, finance charges and payments representing
the repurchase of any Financed Loan or rebate of premium thereon pursuant to a
Sale and Purchase Agreement) deemed to have been received pursuant to Section
2.05 and (b) all other cash collections, tax refunds and other cash proceeds of
the Pledged Collateral.

     "Commitment" means the obligation of the Agent in its capacity as a
Liquidity Provider to fund Liquidity Advances pursuant to the terms of the
Liquidity Agreement.

     "Concord" means Concord Minutemen Capital Company, LLC and its successors
and assigns.

     "Concord Account" means Bankers Trust Company, New York, New York, ABA
#021001033 (Concord Minutemen Capital Company, LLC; Account # 00-369-457).

     "Consolidation Loan" means a loan made to an Eligible Borrower pursuant to
which the Eligible Borrower consolidates two or more of its PLUS/SLS Loans,
direct loans made by the Department or Stafford Loans in accordance with the
Higher Education Act.

     "CP" means the Commercial Paper Notes issued by Concord from time to time
in the United States commercial paper market.

     "Custodian" means, individually or collectively, UNIPAC Service
Corporation, Great Lakes Higher Education Servicing Corporation, and each
additional Servicer or bailee with which the Borrower has entered into a
Custodian Agreement.

     "Custodian Agreement" means, individually or collectively, (a) the
Custodian Agreement dated September 30, 1998 among the Borrower, the Trustee and
UNIPAC Service Corporation, (b) the Custodian Agreement dated September 30, 1998
among the Borrower, the Trustee and Great Lakes Higher Education Servicing
Corporation, and (c) each additional or successor custodian agreement entered
into among the Borrower, the Trustee and a Custodian and approved by the
Required Lenders and the Agent.

     "Custodian Fees" means the fees, expenses and charges of the Custodian
pursuant to the Custodian Agreement, except to the extent included in Servicing
Fees.

     "Debt" of any Person means (a) indebtedness of such Person for borrowed
money, (b) obligations of such Person evidenced by bonds, debentures, notes,
letters of credit, interest rate and currency swaps or other similar
instruments, (c) obligations of such Person to pay the deferred purchase price
of property or services, (d) obligations of such Person as lessee under

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leases which shall have been or should be, in accordance with GAAP, recorded as
capital leases, (e) obligations secured by an Adverse Claim upon property or
assets owned by such Person, even though such Person has not assumed or become
liable for the payment of such obligations and (f) obligations of such Person
under direct or indirect guaranties in respect of, and obligations (contingent
or otherwise) to purchase or otherwise acquire, or otherwise to assure a
creditor against loss in respect of, indebtedness or obligations of other
Persons of the kinds referred to in clauses (a) through (e) above.

     "Defaulted Student Loan" means any Student Loan (a) as to which any
payment, or portion thereof, is more than 180 days past due from the original
due date thereof, unless such Student Loan is a Higher Education Act Student
Loan and such Student Loan is in Deferment, (b) the Obligor of which is the
subject of an Event of Bankruptcy or is deceased or disabled, or (c) as to which
a continuing condition that with notice or the lapse of time or both would
constitute a default, breach, violation or event permitting acceleration under
the terms of such Student Loan (other than payment defaults continuing for a
period of not more than 180 days.)

     "Deferment" means the period permitted by the Higher Education Act and the
policies of applicable Guarantor as being a period during which a borrower under
a Student Loan may postpone making payments of principal or interest.

     "Department" means the United States Department of Education, or any
successor thereto or to the functions thereof.

     "Due Diligence Requirements" means the due diligence requirements
established from time to time pursuant to the Higher Education Act and any
regulations promulgated by the Secretary of Education thereunder from time to
time regarding the activities required to be performed by or on behalf of a
lender with respect to delinquent or defaulted loans, including the requirements
set forth in 34 C.F.R. Section 682.411.

     "Eligible Borrower" means a borrower who is eligible under the Higher
Education Act to be the obligor of a loan for financing a program of education
at an Eligible Institution, including a borrower who is eligible under the
Higher Education Act to be an obligor of a loan made pursuant to Section 428A,
428B and 428C of the Higher Education Act.

     "Eligible Institution" means (a) an institution of higher education, (b) a
vocational school or (c) any other institution which, in all of the above cases,
has been approved by the Secretary of Education and the applicable Guarantor.

     "Eligible Lender" means any "eligible lender," as defined in the Higher
Education Act, and which has received an eligible lender designation from the
Guarantor with respect to Guaranteed Loans.

     "Eligible Loan" means a Student Loan:

          (a) which was originated or acquired by the Borrower in the ordinary
     course of its business and was originated in the United States, its
     territories or possessions;

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      (b) that constitutes an account or general intangible as defined in the
UCC as in effect in the jurisdiction that governs the perfection of the
interests of the Borrower therein and the perfection of the Trustee's interest
therein under this Agreement;

      (c) the borrower is an Eligible Borrower attending an Eligible
Institution;

      (d) if such Student Loan is a subsidized Stafford Loan, such Student Loan
qualifies the holder thereof to receive Interest Subsidy Payments and Special
Allowance Payments from the Department; if such Student Loan is a Consolidation
Loan, such Student Loan qualifies the holder thereof to receive Interest Subsidy
Payments and Special Allowance Payments from the Department to the extent
applicable; and if such Student Loan is a PLUS/SLS or an unsubsidized Stafford
Loan, such Student Loan qualifies the holder thereof to receive Special
Allowance Payments from the Department to the extent applicable;

      (e) at the time of purchase with proceeds from an Advance, is not a
Defaulted Student Loan and has not been tendered at any time to any Guarantor
for payment;

      (f) that provides or, when the payment schedule with respect thereto is
determined, will provide for payments on a periodic basis that will fully
amortize the Principal Balance thereof by its maturity, as such maturity may be
modified in accordance with applicable deferral and forbearance periods granted
in accordance with applicable laws, including the Higher Education Act and any
Guarantee Agreements, as applicable;

      (g) that is denominated and payable only in Dollars;

      (h) that together with the related Student Loan Note therefor represents
the genuine, legal, valid and binding payment obligation of the related
borrower, enforceable by or on behalf of the holder thereof against such
borrower in accordance with its terms, subject to applicable bankruptcy,
insolvency, reorganization, fraudulent conveyance and similar laws relating to
creditors' rights generally and subject to general principles of equity; and
that has not been satisfied, subordinated or rescinded and no right of
rescission, setoff, counterclaim or defense has been asserted or, to the
knowledge of the Borrower, overtly threatened in writing with respect to such
Student Loan;

      (i) that (i) is the subject of a valid Guarantee Agreement with an
eligible Guarantor, (ii) with respect to which the Borrower is not in default in
any material respect in the performance of any covenants and agreements made in
the applicable Guarantee Agreement, and (iii) with respect to which all amounts
due and payable to the Department or a Guarantor, as the case may be, have been
paid in full;

      (j) that (i) is the subject of a valid Servicing Agreement with an
eligible Servicer, with respect to which the Borrower has executed and delivered
a Custodian Agreement, (ii) with respect to which the Borrower is not in default
in any material respect in the performance of any covenants and agreements made
in the applicable Servicing Agreement, and (iii) with respect to which all
amounts due and payable to the Servicer have been paid in full;

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          (k)  the payment terms of which have not been altered or amended
     except in accordance with the Higher Education Act;

          (l)  if such Student Loan is a Proprietary Loan, the outstanding
     Principal Balance of which when added to the outstanding Principal Balance
     of all other Financed Loans that are  Proprietary Loans does not exceed
     20% of the aggregate outstanding Principal Balance of all Financed Loans;
     and

          (m)  if such Student Loan is serviced by a Servicer for which the
     reporting of financial information concerning such Servicer to the Agent is
     not permitted under its Servicing Agreement, the outstanding Principal
     Balance of which when added to the aggregate outstanding Principal Balance
     of all other Financed Loans serviced by such Servicer or other Servicers
     for which the reporting of financial information to the Agent is not
     permitted under their Servicing Agreements shall not exceed 10% of the
     aggregate outstanding Principal Balance of all Financed Loans.

     "ERISA means the U.S. Employee Retirement Income Security Act of 1974, as
amended from time to time, and the regulations promulgated and rulings issued
thereunder.

     "ERISA Affiliate" means (a) any corporation which is a member of the same
controlled group of corporations (within the meaning of Section 414(b) of the
Code) as the Borrower; (b) a trade or business (whether or not incorporated)
under common control (within the meaning of Section 414(c) of the Code) with
the Borrower of (c) a member of the same affiliated service group (within the
meaning of Section 414(m) of the Code) as the Borrower, any corporation
described in clause (a) above or any trade or business described in clause (b)
above.

     "Event of Bankruptcy" shall be deemed to have occurred with respect to a
Person if either:

          (a)  a case or other proceeding shall be commenced, without the
     application or consent of such Person, in any court, seeking the
     liquidation, reorganization, debt arrangement, dissolution, winding up, or
     composition or readjustment of debts of such Person, the appointment of a
     trustee, receiver, custodian, liquidator, assignee sequestrator or the like
     for such Person or all or substantially all of its assets, or any similar
     action with respect to such Person under any law relating to bankruptcy,
     insolvency, reorganization, winding up or composition or adjustment of
     debts, and such case or proceeding shall continue undismissed, or unstayed
     and in effect, for a period of 60 consecutive days; or an order for relief
     in respect of such Person shall be entered in an involuntary case under the
     federal bankruptcy laws or other similar laws now or hereafter in effect;
     or

          (b)  such Person shall commence a voluntary case or other proceeding
     under any applicable bankruptcy, insolvency, reorganization, debt
     arrangement, dissolution or other similar law now or hereafter in effect,
     or shall consent to the appointment of or taking possession by a receiver,
     liquidator, assignee, trustee, custodian, sequestrator (or other similar
     official) for, such Person or for any substantial part of its property, or
     shall make any general assignment for the benefit of creditors, or shall
     fail to, or admit in

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     writing its inability to, pay its debts generally as they become due, or,
     if a corporation or similar entity, its board of directors shall vote to
     implement any of the foregoing.

     "Event of Default" has the meaning assigned to that term in Section 6.01.

     "Facility Amount" means at any time the aggregate principal amount of
outstanding Advances made to the Borrower under this Agreement.

     "Facility Limit" means, at any time, $500,000,000 as such amount may be
adjusted from time to time pursuant to Section 2.03; provided, however, that at
all times on or after the termination of the Revolving Period, the "Facility
Limit" shall mean the Facility Amount.

     "Federal Reimbursement Contracts" means any agreement between any
Guarantor and the Secretary of Education providing for the payment by the
Secretary of Education of amounts authorized to be paid pursuant to the Higher
Education Act, including but not necessarily limited to reimbursement of
amounts paid or payable upon defaulted Financed Loans and other student loans
Guaranteed by any Guarantor and federal Interest Subsidy Payments and Special
Allowance Payments, if applicable, to holders of qualifying student loans
guaranteed by any Guarantor.

     "FFEL Program" means the Federal Family Education Loan Program authorized
under the Higher Education Act, including Federal Stafford Loans authorized
under Sections 427 and 428 thereof, Federal Supplemental Loans for Students
authorized under Section 428A thereof, Federal PLUS Loans authorized under
Section 428B thereof, Federal Consolidation Loans authorized under Section
428C thereof and Unsubsidized Stafford Loans authorized under Section 428H
thereof.

     "Financed Loans" means any loans financed with Advances under this
Agreement that were purchased by the Borrower from a Seller pursuant to a Sale
and Purchase Agreement with the proceeds of Advances.

     "Fitch" means Fitch IBCA Inc. or its successor.

     "GAAP" means generally accepted accounting principles as in effect from
time to time in the United States.

     "Governmental Authority" means the United States of America, any state or
other political subdivision thereof and any entity exercising executive,
legislative, judicial, regulatory or administrative functions of or pertaining
to government.

     "Grant" or "Granted" means to pledge, create and grant a first priority
security interest in and with regard to property free and clear of all Adverse
Claims. A Grant of Financed Loans, other assets or of any other agreement
includes all rights, powers and options (but none of the obligations) of the
granting party thereunder.

     "Guarantee" or "Guaranteed" means, with respect to a Student Loan, the
insurance or guarantee by the Guarantor, in accordance with the terms and
conditions of the Guarantee Agreement, of at least the minimum required by law
of the principal of the Student Loan and the

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coverage of the Student Loan by the Federal Reimbursement Contracts providing,
among other things, for reimbursement to the Guarantor for losses incurred by it
on defaulted Student Loans insured or guaranteed by the Guarantor up to the
minimum required by law of such losses.

     "Guarantee Agreements" means the Federal Reimbursement Contracts, the
Trustee Guarantee Agreement and any other similar guarantee or agreement issued
by a Guarantor to the Trustee, which pertain to Student Loans.

     "Guarantee Program" means the Guarantor's student loan guarantee program
pursuant to which the Guarantor guarantees or insures Student Loans.

     "Guaranteed Loan" means an Eligible Loan which is Guaranteed.

     "Guarantor" means any entity authorized to guarantee Student Loans under
the Higher Education Act and with which the Trustee maintains in effect a
Guarantee Agreement.

     "Higher Education Act" means Title IV, Parts B, F and G of the Higher
Education Act of 1965, as amended or supplemented from time to time, and all
regulations and guidelines promulgated thereunder.

     "Indemnified Amounts" has the meaning assigned to that term in Article
VIII.

     "Independent Director" means a Person who (a) is not a stockholder or other
securityholder (whether direct, indirect or beneficial), customer or supplier of
the Borrower or any of its Affiliates; (b) is not a director, officer, employee,
former employee, Affiliate, member, manager or associate of the Borrower or any
of its Affiliates (other than in its capacity as the Independent Director for
the Borrower or any of its Affiliates); (c) is not related to any Person
referred to in clauses (a) or (b); and (d) is not a trustee, conservator or
receiver for the Borrower or any of its Affiliates (other than in its capacity
as Independent Director for the Borrower or any of its Affiliates).

     "Interest period" means a (a) period of one month, commencing on the first
Business Day of each month and ending on (but excluding) the first Business Day
of the immediately succeeding calendar month or (b) such other period as may be
agreed on from time to time by the Borrower and the Required Lenders. At no time
may there be more than one Interest Period outstanding, unless otherwise
approved by the Required Lenders.

     "Interest Rate" means, (a) with respect to a Regular Advance, the Regular
Interest Rate and (b) with respect to a Liquidity Advance, the applicable
Liquidity Interest Rate; provided, however, that while any Event of Default
shall have occurred and be continuing, the Borrower shall pay interest (after as
well as before entry of judgment thereon to the extent permitted by law) on the
principal amount of all outstanding Advances and other Obligations, at a rate
per annum which is equal to the rate otherwise in effect plus 2.0%.

     "Interest Subsidy Payments" means the interest subsidy payments on Student
Loans received from the Secretary of Education pursuant to Section 428 of the
Higher Education Act or similar payments authorized by federal law or
regulations.

                                       9

<PAGE>
     "Investment" means, with respect to any Person, any direct or indirect
loan, advance or investment by such Person in any other Person, whether by means
of share purchase, capital contribution, loan or otherwise, excluding
commission, travel and similar advances to officers, employees and directors
made in the ordinary course of business.

     "Lenders" means Concord, the Agent and the Liquidity Providers, and their
respective successors and assigns.

     "Liabilities" means the sum of (a) the Facility Amount and (b) all accrued
Yield and Liquidity Fees applicable thereto plus (c) any accrued and unpaid
fees, including Custodian Fees, Liquidity Fees, Servicing Fees, Portfolio
Administration Fees, Trustee Fees and any other fees payable pursuant to the
Transaction Documents or the Liquidity Agreement by the Borrower.

     "LIBOR" means for any Interest Period, the rate determined as of the first
day of such Interest Period for Eurodollar deposits corresponding to the number
of months in such Interest Period which appears on Telerate Page 3750 (as
defined in the International Swaps and Derivatives Associations, Inc. 1991
Interest Rate and Currency Definitions) or such other page as may replace
Telerate Page 3750. In the event that LIBOR is not so quoted for the length of
any particular Interest Period, LIBOR for such Interest Period shall be
determined by Concord or, if Concord is not the sole Lender, the Agent using an
interpolated rate for LIBOR.

     "Liquidity Advances" means Advances owed to the Liquidity Providers.

     "Liquidity Agreement" means the Liquidity Agreement dated as of September
30, 1998, among Concord, each of the Liquidity Providers named therein and the
Agent, as the same may be amended, restated, supplemented or otherwise modified
from time to time hereafter.

     "Liquidity Facility" means, individually or collectively, (a) the Liquidity
Agreement and (b) any other such agreement entered into between Concord and any
Person providing liquidity support for the CP issued to finance the Financed
Loans.

     "Liquidity Fee" means fees payable to the Liquidity Provider(s) pursuant to
the terms of the Liquidity Facility, and any other fees or expenses of the Agent
or the Liquidity Providers that the Borrower may from time to time agree to pay.

     "Liquidity Interest Rate" means the yield to be paid on Liquidity Advances.
The Liquidity Interest Rate shall be equal to either (a) the sum of: (i) LIBOR
and (ii) 0.625%, or (b) the Alternate Borrowing Rate, as selected in accordance
with Section 2.02.

     "Liquidity Provider" means, collectively, one or more financial
institutions having a short-term unsecured debt rating of at least "A-1"/"P-1"
by S&P and Moody's, respectively, and which are now or hereafter parties to the
Liquidity Agreement, or otherwise providing all or a portion of the Liquidity
Facility.

     "Liquidity Termination Event" means the occurrence of any of the following
events: (a) any Liquidity Provider then providing liquidity to Concord has its
rating lowered below A-1 by S&P or P-1 by Moody's, unless a replacement
Liquidity Provider having ratings of at least A-1 from S&P and P-1 by Moody's is
substituted within 30 days of such downgrade, (b) any

                                       10

<PAGE>
Liquidity Provider shall fail to honor any of its payment obligations under the
Liquidity Agreement, or (c) the Liquidity Agreement shall cease for any reason
to be in full force and effect or be declared null and void.

     "Loan Valuation Percentage" as determined by the Valuation Agent means
(a)(i) the present value of the Net Revenues (using the Portfolio
Characteristics and the Valuation Report Assumptions) divided by (ii) the
outstanding Principal Balance of Financed Loans, plus (b) 100%.

     "Material Adverse Effect" means a material adverse effect on:

          (a)  the ability of the Borrower to perform its obligations under this
     Agreement or any other Transaction Document; or

          (b)  the status, existence, perfection, priority or enforceability of
     the interest in the Pledged Collateral.

     "Maturity Date" means the specified maturity of each Advance, which, unless
otherwise extended by mutual agreement between the Required Lenders and the
Borrower, shall be the last day of the applicable Interest Period.

     "Maximum Advance Percentage" means the rate, stated as percentage, of the
aggregate outstanding amount of the Eligible Loans financed or to be financed,
as determined by the Valuation Agent, all as calculated by the Valuation Agent
pursuant to Article III of the Valuation Agent Agreement. The Maximum Advance
Percentage determined pursuant to any Advance Percentage Calculation Report with
respect to any Financed Loans shall remain in effect with respect to such
Financed Loans until the Borrowing Date immediately following the delivery of
the next Valuation Report delivered pursuant to Section 5.09.

     "Minimum Asset Coverage Requirement" means an Asset Coverage Ratio of
100.25%.

     "Monthly Report" means a report, in substantially the form of Exhibit D,
furnished by the Borrower to the Agent, the Valuation Agent and the Required
Lenders.

     "Moody's" means Moody's Investors Service, Inc. or its successor.

     "Multiemployer Plan" means a "multiemployer plan" as defined in Section
4001(a)(3) of ERISA which is or was at any time during the current year or the
immediately preceding five years contributed to by the Borrower or any ERISA
Affiliate on behalf of its employees.

     "NELNET" means National Education Loan Network, Inc., a Nevada corporation.

     "Obligations" means all present and future indebtedness and other
liabilities and obligations (howsoever created, arising or evidenced, whether
direct or indirect, absolute or contingent, or due or to become due) of the
Borrower to the Lenders, the Trustee and/or any other Person, arising under or
in connection with this Agreement or any other Transaction Document or the
transactions contemplated hereby or thereby and shall include, without
limitation, all liability for principal of and interest on the Advances, closing
fees, unused line

                                       11
<PAGE>

fees, audit fees, expense reimbursements, indemnifications, and other amounts
due or to become due under the Transaction Documents, including, without
limitation, interest, fees and other obligations that accrue after the
commencement of an insolvency proceeding (in each case whether or not allowed as
a claim in such insolvency proceeding).

     "Obligor" means a Person obligated to make payments with respect to a
Student Loan including the student, Guarantors and the Department.

     "Outstanding Balance" means, with respect to a Financed Loan on any day,
the aggregate amount (including outstanding principal and accrued and unpaid
interest) owed by the Obligor thereunder as of the close of business on the
prior Business Day.

     "Permitted Investments" means (a) securities issued or directly and fully
guaranteed or insured by the United States government or any agency or
instrumentality thereof having maturities of no more than 90 days from the date
of acquisition; (b) time deposits and certificates of deposit having maturities
of no more than 90 days from the date of acquisition, maintained with or issued
by any commercial bank having capital and surplus in excess of $500,000,000 and
having a short-term rating not less than "A-1" or the equivalent thereof from
S&P and, if rated by Fitch, not less than "F-1" or the equivalent thereof from
Fitch; (c) repurchase obligations for underlying securities of the types
described in clauses (a) or (b) above with a term of not more than ten days and
maturing no later than 90 days after the date of acquisition; (d) commercial
paper (other than CP) maturing within 90 days after the date of acquisition and
having a rating of not less than "A-1" or the equivalent thereof from S&P and if
rated by Fitch, not less than "F-1" or the equivalent thereof from Fitch; (e)
freely redeemable shares in money market funds having a rating of "AAA-m" or
"AAAM-G" from S&P and, if rated by Fitch, "AAA" from Fitch; and (f) any other
investment approved in writing by the Required Lenders.

     "Person" means an individual, partnership, corporation (including a
business trust), joint stock company, trust, unincorporated association, joint
venture, government (or any agency or political subdivision thereof) or other
entity.

     "Pledged Collateral" has the meaning specified in Section 2.11 hereof.

     "PLUS/SLS" means a Student Loan originated under the authority set forth in
Section 428A or B (or a predecessor section thereto) of the Higher Education Act
and shall include Student Loans designated as "ALAS Loans" or "SLS Loans," as
defined, under the Higher Education Act.

     "Portfolio Administration Fee" means, for each Calculation Period, a per
annum fee payable monthly in arrears equal to 0.45% on the average outstanding
principal balance of the Financed Loans during such Calculation Period and paid
to the Portfolio Administrator.

     "Portfolio Administrator" means NELNET or its successors and assigns.

     "Principal Balance" means, with respect to any Student Loan, any Financed
Loan and any specified date, the original principal amount of such Student Loan
or Financed Loan, plus capitalized interest thereon, if any, minus prior
payments of principal by or on behalf of the Obligor of such Student Loan or
Financed Loan as of such date.

                                       12
<PAGE>
     "Proprietary Institution" means a for-profit vocational school, including
a proprietary institution.

     "Proprietary Loan" means a loan made to or for the benefit of a student
attending a Proprietary Institution.

     "Pro Rata Share" means with respect to any Lender at any time, a fraction
(expressed as a percentage) the numerator of which is the outstanding principal
balance of the Advances owing to such Lender and the denominator of which is
the outstanding principal balance of all Advances outstanding under this
Agreement. As of the date of this Agreement and at all times prior to any
drawing by Concord under the Liquidity Agreement, the Pro Rata Share of Concord
shall be 100%.

     "Records" means all documents, books, records and other information
(including without limitation, computer programs, tapes, disks, punch cards,
data processing software and related property and rights) maintained with
respect to Financed Loans or otherwise in respect of the Pledged Collateral.

     "Regular Interest Rate" means LIBOR plus 0.10%.

     "Regular Advances" means Advances owed to Concord.

     "Regulatory Change" means, relative to any Affected Party:

          (a) any change after the date of this Agreement in (or the adoption,
     implementation, change in phase-in or commencement or effectiveness of)
     any:

               (i) United States federal or state law or foreign law applicable
           to such Affected Party;

               (ii) regulation, interpretation, directive, requirement or
          request (whether or not having the force of law) applicable to such
          Affected Party of (A) any court, governmental authority charged with
          the interpretation or administration of any law referred to in clause
          (a)(i) or of (B) any fiscal, monetary or other authority having
          jurisdiction over such Affected Party; or

               (iii) generally accepted accounting principles or regulatory
          accounting principles applicable to such Affected Party and affecting
          the application to such Affected Party of any law, regulation,
          interpretation, directive, requirement or request referred to in
          clause (a)(i) or (a)(ii) above; or

          (b) any change after the date of this Agreement in the application to
     such Affected Party of any existing law, regulation, interpretation,
     directive, requirement, request or accounting principles referred to in
     clause (a)(i), (a)(ii) or (a)(iii) above.

     "Requested Advance Percentage" means the rate, stated as a percentage, of
the aggregate Principal Balance of the Eligible Loans to be financed by an
Advance that is requested by the Borrower, not to exceed the Maximum Advance
Percentage.

                                       13
<PAGE>
     "Required Lenders" means (a) prior to any drawing by Concord under the
Liquidity Facility, Concord, except as otherwise provided in Section 4.1(d) of
the Liquidity Agreement, (b) subsequent to any drawing by Concord under the
Liquidity Facility and written notice to the Borrower of such drawing by the
Agent, so long as any amounts are owed under this Agreement to Concord, Concord
and the Agent, except as otherwise provided in Section 4.9 of the Liquidity
Agreement, and (c) at all other times, the Agent.

     "Revolving Period" means the period commencing on the Closing Date and
terminating on the earlier of (a) the Termination Date or (b) the date on which
Concord ceases to be the sole Required Lenders under this Agreement. So long as
no Event of Default or an event which with the lapse of time or the giving of
notice, or both, would constitute an Event of Default, shall have occurred and
be continuing, the Revolving Period may be reinstated at any time prior to the
occurrence of the Termination Date with the consent of the Required Lenders.

     "Rollover Advance" means an Advance the funding of which would not and
does not have the effect of increasing the Facility Amount.

     "S&P" means Standard & Poor's Ratings Group, a division of McGraw Hill (or
its predecessor or successors in interest) if an so long as it has rated and is
continuing to rate commercial paper notes of Concord, and otherwise means such
other nationally recognized statistical rating organization as may be
designated by Concord.

     "Sale and Purchase Agreements" means a student loan purchase agreement
between the Borrower and a Seller, substantially in the form attached hereto as
Exhibit A, for the purchase of Eligible Loans.

     "Schedule of Purchased Student Loans" means a listing of certain Financed
Loans of the Borrower delivered to and held by the Trustee pursuant to Section
5.01(c)(vii) (which Schedule may be in the form of microfiche or computer file
or other medium acceptable to the Trustee), as from time to time amended,
supplemented, or modified, which Schedule shall be the master list of all
Financed Loans then compromising a part of the Pledged Collateral pursuant to
this Agreement.

     "Secretary of Education" or "Secretary" means the Commissioner of
Education and the Secretary of the United States Department of Education (who
succeeded to the functions of the Commissioner of Education pursuant to the
Department of Education Organization Act), or any other officer, board, body,
commission or agency succeeding to the functions thereof under the Higher
Education Act.

     "Secured Creditors" means the Trustee and the Lenders.

     "Sellers" means any entity which sells Eligible Loans to the Borrower
pursuant to the terms of a Sale and Purchase Agreement; including, but not
limited to, NEBHELP, INC. and Union Bank and Trust Company.

     "Servicer" means, individually or collectively, (a) UNIPAC Service
Corporation, (b) Great Lakes Higher Education Servicing Corporation, and (c)
any other organization with

                                       14

<PAGE>
which the Borrower has entered into a Servicing Agreement with respect to
Eligible Loans, with the prior written approval of the Required Lenders and the
Agent.

   "Servicer Event of Default" means (a) any Servicer shall fail in any
material respect to perform or observe any term, covenant or agreement that is
an obligation of such Servicer under a Servicing Agreement (other than as
referred to in clause (b) below) and such failure continues unremedied for 10
days after (i) written notice thereof shall have been given by the Borrower or
the Trustee to the Borrower or the Servicer or (ii) the Servicer has actual
knowledge thereof; (b) any Servicer shall fail to make any payment or deposit
to be made by it under a Servicing Agreement when due and such failure shall
remain unremedied for three Business Days; (c) any representation or warranty
made or deemed to be made by any Servicer (or any of its officers) under or in
connection with a Servicing Agreement or any information or report delivered
pursuant to a Servicing Agreement shall prove to have been false or incorrect
in any material respect when made; (d) an Event of Bankruptcy shall have
occurred with respect to a Servicer; (e)(i) any litigation (including, without
limitation, derivative actions), arbitration proceedings or governmental
proceedings not disclosed in writing by the Borrower to the Lenders prior to
the execution and delivery of this Agreement is pending against a Servicer or
any of its Affiliates at the time execution hereof, or (ii) any material
development not so disclosed has occurred in any such litigation or proceedings
so disclosed, which in the case of clause (i) or (ii), in the opinion of the
Agent and the Required Lenders, has a material adverse effect on the ability of
such Servicer to perform its obligations under a Servicing Agreement.

   "Servicing Agreement" means, individually or collectively, (a) the Servicing
Agreement dated September 30, 1998, between the Borrower and UNIPAC Service
Corporation, (b) the Servicing Agreement dated as of September 30, 1998,
between Great Lakes Higher Education Servicing Corporation and the Borrower,
and (c) with the prior written consent of the Required Lenders and the Agent,
any other servicing agreement between the Borrower and any Servicer, as any
such agreement may be amended or supplemented from time to time with the prior
written consent of the Agent and the Required Lenders, under which the
respective Servicer agrees to administer and collect the Financed Loans.

   "Servicing Fees" means any fees payable by the Borrower to a Servicer with
respect of servicing Financed Loans pursuant to the provisions of a Servicing
Agreement, including legal fees and expenses.

   "Settlement Date" means the first Business Day of each month.

   "Solvent" means, at any time, a condition under which:

      (a) the fair value and present fair saleable value of such Person's total
   assets is, on the date of determination, greater than such Person's total
   liabilities (including contingent and unliquidated liabilities) at such time;

      (b) the fair value and present fair saleable value of such Person's
   assets is greater than the amount that will be required to pay such Person's
   probable liability on its existing debts as they become absolute and matured
   ("debts," for this purpose, includes

                                          15
<PAGE>
     all legal liabilities, whether matured or unmatured, liquidated or
     unliquidated, absolute, fixed, or contingent);

          (c) such Person is and shall continue to be able to pay all of its
     liabilities as such liabilities mature; and

          (d) such Person does not have unreasonably small capital with which to
     engage in its current and in its anticipated business.

          For purposes of this definition:

          (i) the amount of a Person's contingent or unliquidated liabilities at
     any time shall be that amount which, in light of all the facts and
     circumstances then existing, represents the amount which can reasonably be
     expected to become an actual or matured liability;

          (ii) the "fair value" of an asset shall be the amount which may be
     realized within a reasonable time either through collection or sale of such
     asset at its regular market value;

          (iii) the "regular market value" of an asset shall be the amount which
     a capable and diligent business person could obtain for such asset from an
     interested buyer who is willing to purchase such asset under ordinary
     selling conditions; and

          (iv) the "present fair saleable value" of an asset means the amount
     which can be obtained if such asset is sold with reasonable promptness in
     an arms-length transaction in an existing and not theoretical market.

     "Special Allowance Payments" means special allowance payments authorized
to be made by the Secretary of Education by Section 438 of the Higher Education
Act, or similar allowances authorized from time to time by federal law or
regulation.

     "Stafford Loan" means a loan made to an Eligible Borrower designated as
such that is made under the Robert T. Stafford Student Loan Program in
accordance with the Higher Education Act.

     "Stock" means all shares, options, general or limited partnership
interests, limited liability membership interests, or other equivalents
(regardless of how designated), participation or other equivalents (however
designated) of or in a corporation, partnership, limited liability company or
equivalent entity, whether voting or non-voting, including, without limitation,
common stock, warrants, preferred stock, convertible debentures or any other
equity security, and all agreements, instruments and documents convertible, in
whole or in part, into any one or more of all of the foregoing.

     "Student Loan" means a Consolidation Loan, a PLUS/SLS Loan, a Stafford
Loan or a Proprietary Loan.

                                       16
<PAGE>
   "Student Loan Notes" means the promissory notes or other writings evidencing
the Student Loans.

   "Termination Date" means the earliest to occur of (a) September 30, 2003,
(b) such other date as may be agreed in writing by the Agent and the Required
Lenders and the Borrower, (c) the date of termination of the Facility Limit
pursuant to Section 2.03, (d) the date of the declaration or automatic
occurrence of the Termination Date pursuant to Article VI, (e) failure by the
Servicer to perform or observe any material term, covenant or agreement under
the Servicing Agreement and such failure shall remain unremedied for three
Business Days, unless such Servicer is replaced by either the Borrower or the
Required Lenders in accordance with the provisions of the related Servicing
Agreement, (f) if Concord shall be owed any Advances under this Agreement on
such date, the date on which the Liquidity Facility is terminated or expires or
(g) the occurrence of any Liquidity Termination Event.

   "Transaction Documents" means, collectively, this Agreement, the Valuation
Agent Agreement, all Servicing Agreements, all Custodian Agreements, all Sale
and Purchase Agreements, all Guarantee Agreements, the Agreement and
Acknowledgement and all other instruments, documents and agreements executed in
connection with any of the foregoing.

   "Treasury Regulations" means any regulations promulgated by the Internal
Revenue Service interpreting the provisions of the Code.

   "Trigger Rate" means, as to any Guarantor, such Guarantor's default rate as
defined in Section 428(c)(1)(B) of the Higher Education Act.

   "Trust Estate" means all of the Pledged Collateral of the Borrower pledged
and assigned to the Trustee for the benefit of the Secured Creditors pursuant
to this Agreement.

   "Trustee" means Norwest Bank Minnesota, National Association, Minneapolis,
Minnesota, and its successor or successors and any other corporation which may
at any time be substituted in its place pursuant to this Agreement.

   "Trustee Fees" means the fees, expenses and charges of the Trustee,
including legal fees and expenses.

   "Trustee Guarantee Agreement" means, collectively, the Lender Agreements for
Guarantee of Student Loans with Federal Reinsurance between the Trustee and the
Nebraska Student Loan Program, Inc., as amended, the Agreement to Guarantee
Loans between the Trustee and United Student Aid Funds, as amended, the
Certificate for Comprehensive Insurance between the Trustee and the Colorado
Student Loan Program, as amended, the Student Loan Guaranty between the Trustee
and Great Lakes Higher Education Guaranty Corporation, as amended, the Lender
Agreement for Guarantee of Student Loans with Federal Reinsurance between the
Trustee and Education Assistance Corporation, as amended, the Lender
Participation Agreement and Contract of Insurance between the Trustee and
Kentucky Higher Education Assistance Authority, as amended, the Holder
Agreement for Payment on Guarantee of Student Loans with Federal Insurance
between the Trustee and Educational Credit Management Corporation, as amended,
the Agreement to Endorse Loans between the Trustee and Oklahoma Guaranteed
Student Loan Program, as amended, the Lender Agreement between

                                      17
<PAGE>
the Trustee and Texas Guaranteed Student Loan Program, as amended, the Agreement
to Guarantee Loans for Secondary Market between the Trustee and Student Loan
Guarantee Foundation of Arkansas, Inc., as amended, and other guarantee or
agreement issued by any Guarantor to the Trustee, and any amendment thereto
entered into in accordance with the provisions thereof and hereof.

     "UCC" means the Uniform Commercial Code as from time to time in effect in
the specified jurisdiction.

     "United States" means the United States of America.

     "Valuation Agent" means Dain Rauscher Incorporated, or any other
entity appointed as Valuation Agent by the Borrower and approved by the Agent
and the Required Lenders, which approval shall not be unreasonably withheld.

     "Valuation Agent Agreement" means the Valuation Agent Agreement dated
September 30, 1998, among the Borrower, Concord and the Valuation Agent and any
other valuation agent agreement in the form attached hereto as Exhibit B among
the Borrower, Concord and the Valuation Agent, as any such agreement may be
amended or supplemented from time to time with the prior written consent of the
Required Lenders and the Agent.

     "Valuation Agent Fee" means for each Calculation Period, a per annum fee
payable monthly in arrears equal to 0.025% on the average outstanding principal
balance of the Advances during such Calculation Period.

     "Valuation Date" means the day either (a) within 30 days after the
Valuation Agent's receipt of a written request for a Valuation Report from any
of the Agent, Concord or the Borrower or (b) not later than the fourth Business
Day preceding each April 30, July 31, October 31 or January 31.

     "Valuation Report" means a report furnished by the Valuation Agent to the
Agent, the Required Lenders, the Trustee and the Borrower pursuant to Section
5.09(a) hereof, the form of which is attached as Exhibit B to the Valuation
Agreement.

     "Yield" means, for all Advances allocated to any Interest Period during
any such Interest Period, the product of

                    IRT x C x ED
                    ------------
                        360

     where:

          C = the principal amount of the Advances allocated to such Interest
              Period,

          ED = the actual number of days elapsed during such Interest Period,
               and

          IRT = the Interest Rate for such Interest Period;

                                       18
<PAGE>
   provided, however that (a) no provision of this Agreement shall require the
   payment or permit the collection of Yield in excess of the maximum permitted
   by applicable law and (b) Yield shall not be considered paid by any
   distribution if at any time such distribution is rescinded or otherwise
   returned by the Required Lenders to the Borrower or any other Person for any
   reason.

   SECTION 1.02. OTHER TERMS. All accounting terms not specifically defined
herein shall be construed in accordance with GAAP. All terms used in Article 9
of the UCC in the State of Illinois, and not specifically defined herein, are
used herein as defined in such Article 9.

   SECTION 1.03. COMPUTATION OF TIME PERIODS. Unless otherwise stated in this
Agreement, in the computation of a period of time from a specified date to a
later specified date, the word "from" means "from and including" and the words
"to" and "until" each mean "to but excluding."

                                     ARTICLE II

                                    THE FACILITY

   SECTION 2.01. BORROWINGS.

     (a) On the terms and conditions hereinafter set forth, the Lenders
severally agree to make Advances to the Borrower in proportion to their
respective Pro Rata Shares from time to time up to an aggregate principal amount
outstanding at any one time not to exceed the Facility Limit in effect at the
time of such Advance. In addition to the other terms and conditions hereinafter
set forth, under no circumstances shall Concord be obligated or committed to
make any Advance (i) unless the amount available for drawing by Concord under
the Liquidity Agreement from Liquidity Providers rated at least "A-1" and "P-1"
by S&P and Moody's, respectively, shall equal or exceed the aggregate amount of
the principal and interest due on the Advances then outstanding (including any
requested Advance) to Concord plus accrued and unpaid interest owing or which
will be owing at the end of all then outstanding Interest Periods (and the
Interest Period with respect to any requested Advance) on such Advances, (ii) if
Concord is unable for any reason to raise funds in the United States commercial
paper market to make such Advances, (iii) if Concord, in good faith, determines
there is a general disruption in the United States commercial paper market or
Concord's ability to access the commercial paper market or (iv) if any Liquidity
Provider fails to honor its payment obligations under the Liquidity Facility.
Within the limits set forth in this Section 2.01 and the other terms and
conditions of this Agreement, during the Revolving Period, the Borrower may
borrow, prepay and reborrow under this Section 2.01. In addition, the aggregate
principal amount of any Advance, which is not a Rollover Advance, during the
Revolving Period shall not exceed the result of (x) the aggregate Principal
Balance of Eligible Loans to be financed by such Advance, multiplied by (y) the
Requested Advance Percentage related thereto, plus accrued interest thereon. All
Advances hereunder shall be denominated in and be payable in United States
dollars. All then outstanding Advances and other Obligations hereunder shall be
due and payable on September 30, 2003 or such earlier date as provided in
Article VI hereof.

                                          19
<PAGE>
     (b) Each Lender's obligations under this Section 2.01 are several and the
failure of any Lender to make available its Pro Rata Share of any requested
Advance shall not relieve any other Lender of its obligations hereunder or
obligate any other Lender to honor the obligations of any defaulting Lender.
Notwithstanding anything contained in this Agreement to the contrary, no Lender
shall be obligated or committed to fund any portion of any Advance in excess of
its Pro Rata Share thereof.

SECTION 2.02. THE INITIAL BORROWING AND SUBSEQUENT BORROWINGS.

     (a) Any Advances made by the Lenders during the Revolving Period, will be
made on the first Business Day of a calendar month (unless otherwise agreed by
the Borrower and the Required Lenders) at the request of the Borrower, subject
to and in accordance with the terms and conditions of Section 2.01 and this
Section 2.02. After the Revolving Period, the Lenders shall make Advances on
the first Business Day of any calendar month (unless otherwise agreed by the
Borrower and the Required Lenders) at the request of the Borrower, subject to
and in accordance with the terms and conditions of Section 2.01 and this
Section 2.02, solely to the extent necessary to refund any maturing Advances.

     (b) Subject to satisfaction of the conditions precedent set forth in this
Agreement and, if the Advance to be made is a Liquidity Advance, to satisfaction
of the conditions precedent in the Liquidity Agreement, the Borrower may request
an Advance hereunder by giving written notice to the Lenders in the form of
Exhibit C hereto not later than 12:00 noon, Chicago time, at least three
Business Days' prior to the proposed date of such Borrowing. Each such notice
shall specify (i) the aggregate amount of such Borrowing, which shall be in an
amount equal to or greater than $1,000,000, (ii) the date of such Borrowing
(which may only be the first Business Day of a calendar month unless otherwise
agreed by the Borrower and the Required Lenders), (iii) if the Advance to be
made is a Liquidity Advance, the requested applicable Liquidity Interest Rate
for such Borrowing and (iv) the Requested Advance Percentage. On the date of
such Borrowing, each Lender shall, upon satisfaction of the applicable
conditions set forth in this Agreement, make available to the Borrower in same
day funds, their respective Pro Rata Share of the amount of such Borrowing by
payment to the account which the Borrower has designated in writing. Unless
otherwise agreed by the Required Lenders, the duration of all Interest Periods
shall be one (1) calendar month.

     (c) Except as otherwise provided in Article VIII of this Agreement,
principal and accrued Yield on the Advances shall be payable solely from the
Pledged Collateral and from payments made or owing pursuant to the "Collateral
Calls" made in accordance with Section 5.12. The Advances plus accrued Yield
will be payable in full so as received by the Lenders no later than 10:00 a.m.
(Chicago time) on the applicable Maturity Date and may not be prepaid in whole
or in part on any day other than the applicable Maturity Date without the
consent of the Required Lenders.

     (d) If as a result of a draw under the Liquidity Agreement the Agent shall
become a Lender on any day other than the first day of an Interest Period, the
Liquidity Interest Rate applicable to the Agent's Advances for the remainder of
such Interest

                                       20
<PAGE>
     Period shall be (i) the Alternate Borrowing Rate plus 2.0% if such draw is
     the result of the occurrence of an Event of Default hereunder or the Agent
     shall not be given notice of such draw request not later than 12:00 noon,
     Pittsburgh time, at least three Business Days prior to the date of such
     draw, or (ii) the sum of (A) LIBOR and (B) 0.625% if such draw is not the
     result of the occurrence of an Event of Default hereunder and provided that
     the Agent shall be given written notice of such draw request not later than
     12:00 noon, Pittsburgh time, at least three Business Days prior to the date
     of such draw, unless otherwise agreed to by the Agent.

     SECTION 2.03. TERMINATION OR REDUCTION OF THE FACILITY LIMIT. The Borrower
may, upon at least 60 days' written notice to the Required Lenders, (i) at any
time, but only after the first anniversary of the Closing Date or (ii) at any
time prior to the first anniversary of the Closing date if the Lenders shall
fail to respond (whether affirmatively or negatively) to any written request for
a waiver, amendment or modification to any of the prohibitions set forth in any
of Section 5.01(j), 5.04, 5.06 or 5.07 within 30 days after Concord's receipt of
such request, terminate in whole or reduce in part the portion of the Facility
Limit that exceeds the outstanding Advances; provided, however, that each
partial reduction of the Facility Limit shall be in an aggregate amount equal to
$5,000,000 or an integral multiple thereof.

     SECTION 2.04. [INTENTIONALLY OMITTED.]

     SECTION 2.05. COLLECTION ACCOUNT. On or prior to the date hereof, the
Borrower shall establish and maintain, or cause to be established and
maintained, the Collection Account. The Collection Account shall be maintained
as a segregated trust account in the trust department of the Trustee, and shall
be under the sole dominion and control of, and in the name of, the Trustee. Any
Collections received by the Borrower, the Trustee, the student loan depositaries
or co-depositaries, the Custodians, the Sellers or the Servicers, or any agent
thereof, as the case may be, are to be transmitted to the Collection Account
within two Business Days or receipt. The Borrower shall direct each Servicer,
Seller, Custodian, student loan depository or co-depositories, or agent thereof,
to transmit any collections it receives with respect to the Financed Loans
directly to the Trustee for deposit to the Collection Account. Funds on deposit
in the Collection Account may be invested from time to time in Permitted
Investments in accordance with Section 2.09. The Trustee shall apply funds on
deposit in the Collection Account as described in Section 2.06.

     SECTIONS 2.06. TRANSFERS FROM COLLECTION ACCOUNT.

          (a)  On each date on which any principal or interest is due with
     respect to any Advance, the Trustee shall promptly apply moneys held in the
     Collection Account to pay to the Lenders the accrued and unpaid Yield and
     principal amounts then due and owing; provided, however, that during the
     Revolving Period, if more than $10,000,000 from either the Collection
     Account or the Cash Reserve Account shall be applied at the end of any one
     Interest Period to repay the principal balance of the Advances, a fee of
     1/12th of 0.10% shall be applied to all such principal payments over
     $10,000,000 made at the end of any such Interest Period.

                                       21

<PAGE>
     (b)  On each Calculation Date, the Borrower shall direct the Portfolio
Administrator to prepare the Monthly Report and shall provide or cause to be
provided to the Portfolio Administrator all information necessary or appropriate
to accurately prepare such Monthly Report, all calculations, unless otherwise
specified, to be made as of the end of the current Calculation Period, and cause
the Portfolio Administrator to forward such Monthly Report to the Trustee, the
Agent, the Valuation Agent and the Required Lenders.

     (c)  The Trustee, on each Settlement Date, shall apply the moneys held by
the Trustee in the Collection Account, in the following amounts and priority:

          (i)       pay as directed by the Borrower, an amount equal to the
estimated taxes owed by the Borrower that are payable prior to the next
Settlement Date and not previously paid, which relate to the net income of the
Borrower realized on the Financed Loans and other assets in the Trust Estate, as
certified by the Portfolio Administrator;

          (ii)      pay to each Servicer and Custodian an amount equal to the
Servicing Fee and Custodian Fee which is accrued and unpaid as of the close of
business on the immediately preceding Calculation Period, as certified by the
Portfolio Administrator;

          (iii)     pay to the Lenders an amount equal to the accrued and
unpaid Yield, principal and all other Obligations, net of any Rollover
Advances, in each case, due and owing as of such Settlement Date; provided,
however, that during the Revolving Period, if more than $10,000,000 from either
the Collection Account or the Cash Reserve Account shall be applied at the end
of any one Interest Period to repay the principal balance of the Advances, a
fee of 1/12th of 0.10% shall be applied to all such principal payments over
$10,000,000 made at the end of any such Interest Period;

          (iv)      pay to the Liquidity Providers the Liquidity Fee which is
accrued and unpaid as of the close of business on the current Calculation
Period due and owing as of such Settlement Date;

          (v)       pay fees and expenses which are accrued and unpaid as of
the close of business on the immediately preceding Calculation Period with
respect to the Financed Loans (as certified by the Portfolio Administrator or
the Borrower);

          (vi)      pay to the Trustee an amount equal to the Trustee Fee which
is accrued and unpaid as of the close of business on the immediately preceding
Calculation Period;

          (vii)     transfer to the Cash Reserve Account the amount, if any,
necessary to restore the Cash Reserve Account to the Cash Reserve Requirement;

                                       22

<PAGE>
               (viii)    pay to the Portfolio Administrator the Portfolio
          Administration Fee which is accrued and unpaid as of the close of
          business on the current Calculation Period, as certified by the
          Portfolio Administrator;

               (ix)      pay to the Valuation Agent the Valuation Agent Fee
          which is accrued and unpaid as of the close of business on the current
          Calculation Period, as certified by the Portfolio Administrator; and

               (x)       on the Settlement Date immediately following each April
          30, July 31, October 31 or January 31, if the Asset Coverage Ratio is
          greater than 101.25% and any transfer hereunder will not result in an
          Event of Default or require a collateral call pursuant to any
          provision contained in this Agreement, transfer to the Borrower or any
          other Person as directed by the Borrower (by wire transfer as directed
          by the Borrower), any amounts calculated pursuant to the provisions of
          Exhibit E hereto the form of which shall not be changed or amended
          without the prior written consent of the Agent and the Required
          Lenders.

          (d)  Any moneys allocated to the payment of Trustee Fees, Liquidity
     Fees, Valuation Agent Fees, Portfolio Administration Fees, Servicing Fees,
     Custodian Fees, Advances, Yield on Advances and other Obligations pursuant
     to this Section 2.06 shall be transferred to the applicable payee, to the
     extent such Obligations are then due and payable. The Trustee shall make
     the foregoing transfers in accordance with this Section 2.06.

     SECTION 2.07. CASH RESERVE ACCOUNT. On or prior to the date hereof, the
Borrower shall establish and maintain, or cause to be established and
maintained, the Cash Reserve Account. The Cash Reserve Account shall be
maintained in a segregated trust account in the trust department of the Trustee
or another commercial bank designated by the Trustee, and shall be under the
sole dominion and control of, and in the name of, the Trustee. The Cash
Reserve Requirement shall be deposited to the Cash Reserve Account from
proceeds of the Initial Borrowing and additional amounts shall be deposited to
the Cash Reserve Account pursuant to Section 2.06(c)(vii) hereof. Funds on
Deposit in the Cash Reserve Account may be invested from time to time in
Permitted Investments in accordance with Section 2.09. The Trustee shall apply
funds on deposit in the Cash Reserve Account as described in Section 2.08.

     SECTION 2.08. TRANSFERS FROM THE CASH RESERVE ACCOUNT. To the extent there
are insufficient moneys in the Collection Account to pay the following amounts
in accordance with the provisions of Section 2.06, the Trustee shall transfer
moneys held by the Trustee in the Cash Reserve Account, to the extent available
for distribution on the specified day, in the following amounts and priority:

               (a)  On each date on which any principal or interest is due with
respect to any Advance, the Trustee shall promptly apply moneys held in the
Cash Reserve Account to pay to the Lenders the accrued and unpaid Yield and
principal amounts then due and owing; provided, however, that during the
Revolving Period, if more than $10,000,000 from either the Collection Account
or the Cash Reserve Account shall be applied at the end of any one Interest
Period to repay the principal balance of the Advances, a fee of

                                       23

<PAGE>
         l/12th of 0.10% shall be applied to all such principal payments over
         $10,000,000 made at the end of any such Interest Period; and

                  (b)      on any Settlement Date, to the Collection Account for
         the payment of accrued and unpaid fees and expenses described in
         Section 2.06(c)(i) through (vi).

         SECTION 2.09.     MANAGEMENT OF COLLECTION ACCOUNT AND CASH RESERVE
ACCOUNT. All funds held in the Collection Account and the Cash Reserve Account
(or any subaccount thereof), including investment earnings thereon, shall be
invested at the direction of the Borrower of the Portfolio Administrator in
Permitted Investments having a maturity date not later than the next date on
which any distributions are to be made from funds on deposit in the Collection
Account and/or the Cash Reserve Account; provided, however, that from and after
the Termination Date or otherwise upon the occurrence and during the continuance
of any Event of Default the Required Lenders shall have the sole right to
restrict the maturities of any investments held in the Collection Account and/or
the Cash Reserve Account and to direct the withdrawal of any such investments
for the purposes of paying the Obligations, including the principal on the
Advances. All investment earnings (net of losses) on such Permitted Investments
shall be credited to and retained in the Collection Account or the Cash Reserve
Account, as the case may be.

         SECTION 2.10.     PLEDGED COLLATERAL ASSIGNMENT OF THE TRANSACTION
DOCUMENTS. To secure the prompt and complete payment when due of the Obligations
and the performance by the Borrower of all of the covenants and obligations to
be performed by it pursuant to this Agreement and each other Transaction
Document, the Borrower hereby assigns to the Trustee, and Grants to the Trustee
a security interest, in each case, for the benefit of the Secured Creditors in
accordance with their interests, in all of the Borrower's right and title to and
interest in (but not the obligations of) the Transaction Documents. The Borrower
confirms and agrees that the Trustee shall have, following an Event of Default,
the sole right to enforce the Borrower's rights and remedies under the
Transaction Documents with respect to the Pledged Collateral for the benefit of
the Secured Creditors, but without any obligation on the part of the Trustee or
any other Secured Creditor or any of their respective Affiliates, to perform any
of the obligations of the Borrower under the Transaction Documents.

         SECTION 2.11.     GRANT OF A SECURITY INTEREST. To secure the prompt
and complete payment when due of the Obligations and the performance by the
Borrower of all of the covenants and obligations to be performed by it pursuant
to this Agreement and each other Transaction Document, the Borrower hereby
Grants to the Trustee on behalf of the Secured Creditors (and their respective
successors and assigns), a security interest in all of the Borrower's right,
title and interest in and to all of the following property and interests in
property (collectively, the "Pledged Collateral"), whether tangible or
intangible and whether now owned or existing or hereafter arising or acquired
and wheresoever located:

                  (a)      all Financed Loans;

                  (b)      all revenues and recoveries of principal from
         Financed Loans, including all borrower payments and reimbursements of
         principal and accrued interest on default claims received from any
         Guarantor;

                                       24
<PAGE>

                  (c)      any other Collections, funds and accrued earnings
         thereon held in the various funds and accounts created under this
         Agreement, including the Collection Account and the Cash Reserve
         Account;

                  (d)      all rights and remedies (but none of the obligations)
         under each of the Transaction Documents;

                  (e)      all other security interests or liens and property
         subject thereto from time to time, if any, purporting to secure payment
         of such Financed Loans, whether pursuant to the contract related to
         such Financed Loan or otherwise;

                  (f)      all Records relating to such Financed Loans; and

                  (g)      all proceeds of any of the foregoing.

         SECTION 2.12.     EVIDENCE OF DEBT. Each Lender shall maintain a loan
account (the "Loan Account") on its books in which shall be recorded (a) all
Advances owed to such Lender by the Borrower pursuant to this Agreement, (b) all
payments made by the Borrower on all such Advances and (c) all appropriate
debits and credits as provided in this Agreement including, without limitation,
all fees, charges, expenses and interest. All entries in the Loan Account shall
be made in accordance with such Lender's customary accounting practices as in
effect to from time to time. The entries in the Loan Account shall be
conclusive and binding for all purposes, absent manifest error. Any failure to
so record or any errors in doing so shall not, however, limit or otherwise
affect the obligation of the Borrower to pay any amount owing with respect to
the Loans or any of the other Obligations.

         SECTION 2.13.     SPECIAL PROVISIONS GOVERNING ADVANCES. The Borrower
shall indemnify each Lender, upon written request (which request shall set forth
in reasonable detail the basis for requesting such amounts and which shall,
absent manifest error, be presumed correct and binding upon all parties hereto),
for losses, expenses and liabilities (including, without limitation, any loss
(including interest paid) sustained by it in connection with the liquidation or
re-employment of funds acquired to fund or maintain the Advances), that such
Person may sustain: (a) if for any reason other than an act, default or omission
by the Lenders (of any of them) a borrowing of any Advance does not occur on a
date specified therefor; (b) if the Borrower elects, or is required by reason of
a breach by the Borrower of this Agreement, to prepay any Advance on a date that
is not the last day of the Interest Period applicable to that Advance; or (c) as
a consequence of any other default by the Borrower to repay its Advances when
required by the terms of this Agreement. Unless otherwise provided herein, the
amount specified in the written statement of any Lender shall be payable on
demand after receipt by the Borrower thereof.

         SECTION 2.14.     PAYMENTS BY THE BORROWER. All payments to be made by
the Borrower shall be made without set-off, recoupment or counterclaim. Except
as otherwise expressly provided herein, all payments by the Borrower shall be
made, if to Concord, directly to the Concord Account, and if to any other
Lender, to the Agent for the account of such Lender at the Agent's Payment
Office in Dollars. Such payments shall be made in immediately available funds so
as to be received by the Lenders no later than 10:00 a.m., Chicago time, on the
date specified herein. Payments shall be applied first against interest amounts
then due and unpaid in

                                       25
<PAGE>

respect of any Advance, second, after all such interest has been paid in full,
against fees then due and unpaid hereunder, and third, after all such interest
and fees have been paid in full, against any principal amounts then due and
unpaid in respect of any Advance. Any payment which is received by any Lender
later than 10:00 a.m., Chicago time, shall be deemed to have been received on
the following Business Day and any applicable interest or fee shall continue to
accrue.

         SECTION 2.15.     PAYMENT OF STAMP TAXES, ETC. The Borrower agrees to
pay any present or future stamp, mortgage, value-added, court or documentary
taxes or any other excise or property taxes, charges or similar levies imposed
by any federal, state or local governmental body, agency or instrumentality
(hereinafter referred to as "Other Applicable Taxes") relating to this
Agreement, any of the other Transaction Documents or any recordings or filings
made pursuant hereto and thereto and shall hold the Trustee and each Lender
harmless from and against any and all liabilities with respect to or resulting
from any delay or omission to pay such Other Applicable Taxes.

         SECTION 2.16.     SHARING OF PAYMENTS, ETC. If, other than as expressly
provided elsewhere herein, any Lender shall obtain on account of the Advances
owed to it any payment (whether voluntary, involuntary, through the exercise of
any right of set-off or otherwise) in excess of its Pro Rata Share (or other
share contemplated hereunder), such Lender shall immediately (a) notify the
Agent of such fact, and (b) purchase from the other Lenders such participations
in the Advances made by them as shall be necessary to cause such purchasing
Lender to share the excess payment pro rata (based on the Pro Rata Share of each
Lender) with each of them; provided, however, that if all or any portion of such
excess payment is thereafter recovered from the purchasing Lender, such purchase
shall to that extent be rescinded and each other Lender shall repay to the
purchasing Lender the purchase price paid therefor, together with an amount
equal to such paying Lender's ratable share (according to the proportion of (i)
the amount of such paying Lender's required repayment to (ii) the total amount
so recovered from the purchasing Lender) of any interest or other amount paid or
payable by the purchasing Lender in respect of the total amount so recovered.
The Borrower agrees that any Lender so purchasing a participation from another
Lender may, to the fullest extent permitted by law, exercise all its rights of
payment (including the right of set-off) with respect to such participation as
fully as if such Lender were the direct creditor of the Borrower in the amount
of such participation. The Agent will keep records (which shall be conclusive
and binding in the absence of manifest error) of participations purchased under
this Section 2.16 and will in each case notify the Lenders following any such
purchases or repayments.

         SECTION 2.17.     YIELD PROTECTION.

                  (a)      If any Regulatory Change (including a change to
         Regulation D under the Securities Exchange Act of 1933, as amended)
         occurring after the date hereof:

                           (i)      shall subject any Affected Party to any tax,
                  duty or other charge with respect to any portion of the
                  Obligations owned or funded by it or with respect to its
                  Unused Commitment (as defined in the Liquidity Agreement)
                  (other than taxes, duties or charges based on income or gross
                  receipts), or shall change the basis of taxation (other than
                  taxes based on income or gross receipts) of

                                       26

<PAGE>
                  payments to the Affected Party of any yield on or reductions
                  to the Obligations owed to or with respect to the Obligations
                  funded in whole or in part by it or any other amounts due
                  under this Agreement in respect of any portion of the
                  Obligations owned by or funded by it or its obligations or
                  rights, if any, to fund Advances or in respect of its Unused
                  Commitment (except for changes in the rate of tax on the
                  overall net income or gross receipts of such Affected Party
                  imposed by the United States of America, by the jurisdiction
                  in which such Affected Party's principal executive office is
                  located and, if such Affected Party's principal executive
                  office is not in the United States of America, by the
                  jurisdiction where such Affected Party's principal office in
                  the United States is located); or

                           (ii)     shall impose, modify or deem applicable any
                  reserve (including, without limitation, any reserve imposed by
                  the Federal Reserve Board, but excluding any reserve included
                  in the determination of yield on the Obligations), special
                  deposit or similar requirement against assets of any Affected
                  Party, deposits or obligations with or for the account of any
                  Affected Party or with or for the account of any Affiliate (or
                  entity deemed by the Federal Reserve Board to be an affiliate)
                  of an Affected Party, or credit extended to any Affected
                  Party; or

                           (iii)    shall change the amount of capital
                  maintained or required or requested or directed to be
                  maintained by any Affected Party;

                           (iv)     shall impose any other condition affecting
                  any portion of the Obligations owned or funded in whole or in
                  part by any Affected Party, or its obligations or rights, if
                  any, to pay any portion of the Unused Commitment or to provide
                  funding therefor; or

                           (v)      shall change the rate for, or the manner in
                  which the Federal Deposit Insurance Corporation (or any
                  successor thereto) assesses deposit insurance premiums or
                  similar charges;

         and the result of any of the foregoing is or would be:

                                    (A) to increase the cost to or to impose a
                           cost on an Affected Party funding or making or
                           maintaining any portion of the Obligations, or any
                           purchases, reinvestments or loans or other extensions
                           of credit under the Liquidity Agreement or any other
                           Transaction Document or any commitment of such
                           Affected Party with respect to the foregoing;

                                    (B) to reduce the amount of any sum received
                           or receivable by an Affected Party under this
                           Agreement, or under the Liquidity Agreement or any
                           other Transaction Document with respect thereto; or

                                    (C) in the sole determination of such
                           Affected Party, to reduce the rate of return on the
                           capital of an Affected Party as a consequence of its
                           obligations hereunder or under the Liquidity
                           Agreement or arising in

                                       27
<PAGE>

                           connection herewith to a level below that which the
                           Affected Party could otherwise have achieved;

         then within 30 days after demand by such Affected Party (which demand
         shall be accompanied by a statement setting forth in reasonable detail
         the basis of such demand), the Borrower shall pay directly to such
         Affected Party such additional amount or amounts as will compensate
         such Affected Party for such additional or increased cost or such
         reduction; provided such additional amount or amounts shall not be
         payable with respect to any period in excess of 180 days prior to the
         date of demand by the Affected Party unless (1) the effect of the
         Regulatory Change is retroactive by its terms to a period prior to the
         date of the Regulatory Change, in which case any additional amount or
         amounts shall be payable for the retroactive period but only if the
         Affected Party provides its written demand not later than 180 days
         after the Regulatory Change, of (2) the Affected Party reasonably and
         in good faith did not believe the Regulatory Change resulted in such an
         additional or increased cost or such a reduction.

                  (b)      Each Affected Party will promptly notify the
         Borrower, the Required Lenders and the Agent of any event of which it
         has actual knowledge which will entitle such Affected Party to any
         compensation pursuant to this Section 2.17; provided, however, no
         failure or delay in giving such notification shall adversely affect the
         rights of any Affected Party to such compensation unless such failure
         or delay results in a Material Adverse Effect.

                  (b)      In determining any amount provided for or referred to
         in this Section 2.17, an Affected Party may use any reasonable
         averaging or attribution methods that it (in its sole discretion
         exercised in good faith) shall deem applicable and which it applies on
         a consistent basis. Any Affected Party when making a claim under this
         Section 2.17 shall submit to the Borrower a statement as to such
         increased cost or reduced return (including calculation thereof in
         reasonable detail), which statement shall, in the absence of; manifest
         error, be conclusive and binding upon the Borrower.

                                   ARTICLE III

                            CONDITIONS OF BORROWINGS

         SECTION 3.01.     CONDITIONS PRECEDENT TO INITIAL BORROWING. The
initial Borrowing hereunder is subject to the condition precedent that Concord
or the Agent or both, as the case may be, shall have received on or before the
date of such Borrowing the items listed in the Exhibits hereto, in form and
substance satisfactory to Concord or the Agent or both, as the case may be.

         SECTION 3.02.     CONDITIONS PRECEDENT TO ALL BORROWINGS. Each
Borrowing (including the initial Borrowing) by the Borrower from any Lender
shall be subject to the further conditions precedent that:

                  (a)      on or prior to the date of such Borrowing, the
         Borrower shall have delivered to the Agent, each Required Lender and
         the  Trustee (i) a Advance Percentage

                                       28
<PAGE>

         Calculation Report from the Valuation Agent and (ii) if requested by
         the Agent or a Required Lender, copies of the relevant Sale and
         Purchase Agreement; and

                  (b)      on the date of such Borrowing, the following
         statements shall be true, and the Borrower by accepting the amount of
         such Borrowing shall be deemed to have certified that:

                           (i)      the representations and warranties contained
                  in Article IV are correct on and as of such day as though made
                  on and as of such date;

                           (ii)     no event has occurred and is continuing, or
                  would result from such Borrowing, which constitutes an Event
                  of Default or an event which, with the giving of notice or the
                  passage of time, or both, would constitute an Event of
                  Default;

                           (iii)    on and as of such day, after giving effect
                  to such Borrowing, the Facility Amount would not exceed the
                  Facility Limit; and

                           (iv)     no law or regulation shall prohibit, and no
                  order, judgment or decree of any federal, state or local court
                  or governmental body, agency or instrumentality shall prohibit
                  or enjoin, the making of such Advances by such Lender in
                  accordance with the provisions hereof.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

         The Borrower represents and warrants as follows:

                  (a)      The Borrower is a corporation duly organized, validly
         existing and in good standing under the laws of the State of Nevada and
         is duly qualified to do business, and is in good standing, in every
         jurisdiction in which the nature of its business requires it to be so
         qualified.

                  (b)      The execution, delivery and performance by the
         Borrower of this Agreement and all Transaction Documents to be
         delivered by it in connection herewith or therewith, including the
         Borrower's use of the proceeds of Advances, are within the Borrower's
         organizational powers, have been duly authorized by all necessary
         organizational action, do not contravene (i) the Borrower's Articles of
         Incorporation or bylaws, (ii) any law, rule or regulation applicable to
         the Borrower, (iii) any contractual restriction binding on or affecting
         the Borrower or its property or (iv) any order, writ, judgment, award,
         injunction or decree binding on or affecting the Borrower or its
         property, and do not result in or require the creation of any lien,
         security interest or other charge or encumbrance upon or with respect
         to any of its properties (other than in favor of the Trustee for the
         benefit of the Secured Creditors with respect to the Pledged
         Collateral); and no transaction contemplated hereby or by the other
         Transaction Documents to which it is a party requires compliance with
         any bulk sales act or similar

                                       29
<PAGE>

         law. This Agreement and the other Transaction Documents to which it is
         named as a party have each been duly executed and delivered by the
         Borrower.

                  (c)      No authorization or approval or other action by, and
         no notice to or filing with, any Governmental Authority is required for
         the due execution, delivery and performance by the Borrower of this
         Agreement or any other Transaction Document to which it is a party,
         except for the filing of certain UCC financing statements, all of which
         financing statements have been duly filed and are in full force and
         effect.

                  (d)      This Agreement and each other Transaction Document to
         which the Borrower is a party constitute the legal, valid and binding
         obligations of the Borrower enforceable against the Borrower in
         accordance with their respective terms, subject to (i) applicable
         bankruptcy, insolvency, moratorium, or other similar laws affecting the
         rights of creditors and (ii) general principals of equity, whether such
         enforceability is considered in a proceeding in equity or at law.

                  (e)      There is no pending or, to the knowledge of the
         Borrower, threatened, action or proceeding affecting the Borrower
         before any court, governmental agency or arbitrator that may materially
         adversely affect the financial condition of the Borrower or the ability
         of the Borrower to perform its obligations under each Transaction
         Document to which it is a party. The Borrower is not in default with
         respect to any order of any court, arbitrator or any other Governmental
         Authority.

                  (f)      No proceeds of any Advances will be used by the
         Borrower to acquire any security in any transaction which is subject to
         Section 13 or 14 of the Securities Exchange Act of 1934, as amended.

                  (g)      The Pledged Collateral shall, at all times, be owned
         by the Borrower free and clear of any Adverse Claim except as provided
         herein, and the Trustee, for the benefit of the Secured Creditors, has
         a valid and perfected first priority security interest in such Pledged
         Collateral. No effective financing statement or other instrument
         similar in effect covering any Pledged Collateral shall at any time be
         on file in any recording office except such as may be filed in favor of
         the Trustee relating to this Agreement.

                  (h)      As of the close of business on each Business Day, the
         Facility Amount shall not exceed the Facility Limit on such Business
         Day.

                  (i)      No Valuation Report (to the extent that information
         contained therein is supplied by the Borrower), information, exhibit,
         financial statement, document, book, record or report furnished or to
         be furnished by the Borrower to the Agent or any Required Lender in
         connection with this Agreement is or will be inaccurate in any material
         respect as of the date it is or shall be dated or (except as otherwise
         disclosed to the Agent or such Required Lender in writing) as of the
         date so furnished, and no such document contains or will contain any
         material misstatement of fact or omits or shall omit to state a
         material fact necessary to make the statements contained therein not
         misleading.

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<PAGE>

                  (j)      The principal place of business and chief executive
         office of the Borrower and the office where the Borrower keeps all the
         Records are located at the address of the Borrower referred to in
         Section 9.02 or such other location as the Borrower shall have given
         notice of to the Required Lenders pursuant to Section 5.10.

                  (k)      The Borrower has no trade names, fictitious names,
         assumed names or "doing business as" names or other names under which
         it has done or is doing business.

                  (1)      The Borrower is Solvent at the time of (and
         immediately after) each "Advance" and each purchase of Eligible Loans
         made by the Borrower.

                  (m)      The Borrower is not an "investment company" or a
         company "controlled" by an "investment company," within the meaning of
         the Investment Company Act of 1940, as amended.

                  (n)      The Borrower has directed (or caused to be directed)
         all Servicers to transmit Collections on the Financed Loans and the
         other Pledged Collateral to the Trustee for deposit to the Collection
         Account.

                  (o)      All representations and warranties of the Borrower
         set forth in the Transaction Documents to which it is a party are true
         and correct in all material respects.

                  (p)      Each Student Loan to be financed with the proceeds of
         any Advance constitutes an Eligible Loan as of the date of such Advance
         purchased from a Seller pursuant to a Sale and Purchase Agreement.

                  (q)      The Borrower and its Affiliates have reviewed the
         areas within their business and operations which could be adversely
         affected by, and have developed or are developing a program to address
         on a timely basis, the risk that certain computer applications used by
         the Borrower or its Affiliates (or their respective material suppliers
         or vendors (other than the Department), including, but not limited to,
         any Servicer and the Valuation Agent) may be unable to recognize or
         perform properly date-sensitive functions involving dates prior to and
         after December 31, 1999 (the "Year 2000 Problem"). On the basis of the
         foregoing, to the best knowledge of the Borrower, the Year 2000 Problem
         will not have a Material Adverse Effect

                                    ARTICLE V

                        GENERAL COVENANTS OF THE BORROWER

         SECTION 5.01. GENERAL COVENANTS.

                  (a)      COMPLIANCE WITH LAWS; PRESERVATION OF CORPORATE
         EXISTENCE. The Borrower will comply in all material respects with all
         applicable laws, rules, regulations and orders and preserve and
         maintain its legal existence, and will preserve and maintain its
         rights, franchises, qualifications and privileges in all material
         respects.

                                       31
<PAGE>

                  (b)      SALES, LIENS, ETC. Except as otherwise provided
         herein, the Borrower will not (i) sell, assign (by operation of law or
         otherwise) or otherwise dispose of, or create or suffer to exist any
         Adverse Claim upon or with respect to, any Pledged Collateral or (ii)
         create or suffer to exist any Adverse Claim upon or with respect to any
         of the Borrower's assets.

                  (c)      GENERAL REPORTING REQUIREMENTS. The Borrower will
         provide to the Agent and to each Required Lender the following:

                           (i)      as soon as available and in any event within
                  120 days after the end of each fiscal year of the Borrower, a
                  copy of the balance sheet of the Borrower and the related
                  statements of income, beneficial interest holders' (or
                  securityholders') equity and cash flows for such year, each
                  prepared in accordance with GAAP consistently applied and duly
                  certified by nationally recognized independent certified
                  public accountants selected by the Borrower;

                           (ii)     as soon as possible and in any event within
                  five days after the occurrence of each Event of Default and
                  each event which, with the giving of notice or lapse of time
                  or both, would constitute an Event of Default, a statement of
                  the Borrower setting forth details of such Event of Default or
                  event and the action which the Borrower has taken and proposes
                  to take with respect thereto;

                           (iii)    promptly following receipt thereof; to the
                  extent requested by the Agent or any Required Lender, copies
                  of all financial statements, settlement statements, portfolio
                  and other material reports, notices, disclosures, certificates
                  and other written material delivered or made available to the
                  Borrower by any Person pursuant to the terms of any
                  Transaction Document;

                           (iv)     promptly following the Agent's or any
                  Required Lender's request therefor, such other information
                  respecting the Financed Loans and the other Pledged Collateral
                  or the conditions or operations, financial or otherwise, of
                  the Borrower as the Agent or any Required Lender may from time
                  to time reasonably request;

                           (v)      with respect to each Guarantor, promptly
                  after receipt thereof as made available to the Borrower after
                  request therefor, copies of any audited financial statements
                  of such Guarantor certified by an independent certified public
                  accounting firm and a written statement setting forth the
                  Trigger Rate of such Guarantor and the source of the
                  Borrower's representation thereof;

                           (vi)     with respect to each Servicer and promptly
                  after receipt thereof after a good faith effort to obtain such
                  material is made by the Borrower, (A) copies of any annual
                  audited financial statements of such Servicer, certified by an
                  independent certified public accounting firm; (B) on an annual
                  basis within 10 days after receipt thereof, copies of SAS 70
                  reports for such Servicer, or, if not available, the annual
                  compliance audit for each Servicer required by Section
                  428(b)(l)(4) of the Higher Education Act; and (C) to the
                  extent not included in

                                       32
<PAGE>

                  the financial information provided pursuant to clauses (A) and
                  (B) hereof, such Servicer's net dollar loss for the year due
                  to servicing errors;

                           (vii)    upon request, a Schedule of Purchased Loans;

                           (viii)   as soon as available and in any event within
                  120 days after the end of each fiscal year of Union Financial
                  Services, Inc., copies of consolidated financial statements
                  for it and its consolidated subsidiaries prepared in
                  accordance with generally accepted accounting principles, duly
                  certified by independent certified public accountants of
                  recognized standing selected by it, including consolidating
                  statements;

                           (ix)     promptly after the filing or receiving
                  thereof, copies of all reports and notices with respect to any
                  Reportable Event defined in Article IV of ERISA which the
                  Borrower files under ERISA with the Internal Revenue Service,
                  the Pension Benefit Guarantee Corporation or the U.S.
                  Department of Labor or which the Borrower receives from the
                  Pension Benefit Guarantee Corporation;

                           (x)      immediately upon becoming aware of the
                  existence of any Event of Default, a written statement of an
                  Authorized Officer of the Borrower setting forth details of
                  such event and the action that the Borrower proposes to take
                  with respect thereto; and immediately upon becoming aware of
                  any Servicer Event of Default, written notice thereof;

                           (xi)     as soon as possible and in any event within
                  three Business Days of the Borrower's actual knowledge
                  thereof, written notice of (A) any litigation investigation or
                  proceeding which may exist at any time which could have a
                  Material Adverse Effect and (B) any material adverse
                  development in previously disclosed litigation, including in
                  each case, if known to the Borrower, any of the same against a
                  Servicer; and

                           (xii)    promptly after the occurrence thereof,
                  written notice of changes in the Higher Education Act or any
                  other law of the United States that could have a Material
                  Adverse Effect or could materially and adversely affect (A)
                  the ability of a Servicer to perform its obligations under any
                  Servicing Agreement, or (B) the collectibility or
                  enforceability of a material amount of the Financed Loans, or
                  any Guarantee Agreement or Federal Reimbursement Contract with
                  respect to a material amount of Financed Loans.

                  (d)      MERGER, ETC. The Borrower will not merge or
         consolidate with, or convey, transfer, lease or otherwise dispose of
         (whether in one transaction or in a series of transactions), all or
         substantially all of its assets (whether now owned or hereafter
         acquired), or acquire all or substantially all of the assets or capital
         stock or other ownership interest of any Person, other than, with
         respect to asset dispositions, in connection herewith.

                  (e)      NATURE OF BUSINESS. The Borrower will engage in no
         business other than (i) purchases and sales of Eligible Loans and (ii)
         the other transactions permitted or

                                       33
<PAGE>

         contemplated by this Agreement and its Articles of Incorporation and
         bylaws as they exist on the Closing Date, or as amended with the
         consent of the Required Lenders.

                  (f)      TRANSACTION DOCUMENTS. The Borrower (i) will take all
         action necessary to perfect, protect and more fully evidence the
         ownership interest of the Borrower and the security interest of the
         Trustee in favor of the Secured Creditors in the Financed Loans and
         Collections with respect thereto and in the other Pledged Collateral
         and the Transaction Documents including, without limitation, (A) filing
         and maintaining effective financing statements (Form UCC-1) in all
         necessary or appropriate filing offices, (B) filing continuation
         statements, amendments or assignments with respect thereto in such
         filing offices and (C) executing or causing to be executed such other
         instruments or notices as may be necessary or appropriate and (ii) will
         take all additional action to perfect, protect and fully evidence the
         security interest of the Trustee, for the benefit of the Secured
         Creditors, in the Financed Loans and other Pledged Collateral related
         thereto.

                  (g)      MAINTENANCE OF SEPARATE EXISTENCE. The Borrower will
         do all things necessary to maintain its existence as a Nevada
         corporation separate and apart from all Affiliates of the Borrower,
         including, without limitation, (i) practicing and adhering to corporate
         formalities, such as maintaining appropriate books and records; (ii)
         maintaining [a] Person who is an Independent Director; (iii) owning or
         leasing pursuant to written leases all office furniture and equipment
         necessary to operate its business; (iv) refraining from (A)
         guaranteeing or otherwise becoming liable for any obligations of any of
         its Affiliates, (B) having obligations guaranteed by its Affiliates,
         (C) holding itself out as responsible for debts of any of its
         Affiliates or for decisions or actions with respect to the affairs of
         any of its Affiliates, and (D) being directly or indirectly named as a
         direct or contingent beneficiary or loss payee on any insurance policy
         of any Affiliate; (v) maintaining all of its deposit and other bank
         accounts and all of its assets separate from those of any other
         Person; (vi) maintaining all of its financial records separate and
         apart from those of any other Person; (vii) compensating all its
         employees, officers, directors, consultants and agents for services
         provided to it by such Persons, or reimbursing any of its Affiliates in
         respect of services provided to it by employees, officers, directors,
         consultants and agents of such Affiliate, out of its own funds; (viii)
         accounting for and managing all of its liabilities separately from
         those of any of its Affiliates, including, without limitation, payment
         directly by the Borrower of all payroll, accounting and other
         administrative expenses and taxes; (ix) allocating, on arm's-length
         basis, all shared operating services, leases and expenses, including,
         without limitation, those associated with the services of shared
         consultants and agents and shared computer equipment and software; (x)
         refraining from paying dividends or making distributions, loans or
         other advances to any of its Affiliates more frequently than once
         during any calendar month and, in each case, as duly authorized by its
         Directors and in accordance with applicable law; (xi) refraining from
         filing or otherwise initiating or supporting the filing of a motion in
         any bankruptcy or other insolvency proceeding involving the Borrower or
         any other Affiliate of the Borrower to substantively consolidate the
         assets and liabilities of the Borrower with the assets and liabilities
         of any such Person or any other Affiliate of the Borrower; (xii)
         maintaining adequate

                                       34
<PAGE>

         capitalization in light of its business and purpose; and (xiii)
         conducting all of its business (whether written or oral) solely in its
         own name.

                  (h)      TRANSACTIONS WITH AFFILIATES. The Borrower will not
         enter into, or be a party to, any transaction with any of its
         Affiliates, except (i) the transactions permitted or contemplated by
         this Agreement (including the sale and purchase of Eligible Loans to
         Affiliates) and (ii) other transactions (including, without limitation,
         the lease of office space or computer equipment or software by the
         Borrower to or from an Affiliate (A) in the ordinary course of
         business, (B) pursuant to the reasonable requirements of the Borrower's
         business, (C) upon fair and reasonable terms that are no less favorable
         to the Borrower than could be obtained in a comparable arm's-length
         transaction with a Person not an Affiliate of the Borrower, and (D) not
         inconsistent with the factual assumptions set forth in the opinion
         letter issued as of the Closing Date by Kutak Rock to the Secured
         Creditors relating to the issues of substantive consolidation.

                  (i)      DEBT. Except as provided in the Borrower's Articles
         of Incorporation, the Borrower will not incur any Debt other than Debt
         arising hereunder. The Borrower will not make any Investments other
         than Permitted Investments and purchases of Eligible Loans.

                  (j)      EXTENSION OR AMENDMENT OF TRANSACTION DOCUMENTS.
         Without the written consent of the Agent and the Required Lenders, the
         Borrower will not:

                           (i)      cancel, terminate, extend, amend, modify or
                  waive (or consent to or approve any of the foregoing) any
                  provision of any Transaction Document;

                           (ii)     cancel, terminate, extend, amend, modify or
                  waive (or consent to or approve any of the foregoing) any
                  provision of any Sale and Purchase Agreement, Servicing
                  Agreement, Custodian Agreement, Financed Loan or other
                  instrument, document or agreement included in the Pledged
                  Collateral in any manner that (A) may reduce the amount owing
                  by the Obligor under a Financed Loan, by a Servicer, or defer
                  or extend the date scheduled for the final payment thereof,
                  except for extensions of past-due Financed Loans entered into
                  by a Servicer in accordance with the Higher Education Act in
                  order to maximize Collections thereof, or (B) may permit or
                  result in the release of any portion of the Pledged
                  Collateral;

                           (iii)    take or consent to any other action that may
                  impair the rights of any Secured Creditor to any Pledged
                  Collateral or modify, in a manner adverse to any Secured
                  Creditor, the right of such Secured Creditor to demand or
                  receive payment under any of the Transaction Documents; or

                           (iv)     take or consent to any other action that may
                  impair the interests of the Borrower or its assignees to any
                  Pledged Collateral or modify, in a manner adverse to the
                  Borrower or its assignees, the right of the Borrower and its
                  assignees to demand or receive payment under any of the
                  Transaction Documents.

                                       35
<PAGE>

                  (k)      ERISA. The Borrower will not adopt, maintain,
         contribute to or incur or assume any legal obligation with respect to
         any Benefit Plan or Multiemployer Plan or permit any of its ERISA
         Affiliates to do any of the foregoing.

                  (l)      SERVICERS. The Borrower will not permit any Person
         other than the Servicer to collect, service or administer the Financed
         Loans.

                  (m)      ELIGIBLE LOANS NOT ORIGINATED BY SELLERS. The
         Borrower shall not purchase from a Seller pursuant to a Sale and
         Purchase Agreement any Eligible Loan that was originated by a Person
         other than the applicable Seller unless the Borrower shall have taken
         (or caused to be taken) all steps reasonably necessary to ensure that
         (i) after giving effect to such purchase, the Borrower shall have
         acquired all legal and beneficial ownership in such Financed Loan, free
         and clear of any Adverse Claim and (ii) that the Person that originated
         such Eligible Loan (and any transferee thereof other than the Seller)
         shall have received reasonable equivalent value for the transfer of
         such Eligible Loan made by it.

         SECTION 5.02.     ACQUISITION, COLLECTION AND ASSIGNMENT OF STUDENT
LOANS. The Borrower shall acquire only Eligible Loans (or beneficial interests
therein) with proceeds of the Advances and shall diligently cause to be
collected all principal and interest payments on all the Financed Loans and all
sums to which the Borrower or Trustee is entitled pursuant to any Sale and
Purchase Agreement, and all grants, subsidies, donations, Special Allowance
Payments and all defaulted payments Guaranteed by any Guarantor which relate to
such Financed Loans. The Borrower shall also make, or cause to be made by
Sellers or Servicers or Trustees, every effort to collect the Borrower's or such
Seller's or Servicer's or Trustee's claims for payment from the Secretary of
Education or any Guarantor as soon as possible, of all payments related to such
Financed Loans. The Borrower will assign or direct the assignment of such
Financed Loans for payment of guarantee benefits as required by applicable law
and regulations. The Borrower will comply with all United States and state
statutes, rules and regulations and any Guarantor's rules and regulations which
apply to such Financed Loans.

         SECTION 5.03.     ENFORCEMENT OF FINANCED LOANS. The Borrower shall
cause to be diligently enforced and taken all steps, actions and proceedings
reasonably necessary for the enforcement of all terms, covenants and conditions
of all Financed Loans and agreements in connection therewith, including the
prompt payment of all principal and interest payments and all other amounts due
the Borrower and Trustee, as applicable thereunder. The Borrower shall not
permit the release of the obligations of any Eligible Borrower under any
Financed Loan and shall at all times, to the extent permitted by law, cause to
be defended, enforced, preserved and protected the rights and privileges of the
Borrower, the Trustee and the Lenders under or with respect to each Financed
Loan and agreement in connection therewith. The Borrower shall not consent or
agree to or permit any amendment or modification of any Financed Loan or
agreement in connection therewith which will in any manner materially adversely
affect the rights or security of the Trustee or the Lenders (with respect to the
rights of the Lenders, without the approval of the Agent and the Required
Lenders, which approval shall not be unreasonably withheld). Nothing in this
Agreement shall be construed to prevent the Borrower and Trustee, as applicable,
from settling a default or curing a delinquency on any Financed Loan on such
terms as shall be permitted by law.

                                       36
<PAGE>

         SECTION 5.04.     ENFORCEMENT OF SERVICING AGREEMENTS. The Borrower
shall cause to be diligently enforced and taken all reasonable steps, actions
and proceedings necessary for the enforcement of all terms, covenants and
conditions of all Servicing Agreements, including the prompt payment of all
principal and interest payments and all other amounts due the Borrower or
Trustee, as applicable, thereunder, including all grants, subsidies, donations,
Special Allowance Payments and all defaulted payments Guaranteed by any
Guarantor and/or by the Secretary of Education which relate to any Financed
Loans. The Borrower shall not permit the release of the obligations of any
Servicer under any Servicing Agreement and shall at all times, to the extent
permitted by law, cause to be defended, enforced, preserved and protected the
rights and privileges of the Borrower and of the Trustee under or with respect
to each Servicing Agreement. The Borrower shall not consent or agree to or
permit any amendment or modification of any Servicing Agreement which will in
any manner materially adversely affect the rights or security of the Trustee
or the Lenders, without the written consent of the Agent and the Required
Lenders, except (a) as required by the Higher Education Act, (b) solely for
the purpose of extending the term thereof or adding to the Financed Loans
serviced thereunder Eligible Loans financed under an indenture or similar
agreement other than this Agreement and/or (c) in any other manner, if such
modification, amendment or supplement so made without the prior written
consent of the Agent and the Required Lenders shall not be effective with
respect to the servicing of Financed Loans; provided, however, that the Agent
and the Required Lenders shall respond as promptly as may be practicable after
receipt by the Required Lenders of a request of the Borrower for the Agents'
and the Required Lenders' consent to any modification, amendment or supplement
of, or any waiver with respect to, any provision of any Servicing Agreement.

         SECTION 5.05.     ADMINISTRATION AND COLLECTION OF FINANCED LOANS. All
Financed Loans shall be administered and collected either by the Borrower or by
a Servicer in a competent, diligent and orderly fashion and in accordance with
all requirements of the Higher Education Act, the Secretary of Education, this
Agreement, the Federal Reinsurance Agreements, the Trustee Guarantee Agreement
and any other guarantee agreement issued by any Guarantor to the Trustee.

         SECTION 5.06.     AMENDMENT OF FORM OF SALE AND PURCHASE AGREEMENT. The
Borrower shall notify the Trustee, the Agent and the Required Lenders in writing
of any proposed material amendments to the form of Sale and Purchase Agreement.
No such amendment shall become effective unless and until the Agent and the
Required Lenders consent in writing thereto (which consent shall not be
unreasonably withheld).

         SECTION 5.07.     CUSTODIAN. Each Custodian shall hold the Student Loan
Notes in a safe and secure manner for purposes of perfecting the security
interest in and lien on such Financed Loans as herein provided. The Student Loan
Notes shall be held in a limited access vault facility with a two-hour fire
rating and shall be assigned a designation which is distinct from other
promissory notes held to secure any other financings of the Borrower, if any,
for which the Trustee acts in a fiduciary capacity.

         SECTION 5.08.     PREPAYMENTS AND REFINANCING. The Borrower or its
Affiliates has entered into, and intend to enter into in the future, agreements
pursuant to which the Borrower or an Affiliate may borrow moneys thereunder, and
pledge Financed Loans or its interest therein (previously pledged hereunder) to
secure the same, or sell Financed Loans or its interest therein

                                       37
<PAGE>

(previously pledged hereunder), none of which agreements constitute or will
constitute an Adverse Claim on the Financed Loans continuing to be Pledged
Collateral. Notwithstanding any provision to the contrary herein, if and to the
extent the Borrower or an Affiliate so borrows money or sells Financed Loans or
its interest therein, upon either (a) payment in full of, or (b) deposit of cash
into a segregated account maintained with the Trustee for the sole benefit of
the Lenders, and in which the Trustee is granted a valid and perfected first
priority security interest subject to no other lien, claim or encumbrance in an
amount equal to, all Advances and other Obligations relating to such Financed
Loans and the Trust Estate or any interest therein affected by such action
(together with all accrued and unpaid Yield thereon together with all Yield
which would accrue through the end of the related Interest Periods) such
Financed Loans shall no longer be security for the Advances. Notwithstanding
anything to the contrary contained herein, without the prior written consent of
the Required Lenders, in no event shall any such payment to the Lenders occur
(i) more than three Business Days after the delivery by the Valuation Agent of a
Valuation Report, (ii) if, after giving effect to such repayment and the
release of the Trustee's security interest in or removal from the Pledged
Collateral of the Related Financed Loans, an Event of Default (or an event that
with the passage of time or the giving of notice, or both, would constitute an
Event of Default) or the requirements giving rise to a collateral call under any
provision of this Agreement would exist or result therefrom, and (iii) on a day
other than the first Business Day of a calendar month.

         SECTION 5.09.     PERIODIC REPORTING.

                  (a)      The Borrower will cause the Valuation Agent to
         deliver to the Agent (at the address provided in the Liquidity
         Agreement) and to the Required Lenders and the Trustee:

                           (i)      not later than each Valuation Date, a
                  Valuation Report setting forth the Aggregate Market Value, the
                  Liabilities and the Asset Coverage Ratio; and

                           (ii)     not later than four Business Days prior to
                  each Advance, a Advance Percentage Calculation Report.

                  (b)      The Borrower will cause to be provided to the Agent,
         the Required Lenders and the Valuation Agent, (i) not later than the
         third Business Day prior to each Calculation Date, a summary of each
         servicer report setting forth the material characteristics of the
         Financed Loans, all as of the last day of the immediately preceding
         calendar month and (ii) not later than one Business Day prior to each
         Calculation Date, (A) the balances in the Collection Account (including
         a breakout of principal and interest received with respect to the
         Financed Loans) and the Cash Reserve Account and (B) the Liabilities,
         all as of the last day of the immediately preceding calendar month.

         SECTION 5.10.     UCC MATTERS; PROTECTION AND PERFECTION OF PLEDGED
COLLATERAL; DELIVERY OF DOCUMENTS. The Borrower will keep its principal place of
business and chief executive office, and the office where it keeps the Records,
at the address of the Borrower referred to in Article IV (j) or, upon 30 days'
prior written notice to the Trustee and the Lenders, at such other locations
within the United States where all actions reasonably requested by the Agent or
any Required Lender to protect and perfect the interest of the Borrower and the
Secured

                                       38
<PAGE>

Creditors in the Pledged Collateral have been taken and completed. The Borrower
will not make any change to its name or use any tradenames, fictitious names,
assumed names, "doing business as" names or other names, unless prior to the
effective date of any such name change or use, the Borrower delivers to the
Agent and the Required Lenders such executed financing statements as any
Required Lender may request to reflect such name change or use, together with
such other documents and instruments as the Agent or any such Required Lender
may request in connection therewith. The Borrower agrees that from time to time,
at its expense, it will promptly execute and deliver all further instruments and
documents, and take all further action that the Agent or any Required Lender may
reasonably request in order to perfect, protect or more fully evidence the
Trustee's interest in the Pledged Collateral for the benefit of the Secured
Creditors, or to enable the Trustee or the Required Lenders to exercise or
enforce any of their respective rights hereunder. Without limiting the
generality of the foregoing, the Borrower will upon the request of any Required
Lender: (a) execute and file such financing or continuation statements, or
amendments thereto or assignments thereof, and such other instruments or
notices, as may be necessary or appropriate or as any such Required Lender may
request, and (b) mark its master data processing records evidencing such Pledged
Collateral with a legend acceptable to the Required Lenders, evidencing that the
Trustee, for the benefit of the Secured Creditors, has acquired an interest
therein as provided in this Agreement. The Borrower hereby authorizes the
Trustee, or any Secured Creditor on behalf of the Borrower, to file one or more
financing or continuation statements, and amendments thereto and assignments
thereof, relative to all or any of the Pledged Collateral now existing or
hereafter arising without the signature of the Borrower where permitted by law.
A carbon, photographic or other reproduction of this Agreement or any financing
statement covering the Pledged Collateral, or any part thereof shall be
sufficient as a financing statement. If the Borrower fails to perform any of its
agreements or obligations under this Section 5.10, any Secured Creditor may (but
shall not be required to) itself perform, or cause performance of, such
agreement or obligation, and the expenses of such Secured Creditor incurred in
connection therewith shall be payable by the Borrower upon the such Secured
Creditor's demand therefor. For purposes of enabling any such Secured Creditor
and the Trustee to exercise their respective rights described in the preceding
sentence and elsewhere in this Agreement, the Borrower hereby authorizes, and
irrevocably grants a power of attorney to, the Secured Creditors, the Trustee
and their respective successors and assigns to take any and all steps in the
Borrower's name and on behalf of the Borrower necessary or desirable, in the
determination of the Secured Creditors or the Trustee, as the case may be, to
collect all amounts due under any and all Financed Loans and other Pledged
Collateral, including, without limitation, endorsing the Borrower's name on
checks and other instruments representing Collections and enforcing such
Financed Loans and other Pledged Collateral.

         SECTION 5.11.     OBLIGATIONS OF THE BORROWER WITH RESPECT TO PLEDGED
COLLATERAL. The Borrower will (a) at its expense, regardless of any exercise by
any Secured Creditor of its rights hereunder, timely and fully perform and
comply with all provisions, covenants and other promises required to be observed
by it under the Transaction Documents included in the Pledged Collateral to the
same extent as if Pledged Collateral had not been pledged hereunder and (b) pay
when due any taxes, including without limitation, sales and excise taxes,
payable in connection with the Pledged Collateral. In no event shall any Secured
Creditor have any obligation or liability with respect to any Financed Loans or
other instrument document or agreement included in the Pledged Collateral, nor
shall any of them be obligated to perform any of the obligations of

                                       39
<PAGE>

the Borrower or any of its Affiliates thereunder. The Borrower will timely and
fully comply in all respects with each Transaction Document.

         SECTION 5.12.     COLLATERAL CALL. The Borrower shall maintain at all
times the Minimum Asset Coverage Requirement. If the Borrower is notified by the
Valuation Agent that the Asset Coverage Ratio is below the Minimum Asset
Coverage Requirement, fee Borrower shall deposit cash or Eligible Loans (valued
at no greater than the aggregate Principal Balance thereon), within three
Business Days, or such other period as agreed, to by the Agent and the Required
Lenders in writing, of receipt of notice from the Valuation Agent, in the
Collection Account or the Trust Estate, as applicable, the amount specified by
the Valuation Agent as necessary to meet the Minimum Asset Coverage
Requirement.

         SECTION 5.13.     GUARANTOR LIMITATIONS. The Borrower shall not permit
any Financed Loan to be guaranteed by any guaranty agency or entity other than
(a) those specifically named in the definition of the term "Trustee Guarantee
Agreements" in Section 1.01 hereof or (b) any other guaranty agency or entity
specifically approved as a Guarantor by the Agent and the Required Lenders in
advance in writing.

                                   ARTICLE VI

                                EVENTS OF DEFAULT

         If any of the following events ("Events of Default") shall occur:

                  (a)      the Borrower fails to pay any of its Obligations
         under this Agreement or any of the other Transaction Documents when
         such Obligations are due or are declared due and such failure shall
         remain unremedied for one Business Day;

                  (b)      any representation or warranty made or deemed to be
         made by the Borrower (or any of its officers) under or in connection
         with this Agreement or any other Transaction Document, or other
         information or report delivered pursuant hereto or thereto shall prove
         to have been false or incorrect in any material respect when made; or

                  (c)      the Borrower shall fail to perform or observe any
         other term, covenant or agreement contained in any Transaction Document
         on its part to be performed or observed (other than in Section 5.12
         hereof) and any such failure shall remain unremedied for three Business
         Days after written notice thereof shall have been received; or

                  (d)      the Trustee, for the benefit of the Secured
         Creditors, shall, for any reason, cease to have a valid and perfected
         first priority security interest in any of the Pledged Collateral; the
         Borrower shall, for any reason, cease to have a valid and perfected
         first priority ownership interest in each Financed Loan and Collections
         with respect thereto; or

                  (e)      an Event of Bankruptcy shall have occurred with
         respect to the Borrower;

         or
                                       40

<PAGE>

               (f) entry of a judgment or judgments in the aggregate in excess
         of $100,000 against the Borrower which are not (i) stayed, bonded,
         vacated, paid or discharged within 30 days after entry or (ii) fully
         covered by insurance as to which the insurance carrier acknowledged
         coverage to the Borrower in writing within 30 days after entry; or

               (g) (i) any litigation (including, without limitation,
         derivative actions), arbitration proceedings or governmental
         proceedings not disclosed in writing by the Borrower to the Agent and
         Concord prior to the date of execution and delivery of this Agreement
         is pending against Borrower or Affiliate hereof, or (ii) any material
         development not so disclosed has occurred in any litigation (including,
         without limitation, derivative actions), arbitration proceedings or
         governmental proceedings so disclosed, which, in the case of clause (i)
         or (ii), in the opinion of the Agent and the Required Lenders, has a
         Material Adverse Effect; or

               (h) the Internal Revenue Service shall file notice of a lien
         pursuant to 6323 of the Internal Revenue Code with regard to any of the
         assets of the Borrower such lien shall not have been released within 60
         days, or the Pension Benefit Guarantee Corporation shall, or shall
         indicate its intention to, file notice of a lien pursuant to Section
         4068 of the Employee Retirement Income Security Act of 1974 with regard
         to any of the assets of the Borrower or any of its Affiliates and such
         lien shall not have been released within 60 days; or

               (i) a Servicer Event of Default shall have occurred or any
         Servicing Agreement shall not be in full force and effect for any
         reason, and, in either case, such Servicer or Servicing Agreement, as
         the case may be, shall not be replaced by a Servicer or a Servicing
         Agreement, as the case may be, acceptable to the Agent and the Required
         Lenders within 60 days of such event; provided, however, the foregoing
         event shall not be an "Event of Default" hereunder if such Servicer
         Event of Default arises under a Servicing Agreement with a Servicer
         that is not an Affiliate of the Seller and within the 30 days of the
         occurrence of such event, all Financed Loans then serviced by such
         Servicer are released from the Pledged Collateral in accordance with
         the terms of this Agreement; or

               (j) at any time the sum of the aggregate outstanding Principal
         Balance of all Financed Loans that are Proprietary Loans exceeds 20% of
         the aggregate outstanding Principal Balance of all Financed Loans; or

               (k) the Borrower shall fail to perform or observe the covenant
         set forth in Section 5.12 hereof; or

               (l) the occurrence of an event or circumstance that has a
         Material Adverse Effect; or

               (m) at any time the sum of the aggregate outstanding Principal
         Balance of Financed Loans serviced by Servicers for which the reporting
         of financial information to the Agent is not permitted under their
         Servicing Agreements shall exceed 10% of the aggregate outstanding
         Principal Balance of all Financed Loans; or

                                       41
<PAGE>

               (n) after 180 days from any drawing by Concord under the
         Liquidity Agreement, one or more Liquidity Advances remain unpaid to
         the Liquidity Providers; or

               (o) information in any of the reports described in Exhibits C, D
         or E hereof or in the reports described in the Valuation Agent
         Agreement, shall prove to have been false or incorrect in any material
         respect and such false or incorrect information shall remain
         uncorrected for three Business Days after written notice thereof shall
         have been received;

         then, and in any such event, the Agent or Required Lenders may, by
         notice to the Borrower and the Trustee, declare the Termination Date to
         have occurred, whereupon all of the Obligations shall become
         immediately due and payable, except that, in the case of any event
         described in subsection (e) above, the Termination Date shall be deemed
         to have occurred automatically upon the occurrence of such event and
         all of the Obligations shall automatically become and be immediately
         due and payable, without presentment, demand, protest or any notice of
         any kind, all of which are hereby expressly waived by the Borrower.
         Upon any such declaration or automatic occurrence, the Trustee and the
         Required Lenders shall have, in addition to all other rights and
         remedies under this Agreement or otherwise, all other rights and
         remedies provided to a secured party under the UCC of the applicable
         jurisdiction and other applicable laws, which rights shall be
         cumulative. The rights and remedies of a secured party which may be
         exercised by the Trustee and/or the Required Lenders pursuant to this
         Article VI shall include, without limitation, the right, without notice
         except as specified below, to solicit and accept bids for and sell the
         Pledged Collateral or any part thereof in one or more parcels at a
         public or private sale, at any exchange, broker's board or at any of
         the Trustee's offices or elsewhere, for cash, on credit or for future
         delivery, and upon such other terms as the Trustee or the Required
         Lenders may deem commercially reasonable. Any sale or transfer by the
         Trustee and/or the Required Lenders of Financed Loans shall only be
         made to an Eligible Lender. The Borrower agrees that, to the extent
         notice of sale shall be required by law, 10 Business Days' notice to
         the Borrower of the time and place of any public sale or the time after
         which any private sale is to be made shall constitute reasonable
         notification and that it shall be commercially reasonable for the
         Trustee to sell the Pledged Collateral to an Eligible Lender on an "as
         is" basis, without representation or warranty of any kind. The Trustee
         shall not be obligated to make any sale of Pledged Collateral
         regardless of notice of sale having been given and may adjourn any
         public or private sale from time to time by announcement at the time
         and place fixed therefor, and such sale may, without further notice, be
         made at the time and place to which it was so adjourned.

                                  ARTICLE VII

                                    TRUSTEE

         SECTION 7.01. ACCEPTANCE OF TRUST. The Trustee hereby accepts the
trusts imposed upon it by this Agreement, and agrees to perform said trusts, but
only upon and subject to the following terms and conditions:

               (a)     Except during the continuance of an Event of Default,

                                       42
<PAGE>
                       (i)    the Trustee undertakes to perform such duties and
               only such duties as are specifically set forth in this Agreement,
               and no implied covenants or obligations shall be read into this
               Agreement against the Trustee; and

                       (ii)   in the absence of bad faith on its part, the
               Trustee may conclusively rely, as to the truth of the statements
               and the correctness of the opinions expressed therein, upon
               certificates or opinions furnished to the Trustee and conforming
               to the requirements of this Agreement; but in the case of any
               such certificates or opinions which by any provisions hereof are
               specifically required to be furnished to the Trustee, the
               Trustee shall be under a duty to examine the same to determine
               whether or not they conform as to form with the requirements of
               this Agreement and whether or not they contain the statements
               required under this Agreement.

               (b)     In case an Event of Default has occurred and is
         continuing, the Trustee, in exercising the rights and powers vested in
         it by this Agreement, shall use the same degree of care and skill in
         their exercise as a prudent man would exercise or use under the
         circumstances in the conduct of his own affairs.

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

               (d)     Whether or not herein expressly so provided, every
         provision of this Agreement relating to the conduct or affecting the
         liability of or affording protection to the Trustee shall be subject to
         the provisions of this Section.

         SECTION 7.02. TRUSTEE'S RIGHT TO RELIANCE. The Trustee shall be
protected in acting upon any notice, resolution, request, consent, order,
certificate, report, servicer's report appraisal, opinion or other paper or
document believed by it to be genuine and to have been signed or presented by
the proper party or parties. The Trustee may consult with experts and with
counsel (who may be counsel for the Borrower or the Trustee), and the opinion of
such counsel shall be full and complete authorization and protection in respect
of any action taken or suffered, and in respect of any determination made by it
hereunder in good faith and in accordance with the opinion of such counsel.

         Whenever in the administration hereof the Trustee shall deem it
desirable that a matter be proved or established prior to taking, suffering, or
omitting any action hereunder, the Trustee (unless other evidence be herein
specifically prescribed) may, in the absence of bad faith on its part, rely upon
a certificate signed by an officer of the Borrower, the Agent or the Required
Lenders; provided, however, that the Trustee may not delay any action required
hereunder after receipt of a certificate because the Trustee has failed to
receive such certificate.

       The Trustee shall not be liable for any action taken, suffered, or
 omitted by it in good faith and believed by it to be authorized or within the
 discretion or rights or powers conferred

                                       43
<PAGE>

upon it hereby; provided, however, that the Trustee shall be liable for its
negligence or willful misconduct in taking such action.

         To the extent otherwise permitted by the terms of this Agreement, the
Trustee is authorized, to sell, assign, transfer, convey, or repurchase Financed
Loans in accordance with a Borrower or Lender request, provided that no such
Financed Loan may be sold, assigned, transferred, or conveyed to any Person who
is not an Eligible Lender. The Trustee is further authorized to enter into
agreements with other Persons, in its capacity as Trustee, in order to carry out
or implement the terms and provisions of this Agreement.

         SECTION 7.03. COMPENSATION OF TRUSTEE. The Borrower shall pay to the
Trustee from time to time pursuant to Section 2.06(c)(vi) reasonable
compensation for all services rendered by it hereunder, as set forth in the
letter agreement dated August 26, 1998 and attached as Exhibit F hereto, and
also all its reasonable expenses, charges, and other disbursements and those of
its attorneys, agents, and employees incurred in and about the administration
and execution of the trusts hereby created. The Trustee may not change the
amount of its annual compensation without giving the Borrower at least 90 days'
written notice prior to the beginning of a calender year and without the written
consent of the Required Lenders.

         SECTION 7.04. RESIGNATION OF TRUSTEE. The Trustee and any successor to
the Trustee may resign and be discharged from the trust created by this
Agreement by giving to the Borrower and the Lenders notice in writing which
notice shall specify the date on which such resignation is to take effect;
provided, however, that such resignation shall only take effect on the day
specified in such notice if a successor Trustee shall have been appointed
pursuant to Section 7.06 hereof (and is qualified to be the Trustee under the
requirements of Section 7.06 hereof). If no successor Trustee has been appointed
by the date specified or within a period of 90 days from the receipt of the
notice by the Borrower and the Lenders, whichever period is the longer, the
Trustee may (a) appoint a temporary successor Trustee having the qualifications
provided in Section 7.06 hereof or (b) request a court of competent jurisdiction
to (i) require the Borrower to appoint a successor, as provided in Section 7.06
hereof, within three days of the receipt of citation or notice by the court, or
(ii) appoint a Trustee having the qualifications provided in Section 7.06
hereof. In no event may the resignation of the Trustee be effective until a
qualified successor Trustee shall have been selected and appointed. In the event
a temporary successor Trustee is appointed pursuant to (a) above, the Borrower
may remove such temporary successor Trustee and appoint a successor thereto
pursuant to Section 7.06 hereof.

         SECTION 7.05. REMOVAL OF TRUSTEE. The Trustee or any successor Trustee
may be removed (a) by the Borrower for cause or upon the sale or other
disposition of the Trustee or its trust functions or (b) by the Borrower without
cause so long as no Event of Default exists or has existed within the last 90
days, upon payment to the Trustee so removed of all money then due to it
hereunder and appointment of a successor thereto by the Borrower and acceptance
thereof by said successor.

         In the event a Trustee (or successor Trustee) is removed, by any
person or for any reason permitted hereunder, such removal shall not become
effective until the successor Trustee has accepted appointment as such.

                                       44
<PAGE>
         SECTION 7.06. SUCCESSOR TRUSTEE. In case at any time the Trustee or any
successor Trustee shall resign, be dissolved, cease to be an "eligible lender"
as defined in the Higher Education Act, or otherwise shall be disqualified to
act or be incapable of acting, or in case control of the Trustee or of any
successor Trustee or of its officers shall be taken over by any public officer
or officers, a successor Trustee may be appointed by the Borrower by an
instrument in writing duly authorized by resolution. In the case of any such
appointment by the Borrower of a successor to the Trustee, the Borrower shall
forthwith cause notice thereof to the Lenders.

         Every successor Trustee appointed by the Borrower shall be a bank or
trust company in good standing, organized and doing business under the laws of
the United States or of a state therein, which has a reported capital and
surplus of not less than $50,000,000, be authorized under the law to exercise
corporate trust powers, be subject to supervision or examination by a federal or
state authority, and be an Eligible Lender.

         SECTION 7.07. MANNER OF VESTING TITLE IN TRUSTEE. Any successor Trustee
appointed hereunder shall execute, acknowledge, and deliver to its predecessor
Trustee, and also to the Borrower and the Lenders, an instrument accepting such
appointment hereunder, and thereupon such successor Trustee, without any further
act, deed, or conveyance shall become fully vested with all the estate,
properties, rights, powers, trusts, duties, and obligations of its predecessors
in trust hereunder (except that the predecessor Trustee shall continue to have
the benefits to indemnification hereunder together with the successor Trustee),
with like effect as if originally named as Trustee herein; but the Trustee
ceasing to act shall nevertheless, on the written request of the Borrower, or an
authorized officer of the successor Trustee, execute, acknowledge, and deliver
such instruments of conveyance and further assurance and do such other things as
may reasonably be required for more fully and certainly vesting and confirming
in such successor Trustee all the right, title, and interest of the Trustee
which it succeeds, in and to the Pledged Collateral and such rights, powers,
trusts, duties, and obligations, and the Trustee ceasing to act also, upon like
request, pay over, assign, and deliver to the successor Trustee any money or
other property or rights subject to the lien of this Agreement, including any
pledged securities which may then be in its possession. Should any deed or
instrument in writing from the Borrower be required by the successor Trustee for
more fully and certainly vesting in and confirming to such new Trustee such
estate, properties, rights, powers, and duties, any and all such deeds and
instruments in writing shall on request be executed, acknowledged and delivered
by the Borrower.

         SECTION 7.08. SERVICING AGREEMENT. The Trustee acknowledges the receipt
of copies of the Servicing Agreements and Custodian Agreements attached as
Exhibit G hereto.

         SECTION 7.09. TRUSTEE COVENANTS WITH RESPECT TO "ELIGIBLE LENDER"
STATUS. The Trustee covenants as follows:

               (a)    The Trustee represents and warrants that it satisfies the
         requirements to be an "eligible lender" as that term is defined in the
         Higher Education Act and covenants that it will remain an "eligible
         lender" so long as the Trustee remains Trustee under this Agreement
         provided, however, that the Trustee shall have no responsibility or
         liability

                                       45
<PAGE>

         hereunder if it fails to remain as an "eligible lender" as a result of
         the actions or inactions of the Borrower or any Servicer; and

               (b)    The Trustee shall take such actions, but only such
         actions, with respect to being an "eligible lender" as shall be
         reasonably requested by the Borrower; such actions do not include
         taking steps or instituting suits, actions or proceedings necessary or
         appropriate for the enforcement of all terms, covenants and conditions
         of all Financed Loans and agreements in connection therewith, including
         the prompt payment of all principal and interest payments and all other
         amounts due thereunder, for which the Borrower is solely responsible.

         SECTION 7.10. TRUSTEE'S STATUS AS AN "ELIGIBLE LENDER." For the
purposes of this Agreement, all documents, agreements, understandings and
arrangements relating to this Agreement that are executed by the Trustee have
been executed by the Trustee with the understanding that it may be deemed to be
an "eligible lender" under the Higher Education Act. The Borrower hereby
acknowledges the fact that the Trustee may be deemed an "eligible lender" under
the Higher Education Act and thus may be subject to certain liabilities because
of such status and that the Trustee is willing to accept the status of "eligible
lender" hereunder as an accommodation to the Borrower, and the Borrower hereby
agrees that it will indemnify and hold harmless the Trustee and its officers,
directors, employees and agents for any and all liability which may be incurred
because of Trustee's status as an "eligible lender" or because of the Trustee's
entering into the Agreement or any of the other Transaction Documents that
results from the actions or inactions of the Borrower or any Servicer.

                                  ARTICLE VIII

                                INDEMNIFICATION

         Without limiting any other rights which the Lenders, the Trustee or any
of their respective Affiliates may have hereunder or under applicable law, and
notwithstanding any limitation on recourse to the Borrower set forth in this
Agreement or any of the other Transaction Documents or the Liquidity Agreement,
the Borrower hereby agrees to indemnify the Lenders, the Trustee and each of
their respective officers, directors, employees, agents, attorneys-in-fact and
Affiliates from and against any and all damages, losses, claims, liabilities and
related costs and expenses, including reasonable attorneys' fees and
disbursements (all of the foregoing being collectively referred to as
"Indemnified Amounts") awarded against or incurred by any of them arising out of
or as a result of this Agreement, the Liquidity Agreement or the Pledged
Collateral, excluding, however, Indemnified Amounts to the extent resulting from
the gross negligence or willful misconduct of the Person seeking
indemnification. Without limiting the foregoing, the Borrower shall indemnify
the Lenders, the Trustee and each of their respective officers, directors,
employees, agents, attorneys-in-fact and Affiliates for Indemnified Amounts
relating to or resulting from:

               (a)    any Financed Loan treated as or represented by the
         Borrower to be an Eligible Loan which is not at the applicable time an
         Eligible Loan;

                                       46
<PAGE>

               (b)    any representation or warranty made or deemed made by the
         Borrower, the Servicer or any of their respective officers under or in
         connection with this Agreement or any other Transaction Document, which
         shall have been false or incorrect when made or deemed made or
         delivered;

               (c)    the failure by the Borrower or the Servicer to comply with
         any term, provision or covenant contained in this Agreement or any
         other Transaction Document, or with any applicable law, rule or
         regulation with respect to any Pledged Collateral, or the nonconformity
         of any Financed Loan or any other Pledged Collateral with any such
         applicable law, rule or regulation;

               (d)    the failure to vest and maintain vested in the Trustee for
         the benefit of the Secured Creditors or to transfer to the Trustee, a
         first priority security interest in any of the Pledged Collateral, free
         and clear of any Adverse Claim (except as otherwise provided herein);

               (e)    the failure to file, or any delay in filing, financing
         statements or other similar instruments or documents under the UCC of
         any applicable jurisdiction or other applicable laws with respect to
         any Pledged Collateral;

               (f)    any dispute, claim, offset or defense (other than the
         discharge in bankruptcy of the Obligor) of the Obligor to the payment
         of any Financed Loan or any Servicer to the payment of any obligation
         otherwise owing under a Transaction Document (including, without
         limitation, a defense based on such Financed Loan or obligation or the
         related Transaction Document not being a legal, valid and binding
         obligation of such Person enforceable against it in accordance with its
         terms);

               (g)    any failure of the Borrower to perform its duties or
         obligations in accordance with the provisions of this Agreement or any
         other Transaction Document or any failure by the Borrower to perform
         its respective duties in respect of the Financed Loans;

               (h)     any breach of contract by the Borrower or any claim or
         action of whatever sort arising out of or in connection with any
         Transaction Document or the transactions contemplated thereby;

               (i)    the failure to pay when due any taxes, including without
         limitation, sales, excise or personal property taxes payable in
         connection with the Pledged Collateral;

               (j)    any repayment by the Lenders of any amount previously
         distributed in payment of Advances or payment of Yield or any other
         amount due hereunder, in each case which amount any such Lender
         believes in good faith is required to be repaid;

               (k)    the commingling by the Borrower or any of its Affiliates
         of Collections at any time with other funds;

                                       47
<PAGE>

               (l)    any investigation, litigation or proceeding expressly
         related to this Agreement, the Liquidity Agreement or any other
         Transaction Document or the use of proceeds of Advances or the Pledged
         Collateral or in respect of any Financed Loan;

               (m)    any failure by the Borrower to give reasonably equivalent
         value to any Seller in consideration for the Financed Loans sold, or
         deemed to have been sold, to it by such Seller, or any attempt by any
         Person to void or otherwise avoid any such transaction under any
         statutory provision or common law or equitable action, including,
         without limitation, any provision of the Bankruptcy Code; or

               (n)    any failure of the Borrower or any of its agents or
         representatives to remit to the Trustee, Collections of Financed Loans
         and other Pledged Collateral remitted to the Borrower or any such agent
         or representative.

         Any amounts subject to the indemnification provisions of this Article
VIII shall be paid by the Borrower to the Lenders, the Trustee or their
respective officers, directors, employees, agents, attorneys-in-fact or
Affiliates, as the case may be, for the benefit of the applicable payee, within
two Business Days following written demand therefor.

                                    ARTICLE IX

                                   MISCELLANEOUS

         SECTION 9.01. AMENDMENTS AND WAIVERS. No amendment or modification of
any provision of this Agreement shall be effective without the written agreement
of the Borrower, the Required Lenders and, to the extent affected thereby, the
Trustee, and no termination or waiver of any provision of this Agreement or
consent to any departure therefrom by the Borrower shall be effective without
the written concurrence of the Required Lenders. Any waiver or consent shall be
effective only in the specific instance and for the specific purpose for which
given. Notwithstanding the foregoing, the Borrower, the Required Lenders and, if
applicable, the Trustee shall not amend, modify, terminate, waive or consent to
any departure from any provision contained herein which would require the
consent, approval, concurrence or other action of the Agent, or which would
otherwise affect in an adverse way the rights of the Agent or the Liquidity
Providers hereunder, nor amend or modify any of the defined terms used in the
foregoing provisions, without the prior written concurrence of the Agent.

         SECTION 9.02. NOTICES, ETC. All notices and other communications
provided for hereunder shall, unless otherwise stated herein, be in writing
(including telex communication and communication by facsimile copy) and mailed,
delivered by nationally recognized overnight courier service, telexed,
transmitted or delivered by hand, as to each party hereto, at its address set
forth under its name on the signature pages hereof or at such other address as
shall be designated by such party in a written notice to the other parties
hereto. All such notices and communications shall be effective, upon receipt, or
in the case of (a) notice by mail, five days after being deposited in the United
States mails, first class postage prepaid, (b) notice by telex, when telexed
against receipt of answerback, or (c) notice by facsimile copy, when verbal
communication of receipt is obtained, except that notices and communications
pursuant to Article II shall not be effective until received.

                                       48
<PAGE>

         SECTION 9.03. NO WAIVER; REMEDIES. No failure on the part of the
Trustee or the Lenders to exercise, and no delay in exercising, any right
hereunder shall operate as a waiver thereof; nor shall any single or partial
exercise of any right hereunder preclude any other or further exercise thereof
or the exercise of any other right. The remedies herein provided are cumulative
and not exclusive of any remedies provided by law.

         SECTION 9.04. BINDING EFFECT; ASSIGNABILITY. This Agreement shall be
binding upon and inure to the benefit of the Borrower, the Lenders, the Trustee
and their respective successors and permitted assigns. This Agreement and the
Lenders' rights and obligations hereunder and interest herein shall be
assignable in whole or in part (including by way of the sale of participation
interests therein or by assignment by the Agent of any of its assigns of the
whole or any part of the Commitment) by the Lenders and its successors and
assigns; provided, however, that the Lender shall not transfer or assign its
interests in the Advances if immediately after such transfer or assignment, the
Advances would be owned by more than 100 persons as described in Treasury
Regulation 1.7704-l(h). The Borrower may not assign any of its rights and
obligations hereunder or any interest herein without the prior written consent
of the Agent and the Required Lenders. The parties to each assignment or
participation made pursuant to this Section 9.04 shall execute and deliver to
Concord and the Agent for their acceptance and recording in their respective
books and records, an assignment or a participation agreement or other transfer
instrument reasonably satisfactory in form and substance to the Borrower. Each
such assignment or participation shall be effective as of the date specified in
the agreement or instrument only after the execution, delivery, acceptance and
recording as described in the preceding sentence. The Lenders shall notify the
Borrower of any assignment or participation thereof made pursuant to this
Section 9.04. Subject to Section 9.11, the Lenders may not, in connection with
any assignment or participation or any proposed assignment or participation
pursuant to this Section 9.04, disclose to the assignee or participant or
proposed assignee or participant any information relating to the Borrower and
the Pledged Collateral furnished to the Lenders by or on behalf of the Borrower,
without either (a) first obtaining the prior written consent of the Borrower,
which consent shall not be unreasonably withheld, or (b) delivering to the
Borrower a written agreement signed by the proposed assignee or participant, for
the Borrower's benefit and otherwise in form and substance reasonably acceptable
to the Borrower pursuant to which the proposed assignee or participant agrees to
maintain the confidentiality of the information concerning the Borrower and the
Financed Loans that may be provided to it by the Agent or any Lender.

         SECTION 9.05. SURVIVAL. The rights and remedies with respect to any
breach of a representation and warranty made by the Borrower pursuant to Article
IV and the indemnification and payment provisions of Articles VII and VIII and
Sections 2.17, 9.08, 9.09 and 9.14 shall be continuing and shall survive the
termination of this Agreement.

         SECTION 9.06. GOVERNING LAW; SEVERABILITY. This Agreement shall be
construed in all respects in accordance with, and governed by the internal laws
(as opposed to conflicts of law provisions) of the State of Illinois. Whenever
possible, each provision of this Agreement shall be interpreted in such a manner
as to be effective and valid under applicable law, but if any provision of this
Agreement shall be prohibited by or invalid under applicable law, such provision
shall be ineffective only to the extent of such prohibition or invalidity,
without invalidating the remainder of such provisions or the remaining
provisions of this Agreement.

                                       49

<PAGE>

         SECTION 9.07. SUBMISSION TO JURISDICTION; WAIVER OF JURY AND BOND. THE
BORROWER AND EACH OF THE LENDERS HEREBY SUBMIT TO THE NON-EXCLUSIVE JURISDICTION
OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE COUNTY OF COOK, STATE OF
ILLINOIS, AND IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS
AGREEMENT (OTHER THAN PROCEEDINGS WITH RESPECT TO THE FORECLOSURE ON THE PLEDGED
COLLATERAL WHICH MAY BE BROUGHT IN THE JURISDICTION IN WHICH SUCH PLEDGED
COLLATERAL IS LOCATED) SHALL BE LITIGATED IN SUCH COURTS, AND THE BORROWER AND
EACH LENDER EACH WAIVE ANY OBJECTION WHICH IT MAY HAVE BASED ON IMPROPER VENUE
OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING IN ANY SUCH COURT AND
EACH WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT, AND CONSENTS THAT
ALL SUCH SERVICE OF PROCESS BE MADE BY MAIL OR MESSENGER DIRECTED TO IT AT THE
ADDRESS SET FORTH ON THE SIGNATURE PAGES TO THIS AGREEMENT AND THAT SERVICE SO
MADE SHALL BE DEEMED TO BE COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT OR FIVE
(5) DAYS AFTER THE SAME SHALL HAVE BEEN POSTED TO SUCH ADDRESS.

         THE LENDERS AND THE BORROWER ACKNOWLEDGE THAT THE TIME AND EXPENSE
REQUIRED FOR TRIAL BY JURY EXCEED THE TIME AND EXPENSE REQUIRED FOR A BENCH
TRIAL AND HEREBY WAIVE, TO THE EXTENT PERMITTED BY LAW, TRIAL BY JURY IN ANY
CLAIM OR CAUSE OF ACTION (INCLUDING ANY COUNTERCLAIM) ARISING DIRECTLY OR
INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT, ANY OF THE
TRANSACTION DOCUMENTS OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY,
WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE, AND WAIVE ANY
BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS WAIVER, BE
REQUIRED OF THE LENDERS. NOTHING CONTAINED IN THIS SECTION 9.07 SHALL AFFECT THE
RIGHT OF THE LENDERS TO SERVE LEGAL PROCESS IN ANY OTHER MANNER PERMITTED BY LAW
OR AFFECT THE RIGHT OF THE LENDERS TO BRING ANY ACTION OR PROCEEDING AGAINST THE
BORROWER OR ITS PROPERTY IN THE COURTS OF ANY OTHER JURISDICTION TO THE EXTENT
NECESSARY TO ENFORCE ITS LIENS AGAINST PROPERTY LOCATED IN SUCH JURISDICTIONS.
THE BORROWER WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION
REFERRED TO ABOVE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR
ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.

         SECTION 9.08. COSTS, EXPENSES AND TAXES. In addition to the rights of
indemnification granted to the Lenders, the Trustee and their respective
Affiliates under Article VIII hereof, and notwithstanding any limitation on
recourse set forth herein, the Borrower agrees to pay on demand all reasonable
costs and expenses of the Lender and the Trustee incurred in connection with the
preparation, execution, delivery, administration (including periodic auditing),
or any amendment or modification of, or any waiver or consent issued in
connection with, this Agreement, the Liquidity Agreement or any other
Transaction Document, including, without limitation, the reasonable fees and
out-of-pocket expenses of counsel for the Trustee and each of

                                       50
<PAGE>

the Lenders with respect thereto and with respect to advising the Trustee and
the Lenders as to their respective rights and remedies hereunder or thereunder,
and all costs and expenses, if any (including reasonable counsel fees and
expenses), incurred by the Trustee or the Lenders in connection with the
enforcement of this Agreement, the Liquidity Agreement and the other Transaction
Documents.

         SECTION 9.09. RECOURSE AGAINST CERTAIN PARTIES. No recourse under or
with respect to any obligation, covenant or agreement (including, without
limitation, the payment of any fees or any other obligations) of the Lenders as
contained in this Agreement or any other agreement, instrument or document
entered into by it pursuant hereto or in connection herewith shall be had
against any administrator of any Lenders or any incorporator, affiliate,
stockholder, officer, employee or director of any Lenders or of any such
administrator, as such, by the enforcement of any assessment or by any legal or
equitable proceeding, by virtue of any statute or otherwise; it being expressly
agreed and understood that the agreements of the Lenders contained in this
Agreement and all of the other agreements, instruments and documents entered
into by each such Lender pursuant hereto or in connection herewith are, in each
case, solely the corporate obligations of such Lender, and that no personal
liability whatsoever shall attach to or be incurred by any administrator of any
Lender or any incorporator, stockholder, affiliate, officer, employee or
director of any Lender or of any such administrator, as such, or any other them,
under or by reason of any of the obligations, covenants or agreements of any
such Lender contained in this Agreement or in any other such instruments,
documents or agreements, or which are implied therefrom, and that any and all
personal liability of every such administrator of any Lender and each
incorporator, stockholder, affiliate, officer, employee or director, of any such
Lender or of any such administrator, or any of them, for breaches by any Lender
of any such obligations, covenants or agreements, which liability may arise
either at common law or at equity, by statute or constitution, or otherwise, is
hereby expressly waived as a condition of and in consideration for the execution
of this Agreement. The provisions of this Section 9.09 shall survive the
termination of this Agreement.

         SECTION 9.10. EXECUTION IN COUNTERPARTS; SEVERABILITY; INTEGRATION.
This Agreement may be executed in any number of counterparts and by different
parties hereto in separate counterparts, each of which when so executed shall be
deemed to be an original and all of which when taken together shall constitute
one and the same agreement. In case any provision in or obligation under this
Agreement shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby. This Agreement contains the
final and complete integration of all prior expressions by the parties hereto
with respect to the subject matter hereof and shall constitute the entire
agreement among the parties hereto with respect to the subject matter hereof,
superseding all prior oral or written understandings.

         SECTION 9.11. CONFIDENTIALITY. The Trustee and each of the Lenders each
agree to keep confidential and not disclose any non-public information or
documents related to the Borrower or any Affiliate of the Borrower delivered or
provided to such Person in connection with this Agreement, any other Transaction
Document or the transactions contemplated hereby or thereby and which are
clearly identified in writing by the Borrower or such Affiliate as being
confidential; provided, however, that each of the Trustee and each of the
Lenders may disclose

                                       51
<PAGE>

any such information (a) to the extent required or deemed necessary and/or
advisable by such Person's counsel in any judicial, regulatory, arbitration or
governmental proceeding or under any law, regulation, order, subpoena or decree,
(b) to its officers, directors, employees, accountants, auditors and outside
counsel, in each case, provided they are informed of the confidentiality thereof
and agree to maintain such confidentiality, (c) to or by any liquidity or credit
provider for Concord, any potential liquidity or credit provider for Concord, or
any assignee or participant or potential assignee or participant of any
liquidity or credit provider for Concord, provided they are informed of the
confidentiality thereof and agree to maintain such confidentiality, (d) to any
assignee, participant, or potential assignee or participant of or with any
Lender or the Trustee, provided such Person agrees to be bound by the
confidentiality provisions hereof or similar hereto, (e) to bank examiners and
any other Person to whom the Trustee, any Lender, any such liquidity or credit
support provider or assignee or participant is required by law, regulation,
decree or order to make such disclosure, (f) in connection with the enforcement
hereof or of any of the other Transaction Documents or the Liquidity Agreement,
(g) to any rating agency rating the commercial paper notes of the Lender, and
(h) to such other Persons as may be approved by the Borrower. Notwithstanding
the foregoing, the foregoing obligations shall not apply to any such
information, documents or portions thereof that: (i) were of public knowledge or
literature generally available to the public at the time of such disclosure or
(ii) have become part of the public domain by publication or otherwise, other
than as a result of the failure of the Trustee, the applicable Lender, or any of
their respective employees, directors, officers, advisors, accountants,
auditors, or legal counsel to preserve the confidentiality thereof.

         SECTION 9.12. SECTION TITLES. The section titles contained in this
Agreement shall be without substantive meaning or content of any kind whatsoever
and are not a part of the agreement between the parties.

         SECTION 9.13. ENTIRE AGREEMENT. This Agreement, including all
Exhibits, Schedules and other documents attached hereto or incorporated by
reference herein, together with the other Transaction Documents constitutes the
entire agreement of the parties with respect to the subject matter hereof and
supersedes all other negotiations, understandings and representations, oral or
written, with respect to the subject matter hereof.

         SECTION 9.14. NO PETITION. Each of the Borrower and the Trustee hereby
covenants and agrees that prior to the date which is one year and one day after
the payment in full of all outstanding CP of Concord, it will not institute
against or join any other person or entity in instituting against Concord, any
bankruptcy, reorganization, arrangement, insolvency or liquidation proceedings
or other similar proceeding under the laws of the United States or any state of
the United States.

                                       52
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                    THE BORROWER:

                                    NHELP-I, INC.

                                    By /s/ TERRY J. HEIMES
                                      ------------------------------------------
                                      Terry J. Heimes
                                      Vice President and Treasurer

                                    c/o National Higher Education Loan Program
                                    121 South 13 Street, Suite 301
                                    Lincoln, NE 68508
                                    Atta: Terry J. Heimes
                                    (402) 458-2303
                                    Fax: (402) 458-2399

                                    THE LENDER:

                                    CONCORD MINUTEMEN CAPITAL
                                    COMPANY, LLC

                                    By /s/ THOMAS J. IRVIN
                                      ------------------------------------------
                                      Thomas J. Irvin
                                      Managing Director

                                    c/o The Liberty Hampshire Company, LLC
                                    227 West Monroe
                                    Suite 4000
                                    Chicago, Illinois  60606
                                    Attn: Lisa Gajewski
                                    (312) 997-4583
                                    Fax: (312) 977-1699

                                       53
<PAGE>

                                    THE TRUSTEE:

                                    NORWEST BANK MINNESOTA, NATIONAL
                                    ASSOCIATION

                                    By /s/ ALAN J. SPADINE
                                      ------------------------------------------
                                      Alan J. Spadine, Vice President

                                    Norwest Bank Minnesota, National Association
                                    6th & Marquette Avenue
                                    Minneapolis, MN 55479-0069
                                    Attn: Corporate Trust Services
                                    (612) 667-5745
                                    Fax: (612) 667-2149

                                       54
<PAGE>
                                   EXHIBIT A

                      FORM OF SALE AND PURCHASE AGREEMENT

<PAGE>

                              LOAN SALE AGREEMENT

         This LOAN SALE AGREEMENT (the "Agreement") is made and entered into as
of the _____ day of ________________, 1998, by and between ____________________,
as seller ("Seller") and NHELP-I, Inc., a Nevada corporation, as purchaser
("Purchaser").

                                  WITNESSETH:

         WHEREAS, Purchaser is engaged or wishes to engage in a program of
purchasing, holding and selling loans made to eligible borrowers in accordance
with the provisions of the Higher Education Act (as defined herein), the
proceeds of which are used to pay the costs incurred by students attending
post-secondary educational institutions;

         WHEREAS, Seller is engaged in a program of originating, purchasing,
holding and selling student loans;

         WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires to
purchase from Seller, certain student loans, including Federal Stafford Loans,
Federal PLUS Loans and Federal Supplemental Loans for Students, made and
guaranteed or insured pursuant to the Higher Education Act, in accordance with
the terms and conditions of this Agreement.

         NOW THEREFORE, in consideration of the foregoing premises and mutual
covenants herein contained, the parties agree as follows:

                                   ARTICLE I
                                  DEFINITIONS

         The following words and terms used in this Agreement shall have the
following meanings unless otherwise provided herein or unless the context or
use clearly indicates another or different meaning or intent:

         "Adverse Claim" shall mean a lien, security interest, charge,
encumbrance or other right or claim or restriction in favor of any Person
(other than, with respect to the Pledged Collateral, as defined in the
Warehouse Loan Agreement, any lien, security interest, charge, encumbrance or
other right or claim or restriction in favor of the Trustee, as defined in the
Warehouse Loan Agreement, for the benefit of the Secured Creditors, as defined
in the Warehouse Loan Agreement).

<PAGE>

         "Agreement" shall mean this Agreement, including all exhibits attached
hereto, and any supplements or amendments hereto.

         "Business Day" shall mean a day of the year other than a Saturday or a
Sunday on which banks are not authorized or required to close in the State of
Nebraska.

         "Certificate of Insurance" shall mean a certificate of federal loan
insurance issued with respect to an Eligible Loan by the Secretary pursuant to
the provisions of the Higher Education Act

         "Commitment" shall mean Seller's commitment to sell Eligible Loans to
Purchaser pursuant to Section 2.1 hereof.

         "Consolidation Loan" shall mean a Student Loan authorized under
Section 428C of the Act consolidating Eligible Loans.

         "Contract of Insurance" shall mean a contract of insurance under the
Higher Education Act between the Secretary and Seller or the Secretary and the
Purchaser, providing for the Insurance of Student Loans.

         "Department" shall mean the United States Department of Education, or
any successor thereto or to the functions thereof.

         "Eligible Borrower" shall mean a borrower who is eligible under the
Higher Education Act to be the obligor of a loan for financing a program of
education at an Eligible Institution, or for consolidating two or more such
loans, including, without limitation, a borrower who is eligible under the
Higher Education Act to be an obliger of a loan made pursuant to Section 428A,
428B or 428C of the Higher Education Act.

         "Eligible Institution" shall mean (i) an institution of higher
education; (ii) a vocational school; or (iii) any other institution which, in
all of the above cases, has been approved by the Secretary and the applicable
Guarantee Agency.

         "Eligible Loan" shall mean a Student Loan:

                  (a)      which was originated or acquired by the Seller in
         the ordinary course of its business and was originated in the United
         States, its territories or possessions;

                  (b)      that constitutes an account or general intangible as
         defined in the UCC as in effect in the jurisdiction that governs the
         perfection of the interests of

                                       2
<PAGE>

         the Purchaser therein and the perfection of the interest of the
         Trustee (as defined in the Warehouse Loan Agreement) therein under the
         Warehouse Loan Agreement;

                  (c)      on which the borrower is an Eligible Borrower
         attending an Eligible Institution;

                  (d)      if such Student Loan is a subsidized Stafford Loan,
         such Student Loan qualifies the holder thereof to receive Interest
         Subsidy Payments and Special Allowance Payments from the Department if
         such Student Loan is a Consolidation Loan, such Student Loan qualifies
         the holder thereof to receive Interest Subsidy Payments and Special
         Allowance Payments from the Department to the extent applicable; and
         if such Student Loan is a PLUS/SLS or an unsubsidized Stafford Loan,
         such Student Loan qualifies the holder thereof receive Special
         Allowance Payments from the Department, to the extent applicable;

                  (e)      at the time of purchase pursuant to this Agreement,
         is not a Defaulted Student (as defined in the Warehouse Loan
         Agreement), and has not been tendered at any time to any Guarantor for
         payment;

                  (f)      that provides or, when the payment schedule with
         respect thereto is determined, will provide for payments on a periodic
         basis that will fully amortize the Principal Balance thereof by its
         maturity, as such maturity may be modified in accordance with
         applicable deferral and forbearance periods granted in accordance with
         applicable laws, including the Higher Education Act and any Guarantee
         Agreements, as applicable;

                  (g)      that is denominated and payable only in Dollars (as
         defined in the Warehouse Loan Agreement);

                  (h)      that together with the related Student Loan Note (as
         defined in the Warehouse Loan Agreement) therefor represents the
         genuine, legal, valid and binding payment obligation of the related
         borrower, enforceable by or on behalf of the holder thereof against
         such borrower in accordance with its terms, subject to applicable
         bankruptcy, insolvency, reorganization, fraudulent conveyance and
         similar laws relating to creditors' rights generally and subject to
         general principles of equity; and that has not been satisfied,
         subordinated or rescinded and no right of rescission, setoff,
         counterclaim or defense has been asserted or, to the knowledge of the
         Seller, overtly threatened in writing with respect to such Student
         Loan;

                  (i)      that (i) is the subject of a valid Guarantee
         Agreement with an eligible Guarantor, (ii) with respect to which the
         Seller is not in default in any material

                                       3
<PAGE>

         respect in the performance of any covenants and agreements made in the
         applicable Guarantee Agreement, and (iii) with respect to which all
         amounts due and payable to the Department or a Guarantor, as the case
         may be, have been paid in full;

                  (j)      that (i) is the subject of a valid servicing
         agreement with Servicer, (ii) with respect to which the Seller is not
         in default in any material respect in the performance of any covenants
         and agreements made in the applicable agreement with the Servicer and
         (iii) with respect to which all amounts due and payable to the
         Servicer have been paid in full;

                  (k)      the payment terms of which have not been altered or
         amended except in accordance with the Higher Education Act; and

                  (1)      if such Student Loan is a Proprietary Loan (as
         defined in the Warehouse Loan Agreement), the outstanding Principal
         Balance of which when added to the outstanding Principal Balance of
         all other Financed Loans (as defined in the Warehouse Loan Agreement)
         that are Proprietary Loans (as defined in the Warehouse Loan
         Agreement) does not exceed 20% of the aggregate outstanding Principal
         Balance of all Financed Loans (as defined in the Warehouse Loan
         Agreement); and

                  (m)      if such Student Loan is serviced by a Servicer for
         which the reporting of financial information concerning such Servicer
         to the Agent (as defined in the Warehouse Loan Agreement) is not
         permitted under its servicing agreement, the outstanding Principal
         Balance of which when added to the aggregate outstanding Principal
         Balance of all other Financed Loans (as defined in the Warehouse Loan
         Agreement) serviced by such Servicer or other Servicers for which the
         reporting of financial information to the Agent (as defined in the
         Warehouse Loan Agreement) is not permitted under their servicing
         agreements shall not exceed 10% of the aggregate outstanding Principal
         Balance of all Financed Loans (as defined in the Warehouse Loan
         Agreement).

         "Federal Reimbursement Contract" shall mean the agreement between the
Guarantee Agency and the Secretary providing for the payment by the Secretary
of amounts authorized to be paid pursuant to the Higher Education Act,
including (but not limited to) reimbursement of amounts paid or payable upon
defaulted Eligible Loans and other Student Loans Guaranteed or Insured by the
Guarantee Agency and Interest Benefit Payments and Special Allowance Payments
to holders of qualifying Student Loans Guaranteed or Insured by the Guarantee
Agency.

                                       4
<PAGE>

         "Guarantee" or "Guaranteed" shall mean, with respect to a Student
Loan, (i) the guarantee by the Guarantee Agency pursuant to such Guarantee
Agency's Guarantee Agreement of the maximum percentage of the principal of and
accrued interest on such Student Loan allowed by the terms of the Act with
respect to such Student Loan, and (ii) the coverage of such Student Loan by a
Federal Reimbursement Contract, providing, among other things, for
reimbursement to the Guarantee Agency for payments made by it on defaulted
Student Loans insured or guaranteed by the Guarantee Agency of at least the
minimum reimbursement allowed by the Federal Reimbursement Contract and the
Higher Education Act with respect to a particular Student Loan.

         "Guarantee Agency" shall mean a guarantee agency mutually acceptable
to the parties which is authorized to Guarantee Student Loans under the Higher
Education Act and with which the Trustee maintains a Guarantee Agreement.

         "Guarantee Agreement" shall mean any guarantee or lender agreement
with any other Guarantee Agency, and any amendments to the foregoing.

         "Guaranteed Loan" shall mean a Student Loan which is Guaranteed or
Insured.

         "Higher Education Act" shall mean Parts B, F and G of Title IV of the
Higher Education Act of 1965, as amended or supplemented from time to time, or
any successor federal act, and all regulations, directives, bulletins and
guidelines proposed or promulgated from time to time thereunder.

         "Insurance" or "Insured" or "Insure" shall mean, with respect to a
Student Loan, the insurance by the Secretary under the Higher Education Act (as
evidenced by a Contract of Insurance issued or entered into under the
provisions of the Higher Education Act) of the maximum percentage of the
principal of and accrued interest on such Student Loan allowed under the Higher
Education Act with respect to such Student Loan.

         "Insured Loan" shall mean a Student Loan which is Insured.

         "Interest Benefit Payments" shall mean interest payments on Student
Loans received pursuant to the agreement between the Guarantee Agency and the
Secretary whereby the Secretary agrees to pay holders of Student Loans
guaranteed by the Guarantee Agency the portion of interest charges on such
loans which students are entitled to have paid on their behalf pursuant to
Section 428(a) of the Higher Education Act.

         "PLUS Loan" shall mean a Student Loan authorized under Section 428B of
the Higher Education Act.

                                       5
<PAGE>

         "Portfolio" shall mean a group of Eligible Loans sold to Purchaser by
Seller pursuant to Section 2.1 hereof on a Scheduled Sale Date.

         "Principal Balance" shall mean the original principal amount of a
Student Loan, plus capitalized interest (if any) and items which may not be
Guaranteed or Insured (such as late charges), less payments by or on behalf of
the Student Borrower applied to reduce such amounts.

         "Purchase Price" shall mean, with respect to a Portfolio of Eligible
Loans, ___ % of the aggregate Principal Balance of the Eligible Loans included
in the Portfolio, plus accrued and unpaid interest thereon, each as of the
Scheduled Sale Date.

         "Purchaser" shall mean NHELP-I, Inc., or its successors or assigns.

         "Scheduled Sale Date" shall mean the date on which the sale and
purchase of Eligible Loans pursuant to Section 2.1 hereof is to be consummated.

         "Schedule of Student Loans" shall have the meaning set forth in
Section 4.1 hereof.

         "Secured Creditors" shall have the same meaning ascribed thereto in
the Warehouse Loan Agreement

         "Seller" shall mean _____________________________, or its successors or
assigns.

         "Secretary" shall mean the Secretary of the United States Department
of Education or any successor to the pertinent functions of that official or
department under the Higher Education Act, or, when the context so requires,
the former Commissioner of Education of the former United States Department of
Health, Education and Welfare.

         "Servicer" shall mean, individually or collectively, UNIPAC Service
Corporation and Great Lakes Higher Education Servicing Corporation as
applicable with respect to the particular Eligible Loan.

         "SLS Loan" shall mean a Student Loan made under Section 428A of the
Higher Education Act.

         "Special Allowance Payments" shall mean the special allowance payments
authorized to be made by the Secretary by Section 438 of the Higher Education
Act, or similar allowances authorized from time to time by federal law or
regulation.

         "Student Borrower" shall mean the obligor on a Student Loan.

                                       6
<PAGE>

         "Student Loan" shall mean a loan under the Higher Education Act to an
Eligible Borrower for education at an Eligible Institution (or loan to
consolidate the same).

         "Trustee" shall mean Norwest Bank Minnesota, National Association, in
its capacity as trustee for NHELP-I, Inc., or its successors or assigns.

         "UNIPAC" shall mean UNIPAC Service Corporation, or its successors or
assigns.

         "Warehouse Loan Agreement" shall mean that certain Warehouse Loan and
Security Agreement among the Purchaser, the Trustee and Concord Minutemen
Capital Company, LLC dated as of September 30, 1998.

         "Unsubsidized Loan" shall mean a Student Loan authorized under Section
428H of the Higher Education Act.

                                   ARTICLE II
                              LOAN SALE COMMITMENT

         2.1      Loan Sale Commitment. Subject to the terms and conditions of
this Agreement, and in express reliance upon the representations, warranties
and covenants set forth herein, Seller agrees to sell, and Purchaser agrees to
purchase free and clear of all Adverse Claims at the Purchase Price all right,
title and interest of the Seller in and to Eligible Loans having an aggregate
Principal Balance of approximately $ _________________, which sale and purchase
is to be consummated on or before ___________________________, 199_ (the
"Scheduled Sale Date").

         Upon sale of the Eligible Loans to the Purchaser, the Seller shall
relinquish all power and control over the original promissory notes relating to
such Eligible Loans, and any related documents, instruments or records.

         2.2      Delivery Prior to Scheduled Sale Date. The parties agree that
consummation of the sale of a Portfolio of Eligible Loans may occur prior to
the Scheduled Sale Date set forth above at the discretion of the Seller;
provided, however, that the requirements of Article IV shall be met in
connection with such sale regardless of the timing of such sale; and provided
further, that the sale of the Portfolios of Eligible Loans shall be consummated
no later than the Scheduled Sale D.

         2.3      Rebate of Premium. In the event the Seller originates or
purchases a Consolidation Loan under Section 428C of the Higher Education Act
and the proceeds of such Consolidation Loan are used to repay the principal and
interest due on an Eligible Loan sold by Seller to Purchaser under this
agreement, then, upon demand by Purchaser

                                       7
<PAGE>

(or without demand if Seller has actual knowledge of such repayment), Seller
shall rebate the premium paid by Purchaser to Seller in connection with the
purchase of said Eligible Loan by paying to Purchaser an amount equal to __% of
the principal balance of said Eligible Loan then outstanding; provided, that
the rebate specified herein shall not be payable to the extent paid pursuant to
Section 5.2 hereof.

         2.4      Characterization of Transfer. The Purchaser and each Seller
intend that each transfer under Section 2.1 be treated as a true and absolute
sale of all of the Seller's right, title and interest in and under the Eligible
Loans and not a transfer intended as a security interest.

                                  ARTICLE III
                                   SERVICING

         3.1      Servicing. All of the Eligible Loans that may be sold by
Seller to Purchaser pursuant to this Agreement are currently serviced (or will
be serviced on the Scheduled Sale Date) by Servicer pursuant to a servicing
agreement. On the effective date (determined under Section 4.4 hereof) for the
sale of a Portfolio of Eligible Loans, Purchaser shall cause the Servicer which
had serviced such Eligible Loans prior to the Scheduled Sale Date to commence
servicing such Portfolio at Purchaser's expense and under the identification
number of Purchaser or its designee.

                                   ARTICLE IV
                          SALE/PURCHASE OF PORTFOLIOS

         4.1      Tender of Eligible Loans to Purchaser. With respect to a
Portfolio of Eligible Loans to be sold to Purchaser pursuant to Section 2.1
hereof, prior to the Scheduled Sale Date (or at such other time as the parties
may agree), Seller shall furnish Purchaser or its designee with a list of the
Eligible Loans (each, a "Schedule of Student Loans") to be included in such
Portfolio, and shall authorize and direct the applicable Servicer to release
such information and documentation to Purchaser or its designee as Purchaser,
in its reasonable judgement, deems necessary and appropriate to undertake a
review of such loans to determine whether such loans constitute Eligible Loans
under this Agreement.

         4.2      Conditions of Purchase. Purchaser's obligation to purchase
and pay for Eligible Loans in a Portfolio hereunder shall be subject to the
following conditions precedent:

         (a)      all representations, warranties and statements by or on
behalf of Seller contained in this Agreement are true on the Scheduled Sale
Date;

                                       8
<PAGE>

         (b)      any notification to or approval by the Secretary or Guarantee
Agency required by the Higher Education Act or the Guarantee Agreement as a
condition to the assignment of Eligible Loans shall have been made or received
and evidence thereof delivered to Purchaser, and

         (c)      the entire interest of Seller in each Eligible Loan shall
have been duly assigned by endorsement, such endorsement to be without recourse
except as provided in Article V hereof.

       4.3     Rejection of Student Loans by Purchaser Prior to Purchase.

         (a)      If (i) Seller is unable to make or furnish the
representations and warranties required to be made or furnished by it pursuant
to this Agreement as to a Student Loan, or (ii) Seller is unable to fulfill one
or more covenants or conditions of this Agreement as to a Student Loan, or
(iii) Purchaser in its reasonable judgment deems that such Student Loan does
not comply with the terms and conditions of this Agreement or is not being
delivered in compliance with such terms and conditions; or (iv) the conditions
of Section 4.2 shall not have been complied with, then Purchaser may, in its
sole discretion, refuse to accept and purchase any such Student Loan.

         (b)      If Purchaser rejects a Student Loan, any such Student Loan
shall be excluded from the sale, and Seller shall be furnished with a letter
identifying each excluded Student Loan and stating the basis for its exclusion.
If Purchaser rejects a Student Loan, Seller may substitute a different Eligible
Loan for the rejected Student Loan, provided, however, that the terms and
conditions of such Eligible Loan are in compliance with the terms and
conditions of this Agreement and Seller shall have complied with the
requirements of Section 4.1 with respect to each Eligible Loan.

        4.4     Consummation of Sale and Purchase of Portfolio.

         (a)      To consummate the sale and purchase of a Portfolio of
Eligible Loans, on or before the Scheduled Sale Date, Seller shall deliver to
Purchaser such instruments of transfer, including a bill of sale and blanket
endorsement, as Purchaser shall reasonably deem necessary for conveyance of
title of the Eligible Loans contained in the Portfolio free and clear of all
Adverse Claims and, upon receipt by Purchaser of such instruments of transfer
(which may occur by delivery of facsimile copies to be followed by delivery of
the original executed instruments), the Purchaser shall pay to the Seller on
said date the Purchase Price for such Portfolio. The purchase and sale of the
Portfolio shall be effective as of the date of the bill of sale. Seller shall
retain all ownership rights with respect to Eligible Loans in a Portfolio at
all times prior to the effective date of the sale of such Portfolio.

                                       9
<PAGE>

         (b)      Unless otherwise agreed by Seller and Purchaser, payment of
the Purchase Price for a Portfolio of Eligible Loans shall be made by wire
transfer of immediately available funds to the Seller or its designated agent,
with no offset, deduction, reserve or other holdback by Purchaser.

         4.5      Other Information and Documents. Seller shall furnish or make
available to Purchaser such additional information concerning Seller's Student
Loan portfolio as Purchaser may reasonably request. Seller shall execute all
other documents and take all other steps as may be reasonably requested by
Purchaser from time to time to effect the sale hereunder of a Portfolio of
Eligible Loans.

                                   ARTICLE V
                        REPURCHASE OBLIGATION OF SELLER

         5.1      Conditions Precedent to Repurchase Obligation. At the request
of Purchaser, Seller shall repurchase any Student Loan purchased by Purchaser
pursuant to this Agreement if:

         (a)      any representation or warranty made or furnished by Seller in
or pursuant to this Agreement shall prove to have been materially inaccurate as
to such Student Loan;

         (b)      the Secretary or a Guarantee Agency, as the case may be,
refuses to honor all or part of a claim filed with respect to a Student Loan
(including any claim for Interest Subsidy Payments, Special Allowance Payments,
Insurance, reinsurance or Guarantee Payments) on account of any circumstances
or event that occurred prior to the sale of such Student Loan to Purchaser; or

         (c)      on account of any wrongful or negligent act or omission of
Seller or its servicing agent that occurred prior to the sale of a Student Loan
to Purchaser, a maker (or endorser, if any) has a valid defense that makes the
Student Loan unenforceable with respect to his or her obligation to pay all or
any part of the Student Loan.

         5.2      Repurchase by Seller. Upon the occurrence of any of the
conditions set forth in Section 5.1 hereof and upon the request of Purchaser,
Seller shall pay to Purchaser, an amount equal to ______% of the then-
outstanding principal balance of such Student Loan, plus interest and Special
Allowance Payments accrued and unpaid with respect to such Student Loan from
the Scheduled Sale Date to and including the date of repurchase, plus any
attorney's fees, legal expenses, court costs, servicing fees or other expenses
incurred by Purchaser or the appropriate successors or assigns in connection
with such Student Loans and arising out of the reasons for the repurchase. The
repurchase obligation of Seller pursuant to this Section 5.2 shall constitute
the sole remedy to the

                                      10
<PAGE>
Purchaser against the Seller with respect to any event described in Section 5.1.
With respect to any Student Loan repurchased by Seller pursuant to this
Agreement, the Purchaser shall assign, without recourse, representation or
warranty, to the Seller all of Purchaser's right, title and interest in and to
such Student Loan, and all security and documents relating thereto.

                                   ARTICLE VI
                  COVENANTS AND ONGOING OBLIGATIONS OF SELLER

     6.1  OBLIGATION OF SELLER TO FORWARD PAYMENTS. Seller shall promptly remit,
or cause to be remitted, to the Servicer as it may direct, all funds received
by Seller after the Scheduled Sale Date which constitute payments of principal
or interest or Special Allowance Payments accrued after the Scheduled Sale Date
with respect to any Student Loan sold pursuant to Section 2.1 hereof.

     6.2  OBLIGATION OF SELLER TO FORWARD COMMUNICATIONS. Seller shall
immediately transmit to Purchaser any communication received by Seller after the
Scheduled Sale Date with respect to a Student Loan or the borrower under such a
Student Loan. Such communication shall include, but not be limited to, letters,
notices of death or disability, adjudication of bankruptcy and similar
documents and forms requesting deferment of repayment or loan cancellations.

     6.3  NOTIFICATION TO STUDENT BORROWERS. Seller and Purchaser shall provide
each borrower under the Eligible Loans purchased under this Agreement with
notice of the assignment and transfer to the Trustee for the account and on
behalf of Purchaser of Seller's interest in such Eligible Loans as required by
the Higher Education Act.

     6.4  NO MODIFICATION OF LENDER AGREEMENTS. Seller will consent to no
amendments to, or modifications of the Contract of Insurance or Guarantee
Agreement that may affect Eligible Loans which are sold or to be sold pursuant
to this Agreement without the prior written consent of Purchaser, which consent
shall not be unreasonably withheld. Amendments or modifications required by the
Higher Education Act are excluded from the requirement of this Section 6.4.

     6.5  CLEAR TITLE. Upon the request of the Purchaser the Seller shall cause
all termination statements, or partial releases, as the case may be, with
respect to all existing liens, financing statements and continuation statements
and any other necessary documents covering the right, title and interest of the
Purchaser in and to the Student Loans to be promptly filed, and at all times
(except with respect to termination statements) to be kept recorded, registered
and filed, all in such manner and in such places as may be required by law fully
to preserve and protect the right, title and interest of the Purchaser hereunder

                                       11
<PAGE>
to the Student Loans. The Seller shall deliver to the Purchaser file-stamped
copies of, or filing receipts for, any document recorded, registered or filed as
provided above, as soon as available following such recordation, registration or
filing. The Purchaser shall cooperate fully with the Seller in connection with
the obligations set forth above and will execute any and all documents
reasonably required to fulfill the intent of this Section 6.5. The Seller shall
be under no obligation hereunder in the event no Adverse Claims exist with
respect to the Student Loans.

         Except for the conveyances hereunder or as specified herein, the Seller
will not purport to sell, pledge, assign or transfer to any other person, or
grant, create, incur, assume or suffer to exist any Adverse Claims on the
Student Loans purchased and assigned hereunder or on any interest therein, and
the Seller shall defend the right, title, and interest of the Purchaser in, to
and under such Student Loans against all Adverse Claims of third parties
claiming through or under the Seller.

         6.6      Defenses. Seller shall take all reasonable actions to assure
that no maker of an Eligible Loan has or may acquire a defense to the payment
thereof on account of Seller's action or inaction during the time in which
Seller owned the Eligible Loan.

         6.7      Release of Guarantee Agency or Secretary. Seller will not,
with respect to any Eligible Loan subject to this Agreement, agree to release
the Guarantee Agency or the Secretary from any of its contractual obligations to
Guarantee or Insure such loan, or agree to otherwise alter, amend or renegotiate
any terms or conditions under which such Eligible Loan is Guaranteed or Insured,
without the express prior written consent of Purchaser and the Secured
Creditors.

         6.8      Borrower Withdrawal. In the event a Student Borrower withdraws
within the period specified as qualifying for a cancellation refund by the
Guarantee Agency, Seller agrees to pay the amount of the premium to be refunded
to Purchaser.

                                   ARTICLE VII
                   REPRESENTATIONS, WARRANTIES AND COVENANTS

         7.1      Representations and Warranties of Seller. Seller hereby
represents and warrants to Purchaser as of the date hereof and on the date of
sale of any Eligible Loans hereunder that:

         (a)      Organization and Authority of Seller. Seller is duly
organized, validly existing and in good standing under the laws of the State of
Nebraska, and has all necessary statutory power and authority to own its assets
and carry on its business as now being conducted; Seller has, and its officers
acting on its behalf have, all necessary

                                       12
<PAGE>

statutory power and authority to make and perform this Agreement, including
(without limitation) the power and authority to sell, assign and transfer
Student Loans to Purchaser, and to repurchase Student Loans as required under
the terms hereof.

         (b)      Eligible Lender Status. Seller has applied for and received
the Secretary's or Guarantee Agency's designation, as the case may be, as an
"eligible lender" under the Higher Education Act.

         (c)      Legal and Binding Obligation. The execution, delivery and
performance of this Agreement by Seller have been duly authorized by all
necessary corporate action, and do not require any stockholder approval or
approval or consent of or notice to holders of indebtedness or obligations of
Seller, upon due execution and delivery by the parties hereto, this Agreement
will constitute the legal, valid and binding obligation of Seller, enforceable
in accordance with its terms.

         (d)      No Conflicts. Neither the execution, delivery or performance
by Seller of this Agreement, nor the consummation or performance by Seller of
the transactions contemplated hereby, will conflict with, result in a violation
of or constitute a default (or an event which could constitute a default with
the passage of time or notice or both) under, (i) any of the terms of Seller's
charter or bylaws, or (ii) any indenture, mortgage, contract or other agreement
to which Seller is a party or by which it or its properties are bound, or any
law or regulation by which it or its properties are bound, where, in the case of
this clause (ii), such conflict, violation or default could have a material
adverse effect on Seller's ability to perform its obligations hereunder. Seller
is not a party to or bound by any agreement or instrument or subject to any
charter or other corporate restrictions or judgment, order, writ, injunction,
decree, law, rule or regulation which may materially and adversely affect the
ability of Seller to perform its obligations under this Agreement.

         (e)      No Defaults or Violations. Seller is not in default under any
mortgage, deed of trust, indenture or other instrument or agreement to which
Seller is a party or by which it or its properties are bound, or in violation of
any law or regulation, which default or violation could have a material adverse
effect on Seller's ability to perform its obligations hereunder.

         (f)      No Consents. No consent, approval or authorization of any
government or governmental body, including (without limitation) the Office of
Thrift Supervision, the Federal Deposit Insurance Corporation, the Comptroller
of the Currency, the Board of Governors of the Federal Reserve System or any
state bank regulatory agency, is required in connection with the execution,
delivery and performance of this Agreement, or the consummation of the
transactions contemplated hereby.

                                       13
<PAGE>

         (g)      No Litigation. There are no pending or threatened actions or
proceedings by or before any court, administrative agency or arbitrator, that
could if adversely determined, materially and adversely affect the ability of
Seller to perform its obligations hereunder, and there are no presently existing
orders of any court, administrative agency or arbitrator that could have a
material and adverse effect on the ability of Seller to perform its obligations
hereunder.

         (h)      Continuing Obligation of Seller. Seller agrees that during the
term of this Agreement, it will (i) remain in good standing and qualified to do
business under the laws of the State of Nebraska and the jurisdictions in which
it operates, (ii) conduct its business in accordance with all applicable state
and federal laws, and (iii) continue to be qualified to carry out this
Agreement.

         (i)      Solvency. The fair salable value of the assets on a going
concern basis of the Seller and its subsidiaries, on a consolidated basis, as of
the time of each Scheduled Sale Date is in excess of the total amount of their
liabilities.

         7.2      Representations and Warranties of Seller with Respect to
Student Loans. Seller hereby represents and warrants to Purchaser that as of the
date of sale of any Eligible Loan:

         (a)      Accuracy of Information. Any information furnished by Seller
to Purchaser or its agents with respect to any Eligible Loan is true, complete
and correct.

         (b)      Validity of Loans. Each Eligible Loan has been duly executed
and delivered and constitutes the legal valid and binding obligation of the
maker (and the endorser, if any) thereof, enforceable in accordance with its
terms.

         (c)      No Defenses Against Repayment of Loans. The amount of the
unpaid principal balance of each Eligible Loan is true and owing, and no
counterclaim, offset, defense or right to rescission exists with respect to any
Eligible Loan which can be asserted and maintained or which, with notice, lapse
of time, or the occurrence or failure to occur of any act or event, could be
asserted and maintained by the Eligible Borrower against Purchaser as assignee
thereof. The rate of interest carried by each Eligible Loan is currently
allowable and was allowable by law at the time the loan was made, and no such
Eligible Loan carries a rate of interest in excess of that permitted by the
provisions of the Higher Education Act.

         (d)      Ownership and Location of Loans; Existence of Liens. Seller is
the sole owner and holder of each Eligible Loan and has full right and authority
to sell and assign the same free and clear of all Adverse Claims, and upon the
endorsement and delivery of

                                       14
<PAGE>

promissory notes evidencing such Eligible Loan to Purchaser pursuant to this
Agreement Purchaser will acquire full right, title and interest in the Eligible
Loan free and clear of all Adverse Claims whatsoever. All documentation relating
to the Eligible Loans including the original promissory note for each Eligible
Loan, is in the possession of the applicable Servicer.

         (e)      Guarantee and Insurance on Loans. Each Eligible Loan sold
hereunder is either Insured or Guaranteed. With respect to all Insured Loans
being acquired, a Contract of Insurance is in full force and effect with respect
thereto, the applicable Certificates of Insurance are valid and binding upon the
parties thereto in all respects, Seller is not in default in the performance of
any of its covenants and agreements made in respect thereof and such Insurance
is freely transferable as an incident to the sale of each Eligible Loan to be
sold. With respect to all Guaranteed Loans being acquired, a Guarantee Agreement
is in full force and effect with respect thereto and is valid and binding upon
the parties thereto in all material respects, Seller is not in default in the
performance of any of its covenants and agreements made in such Guarantee
Agreement, and such Guarantee is freely transferable as an incident to the sale
of each Eligible Loan to be sold. All amounts due and payable to the Secretary
or the Guarantee Agency, as the case may be have been paid in full by Seller,
and none of the Eligible Loans to be sold to Purchaser has at any time been
tendered to either the Secretary or the Guarantee Agency for payment.

         (f)      Compliance with Higher Education Act. Each Eligible Loan
complies in all respects with the requirements of the Higher Education Act and
is an Eligible Loan as those terms are defined in this Agreement.

         (g)      Compliance with Federal Laws. Each Eligible Loan was made in
compliance with all applicable local, state and federal laws, rules and
regulations, including without limitation all applicable nondiscrimination,
truth-in-lending, consumer credit and usury laws.

         (h)      No Discrimination. In making each Eligible Loan to be
purchased by Purchaser pursuant to this Agreement, Seller has not discriminated
based upon the Eligible Institutions attended by, or the age, sex, race,
national origin, color, religion, handicapped status, income, attendance at a
particular Eligible Institution within the area served by Purchaser, length of
the Student Borrower's educational program, or the Student Borrower's academic
year in school.

         (i)      Serial Loans. The Eligible Loans to be purchased pursuant to
this Agreement include all Eligible Loans of any one Eligible Borrower held by
Seller.

                                       15
<PAGE>

         (j)  Due Diligence in Servicing Loans. Seller and any independent
servicer have each exercised and shall continue until the Scheduled Sale Date
to exercise due diligence and reasonable care in making, administering,
servicing and collecting the Eligible Loans in compliance with the requirements
of the Higher Education Act and the rules and regulations of the Secretary and
the applicable Guaranty Agency, and Seller has conducted a reasonable
investigation of sufficient scope and content to enable it duly to make the
representations and warranties contained in this Agreement. Seller has paid the
costs and expenses incident to origination of the Eligible Loans, and has no
right of reimbursement therefor from Purchaser.

         (k)  Origination Fees. Seller has reported the amount of origination
fees (if any) authorized to be collected with respect to any Eligible Loan
pursuant to Section 438(c) of the Higher Education Act to the Secretary for the
period in which such fee was authorized to be collected; and Seller has made
any refund of an origination fee collected in connection with any Eligible Loan
which may be required pursuant to the Higher Education Act.

         (l)  Insurance Premium. For each Eligible Loan, Seller has reported
the amount of the insurance premium authorized to be collected, and has paid
said premium to the Guarantee Agency or the Secretary with all rights therein
inuring to Purchaser.

         (m)  Schedule of Student Loans. This information set forth in each
Schedule of Student Loans is true and correct in all material respects as of
the opening of business on the respective Scheduled Sale Date, and no selection
procedures believed to be adverse to the Purchaser have been utilized in
selecting the Student Loans for inclusion therein.

         (n)  Title. It is the intention of the Seller that the transfer and
assignment from the Seller to the Purchaser herein contemplated constitute a
true sale of the Student Loans to the Purchaser and that neither the interest
in nor title to the Student Loans shall become or be deemed property of the
Seller for any purpose under state or federal law.

         (o)  Documents. The Seller shall furnish and file, if appropriate, any
document reasonably requested by the Purchaser to perfect the Purchaser's
ownership interest in the Student Loans.

         (p)  No Fraudulent Conveyance. The transactions contemplated by this
Agreement are and will be in the ordinary course of the Seller's business and
the Seller has valid business reasons for transferring the Student Loans rather
than obtaining a secured loan with the Student Loans as collateral. Both before
and immediately after giving effect to any transfer: (i) the Seller transferred
or will transfer the Student Loans to the Purchaser without any intent to
hinder, delay or defraud any current or future

                                       16
<PAGE>

creditor of the Seller; (ii) the Seller was not engaged and was not about to
engage, and will not engage, in any business or transaction for which any
property remaining with the Seller was or will constitute unreasonably small
capital in relation to the business of the Seller or the transaction; (iii) the
Seller did not intend or will not intend to incur, and did not believe or
reasonably should not have believed, or will not believe or reasonably shall not
have believed, that it would incur debts beyond its ability to pay as they
become due; and (iv) the Seller was not and will not be insolvent or did not or
will not become insolvent as a result of any transfer.

         (q)      Sales Not Subject to Bulk Transfer. Each sale, transfer,
assignment and conveyance of the Student Loans by the Seller pursuant to this
Agreement is not subject to the bulk transfer or any similar statutory
provisions in effect in any applicable jurisdiction.

         (r)      No Transfer Taxes Due. Each sale, transfer, assignment and
conveyance of the Student Loans (including all payments due or to become due
thereunder) by the Seller pursuant to this Agreement is not subject to and will
not result in any tax, fee or governmental charge payable by the Purchaser or
the Seller to any federal, state or local government ("Transfer Taxes") except
such Transfer Taxes as are paid by the Seller at the time of transfer,
assignment and conveyance and except UCC filing fees. In the event that the
Purchaser receives actual notice of any unpaid Transfer Taxes arising out of the
transfer, assignment and conveyance of the Student Loans, on written demand by
the Purchaser, or upon the Seller otherwise being given notice thereof, the
Seller shall pay, and otherwise indemnify and hold the Purchaser harmless
therefor. The Seller shall not be responsible for the Purchaser's income taxes.

         7.3      Representations, Warranties and Covenants of Purchaser.
Purchase hereby represents, covenants and warrants to Seller that:

         (a)      Organization and Authority of Purchaser. Purchaser is a duly
organized, validly existing corporation in good standing under the laws of the
State of Nevada; Purchaser has, and its officers acting on its behalf have, all
necessary statutory power and authority to make and perform this Agreement,
including (without limitation) the power and authority to purchase Student Loans
from Seller under the terms and conditions of this Agreement.

         (b)      Legal and Binding Obligation. The execution, delivery and
performance of this Agreement by Purchaser have been duly authorized by all
necessary corporate action, and do not require any stockholder approval or
approval or consent of, or notice to, holders of indebtedness or obligations of
Purchaser, upon due execution and delivery by

                                       17

<PAGE>
the parties hereto, this Agreement will constitute the legal, valid and binding
obligation of Purchaser, enforceable in accordance with its terms.

         (c)      No Conflict.  Neither the execution, delivery and performance
by Purchaser of this Agreement, nor the consummation or performance by Purchaser
of the transactions, contemplated hereby, will conflict with, result in a
violation of, or constitute a default (or an event which could constitute a
default with the passage of time or notice of both) under, (i) any of the terms
of Purchaser's charter or bylaws, or (ii) any indenture, mortgage, contract or
other agreement to which Purchaser is a party or by which it or its properties
are bound, or any law or regulation by which it or its properties are bound,
where, in the case of this clause (ii), such conflict, violation or default
could have a material adverse effect on Purchaser's ability to perform its
obligations hereunder. Purchaser is not a party to or bound by any agreement or
instrument or subject to any charter or other corporate restrictions or
judgment, order, writ, injunction, decree, law, rule or regulation which may
materially and adversely affect the ability of Purchaser to perform its
obligations under this Agreement.

         (d)      No Defaults or Violations.  Purchaser is not in default under
any mortgage, deed of trust, indenture or other instrument or agreement to
which Purchaser is a party or by which it or its properties are bound, or in
violation of any law or regulation, which default or violation could have a
material adverse effect on Purchaser's ability to perform its obligations
hereunder.

         (e)      No Consents.  No consent, approval or authorization of any
government or governmental body is required in connection with the execution,
delivery and performance of this Agreement, or the consummation of the
transactions contemplated hereby.

         (f)      No Litigation.  There are no pending or threatened actions or
proceedings by or before any court, administrative agency or arbitrator, that
could if adversely determined, materially and adversely affect the ability of
Purchaser to perform its obligations hereunder, and there are no presently
existing orders of any court, administrative agency or arbitrator that could
have a material and adverse affect on the ability of Purchaser to perform its
obligations hereunder.

         (g)      Continuing Obligation of Purchaser.  Purchaser agrees that
during the term of this Agreement, it will (i) remain in good standing and
qualified to do business under the laws of the State of Nevada, and any other
jurisdictions in which it operates, (ii) conduct its business in accordance
with all applicable state and federal laws, and (iii) continue to be qualified
to carry out this Agreement.

                                       18
<PAGE>

                                  ARTICLE VIII
                                 MISCELLANEOUS

         8.1  Communications and Notices. Unless otherwise expressly provided
herein, all notices, requests, demands or other instruments which may or are
required to be given by either party to the other shall be in writing, and each
shall be deemed to have been properly given when served personally on an
officer of the party to whom such notice is to be given, or upon expiration of
a period of 48 hours from and after the postmark thereof when mailed postage
prepaid by registered or certified mail, requesting return receipt, addressed
as follows:

         If to Seller:

         ___________________________________

         ___________________________________

         ___________________________________

         Attention: ________________________

         Phone: (___) ______________________

         Fax: (___) ________________________

         If to Purchaser:

         NHELP-I, Inc.

         ___________________________________

         ___________________________________

         ___________________________________

         Attention: ________________________

         Phone: (___) ______________________

         Fax: (___) ________________________

Any party may change the address and name of the addressee to which subsequent
notices are to be sent to it, by notice to the others given as aforesaid, but
any such notice of change, if sent by mail, shall not be effective until the
5th day after it is mailed.

         8.2  Forms of Instruments Proceedings. All instruments relating to the
sale and purchase of the Student Loans, and all proceedings to be taken in
connection with this Agreement and the transactions contemplated herein, shall
be in form and substance mutually satisfactory to Seller and Purchaser and
their respective counsel.

         8.3  Payment of Expenses. Each party to this Agreement shall pay its
own expenses incurred in connection with the preparation, execution and
delivery of this

                                       19
<PAGE>

Agreement and the transactions herein contemplated, including, but not limited
to, the fees and disbursements of counsel.

     8.4  NON-BUSINESS DAYS. If the date for taking any action required
hereunder is not a Business Day, then such action can be taken, without interest
or penalty, on the next succeeding Business Day, with the same force and effect
as if such action was taken on the required date.

     8.5  AMENDMENTS, MODIFICATIONS AND WAIVERS. The provisions of this
Agreement cannot be amended, waived or modified unless such amendment, waiver
or modification be in writing and signed by the parties hereto. Inaction or
failure to demand strict performance shall not be deemed a waiver.

     8.6  SEVERABILITY.  If any provision of this Agreement shall be held, or
deemed to be or shall, in fact, be inoperative or unenforceable as applied in
any particular situation, such circumstance shall not have the effect of
rendering the provision in question inoperative or unenforceable in any other
situation or of rendering any other provision or provisions herein contained
invalid, inoperative or unenforceable to any extent whatsoever. The invalidity
of any one or more phrases, sentences, clauses or paragraphs herein contained
shall not affect the remaining portions of this Agreement or any part hereof.

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

     8.8  ASSIGNMENT. This Agreement may not be assigned or otherwise
transferred, in whole or in part, by one party without the prior written consent
of the other parties, which consent shall not unreasonably be withheld;
provided, however, that the Seller consents to assignment by the Purchaser of
rights hereunder to the Trustee on behalf of the Secured Creditors.

     8.9  BINDING EFFECT. All covenants and agreements herein contained shall
extend to and be obligatory upon all successors of the respective parties
hereto.

     8.10 GOVERNING LAW. This Agreement shall be construed in accordance with
and governed by the internal laws of the State of Nebraska, without reference
to its conflicts-of-laws principles.

                                       20
<PAGE>
         8.11  Entire Agreement.  This Agreement embodies and constitutes the
entire understanding between the parties with respect to the transactions
contemplated by this Agreement, and all prior or contemporaneous agreements,
understandings, representations and statements between the parties, written or
oral, between the parties, are merged into and superseded by this Agreement.

         8.12  Counterparts.  This Agreement may be simultaneously executed in
several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument.

         8.13  Consolidation Reimbursement.  If Purchaser acquires any Eligible
Loan from Seller through the consolidation procedures of Section 428C of the
Higher Education Act, Purchaser shall pay Seller an amount equal to ____% of
the Principal Balance of such Eligible Loans so acquired, plus accrued interest
to the date of consolidation.

         8.14  Trustee as Eligible Lender; Third Party Beneficiaries.  The
Trustee, as eligible lender under the Higher Education Act, shall take title to
all Eligible Loans to be purchased hereunder on behalf of and for the account
of the Purchaser. This Agreement shall inure to the benefit of the Trustee, the
Secured Creditors and their respective successors and assigns. Without limiting
the generality of the foregoing, all representations, covenants and agreements
in this Agreement which expressly confer rights upon the Purchaser shall run
directly to the Trustee and the Secured Creditors and the Trustee and the
Secured Creditors shall be entitled to rely on and enforce such
representations, covenants and agreements to the same extent as if they were a
party hereto. The foregoing creates a permissive right on behalf of the Trustee
and the Secured Creditors, and the Trustee and the Secured Creditors shall be
under no duties or obligations hereunder. All bills of sale and endorsements
shall be made to the Trustee on behalf of the Purchaser.

         IN WITNESS WHEREOF, the parties hereto have caused this Loan Sale
Agreement to be duly executed as of the day and year first written above.

           [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK.]

                                       21
<PAGE>

                                            NHELP-I, INC.
----------------------------------

By:                                         By:
      ----------------------------                -----------------------------

Title:                                      Title:
      ----------------------------                -----------------------------

                                       22

<PAGE>

                                    EXHIBIT B
                        FORM OF VALUATION AGENT AGREEMENT

<PAGE>

                        FORM OF VALUATION AGENT AGREEMENT

                                      among

                               [VALUATION AGENT],
                             as the Valuation Agent

                                 NHELP-I, INC.,
                                 as the Borrower

                                       And

                    CONCORD MINUTEMEN CAPITAL COMPANY, LLC,
                                 as the Lender

                         Dated as of ____________, ____

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                               Page
                                                                                                               ----
<S>                                                                                                            <C>
                                    ARTICLE I
                                   DEFINITIONS

Section 1.01. Certain Defined Terms......................................................................        1
Section 1.02. Computation of Time Periods................................................................        5

                                  ARTICLE II
                          VALUATION AGENT; FEES; TERM
                                 OF AGREEMENT

Section 2.01. Appointment and Acceptance.................................................................        5
Section 2.02. Performance by Other Parties...............................................................        6
Section 2.03. Resignation and Discharge..................................................................        6
Section 2.04. Valuation Agent Fees.......................................................................        6
Section 2.05. Term of Agreement..........................................................................        6

                                   ARTICLE III
                                  CALCULATIONS

Section 3.01. Maximum Advance Percentage Calculations....................................................        7
Section 3.02. Loan Valuation Percentage Calculations.....................................................        7

                                   ARTICLE IV

REPRESENTATIONS AND WARRANTIES...........................................................................        8

                                    ARTICLE V

INDEMNIFICATION..........................................................................................        9

                                   ARTICLE VI
                                  MISCELLANEOUS

Section 6.01. Confidentiality............................................................................       10
Section 6.02. Amendment..................................................................................       10
Section 6.03. Governing Law..............................................................................       10
Section 6.04. Notices....................................................................................       10
Section 6.05. Third Party Beneficiary....................................................................       12
Section 6.06. Assignment by the Lender...................................................................       12
</TABLE>

<PAGE>

                               TABLE OF CONTENTS
                                  (continued)

<TABLE>
<CAPTION>

<S>                                                                                                            <C>
Section 6.07. Submission to Jurisdiction; Waiver of Jury and Bond........................................       12
Section 6.08. No Petition................................................................................       13
Section 6.09. Limited Recourse Nature of Transactions....................................................       13
Section 6.10. Execution in Counterparts..................................................................       13
Section 6.11. Severability...............................................................................       13
Section 6.12. Section Titles.............................................................................       13
Section 6.13. Entire Agreement...........................................................................       13

EXHIBIT A     FORM OF ADVANCE PERCENTAGE CALCULATION REPORT
EXHIBIT B     FORM OF VALUATION REPORT
EXHIBIT C     FORM OF REQUEST FOR VALUATION REPORT
EXHIBIT D     INITIAL LOAN SERVICING FEES
</TABLE>

                                       ii
<PAGE>
         THIS VALUATION AGENT AGREEMENT (the "Agreement") is made as of _____,
_____ by and among [VALUATION AGENT], a corporation duly organized under the
laws of the State of Delaware (the "Valuation Agent"); NHELP-1, INC, a
corporation duly organized under the laws of the State of Nevada (the
"Borrower"); and CONCORD MINUTEMEN CAPITAL COMPANY, LLC, a special purpose
finance company administered by the Liberty Hampshire Company, LLC ("Concord").

                             PRELIMINARY STATEMENTS

         WHEREAS the Borrower, Concord and Norwest Bank Minnesota, National
Association (the "Trustee") have entered into a Warehouse Loan and Security
Agreement dated as of September 30, 1998 (the "Loan Agreement"), pursuant to
which Concord has agreed to make loans to the Borrower from time to time subject
to the conditions set forth therein for the purpose of financing the purchase of
certain types of education loans (the "Student Loans", and when financed under
the Loan Agreement, the "Financed Loans");

         WHEREAS Concord has entered into a Liquidity Agreement dated as of
September 30, 1998 (the "Liquidity Agreement") pursuant to which Concord may
assign to the Liquidity Providers (as defined in the Loan Agreement) its right,
title and interest to the whole or part of the loans made by Concord;

         WHEREAS the Loan Agreement and the Liquidity Agreement provide that, in
order to secure the prompt and complete payment of all amounts due and payable
thereunder, the Borrower will grant to the Trustee, for the benefit of Concord
and the Liquidity Providers, a security interest in the Financed Loans, all
revenues and recoveries of principal from the Financed Loans and any other
collections, funds and accrued earnings held thereon held in the various funds
and accounts created under the Loan Agreement (collectively, the "Pledged
Collateral");

         WHEREAS the maximum amount of funds the Lender and the Agent will make
available to the Borrower from time to time for the purpose of financing Student
Loans is in part based upon the characteristics of the Financed Loans and
certain other assumptions as described herein; and

         WHEREAS the Valuation Agent has agreed to perform certain calculations
relating to the Pledged Collateral, in accordance with the assumptions and
procedures described herein and at the times and under the circumstances
specified in the Loan Agreement

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto agree as
follows:

                                    ARTICLE I

                                   DEFINITIONS

         SECTION 1.01 CERTAIN DEFINED TERMS. As used in this Agreement and its
exhibits, the terms set forth above and in this Section 1.01 shall have the
meanings ascribed thereto (such meanings to be equally applicable to both the
singular and plural forms of the terms defined)

<PAGE>

unless a contrary definition is given to such term in the Loan Agreement, in
which case the definition in the Loan Agreement shall be controlling.

         "Advance Percentage Calculation Assumptions" means the following cash
flow and related assumptions to be used by the Valuation Agent in connection
with its preparation of each Advance Percentage Calculation Report:

         (a)      The 91-day Treasury bill rate shall equal Current T-Bill;

         (b)      LIBOR shall be a rate per annum equal to the sum of: (i)
Current T-Bill, (ii) the Current TED Spread, and (iii) 0.20%;

         (c)      the Cost of Funds shall be a rate per annum equal to the sum
of (i) LIBOR, and (ii) 0.225%;

         (d)      the Discount Rate to be applied to the Net Revenues shall be a
rate per annum equal to the sum of (i) the Cost of Funds, and (ii) 0.80%;

         (e)      interest earnings on short-term balances shall be a rate per
annum equal (i) LIBOR, less (ii) 0.10%;

         (f)      the cumulative default rate shall be 15%;

         (g)      default occurrences shall be spread out evenly over each year
of repayment in accordance with the following schedule: 70% in the first year of
repayment; 20% in the second year of repayment; 10% in the third year of
repayment; and 0% thereafter;

         (h)      the principal balance of Student Loans that receive an
interest rate reduction pursuant to any Borrower Incentive Program will equal
the product of: (i) the aggregate principal balance (not including any
capitalized interest) of Student Loans eligible to participate in any such
program, and (ii) 20%;

         (i)      servicing fees for Student Loans will be based upon the fees
stated in the applicable Servicing Agreements covering the Financed Loans that
are then in effect. The presently effective servicing fees for UNIPAC Service
Corporation ("UNIPAC") and Great Lakes Higher Education Servicing Corporation
("Great Lakes") are attached hereto as Exhibit D;

         (j)      fees payable to the U.S. Department of Education on
Consolidation Loans made after October 1, 1993 will be charged at a rate of
1.05% (or such other rate as may be provided for under applicable law) per annum
on the outstanding principal balance of such loans, payable monthly; and

         (k)      the Portfolio Administration Fee shall be 0.45% per annum,
payable monthly in arrears based upon the unpaid principal balance of Financed
Loans at the end of the prior month.

                                       2
<PAGE>
         Pursuant to the terms of the Loan Agreement, the assumptions in
paragraphs (a) through (k) above may be amended from time to time with the
mutual consent of the Borrower, the Required Lenders and the Agent (with notice
to the Valuation Agent stating the specific nature of such changes and that any
and all consents and approvals necessary to effect such changes have been
obtained). All other assumptions regarding Financed Loans shall be as set forth
in the Portfolio Characteristics.

         "Advance Percentage Calculation Report" has the meaning set forth in
the Loan Agreement, and is to be provided by the Valuation Agent to the
Borrower, Concord, the Agent and the Trustee prior to each new financing of
Student Loans, in the form attached hereto as Exhibit A.

         "Borrower Incentive Program" means any interest rate reduction program
applicable to any Financed Loans or Student Loans to be financed.

         "Cash Flow Projections" mean the estimates prepared by the Valuation
Agent for the period commencing on the most recent date for which the Valuation
Agent has received the Portfolio Characteristics illustrating: (a) the income
to be received from the Financed Loans (excluding borrower interest, federal
interest subsidy and federal special allowance payments accrued thereon and
unpaid as of the date of the Portfolio Characteristics) and Permitted
Investments, including borrower principal and interest payments, federal
interest subsidy payments, federal special allowance payments, guaranty
payments, sale proceeds and investment earnings (collectively, the "Revenues"),
(b) the costs incurred in the financing of such Financed Loans, including
acquisition fees, debt service, servicing fees, valuation fees, trustee fees,
administrative fees, consolidation loan rebate and any other charges relating
to the financing, servicing and administration of such loans (collectively, the
"Expenses"), and (c) the periodic and cumulative Revenues less the periodic and
cumulative Expenses (the "Net Revenues").

         "Cost of Funds" means the interest rate per annum used by the Valuation
Agent in the Cash Flow Projections for computing debt interest expense.

         "Current LIBOR" means the most recent interest rate per annum
available to the Valuation Agent for one-month eurodollar deposits, as
published in The Wall Street Journal.

         "Current T-Bill" means the most recent bond equivalent yield per annum
available to the Valuation Agent for the auction of 13-week U.S. Treasury
Bills, as published in The Wall Street Journal.

         "Current TED Spread" means (a) Current LIBOR, less (b) Current T-Bill.

         "Discount Rate" means the rate of discount per annum stipulated in the
Advance Percentage Calculation Assumptions and the Valuation Report
Assumptions, as applicable, to be used by the Valuation Agent in connection
with its determination of the present value of Net Revenues.

         "Loan Valuation Percentage" has the meaning set forth in the Loan
Agreement, and is to be determined by the Valuation Agent by: (a) dividing (i)
the present value of the Net Revenues

                                       3
<PAGE>

(using the Portfolio Characteristics and the Valuation Report Assumptions) by
(ii) the outstanding principal balance of Student Loans, and (b) adding 100% to
the resulting percentage.

         "Net Revenues" means the projected net income to be received from the
Student Loans after taking into account financing costs, loan defaults and
delinquencies, fees and other charges, all as set forth in the Advance
Percentage Calculation Assumptions and the Valuation Report Assumptions, as
applicable.

         "Portfolio Characteristics" means the information contained in the
reports provided to the Valuation Agent by or at the direction of the Borrower,
in a form acceptable to the Valuation Agent (such form could also include a
computer tape provided by any Servicer), prior to: (a) each proposed financing
of new Student Loans, and (b) each Valuation Date. Such reports shall set forth
all of the particular characteristics of Student Loans to be financed or
Financed Loans, as the case may be, necessary in order that the Valuation Agent
shall be able to perform the calculations required hereunder or under the Loan
Agreement, including, but not limited to breakdowns by loan type, borrower
interest rate, borrower status, special allowance margin, disbursement date,
remaining term by status, applicable loan servicer, guarantee level and
eligibility for, level of participation in and terms of any Borrower Incentive
Program.

         "Valuation Agent Fees" means the fees payable to the Valuation Agent,
pursuant to Section 3.01 hereof and Section 2.06(c)(ix) of the Loan Agreement,
in such amounts and on such dates equal to 0.025% times the average outstanding
principal balance of Advances during each Calculation Period.

         "Valuation Report" means a report furnished by the Valuation Agent to
the Required Lenders, the Borrower and the Trustee pursuant to Section
5.09(a)(i) of the Loan Agreement, in the form attached hereto as Exhibit B.

         "Valuation Report Assumptions" means the following cash flow and
related assumptions to be used by the Valuation Agent in connection with its
preparation of each Valuation Report required under the Loan Agreement:

                  (a)      T-Bill shall equal Current T-Bill;

                  (b)      LIBOR shall be a rate per annum equal to the sum of:
         (i) Current T-Bill, and (ii) the Current TED Spread;

                  (c)      the Cost of Funds shall be a rate per annum equal to
         the sum of (i) LIBOR, and (ii) 0.20%;

                  (d)      the Discount Rate to be applied to the Net Revenues
         shall be a rate per annum equal to the sum of (i) the Cost of Funds,
         and (ii) 0.80%;

                  (e)      interest earnings on short-term balances shall be a
         rate per annum equal to: (i) LIBOR, less (ii) 0.10%;

                  (f)      the cumulative default rate shall be 15%;

                                       4

<PAGE>
                  (g)  default occurrences shall be spread out evenly over each
         year of repayment in accordance with the following schedule: 70% in
         the first year of repayment; 20% in the second year of repayment; 10%
         in the third year of repayment; and 0% thereafter;

                  (h)  the principal balance of Student Loans that receive an
         interest rate reduction pursuant to any Borrower Incentive Program
         will equal the product of: (i) the aggregate principal balance of
         Student Loans receiving any such reduced interest rate as shown in the
         Portfolio Characteristics, and (ii) 105%;

                  (i)  servicing fees for Student Loans will be based upon the
         fees stated in the applicable Servicing Agreements covering the
         Financed Loans that are then in effect. The presently effective
         servicing fees for UNIPAC Service Corporation ("UNIPAC") and Great
         Lakes Higher Education Servicing Corporation ("Great Lakes") are
         attached hereto as Exhibit D;

                  (j)  fees payable to the U.S. Department of Education on
         Consolidation Loans made after October 1, 1993 will be charged at a
         rate of 1.05% per annum (or such other rate as may be provided for
         under applicable law) on the outstanding principal balance of such
         loans, payable monthly; and

                  (k)  the Portfolio Administration fee shall be 0.45% per
         annum, payable monthly in arrears based upon the unpaid principal
         balance of loans at the end of the prior month.

                  (l)  Pursuant to the terms of the Loan Agreement, the
         assumptions in paragraphs (a) through (k) above may be amended from
         time to time with the mutual consent of the Borrower, the Required
         Lenders and the Agent (with notice to the Valuation Agent stating the
         specific nature of such changes and that any and all consents and
         approvals necessary to effect such changes have been obtained). All
         other assumptions regarding Financed Loans shall be as set forth in
         the Portfolio Characteristics.

         SECTION 1.02.  COMPUTATION OF TIME PERIODS.  Unless otherwise stated
in this Agreement, in the computation of a period of time from a specified date
to a later specified date, the word "from" means "from and including" and the
words "to" and "until" each mean "to but excluding."

                                   ARTICLE II

                    VALUATION AGENT; FEES; TERM OF AGREEMENT

         SECTION 2.01  APPOINTMENT AND ACCEPTANCE.  The Borrower and the Lender
hereby appoint [VALUATION AGENT] as Valuation Agent under this Agreement in
connection with the Loan Agreement and [VALUATION AGENT] hereby accepts such
appointment. For purposes of this Valuation Agent Agreement the principal
office of [VALUATION AGENT] shall be _______________________, unless otherwise
indicated to the other parties hereto and the Agent in writing by [VALUATION
AGENT].

                                       5
<PAGE>

         SECTION 2.02. PERFORMANCE BY OTHER PARTIES. The Valuation Agent shall
be obligated to perform hereunder only upon performance in all material
respects by the Borrower (a) to provide statistical information to the Valuation
Agent at the times and in the manner described in the Loan Agreement, and (b)
of its duties and responsibilities hereunder.

         SECTION 2.02. RESIGNATION AND DISCHARGE.

                  (a)      The Valuation Agent may at any time resign and be
         discharged of the duties and obligations created by this Agreement by
         giving at least sixty (60) days' written notice to the Borrower,
         Concord, the Trustee and the Agent.

                  (b)      The Valuation Agent may be removed upon at least
         sixty (60) days' written notice to the Valuation Agent, at the
         direction of the Borrower with the consent of the Required Lenders, by
         an instrument signed by the Borrower and filed with the Valuation
         Agent, Concord, the Trustee and the Agent. Upon the occurrence of an
         Event of Default (as defined in the Loan Agreement), the Required
         Lenders may remove the Valuation Agent at any time.

         Notwithstanding the foregoing, no resignation or removal of the
Valuation Agent shall be effective until a successor shall have been appointed
by the Borrower with the consent of Concord and the Agent, which shall not be
unreasonably withheld, or by the Required Lenders after an Event of Default (as
defined in the Loan Agreement), provided that such resignation by the Valuation
Agent shall be effective upon sixty days' written notice whether or not a
successor has been appointed if and when the Valuation Agent reasonably
determines that one of the following shall occur: (i) the Borrower is not
diligently pursuing the appointment of a successor Valuation Agent at the level
of compensation generally paid in the marketplace for the services to be
performed by the Valuation Agent, (ii) the Loan Agreement or the Liquidity
Agreement has been amended or modified in such a manner as would affect the
Valuation Agent in general or its ability to properly perform its duties
hereunder without the consent of the Valuation Agent, or (iii) any condition to
performance by the Valuation Agent hereunder or under the Loan Agreement has not
been satisfied.

         SECTION 2.04. VALUATION AGENT FEES. In accordance with the priorities
set forth in Section 2.06 of the Loan Agreement, the Borrower agrees to cause
the Trustee to pay to the Valuation Agent, on each Settlement Date, the
Valuation Agent Fee. Such fees should be remitted to the Valuation Agent in
immediately available funds using the following instructions:

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

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

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

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

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

         SECTION 2.05. TERM OF AGREEMENT. Unless otherwise terminated pursuant
to the provisions of Section 2.03 hereof, this Agreement shall terminate on
September 30, 2003, unless extended to such later date as mutually agreed to in
writing by the Borrower and the Valuation Agent, with the consent of the
Required Lenders and the Agent.

                                       6

<PAGE>
                                  ARTICLE III

                                  CALCULATIONS

SECTION 3.01. MAXIMUM ADVANCE PERCENTAGE CALCULATIONS.

         (a) Pursuant to the terms and at the times required in the Loan
Agreement, the Valuation Agent shall compute the Maximum Advance Percentage by
undertaking certain analytical procedures with respect to the Student Loans to
be financed thereunder. The Maximum Advance Percentage shall be determined by:
(i) dividing (A) the present value of the Net Revenues (using the Portfolio
Characteristics and the Advance Percentage Calculation Assumptions) by (B) the
outstanding principal balance of Student Loans, and (ii) adding 100% to the
resulting percentage.

         (b) Not later than three Business Days prior to each Advance that does
not constitute a Rollover Advance, and in any case not later than the fourth
Business Day preceding each January 31, April 30, July 31 and October 31, the
Valuation Agent shall:

                  (i) perform Cash Flow Projections based upon the Portfolio
         Characteristics and the Advance Percentage Calculation Assumptions
         (both as defined herein);

                  (ii) calculate the Maximum Advance Percentage (as defined
         herein and in the Loan Agreement) using the results of the Cash Flow
         Projections described in Section 3.01(b)(i) above; and

                  (iii) submit a report to the Lender, the Agent, the Borrower
         and the Trustee in the form of Exhibit A attached hereto.

SECTION 3.02. LOAN VALUATION PERCENTAGE CALCULATIONS.

         (a) Pursuant to the terms and at the times required in the Loan
Agreement, the Valuation Agent shall compute the Loan Valuation Percentage by
undertaking certain analytical procedures with respect to the Financed Loans.

         (b) Within 30 days after the Valuation Agent's receipt of a written
request for a Valuation Report from any of Concord, the Agent or the Borrower,
in the form of Exhibit C attached hereto, and in any case not later than the
fourth Business Day preceding each January 31, April 30, July 31, and October
31, (each a "Valuation Date") the Valuation Agent shall:

                  (i) perform Cash Flow Projections based upon the Portfolio
         Characteristics and the Valuation Report Assumptions (both as defined
         herein);

                  (ii) calculate the Loan Valuation Percentage using the results
         of the Cash Flow Projections describe in Section 3.02(b)(i) above; and

                                       7
<PAGE>

          (iii)  submit a report to Concord, the Agent, the Borrower and the
Trustee in the form of Exhibit B attached hereto.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

The Valuation Agent represents and warrants as follows:

     (a)  The Valuation Agent is a corporation duly organized, validly existing
and in good standing under the laws of the State of Delaware and is duly
qualified to do business, and is in good standing, in every jurisdiction in
which the nature of its business requires it to be so qualified.

     (b)  The execution, delivery and performance by the Valuation Agent of
this Agreement is within the Valuation Agent's organizational powers, has been
duly authorized by all necessary organizational action, does not contravene
(i) the Valuation Agent's Articles of Incorporation or bylaws, (ii) any law,
rule or regulation applicable to the Valuation Agent, (iii) any contractual
restriction binding on or affecting the Valuation Agent or its property or
(iv) any order, writ, judgment, award, injunction or decree binding on or
affecting the Valuation Agent or its property. This Agreement has been duly
executed and delivered by the Valuation Agent.

     (c)  No authorization or approval or other action by, and no notice to or
filing with, any Governmental Authority is required for the due execution,
delivery and performance by the Valuation Agent of this Agreement.

     (d)  This Agreement constitutes the legal, valid and binding obligations
of the Valuation Agent enforceable against the Valuation Agent in accordance
with its terms, subject to (i) applicable bankruptcy, insolvency, moratorium,
or other similar laws affecting the rights of creditors, and (ii) general
principals of equity, whether such enforceability is considered in a proceeding
in equity or at law.

     (e)  There is no pending or, to the knowledge of the Valuation Agent,
threatened, action or proceeding affecting the Valuation Agent before any court,
governmental agency or arbitrator that may materially adversely affect the
financial condition of the Valuation Agent or the ability of the Valuation
Agent to perform its obligations under this Agreement. The Valuation Agent is
not in default with respect to any order of any court, arbitrator or any other
Governmental Authority.

     (f)  Each document and report delivered by, or to be delivered by, the
Valuation Agent pursuant to the terms of Articles II or III hereof shall be
executed on behalf of the Valuation Agent by a duly authorized officer of the
Valuation Agent.

                                       8
<PAGE>

                                   ARTICLE V

                                INDEMNIFICATION

         (a)      Without limiting any other rights which the Lender, the
Borrower or any of their respective Affiliates may have hereunder or under
applicable law, and notwithstanding any limitation on recourse to the Valuation
Agent set forth in this Agreement, the Valuation Agent hereby agrees to
indemnify Concord, the Borrower and each of their respective officers,
directors, employees, agents, attorneys-in-fact, Affiliates and assigns
(including without limitation the Liquidity Providers) from and against any and
all damages, losses, claims, liabilities and related costs and expenses,
including reasonable attorneys' fees and disbursements (all of the foregoing
being collectively referred to as "Indemnified Amounts") awarded against or
incurred by any of them arising out of or as a result of this Agreement,
excluding, however, Indemnified Amounts to the extent resulting from the gross
negligence or willful misconduct of the Person seeking indemnification. Without
limiting the foregoing, the Valuation Agent shall indemnify the Lender, the
Borrower and each of their respective officers, directors, employees, agents,
attorneys-in-fact, Affiliates and assigns (including without limitation the
Liquidity Providers) for Indemnified Amounts relating to or resulting from:

                  (i)      any representation or warranty made or deemed made by
         the Valuation Agent, under or in connection with this Agreement, which
         shall have been false or incorrect when made or deemed made or
         delivered;

                  (ii)     the failure by the Valuation Agent to comply with any
         term, provision or covenant contained in this Agreement; and

                  (iii)    any failure of the Valuation Agent to perform its
         duties or obligations in accordance with the provisions of this
         Agreement.

         (b)      Without limiting any other rights which the Valuation Agent
or any of its respective Affiliates may have hereunder or under applicable law,
and notwithstanding any limitation on recourse to the Borrower set forth in
this Agreement, the Borrower hereby agrees to indemnify the Valuation Agent
and each of its officers, directors, employees, agents, attorneys-in-fact and
Affiliates from and against any and all damages, losses, claims, liabilities
and related costs and expenses, including reasonable attorneys' fees and
disbursements (all of the foregoing being collectively referred to as
"Indemnified Amounts") awarded against or incurred by any of them arising out
of or as a result of this Agreement, excluding, however, Indemnified Amounts to
the extent resulting from the gross negligence or willful misconduct of the
Valuation Agent or its Affiliates. Without limiting the foregoing, the
Borrower shall indemnify the Valuation Agent and each of its respective
officers, directors, employees, agents, attorneys-in-fact and Affiliates for
Indemnified Amounts relating to or resulting from:

                  (i)      any representation or warranty made or deemed made by
         the Borrower under or in connection with this Agreement, which shall
         have been false or incorrect when made or deemed made or delivered;

                                       9
<PAGE>
                           (ii)  the failure by the Borrower to comply with any
                  term, provision or covenant contained in this Agreement; and

                           (iii) any failure of the Borrower to perform its
                  duties or obligations in accordance with the provisions of
                  this Agreement.

Any amounts determined by a court of competent jurisdiction as a result of a
proceeding brought which is subject to the indemnification provisions of this
Article V shall be paid by the Valuation Agent to Concord, the Borrower or
their respective officers, directors, employees, agents, attorneys-in-fact,
Affiliates or the Liquidity Providers, or by the Borrower to the Valuation
Agent or its officers, directors, employees, agents, attorneys-in-fact or
Affiliates, as the case may be, for the benefit of the applicable payee, within
two Business Days following written demand therefor.

                                   ARTICLE VI

                                 MISCELLANEOUS

         SECTION 6.01.  CONFIDENTIALITY.  Except as permitted by the Loan
Agreement, the Valuation Agent, Concord and the Borrower each agree to keep
confidential and not to disclose any non-public information, calculations,
exhibits or documents related to this Agreement or the Loan Agreement, without
the express written consent of the other parties thereto.

         SECTION 6.02.  AMENDMENT.  This Valuation Agent Agreement may be
amended only by a written agreement signed by those parties hereto and with the
prior written consent of the Agent.

         SECTION 6.03.  GOVERNING LAW.  This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois.

         SECTION 6.04.  NOTICES.

                  (a)  Concord agrees to provide written notice to the
         Valuation Agent within three Business Days of the following: (i) a new
         Agent, (ii) a new Liquidity Fee, and (iii) the assignment by the
         Secured Creditors of the Investment of Concord in the Advances to the
         Borrower, such notice to include the amount of such assignment and the
         Liquidity Interest Rate applicable to such assignment.

                  (b)  All notices, requests or other communications to the
         Valuation Agent, Borrower, Trustee, Lender and Agent, including the
         notices required in paragraph (a) above, shall be in writing (unless
         otherwise specified herein) and shall be deemed to have been validly
         given or made when delivered (via telecopy or by hand) or mailed,
         registered or certified mail, return receipt requested and postage
         prepaid, addressed as follows:

                                       10
<PAGE>
If to the Valuation Agent,
  addressed to:            ____________________________________________________
                           ____________________________________________________
                           ____________________________________________________
                           Attn.:______________________________________________
                           Telephone:__________________________________________
                           Facsimile:__________________________________________

If to the Borrower,
  addressed to it at:      NHELP-1, INC.
                           c/o National Higher Education Loan Program
                           121 South 13 Street
                           Suite 301
                           Lincoln, NE 68508
                           Attn.: Terry J. Heimes
                           Telephone: (402) 458-2303
                           Facsimile: (402) 458-2399

If to the Lender,          Concord Minutemen Capital Company, LLC
  addressed to it at:      227 West Monroe, Suite 4000
                           Chicago, IL 60606
                           Attn.: Lisa Gajewski
                           Telephone: (312) 977-4583
                           Facsimile: (312) 977-1699

If to the Agent,
  addressed to it at:      Mellon Bank, N.A.
                           One Mellon Bank Center, Room 410
                           Pittsburgh, PA 15258
                           Attn: Robert F. Wagner
                           Telephone: (412) 234-0783
                           Telecopy: (412) 236-6592

If to the Trustee,
  addressed to it at:      Norwest Bank Minnesota, National Association
                           6th Street & Marquette Avenue
                           Minneapolis, MN 55479
                           Attn.: Alan J. Spadine, Corporate Trust Services
                           Telephone: (612) 667-5745
                           Facsimile: (612) 667-9165

     Each entity listed above may change the address for service of notice upon
it by a notice in writing to the other entities named above. Each such notice,
request or communication shall be effective when delivered to the address
specified herein.

                                       11
<PAGE>
         SECTION 6.05.  THIRD PARTY BENEFICIARY.  The Valuation Agent
acknowledges that the Borrower has granted a security interest in favor of the
Trustee for the benefit of the Secured Creditors (as defined in the Loan
Agreement) all of the Borrower's right, title and interest in, to and under
this Agreement. The Valuation Agent consents to the grant of such security
interest and agrees (a) that the representations, warranties, covenants and
other agreements of the Valuation Agent contained herein (including, but not
limited to, the Valuation Agent's indemnity obligations hereunder) shall run
directly to the Trustee and Secured Creditors and (b) that the Trustee and the
Secured Creditors shall be entitled to rely on and enforce such
representations, warranties, covenants and other agreements (including, but not
limited to, the Valuation Agent's indemnity obligations hereunder) to the same
extent as if they were a party hereto. The foregoing creates a permissive right
on behalf of the Trustee and the Secured Creditors, and the Trustee and the
Secured Creditors shall be under no duties or obligations hereunder.

         SECTION 6.06.  ASSIGNMENT BY THE LENDER.  The Valuation Agent and the
Borrower acknowledge and agree that to the extent of any assignment by Concord
of its right, title and interest in and to the Investment of Concord in the
Advances to the Borrower pursuant to the terms of the Liquidity Agreement, the
Agent shall succeed to the rights and obligations of Concord hereunder and
Concord shall be released from such obligations without any further act by the
Borrower or the Valuation Agent.

         SECTION 6.07.  SUBMISSION TO JURISDICTION; WAIVER OF JURY AND BOND.
EACH OF THE BORROWER, CONCORD AND THE VALUATION AGENT HEREBY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE
COUNTY OF COOK, STATE OF ILLINOIS, AND IRREVOCABLY AGREE THAT ALL ACTIONS OR
PROCEEDINGS RELATING TO THIS AGREEMENT SHALL BE LITIGATED IN SUCH COURTS, AND
THE BORROWER, THE LENDER AND THE VALUATION AGENT EACH WAIVE ANY OBJECTION WHICH
IT MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF
ANY PROCEEDING IN ANY PROCESS UPON IT, AND CONSENTS THAT ALL SUCH SERVICE OF
PROCESS BE MADE BY MAIL OR MESSENGER DIRECTED TO IT AT THE ADDRESS SET FORTH
HEREIN THAT SERVICE SHALL BE DEEMED TO BE COMPLETED UPON THE EARLIER OF ACTUAL
RECEIPT OR FIVE DAYS AFTER THE SAME SHALL HAVE BEEN POSTED TO SUCH ADDRESS.

         EACH OF THE BORROWER, CONCORD AND THE VALUATION AGENT ACKNOWLEDGE THAT
THE TIME AND EXPENSE REQUIRED FOR TRIAL BY JURY EXCEED THE TIME AND EXPENSE
REQUIRED FOR A BENCH TRIAL AND HEREBY WAIVE, TO THE EXTENT PERMITTED BY LAW,
TRIAL BY JURY IN ANY CLAIM OR CAUSE OF ACTION (INCLUDING ANY COUNTERCLAIM)
ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT, ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED AND/OR
DELIVERED IN CONNECTION HEREWITH OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY
OR THEREBY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE,
AND WAIVE ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED OF THE LENDER. NOTHING CONTAINED IN THIS SECTION 6.07
SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY

                                       12
<PAGE>
OTHER MANNER PERMITTED BY LAW. EACH OF THE VALUATION AGENT, CONCORD AND THE
BORROWER WAIVES ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION
REFERRED TO ABOVE ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR
ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.

         SECTION 6.08.  NO PETITION.  Each of the Borrower and the Valuation
Agent hereby covenants and agrees that prior to the date which is one year and
one day after the payment in full of all outstanding commercial paper of
Concord, it will not institute against or join any other person or entity in
instituting against Concord, any bankruptcy, reorganization, arrangement,
insolvency or liquidation proceedings or other similar proceeding under the
laws of the United States or any state of the United States.

         SECTION 6.09.  LIMITED RECOURSE NATURE OF TRANSACTIONS.  Each of the
Borrower and the Valuation Agent hereby acknowledges and agrees that all
transactions with Concord hereunder shall be without recourse of any kind to
Concord. Concord shall have no obligation to pay any amounts owing hereunder
unless and until Concord has received such amounts pursuant to the Financed
Loans. In addition, each of the Borrower and the Valuation Agent agrees that
Concord shall have no obligation to pay any amounts constituting fees, a
reimbursement for expenses or indemnities (collectively, "Expense Claims") and
such Expense Claims shall not constitute a claim against Concord (as defined in
Section 101 of Title 11 of the United States Bankruptcy Code), unless or until
Concord has received amounts sufficient to pay such Expense Claims pursuant to
the Financial Loans and such amounts are not required to pay the commercial
paper of Concord.

         SECTION 6.10.  EXECUTION IN COUNTERPARTS.  This Agreement may be
executed in any number of counterparts, each of which when so executed and
delivered shall constitute an original, but such counterparts together shall
constitute but one and the same instrument.

         SECTION 6.11.  SEVERABILITY.  In the event any one or more of the
provisions of this Agreement shall for any reason be held to be illegal or
invalid, such illegality or invalidity shall not affect any other provisions of
this Agreement, and this Agreement shall be construed and enforced as if such
illegal or invalid provisions had not been contained herein.

         SECTION 6.12.  SECTION TITLES.  The section titles contained in this
Agreement are for convenience of reference only and shall be without
substantive meaning or content of any kind whatsoever and are not a part of the
Agreement among the parties hereto.

         SECTION 6.13.  ENTIRE AGREEMENT.  This Agreement, including all
Exhibits attached hereto or incorporated by reference therein constitutes the
entire Agreement among the undersigned with respect to the subject matter
hereof and supersedes all other negotiations, understandings and
representations, both oral and written, with respect to the subject matter
hereof.

                                       13
<PAGE>
     IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                      THE VALUATION AGENT:

                                      [VALUATION AGENT]

                                      By_______________________________________
                                      Name:
                                      Title:

                                      THE BORROWER:

                                      NHELP-1, INC.

                                      By_______________________________________
                                        Terry J. Heimes
                                        Vice President

                                      CONCORD:

                                      CONCORD MINUTEMAN CAPITAL
                                      COMPANY, LLC

                                      By_______________________________________
                                        Thomas J. Irvin
                                        Managing Director

                                       14
<PAGE>
                                   EXHIBIT A

                 FORM OF ADVANCE PERCENTAGE CALCULATION REPORT

         In accordance with the Valuation Agreement among [VALUATION AGENT],
NHELP-1, INC. and Concord Minutemen Capital Company, LLC dated as of ________,
_____, [VALUATION AGENT] has acted as Valuation Agent for purposes of preparing
this Advance Percentage Calculation Report. Based upon the Portfolio
Characteristics and the Advance Percentage Calculation Assumptions (both as
defined therein), we hereby submit the following summary of our calculations:

Date of Report:
Date of Proposed Advance:
Cut-off Date for Portfolio Characteristics:

<Table>
<S>      <C>                                                            <C>
A.       Principal of loans                                             $

B.       Total Revenues                                                 $

C.       Total Expenses                                                 $

D.       Total Net Revenues (B - C)                                     $

E.       Present value of Net Revenues ("PV")                           $

F.       PV AS A % OF LOAN PRINCIPAL BALANCE (E / A),
           PLUS 100% ("MAXIMUM ADVANCE PERCENTAGE")                            %
</Table>

<PAGE>

                                   EXHIBIT B

                            FORM OF VALUATION REPORT

         In accordance with the Valuation Agreement among [VALUATION AGENT],
NHELP-1, INC. and Concord Minutemen Capital Company, LLC dated as of _________,
____, [VALUATION AGENT] acted as Valuation Agent for purposes of preparing this
Valuation Report. Based upon the Portfolio Characteristics and the Valuation
Report Assumptions (both as defined therein), we hereby submit the following
summary of our calculations.

Valuation Date:
Date of Report:
Cut-off Date for Portfolio Characteristics:

<Table>
<S>    <C>                                                     <C>
A.     Principal balance of loans                              $

B.     Total Revenues                                          $

C.     Total Expenses                                          $

D.     Total Net Revenues (B - C)                              $

E.     Present value of Net Revenues ("PV")                    $

F.     PV AS A % OF LOAN PRINCIPLE BALANCE (E / A), PLUS
       100% ("LOAN VALUATION PERCENTAGE")                               %
</Table>
<PAGE>
                                   EXHIBIT C

                      FORM OF REQUEST FOR VALUATION REPORT

[VALUATION AGENT]

_______________________________________

_______________________________________

_______________________________________

Attn.:_________________________________

[and, if requested by the Lender or the Agent:

NHELP-1, INC.
121 South 13 Street
Suite 301
Lincoln, NE 68508
Attn.:                ]

Ladies and Gentlemen:

     Pursuant to the terms of the Valuation Agent Agreement among [VALUATION
AGENT], NHELP Trust Inc. (the "Borrower") and Concord Minutemen Capital
Company, LLC (the "Lender") dated as of ______________, __, and in particular
Section 2.02(b) thereof, we hereby request that you provide us with a Valuation
Report.

     [Such notice is also being provided at this time to the Borrower, in order
that they can prepare the Portfolio Characteristics and other information
required by you to compute the Aggregate Market Value and Liabilities.]

or, if requested by the Borrower:

    [The information required for you to prepare the Valuation Report, including
the Portfolio Characteristics and other information required to compute the
Aggregate Market Value and Liabilities is attached hereto.]

   In accordance with the terms of the Valuation Agent Agreement, please submit
your report to us on or before [insert date], which is 30 days from the date
this notice has been provided to you.

Sincerely,

[Concord Minuteman Capital Company, LLC], or

[Agent], or

[NHELP-1, INC.]

02-16403.01

<PAGE>

                                   EXHIBIT D
                          INITIAL LOAN SERVICING FEES

I.       STUDENT LOANS SERVICED BY UNIPAC SERVICE CORPORATION

<TABLE>
<CAPTION>

                                         STAFFORD, SLS               CONSOLIDATION
PER ACCOUNT SERVICING FEES               & PLUS LOANS                     LOANS

<S>                                     <C>                          <C>
Enrolled                                $1.50 per month                 N/A
Grace                                   $3.20 per month                 N/A
Deferment                               $3.20 per month                 $3.75
Forbearance                             $3.20 per month                 $3.75
Repayment (Current)                     $3.20 per month                 $3.75
Repayment (more than 30 days past due)  $5.45 per month                 $6.00
Default claim filing                    $20 per claim filed             $20 per claim filed
</TABLE>

II.      STUDENT LOANS SERVICED BY GREAT LAKES HIGHER EDUCATION SERVICING
         CORPORATION

                                                          STAFFORD, SLS
        PER ACCOUNTING SERVICING FEES                     & PLUS LOANS

Enrolled                                                 $1.45 per month
Grace                                                    $3.05 per month
Deferment                                                $3.05 per month
Forbearance                                              $3.05 per month
Repayment (Current; months 1 through 12)                 $3.23 per month
Repayment (Current; months 13+)                          $2.86 per month
Repayment (More than 30 days past due;
   months 1 through 12)                                  $3.55 per month
Repayment (More than 30 pays past due; months 13+)       $3.18 per month
Default claim filing                                     $15.90 per claim filed

<PAGE>
                                    EXHIBIT C
                                   DRAW NOTICE

                    NHELP-I, INC. 1998 WAREHOUSING FINANCING
           WITH CONCORD MINUTEMEN CAPITAL COMPANY, LLC, AS THE LENDER
                                  DRAW NOTICE
                                   EXHIBIT C

Date:   [3 Business Days prior to date Advance is to be made]

In accordance with Section 2.02 of the Warehouse Loan and Security Agreement
dated as of September 30, 1998 (the "Agreement"), by and among NHELP-I, Inc.
(the "Borrower"), Norwest Bank Minnesota, National Association (the "Trustee")
and Concord Minutemen Capital Company, LLC, the Borrower hereby requests an
Advance in the amount and as of the date provided below. This request is
accompanied by an Advance Percentage Calculation Report as required pursuant to
Section 3.02 of the Agreement.

<TABLE>
<S>                                                                     <C>            <C>                     <C>
Date of Borrowing                                                                                               _____________

Additional Borrowings/Rollover Amounts:
Total Required Additional Borrowings/Rollover Amounts as required
pursuant to Exhibit D of the Agreement                                                                          _____________

NEW BORROWINGS FOR THE FUNDING OF STUDENT LOANS:
Aggregate Amount of Student Loans to be Financed Principal                              _____________

Maximum Advance Percentage, as provided
in the Advance Percentage Calculation Report
for the most recently ended quarter                                          _______%

Requested Advance Percentage, not to exceed
the Maximum Advance Percentage provided above                                           _____________%

Amount of borrowing required for principal funding
  (Student Loan Principal multiplied by Requested Advance %)                            _____________
Amount of borrowing required for interest funding                                       _____________
Total Amount of New Borrowing                                                                                   =============

TOTAL BORROWINGS TO BE ADVANCED                                                                                 =============
(Sum of Additional Borrowings/Rollover Amounts and
Amount of New Borrowing, provided above)

If a Liquidity Advance, the requested Applicable
Liquidity Interest Rate                                                                 Not Applicable%
                                                                                        _______________
TEST OF FACILITY AMOUNT:
Total available Facility Amount                                                                                 500,000,000

Less the sum of:
Total outstanding Advances                                                              _______________
Total projected Yield due on all outstanding Advances                                   _______________
  Total outstanding Advances & Yield                                                                            ____________

Remaining facility amount                                                                                       ============
</TABLE>

Capitalized terms not otherwise defined herein shall have the meanings assigned
to them in the Agreement.

<PAGE>

Please consider this proper authorization to transfer the Total Borrowings to
be Advanced in the Amount noted above to the Collection Account held by the
Trustee on [DATE OF BORROWING]. Pursuant to Article III of the Agreement, I
hereby certify that NHELP-I, Inc. has met the Conditions precedent to all
borrowings as required and as described in such section. I further certify that
to the best of my knowledge and belief, the amounts provided above are accurate
and complete.

                                 NHELP-I, Inc.

                                 ------------------------------------
                                 Terry J. Heimes, Vice President

                                      C-2
<PAGE>

                                    EXHIBIT D

                                 MONTHLY REPORT

                    NHELP-l Inc. 1998 Warehousing Financing
           with Concord Minutemen Capital Company, LLC, as the Lender
                                 Monthly Report
                                   Exhibit D

Calculation Date:   [4th Business Day preceding the end of each month]
Calculation Period: [Calendar month in which calculation date occurs]
Settlement Date:    [First Business Day of each month]
Collection Date:    [6th Business Day preceding the end of each month]

<TABLE>
<CAPTION>

                                                                                   INTEREST          PRINCIPAL
                                                                                  COLLECTIONS        COLLECTIONS         TOTAL
                                                                                  -----------        -----------         -----
<S>                                                                               <C>                <C>                <C>
Collections:
Interest Payments received by Servicers                                           ___________        ___________        __________
Government Interest & Special Allowance Payments received (from DOE)              ___________        ___________        __________
Interest on Collection Account                                                    ___________        ___________        __________
Interest on Cash Reserve Account                                                  ___________        ___________        __________
Principal Payments received by Servicer                                           ___________        ___________        __________
Reimbursement of Origination Fees (DOE)                                           ___________        ___________        __________
Reimbursement of Guarantee Fees (guarantor or prior lender)                       ___________        ___________        __________
Adjustments & Misc.                                                               ___________        ___________        __________

Total Interest & Principal Collections received during the period from the
prior Collection Date to the current Collection Date occurring during this        ___________        ___________        __________
Calculation Period                                                                ===========        ===========        ==========

Required Additional Borrowings                                                                                          __________
TOTAL COLLECTIONS AND ADDITIONAL BORROWINGS                                                                             ==========

Payment Waterfall:
 1. Estimated Taxes payable prior to the next Settlement Date
 2. Accrued and unpaid Servicer Fees and Custodian Fees as of the prior
    Calculation Period                                                                                                  __________
 3. Accrued and unpaid Yield due and owing as of such Settlement Date                                                   __________
 4. Maturing Principal Amount of Advances which are due as the Settlement Date    ____________                          __________
    Borrower designated Principal Reductions or Additions                         ____________
      Total Net Rollover Amount of Advances                                       ____________
 5. Accrued and unpaid Liquidity Fees as of the current Calculation Period                                              __________
 6. Accrued and unpaid fees and expenses with respect to the Financed Loans as
    of the prior Calculation Period                                                                                     __________
 7. Accrued and unpaid Trustee Fees as of the prior Calculation Period                                                  __________
 8. Amounts necessary to restore the Cash Reserve Account to the Cash Reserve
    Requirement or amounts allowed to be withdrawn from the Cash Reserve Account                                        __________
 9. Accrued and unpaid Portfolio Administration Fees as of the current
    Calculation Period
10. Accrued and unpaid Valuation Agent Fees as of the current Calculation Period                                         __________
11. Amounts due for fees incurred in connection with the payment of Advances in
    excess of $10,000,000.                                                                                               __________
12. On the Settlement Date immediately following each Valuation Date, amounts
    Calculated pursuant to the provisions of Exhibit E, and as further directed
    by the Borrower                                                                                                      __________
Total Required Payments pursuant to Section 2.06(c) of the Agreement                                                     __________
                                                                                                                         ==========
</TABLE>

As an authorized representative of NHELP-I, Inc., I hereby certify that to the
best of my knowledge and belief the amounts provided above are accurate and
complete as determined on the Calculation Date and in accordance with the
provisions of the Warehouse Loan and Security Agreement dated as of September
30, 1998 (the "Agreement"), by and among NHELP-I, Inc., the Lender and Norwest
Bank Minnesota, National Association.

<PAGE>

Capitalized terms not defined herein shall have the meanings assigned to them
in the Agreement.

                                                NHELP-I, Inc.

                                                -------------------------------
                                                Terry J. Heimes, Vice President

                                                Date:__________________________

                                      D-2
<PAGE>
                                   EXHIBIT E
          FORMS OF ASSET COVERAGE RATIO AND CASH RELEASE CERTIFICATE

                    NBELP-l, Inc. 1998 Warehousing Financing
           with Concord Minutemen Capital Company, LLC, as the Lender
                              Asset Coverage Ratio
                                   Exhibit E

Aggregate Market Value*:

         (i)      Outstanding principal balance of Financed Loans, multiplied
                  by the Loan Valuation Percentage
         (ii)     Accrued and unpaid borrower interest, federal interest
                  subsidies and special allowance payments
         (iii)    Outstanding principal balance of Permitted Investments,
                  including accrued and unpaid interest thereon
         (iv)     Payments on Financed Loans or other assets received by the
                  Servicer or the Borrower and not yet transferred to the
                  Trustee
         (v)      The unamortized value of any prepaid expenses
         TOTAL AGGREGATE MARKET VALUE

Liabilities*:
         (i)      Facility Amount Advances
         (ii)     Accrued and unpaid Yield and Liquidity Fees
         (iii)    Any other accrued and unpaid fees:
                     (a)      Custodian Fees
                     (b)      Liquidity Fees
                     (c)      Servicing Fees
                     (d)      Trustee Fees
                     (e)      Portfolio Administration Fees
                     (f)      Other
                     Total Fees
         TOTAL LIABILITIES

         ASSET COVERAGE RATIO (TOTAL AGGREGATE MARKET VALUE/TOTAL LIABILITIES) %

* Certain summary reports have been attached providing detailed calculations
for the amounts provided above, or are available upon request.

As an authorized representative of NHELP-I, Inc., I hereby certify that to the
best of my knowledge and belief the calculation of the Asset Coverage Ratio is
accurate and complete as determined on the Calculation Date and in accordance
with the provisions of the Warehouse Loan and Security Agreement dated as of
September 30, 1998 (the "Agreement"), by and among NHELP-I, Inc., the Lender and
Norwest Bank Minnesota, National Association.

All capitalized terms not defined herein shall have the meanings assigned to
them in the Agreement.

                                            NHELP-I, Inc.

                                            ________________________________
                                            Terry J. Heimes, Vice President

                                            Date: __________________________

<PAGE>

                    NHELP-I, Inc. 1998 Warehousing Financing
           with Concord Minutemen Capital Company, LLC, as the Lender
                        Form of Cash Release Certificate
                                   Exhibit E

   Calculation Date (Quarterly): [4th Business Day preceding the end of each
                 January 31, April 30, July 31, and October 31]
            Settlement Date following each Quarterly Valuation Date:
                   [February 1, May 1, August 1, November 1]

Corporate Trust Officer
Norwest Bank Minnesota, National Association
6th & Marquette
Minneapolis, MN

Pursuant to Section 2.06(c)(x) of the Warehouse Loan and Security Agreement
dated as of September 30, 1998 (the "Agreement"), by and among NHELP-I (the
"Borrower"), Norwest Bank Minnesota, National Association and the Lender, you
are hereby instructed to release funds in the amount of $_____________ (the
"Cash Release Amount") to be transferred to the Borrower or any other Person as
directed by the Borrower (by wire transfer as directed by the Borrower) on the
Settlement Date of__________. The Cash Release Amount is the amount of funds
permitted to be withdrawn pursuant to Exhibit D to the Agreement and as further
permitted by the calculation of the Asset Coverage Ratio, included herewith.
Provided below is the calculation of the restated Asset Coverage Ratio following
the withdrawal of the Cash Release Amount. Additionally, provided in connection
with this Cash Release Certificate is the Asset Coverage Ratio and the Valuation
Report. As an authorized representative of NHELP-I, Inc., I hereby certify that
to the best of my knowledge and belief the calculation of the Cash Release
Amount and the restated Asset Coverage Ratio are accurate and complete as
determined on the Calculation Date; and I further certify that any transfer
hereunder shall not result in an Event of Default or a required collateral call
pursuant to the provisions of the Agreement.

All capitalized terms not defined herein shall have the meanings assigned to
them in the Agreement.

  RESTATED ASSET COVERAGE RATIO:
  Total Aggregate Market Value
  Less: Permitted Cash Release Amount                          (        )
  Total Restated Aggregate Market Value

  Total Liabilities calculated pursuant to Exhibit _____

  RESTATED ASSET COVERAGE RATIO                                         %

  Required Release Ratio                                         101.25%

                                               NHELP-I, Inc.

                                               -------------------------------
                                               Terry J. Heimes, Vice President
                                               Date:______________

                                      E-2

<PAGE>
                                   EXHIBIT F

                         TRUSTEE'S FEE LETTER AGREEMENT

<PAGE>

                           [NORWEST BANKS LETTERHEAD]

August 26, 1998

Mr. Terry J. Heimes
Vice President
NHELP, Inc.
1300 "O" Street
Lincoln, NE 68508

                               NHELP TRUST, INC.
                   1998 EDUCATIONAL LOAN WAREHOUSING FACILITY

Dear Mr. Heimes:

On behalf of Norwest Bank I am pleased to provide this fee letter to serve as
Indenture Trustee and Eligible Lender Trustee on the referenced transaction.
Norwest Corporate Trust Services appreciates its present relationship with
NEBHELP and affiliates, and we value the opportunity to expand this relationship
through this credit facility.

Norwest Corporate Trust Services' fee schedule relating to the 1998 Educational
Loan Warehousing Facility are as follows:

          I.        INITIAL FEE:                            $4,500.00

          This fee covers all initial services in connection with acceptance of
          the Trust, including the examination and execution of the Trust
          agreement and all supporting documents, and establishing the necessary
          accounts and records. THIS FEE ALSO INCLUDES AN ENFORCEABILITY OPINION
          FROM IN-HOUSE LEGAL COUNSEL ASSOCIATED WITH REVIEW OF THE ORIGINAL
          DOCUMENTS.  Should other opinions be required, notice will be given in
          advance concerning the billing of additional amounts.  This is a
          one-time fee payable at closing.

          LEGAL EXPENSES INCURRED RELATING TO THE PREPARATION OF AMENDMENTS TO
          EXISTING GUARANTEE AGREEMENTS WILL BE BILLED TO NHELP AT COST.
<PAGE>
     II.  ADMINISTRATION FEE:                $750.00 / MONTH

     For ordinary services of the Trustee typical of commercial paper
     facilities. This fee is payable monthly in arrears.

     Management and distribution fees are charged on all Mutual Fund sweep
     vehicles as disclosed in each individual prospectus. These fees are
     deducted from the yield of the fund before the yield to the investor is
     stated.

     III. ELIGIBLE LENDER TRUSTEE        1.0 BASIS POINTS PER ANNUM

     Eligible lender fees are compensation for the duties and responsibilities,
     as well as risks associated with the use of Norwest Bank's Department of
     Education Eligible Lender number. This fee is based on the number of loans
     outstanding utilizing Norwest Bank's Eligible Lender number. The fee is
     payable monthly.

     IV.  EXTRAORDINARY FEES

     Fees and expenses for extraordinary services will be billed as incurred
     including, without limitation, (i) losses and damages suffered in
     connection with any legal action brought against the Trustee, whether
     threatened or filed and whether settled or adjudicated, not resulting from
     the Trustee's negligence or willful misconduct, (ii) legal or other
     professional fees and expenses incurred or added administrative time
     involved in carrying out the Trustee's duties after an event of default or
     an event which, with the passage of time, would become an event of default;
     and (iii) legal or other fees incurred as a result of collection
     proceedings.

Finally, please note that this pricing and our commitment to serve as Trustee on
this facility in contingent on final review and approval of the governing
documents.

Mr. Heimes, again Norwest is pleased to provide this fee letter. I look forward
to working with you on this transaction.

Sincerely,

/s/ Alan J. Spadine

Alan J. Spadine
Vice President

<PAGE>

                                   EXHIBIT G

                  COPIES OF SERVICING AND CUSTODIAN AGREEMENTS

<PAGE>
                           UNIPAC SERVICE CORPORATION
                        GUARANTEED STUDENT LOAN PROGRAM

                              SERVICING AGREEMENT

THIS AGREEMENT entered into and effective as of the 30th day of September, 1998,
by and between UNIPAC SERVICE CORPORATION, a Nebraska corporation, Aurora,
Colorado, herein referred to as "UNIPAC", and NHELP-I, INC. herein referred to
as "NHELP".

     WHEREAS, UNIPAC is in the loan servicing business in the State of Colorado,
and in the ordinary course of such business has processed and serviced loans to
student/parent borrowers (the "Education Loans") which are made and guaranteed
in accordance with the provisions of the Higher Education Act of 1965, as
amended (the "Education Act") (references hereinafter to the "Education Act"
include rules and regulations promulgated thereunder as in effect from time to
time) including, but not limited to, the due diligence requirements established
from time to time thereunder regarding the activities required to be performed
by or on behalf of a lender with respect to delinquent or defaulted loans,
including the requirements set forth in 34 C.F.R. Section 682.411 (the "Due
Diligence Requirements"); and

     UNIPAC has developed and/or has available to it the systems and services to
enable it to process and service Education Loans in accordance with (i) the
Education Act; and (ii) the rules, regulations and requirements of any entity
authorized under the Higher Education Act to guarantee the Education Loans that
UNIPAC and NHELP mutually agree as the guarantor of the Education Loans owned by
NHELP and serviced by UNIPAC pursuant to this Agreement (each a "Guarantor" and
the rules, regulations and requirements of such Guarantor being hereafter called
the Regulations); and

     NHELP in the ordinary course of its business acquires Education Loans; and

     NHELP desires to retain UNIPAC to process and service certain of its
Education Loans.

     NOW THEREFORE, in consideration of the premises and the mutual covenants
hereinafter set forth, the parties agree as follows:

     1.   TERM.

     1.1  The term of the Agreement shall be from the date of this Agreement for
a period of five (5) years ("Initial Term") with respect to certain of NHELP's
Financed Loans that are funded with advances made pursuant to that certain
Warehouse Loan and Security Agreement dated as of September 30, 1998 (the "Loan
Agreement"), among NHELP, Norwest Bank Minnesota, National Association (the
"Trustee") and Concord Minutemen Capital Company, LLC, including its assigns and
successors, ("Concord"), (the "Finance Loans") subject to earlier termination as
provided for in Section 15. This Agreement may be renewed for an additional five
(5) year term ("Additional Term") provided, (a) NHELP gives written notice not
less than Ninety (90) days and not more than One Hundred Twenty (120) days prior
to expiration of the Initial Term to UNIPAC of its intent to renew and (b) after
delivery of such notice and prior to expiration of the Initial Term, UNIPAC and
NHELP mutually agree on the fees to be charged pursuant to Section 8 hereof for
the services to be provided by UNIPAC during the Additional Term. Upon
expiration of the Initial or Additional Terms of this Agreement, all terms and
conditions

                                 -CONFIDENTIAL-
                            PROPRIETARY PROPERTY OF
                           UNIPAC SERVICE CORPORATION

<PAGE>
of this Agreement (except for the fees to be charged pursuant to Section 8
hereof for the services to be provided by UNIPAC, which shall be subject to
redetermination by UNIPAC as provided below) shall continue on a month to month
basis until such time that either party may terminate this Agreement, with or
without cause, upon Sixty (60) days' prior written notice to the other party.
Should this Agreement continue in force on a month to month basis after
expiration, UNIPAC reserves the right to, at any time, increase, decrease,
modify and/or change the Service Fee as provided for in Section 8 and Schedule A
attached hereto, in such manner as UNIPAC may determine upon Sixty (60) days'
prior written notice to NHELP.

     1.2 (a) Upon the termination of this Agreement, UNIPAC shall turn over to
NHELP all Financed Loan files complete with all information contained therein
and all current computer information on the Financed Loans under service
pursuant to this Agreement in such form or fashion as NHELP shall reasonably
specify. At such deconversion, a fee of $12.00 per account plus any other
reasonable expenses incurred in connection with the transfer of such files and
other information shall be paid by NHELP.

(b) UNIPAC and NHELP specifically agree that the format used to transfer NHELP's
data contains confidential and proprietary trade secret information which is the
exclusive property of UNIPAC. UNIPAC and NHELP agree, however, that all aspects
of the underlying computer program, algorithms, methods of processing, specific
design and layout, report format, and the unique processing techniques and
interactions of the various aspects of UNIPAC's computer program are trade
secrets of, proprietary to, and owned exclusively by UNIPAC. The confidentiality
provisions of this Section 1.2(b) shall survive any termination or expiration of
this Agreement. NHELP covenants and agrees to keep confidential all such
information, processes, designs, layouts, and ideas described in this Section
2(b) and all Trade Secrets (as defined in Section 11 below and, collectively
with the information described in this Section 2(b), the "UNIPAC Proprietary
Information") and to disclose UNIPAC Confidential Information only with the
prior written consent of UNIPAC. Notwithstanding the foregoing, NHELP shall be
permitted (without UNIPAC's prior consent) to disclose UNIPAC Proprietary
Information to any third party lender or credit provider that has an interest in
the Education Loans serviced by UNIPAC hereunder or for whose benefit any such
loans are pledged as collateral to secure obligations of NHELP (each a "NHELP
Lender"), provided that, prior to such disclosure, such NHELP Lender delivers to
NHELP (for the benefit of UNIPAC) its written acknowledgment of the proprietary
nature of the UNIPAC Proprietary Information and its agreement to keep such
information confidential and executes a UNIPAC non-disclosure agreement. The
specific data contained in any reports or computer printouts produced by UNIPAC
shall not constitute UNIPAC Proprietary Information and all such data is and
shall remain the exclusive property of NHELP.

     1.3 NHELP shall have the right to transfer and assign all rights under this
servicing agreement to any affiliate, trustee or other party of interest,
including, but not limited to one or more NHELP Lenders, for the purpose of
securing servicing arrangements for student loans financed through the issuance
of debt instruments or other financing arrangements.

     2. DELIVERY OF FINANCED LOANS FOR SERVICING AND COLLECTION. Subject to
UNIPAC's scheduling requirements, NHELP may from time to time deliver or cause
to

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<PAGE>
be delivered to UNIPAC, Financed Loans with respect to which loan processing
has been completed and loan proceeds have been disbursed to the student/parent
borrowers prior to the date of delivery to be serviced pursuant to the terms of
this Agreement. NHELP shall transmit to UNIPAC all such loan documentation as
required by UNIPAC to enable it to service the Financed Loans as provided
herein.

3. SERVICING OF FINANCED LOANS. Upon acceptance of any Financed Loan into
UNIPAC's computer system and after the sale date (if applicable) of the Financed
Loan to NHELP, UNIPAC shall service such Financed Loan in accordance with the
Education Act, the Regulations, and except to the extent contrary to the
Education Act or the appropriate Regulations, in accordance with the provisions
of this Agreement, including the following:

     (a) UNIPAC shall take all steps necessary to maintain the insurance on
         Financed Loans in full force at all times.

     (b) UNIPAC shall prepare and mail directly to the student/parent borrower
         all required statements, notices, disclosures and demands.

     (c) UNIPAC shall retain records (tracked by Financed Loan) of contacts,
         follow-ups, collection efforts and correspondence regarding each
         Financed Loan.

     (d) UNIPAC shall maintain books of account which shall reflect for each
         Financed Loan all transactions related thereto, including, but not
         limited to, accounting for all payments of principal and interest upon
         such Financed Loans.

     (e) UNIPAC shall process all deferments and forbearances.

     (f) UNIPAC shall process all address changes and update address changes
         accordingly.

     (g) UNIPAC shall retain all documents received by UNIPAC pertaining to
         each Financed Loan.

     (h) When necessary and allowable by the Education Act, UNIPAC shall take
         all steps necessary to file a claim for loss with Guarantor, and shall
         be responsible for all communication and contact with that agency
         necessary or appropriate to accomplish the same.

     (i) UNIPAC shall provide a Lender's Manifest of Financed Loans on all new
         accounts, accounts paid in full or converted to repayment, and provide
         any other information required by Guarantor.

     (j) UNIPAC shall process and add to the UNIPAC Servicing System repurchased
         loans from the Guarantor as required by the Regulations or upon the
         request of NHELP. The Repurchase Fee as provided in Schedule A shall
         apply. This fee will be waived if such repurchase is due to a UNIPAC
         servicing error or violations by UNIPAC of the Due Diligence
         Requirements.

     (k) UNIPAC shall provide such other services as UNIPAC customarily provides
         and deems appropriate or as shall be necessary to maintain at all times
         the eligibility under the Education Act and the Regulations of the
         Education Loans for all subsidies, benefits, guarantees and insurance
         payments.

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<PAGE>
     4.   ADDITIONAL SERVICING ACTIVITIES. At NHELP's request UNIPAC agrees to
perform additional servicing activities not required under the terms of this
Agreement for those Financed Loans transferred to UNIPAC which have not been
previously serviced in accordance with the Education Act and Regulations, and
which require additional servicing activity to attempt to maintain or reinstate
the loans' principal and interest guarantee from the Guarantor ("Cure
Procedures"). UNIPAC, utilizing Cure Procedures approved by the Guarantor, will
use its best efforts to cure all defects caused by NHELP. UNIPAC makes no
representation or warranty that the guarantee on each Financed Loan will be
reinstated regardless of UNIPAC following the Cure Procedures as approved by
the Guarantor. NHELP agrees to pay UNIPAC those fees for Cure Services
described in Schedule A under the topic entitled "Additional Servicing
Activity".

     5.   PORTFOLIOS SUBJECT TO REJECTION BY UNIPAC. NHELP acknowledges that
certain loan portfolio types pose a risk of financial hardship for UNIPAC to
service under this Agreement. UNIPAC may in its discretion, prior to placing
such loans in the UNIPAC system, reject certain loans or loan portfolios
("Rejected Loans"). UNIPAC shall provide NHELP with reasonable advance notice
as to any Rejected Loans which UNIPAC declines to place on its system. UNIPAC
shall have no right to reject or decline loans after the loans are transferred
to the UNIPAC system.

     6.   REPORTS TO NHELP. (a) On or before the 15th day of each month,
unless some other time is provided herein, UNIPAC shall prepare and deliver to
NHELP, or to such other person as NHELP may designate, the following reports
with respect to activity during the preceding month:

     (i)    As of the last day of each month, an unaudited statement, in
            reasonable detail, of all transactions during that month on Financed
            Loans serviced by UNIPAC for NHELP;

     (ii)   Processing Status Report (daily);

     (iii)  Check Register (daily);

     (iv)   Posting Ledger (daily/monthly);

     (v)    Statistical Report (monthly);

     (vi)   Loan ledger/Alpha Report (monthly);

     (vii)  Guarantor Manifest (monthly);

     (viii) Delinquency Report (daily/monthly);

     (ix)   Claims Activity Report (monthly).

     NHELP shall receive at no cost one copy of each of the foregoing reports.
UNIPAC will provide extra copies at the request of NHELP. NHELP shall reimburse
UNIPAC its cost in producing such extra copies.

     (b)  UNIPAC will provide to NHELP; (i) as soon as available and in any
event within 120 days after the end of each fiscal year, copies of consolidated
financial statements for it and its subsidiaries prepared in accordance with
generally accepted accounting principles, duly certified by independent
certified public accountants of recognized standing selected by UNIPAC,
including consolidating statements, which shall set forth

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<PAGE>
therein or in the footnotes thereto UNIPAC's estimate of the amount of losses
which could be incurred from known and potential errors on Education Loans
currently serviced by UNIPAC, as well as the amount charged off or expensed for
such losses during the year; (ii) on annual basis within ten (10) days after
receipt thereof, copies of SAS 70 reports and any other annual compliance audit
required by the Education Act; and (iii) to the extent not provided in (i) and
(ii) above on an annual basis, its error rate in complying with the Due
Diligence Requirements as such error rate is determined by the annual compliance
audit referred to in clause (b) hereof.

     (c)       NHELP covenants and agrees to keep confidential all financial
statements and other information provided to it pursuant to Section 7(b)
(collectively, "UNIPAC Financial Information") and to disclose UNIPAC Financial
Information only with the prior written consent of UNIPAC. Notwithstanding the
foregoing, NHELP shall be permitted (without UNIPAC's prior consent) to disclose
UNIPAC Financial Information to any NHELP Lender, provided that, prior to such
disclosure, such NHELP Lender delivers to NHELP (for the benefit of UNIPAC) its
written acknowledgement of the proprietary nature of the UNIPAC Financial
Information and its agreement to keep such information confidential by execution
of a UNIPAC non-disclosure agreement.

     7. INTEREST COMPUTATION. UNIPAC shall provide on a quarterly basis
statistical data for the computation of interest and special allowance billable
to the U.S. Department of Education for NHELP's Financed Loans. Data will be
computed commencing with the date Financed Loans appear on the records of
UNIPAC.

     8. SERVICE FEE TO UNIPAC.

     (a)  NHELP shall pay to UNIPAC, but solely from moneys on deposit in the
          Collection Account held pursuant to the Loan Agreement, within fifteen
          (15) days of billing statement, for and in consideration of the
          services performed by UNIPAC hereunder for the preceding month, the
          fee provided for in Schedule A of this Agreement, as follows:

          (i)       The Servicing Fee shall be as described in Schedule A of
                    this Agreement which is attached hereto and incorporated
                    herein by this reference.

     (b)  In the event Servicing Fees are not paid within Forty-Five (45) days
          of the billing statement, (except in the event NHELP has a bona fide
          dispute with the accuracy of said billing statement), NHELP agrees
          UNIPAC will have the following rights to (a) withhold reports
          otherwise due; (b) impose a late charge of one and one-half percent
          (1 1/2%) per month against the entire outstanding balance of the
          account including any prior late charge; and (c) terminate services
          without notice if nonpayment persists for sixty (60) days from billing
          or more.

     (c)  The parties agree that should UNIPAC be required to make system wide
          substantive or material changes to its current lender servicing
          practices or servicing system due to changes to the Education Act, or
          Regulations or to other costs beyond UNIPAC's control, UNIPAC may
          renegotiate the Servicing Fees with NHELP to reasonably reflect the
          financial impact on UNIPAC due to these events at any time during the
          term of this Agreement.

     9. LOAN PAYMENTS. Student/parent borrowers will make all loan payments to a
third party lockbox established by UNIPAC. All cash receipts will be remitted
daily to the

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<PAGE>
Trustee or as NHELP may otherwise reasonably request. UNIPAC shall not be
entitled to any lien or charge on, or right to set off against any Financed
Loans or proceeds therein coming into its possession or otherwise.

     10.  DISCLOSURE OF INFORMATION. All data, information, records,
correspondence, reports or other documentation received by UNIPAC pursuant to
this Agreement from NHELP or the school which the student attended or from the
student/parent borrower, or prepared and maintained by UNIPAC in the course of
its activities under this Agreement shall be released or divulged only to NHELP,
or with respect to information or documents relating to a particular
student/parent borrower, to that student/parent borrower, or to such other
parties as UNIPAC may be directed in writing by NHELP or such student/parent
borrower.

     11.  INTELLECTUAL PROPERTY PROTECTION. Notwithstanding anything in this
Agreement to the contrary, it is the express intention of the parties to this
Agreement that all right, title and interest of whatever nature in UNIPAC's user
manuals, training materials, all computer programs, routines, structures,
layout, report formats, together with all subsequent versions, enhancements and
supplements to said programs, all copyright rights (including both source and
object code) and all oral or written information relating to UNIPAC's programs
conveyed in confidence by UNIPAC to NHELP pursuant to this Agreement which is
not generally known to the public and which give UNIPAC an advantage over its
competitors who do not know or use such information (hereinafter collectively
referred to as "Trade Secrets"), and all other forms of intellectual property of
whatever nature is and shall remain the sole and exclusive property of UNIPAC.

     12.  INQUIRIES; INSPECTIONS. (a) UNIPAC shall answer all inquiries received
by it (including, but not limited to, from NHELP Lenders) pertaining to Financed
Loans, school status or refunds, and NHELP shall cooperate to the extent
necessary to gather the information needed to answer such inquiries. Such
inquiries may be referred to the school which the Student Borrower attended or
is attending, if necessary. UNIPAC shall have no responsibility for any disputes
between student/parent borrowers and schools regarding tuition, registration,
attendance, or quality of education/training.

(b)  NHELP, any of NHELP's Lenders or any of their respective designated
representatives may at any time during UNIPAC's regular business hours examine,
at its or their sole cost and expense, the records which UNIPAC maintains on
the Education Loans serviced by UNIPAC hereunder.

     13.  AGENT AUTHORIZATION. NHELP hereby authorizes UNIPAC to act on behalf
of and as NHELP's Agent in the servicing of certain of NHELP's Financed Loans.
Such authorization will include but not be limited to all correspondence and
liaison necessary with Guarantor regarding NHELP's Financed Loans, assignment of
claims to Guarantor and any/or all other communications, correspondence,
signatures or other acts appropriate to service NHELP's Financed Loans in
accordance with the Education Act and/or Regulations.

     14.  LIABILITY OF UNIPAC. UNIPAC assumes no responsibility or liability for
failure of NHELP to exercise reasonable care and due diligence and the results
thereof, in making or servicing a Financed Loan prior to placing of the
Financed Loan on UNIPAC's system and prior to the date NHELP holds ownership of
the Financed Loan. UNIPAC also assumes no liability for the failure of any
student/parent borrower to repay his or her loan, nor the failure of the United
States government to pay any principal, interest, subsidy or special allowance,
nor for the failure of Guarantor to make payment of any principal and/or
interest on any of NHELP's Financed Loans. UNIPAC shall not be responsible

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<PAGE>
for consequences of unreasonable acts of any Guarantor. In the event UNIPAC
shall take any action or fail to take any action which causes any Financed Loan
in NHELP's portfolio to be denied the benefit of any applicable guarantee,
UNIPAC shall have a reasonable time to cause the benefits of the guarantee to be
reinstated. If the guarantee is not reinstated within twelve (12) months of
denial by Guarantor, UNIPAC shall pay NHELP an amount equal to the outstanding
principal balance plus all accrued interest and other fees due on the Education
Loan to the date of purchase ("Reimbursed Education Loan"), up to the amounts
the applicable Guarantor would have paid under the Education Act, as amended and
the Regulations (as well as the Guarantor's reinsurance agreement with the U.S.
Secretary of Education), but for the action or inaction of UNIPAC relating to
servicing errors of UNIPAC, and thereupon UNIPAC shall be authorized by NHELP,
without limitation, the right to collect on the Reimbursed Education Loan, the
right to federal subsidies otherwise entitled to NHELP, and agency authorization
to utilize litigation in its collection efforts. For any Reimbursed Education
Loan for which the guarantee is fully reinstated by Guarantor, NHELP shall pay
UNIPAC an amount equal to the then outstanding principle balance plus all
accrued interest due thereon, up to the amounts the applicable Guarantor would
have paid under the Education Act, as amended and the Regulations (as well as
Guarantor's reinsurance agreement with the U.S. Secretary of Education), but for
the servicing errors of UNIPAC, whereupon the aforementioned authorization of
UNIPAC shall terminate.

     15.  TERMINATION OPTION. If at any time during the term of this Agreement
either party refuses or fails to perform in a material fashion any portion of
this Agreement, and fails or refuses to correct said action or lack of action
within Thirty (30) days after receipt of written notice, the other party may,
upon an additional Thirty (30) days' written notice to NHELP, the NHELP Lender
and the Trustee, terminate this Agreement, but only so long as a Servicer has
been appointed pursuant to the terms of the Loan Agreement.

     16.  INDEMNIFICATION. NHELP shall indemnify and hold UNIPAC harmless from
and against all claims, liabilities, losses, damages, costs and expenses
(including reasonable attorney's fees)("Losses") asserted against or incurred by
UNIPAC as a result of UNIPAC complying with any instruction or directive by
NHELP and UNIPAC shall in like manner indemnify NHELP for any miscompliance with
any such instruction or directive by UNIPAC.

     17.  STATUTE OF LIMITATIONS. Any action for the breach of any provisions of
this Agreement shall be commenced in accordance with any limitation on actions
for contracts under Nebraska law.

     18.  THIRD PARTY BENEFICIARIES. The parties hereto acknowledge and agree
that Concord, the NHELP Lenders and the Trustee shall be third party
beneficiaries of this Agreement with the power and right to enforce the
provisions of this Agreement against the parties hereto and that a security
interest in the Financed Loans has been granted to the Trustee, the NHELP
Lenders and Concord pursuant to the terms of the Loan Agreement. In the event
that either Concord, the NHELP Lenders or the Trustee become the assignee or
successor of NHELP (under the circumstances contemplated in the Loan Agreement)
and, as such assignee or successor of NHELP, enforces this Agreement against
UNIPAC, Concord, and the NHELP Lenders or the Trustee shall succeed to the
duties and obligations of NHELP under this Agreement.

     19.  NOTICES. All notices or communications by one of the parties hereto to
the other shall respectively be addressed as follows: UNIPAC Service
Corporation, 3015 South Parker Road, Suite 400, Aurora, Colorado 80014 and
NHELP-I, Inc., 121 South 13th Street, Suite 301, Lincoln, Nebraska 68508, or to
such other address as may be indicated

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<PAGE>
from time to time by one of the parties to the other party. Except as otherwise
expressly provided, any notice shall have been deemed to have been given upon
mailing thereof when mailed by registered or certified mail, and upon receipt in
every other case.

     20.  GOVERNING LAW. This Agreement is executed and delivered within the
State of Nebraska, and the parties hereto agree that is shall be construed,
interpreted and applied in accordance with the internal laws of that State
without reference to its conflicts of law principles, and that the courts and
authorities within the State of Nebraska shall have sole jurisdiction and venue
over all controversies which may arise with respect to the execution,
interpretation and compliance with this Agreement.

     21.  CHANGES IN WRITING. This Agreement, including this provision hereof,
shall not be modified or changed in any manner except only by a writing signed
by all parties hereto.

     22.  SEVERABILITY. In the event a court of competent jurisdiction finds any
of the provisions of this Agreement to be so overly broad as to be unenforceable
or invalid for any other reason, it is the parties' intent that such invalid
provisions be reduced in scope or eliminated by the court, but only to the
extent deemed necessary by the court to render the provisions of this Agreement
reasonable and enforceable.

     23.  PERSONS BOUND. This Agreement shall be binding upon and inure to the
benefit of the parties hereto, their legal representatives, heirs, successors
and assigns.

     24.  ASSIGNMENT. Except as provided in Section 1.3 hereof, this Agreement
shall not be assigned by either party without the prior written consent of the
other party which consent shall not be unreasonably withheld.

     25.  TITLES. The titles used in this Agreement are intended for convenience
and reference only. They are not intended and shall not be construed to be a
substantive part of this Agreement or in any other way to affect the validity,
construction or effect of any of the provisions of this Agreement.

     26.  WAIVER. The waiver of failure of either party to exercise in any
respect any right provided for herein shall be in writing, and shall not be
deemed a waiver of any further right hereunder.

     27.  CONTINUITY OF LOAN SERVICING.

     27.1 In the event NHELP desires to sell any of its Financed Loans, NHELP
shall sell the Financed Loans, subject to this Agreement, to a lender also
maintaining an agreement with UNIPAC, in order for the sale to cause no
disruption in service, or change in UNIPAC for the Borrower. If NHELP elects for
any reason to remove from the servicing system of UNIPAC all or any of the
Financed Loans that NHELP now owns or hereafter acquires, NHELP shall give
UNIPAC written notice of such election at least Ninety (90) days prior to the
date NHELP intends to remove such Financed Loans. NHELP hereby grants to UNIPAC
or its designee the option then to purchase from NHELP all or any portion of the
Financed Loans that NHELP owns on any date selected by UNIPAC prior to such
removal, at a purchase price equal to the fair market value of the Financed
Loan(s) as established by third party certification on the date of purchase.
UNIPAC's option to purchase may be exercised by sending written notice thereof
to NHELP within ninety (90) days after UNIPAC's receipt of NHELP's notice of
election to remove Financed Loans from the UNIPAC servicing system. The option
to purchase referred to above shall not apply or be available to UNIPAC in the
event UNIPAC terminates the

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servicing agreement for any reason other than non-payment of servicing fees
applicable under this Agreement.

   27.2 Section 27.1 will not apply in (i) the event of UNIPAC breach or
default, (ii) with respect to a sale of the Financed Loan to a holder of other
loans for the same borrower, or (iii) upon a sale of a Financed Loan by the
Trustee if an Event of Default has occurred under the Loan Agreement.

   27.3 The intent of this Section 27 is to assure that every Financed Loan will
remain with UNIPAC for servicing for the life of the loan.

   27.4 The foregoing provisions of this Section 27 are and shall at all times
remain subordinate and inferior to the rights and interests of any NHELP Lender
in the Education Loans of NHELP and, in the event of a foreclosure of ownership
of the Education Loans of NHELP pursuant to any security interest held for the
benefit of an NHELP Lender, the foregoing provisions shall terminate and shall
have no force or effect.

   28. REMOVAL FEE. Should NHELP remove any of its Financed Loans from the
UNIPAC system prior to a scheduled termination or breach of this Agreement,
NHELP agrees to pay to UNIPAC a removal fee of Fifteen Dollars ($15.00) per loan
transferred off the UNIPAC computer system. This removal fee shall be exclusive
of those charges described in Section 1.2 of this Agreement.

   29. FORCE MAJEURE. The foregoing provisions of this Agreement are subject to
the following limitation: If by reason of a force majeure UNIPAC is unable in
whole or in part to carry out any agreement on its part herein contained, UNIPAC
shall not be deemed in default during the continuance of such inability. The
term "force majeure" as used herein shall mean, without limitation, the
following: acts of God; acts of public enemies; insurrections; riots;
landslides; earthquakes; fires; storms; droughts; floods; explosions.

UNIPAC shall at all times during the term of this Agreement, maintain a business
continuance or disaster recovery plan. NHELP and Concord shall have the right to
inspect such plan at any time upon request by NHELP.

   30. HIRING. NHELP agrees that during the term of this Agreement and any
extensions or renewals thereof, and for one year thereafter, NHELP shall not
solicit for hire, or knowingly allow its employees to solicit for hire, any
employees of UNIPAC.

   31. ENTIRE AGREEMENT. This is the entire and exclusive statement of the
Agreement between the parties, which supersedes and merges all prior proposals,
understandings and all other agreements oral and written, between the parties
relating to this Agreement.

   32. CONSENTS AND APPROVALS. The parties acknowledge that this Agreement is
subject to certain consents and approvals from Concord and that the Education
Loans of NHELP being serviced hereunder shall in part be pledged as collateral
security to or for the benefit of NHELP Lenders. The parties consent to the
pledge of such Education Loans as collateral security and agree that, after any
assignment, transfer or foreclosure of ownership of the Education Loans pursuant
to such collateral security arrangements, an NHELP Lender shall, without further
action or approval from UNIPAC, succeed to the rights and obligations of NHELP
under this Agreement (except those obligations in Section 27 above) in respect
of the transferred Education Loans. In addition, subsequent to the execution of
this Agreement, the parties shall use their best efforts in good faith to obtain
any required consents and approvals; provided however, that the parties shall

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<PAGE>
amend or modify this agreement to the extent necessary to obtain any required
consent or approval.

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<PAGE>
     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of
the date first written above.

                                        UNIPAC SERVICE CORPORATION

                                        By: /s/ Edward P. Martinez
                                            ---------------------------

                                        Name: Edward P. Martinez

                                        Title: Senior Vice President

                                        Date: September 30, 1998

                                        NHELP-I INC.

                                        By: /s/ Terry J. Heimes
                                            ---------------------------

                                        Name: Terry J. Heimes

                                        Title: Vice President

                                        Date: September 30, 1998

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<PAGE>
-------------------------------------------------------------------------------
                                  SCHEDULE "A"
-------------------------------------------------------------------------------

A.  Conversion Fee.

    Five Dollars ($5.00) per account acquired by NHELP and added to the UNIPAC
    Servicing System during the period of time the borrower is in school. For
    periods of time other than when the borrower is in school, the fee will be
    Ten Dollars ($10.00) per account. Notwithstanding the foregoing, no fee will
    be assessed for the first twenty thousand Financed Loans converted to UNIPAC
    for full servicing after execution of this Agreement. All on-system
    conversions to or from a full service client of UNIPAC will be performed at
    no charge to NHELP.

    Notwithstanding the foregoing, should any portfolio present an
    "Extraordinary Conversion", requiring additional conversion services
    materially beyond that customarily provided for a normal acquisition of
    Financed Loans, then NHELP agrees to pay a conversion fee mutually agreed to
    between NHELP and UNIPAC.

    For purposes of this Agreement, whether a portfolio presents an
    Extraordinary Conversion shall be determined after the data analysis, and
    file review, have been conducted of the portfolio by UNIPAC. Factors to
    consider in determining whether a portfolio presents an Extraordinary
    Conversion are as follows:

    1.  Unprocessed data.

    2.  Degree to which the conversion may be automated versus manual.

    3.  Integrity of the documentation. Are the files complete? Does the data
           match the file content?

    4.  Presence of backlogged processing in the portfolio

    5.  Whether prior servicing had substantial noncompliance with the
           Education Act and Regulations.

    After consideration of the foregoing factors, NHELP and UNIPAC agree to come
    to mutual agreement at the beginning and once again at the end of the
    conversion of a particular portfolio as to whether they need to negotiate a
    mutually agreeable conversion fee.

B.  Monthly Servicing Fee - GSL (Stafford) Loans in School Status.

    One Dollar and Fifty Cents ($1.50) per in-school account per month.

C.  Monthly Servicing Fee - GSL (Stafford, PLUS, SLS) Loans in Other Than
    School Status.

    Three Dollars and Twenty Cents ($3.20) per account per month.

D.  Consolidation Loans.

Page 12
<PAGE>

               Three Dollars and Seventy-Five Cents ($3.75) per account per
               month.

          E.   Billing for Servicing Fees.

               The full monthly servicing fee shall be paid commencing with the
               calendar month an account is disbursed on or converted to the
               UNIPAC system.

          F.   Additional Servicing Activity.

               Thirty-Five Dollars ($35.00) per Financed Loan referred for such
               cure services, plus ten percent (10%) of all sums made eligible
               for reinstatement of guarantee (including principal, interest and
               special allowance) as a result of successful performance of the
               Cure Procedures required by Guarantor.  (This fee shall not apply
               to loans that have lost their guarantee due to an error or
               omission of UNIPAC.)

          G.   Delinquency Fee.

               A surcharge of Two Dollars and Twenty-Five Cents ($2.25) for each
               account thirty (30) or more days past due through date of claim
               payment by Guarantor, or until account becomes current.

          H.   Appeal Fee.

               A fee of Ten Dollars ($10.00) per month per account will be
               assessed for UNIPAC to research and appeal accounts which are
               rejected or returned by the guarantor due to acts, errors or
               omissions that occurred on the account prior to servicing by
               UNIPAC.

          I.   Minimum Monthly Fee.

               There will be a minimum monthly fee of Seven Hundred and Fifty
               Dollars ($750.00) per month.

          J.   Repurchase Fee.  Twenty Dollars ($20.00) per account repurchased
               from the Guarantor and added to the UNIPAC Servicing System.

          K.   Removal Fee.  Loans transferred off the UNIPAC Servicing System
               prior to termination of this Agreement will be assessed a fee of
               Fifteen Dollars ($15.00) per account.

          L.   Deconversion Fee.  Loans transferred off the UNIPAC Servicing
               System on or after termination of this Agreement will be assessed
               a fee of Twelve Dollars ($12.00) per account.

          M.   PLUS (or Other Loan) Loan Credit Checks.  Fees for obtaining a
               credit bureau report and evaluation will be Two Dollars and Fifty
               Cents ($2.50) per loan application.  An additional fee of Fifty
               Cents ($.50) will be charged for those applications in which
               written authorization must first be obtained prior to pulling a
               credit bureau report

Page 13

<PAGE>

          N.   Other Services

               For services requested by NHELP that are beyond the scope of
               those described in this Agreement, the fees shall be as quoted
               and mutually agreed in accordance with the following guidelines:

               (1) Supplies             Cost
               (2) Training             $40.00 per hour
               (3) Programming          $70.00 per hour
               (4) Consulting           $80.00 per hour

               Projects and services of this type shall be provided only after
               request by NHELP and after time and total cost estimate is
               provided by UNIPAC.

          O.   Legal Opinions

               Cost of the opinion.

Page 14
<PAGE>
                    GREAT LAKES HIGHER EDUCATION CORPORATION

                        STUDENT LOAN SERVICING AGREEMENT

THIS AGREEMENT, is made as of September 30, 1998, between the GREAT LAKES
HIGHER EDUCATION SERVICING CORPORATION ("Great Lakes"), a non-profit
corporation, and NHELP-I, INC., (the "Lender"), Lender #833501, an eligible
institution engaged in providing loans ("Loans") to students and parents under
Title IV, Part B of the Higher Education Act of 1965, as amended (hereinafter
the "Act").

                              W I T N E S S E T H:

WHEREAS, Great Lakes has established a program for originating and servicing
Loans under the Act; and

WHEREAS, the Lender desires that Great Lakes service certain Loans which are
made or purchased by the Lender with advances made pursuant to that certain
Warehouse Loan and Security Agreement dated as of September 30, 1998 (the "Loan
Agreement") among the Lender, Norwest Bank Minnesota, National Association (the
"Trustee") and Concord Minutemen Capital Company LLC (including its assigns or
successors "Concord"), and which are covered by the Act, according to the terms
and conditions set forth herein.

NOW THEREFORE, in consideration of the promises and the terms and conditions
set forth herein, the Lender agrees as follows:

1.   LOANS TO BE SERVICED.  Great Lakes and the Lender agree that Great Lakes
shall service all Loans covered by the Act which are made or purchased by the
Lender pursuant to the terms of the Loan Agreement and which are guaranteed by
Great Lakes Higher Education Guaranty Corporation ("GLHEGC"), and which are
submitted to Great Lakes by the Lender and accepted by Great Lakes for
servicing.

2.   GREAT LAKES' DUTIES AS SERVICER.

     (a)  Great Lakes as servicer of the Loans shall perform all of the Lender's
obligations as holder of Loans as required by the Act and all regulations issued
by the U.S. Department of Education or by GLHEGC to implement the Act. Great
Lakes shall have full power to sign and act on the Lender's behalf as the
Lender's agent in all transactions with borrowers serviced hereunder. Lender
does hereby authorize, constitute and appoint Great Lakes on its behalf and as
its attorney in fact, to endorse those promissory notes for which a claim has
been filed with the Guarantor. Great Lakes will carry out its responsibilities
hereunder in a diligent and lawful manner.

     (b)  Great Lakes shall complete all forms and reports required by the U.S.
Department of Education and by GLHEGC as guarantor of the Loans.

     (c)  Great Lakes shall prepare a "Lender's Request for Payment of Interest
and Special Allowance" to be used in billing the U.S. Department of Education
(the "Department") for interest and the special allowance for all eligible
loans on a quarterly basis. If requested by Lender, Great Lakes agrees to
submit the billing to the Department within 30 days following the last day of
each quarter (March 31, June 30, September 30, December 31).

     Great Lakes shall accrue and capitalize interest on those Loans not
eligible for interest subsidy.

     (d)  Great Lakes shall verify the current status of all borrowers not
less often than annually through direct contact with each borrower to ensure
correct amount information. Great Lakes shall also seek to verify the
borrower's status by direct or indirect contact with educational institutions.

     (e)  Great Lakes shall respond to all borrower inquiries in a prompt,
courteous and thorough manner.

<PAGE>
     (f)  When a Loan becomes due for repayment, Great Lakes shall prepare a
payment schedule and disclosures statement and mail it to the borrower for
signature(s). Prior to the first payment due date, repayment coupons will be
prepared and sent to the borrowers.

     (g)  Great Lakes shall post to the borrower's account all payments of
principal, interest and other charges. The day after receipt, Great Lakes will
initiate an ACH transfer of all collections to an account established by the
Lender.

     (h)  Great Lakes shall provide reports to the Lender of all monetary
transactions as well as periodic summary and account information as required in
the "Lender Service Manual" including such items as:

          (1)  A "monetary transactions journal" including a detailed report
to support all cash transactions processed;

          (2)  A monthly "portfolio status report" including a listing of each
account with key activity and performance data;

          (3)  A monthly listing of delinquent accounts; and

          (4)  A quarterly report of billings to the U.S. Department of
Education for interest and special allowances.

     (i)  Great Lakes shall automatically credit the Lender's account whenever a
borrower overpays an account by less than $5.00, and the Lender, at its
discretion, can reimburse the borrower. When the overpayment is more than $5.00,
Great Lakes shall remit the overpayment directly to the borrower. When a
borrower's balance owing is less than $10.00, Great Lakes may, at its
discretion, write-off the balance.

     (j)  Great Lakes shall handle all required borrower contact functions and
shall meet all servicing "due diligence" requirements, as that term is used
under the Act. Such functions include, for example, skip tracing, contacting
delinquent borrowers, handling borrower's requests for extensions or deferments
and preparing and processing default claims, including death, disability and
bankruptcy.

     (k)  Great Lakes agrees to prepare and submit all papers and documents
necessary to strictly follow reimbursement procedures specified in the
guarantor's Common Manual upon default of borrower and further agrees to
promptly remit proceeds to Lender upon receipt from the guarantor.

     (l)  Great Lakes shall capture and retain a copy of all purchased
promissory notes and supporting documentation on its image system and shall
store a backup image copy in a facility remote from Great Lakes' premises. Great
Lakes shall hold the original loan documents for safekeeping in accordance with
the terms of the Custodian Agreement dated as of September 30, 1998 between
Great Lakes and the Lender.

3.   LENDER'S RESPONSIBILITIES. Lender further agrees to promptly notify Great
Lakes in such form as may from time to time be specified by Great Lakes in the
Lender Service Manual, of any transaction involving the Lender and the borrower
and/or changes in status or demographic data on any of its accounts if received
from sources other than Great Lakes. Lender specifically agrees to promptly
notify Great Lakes of any bankruptcy action taken with respect to any Loan.

4.   FEES. The Lender agrees to pay Great Lakes the fees established by Great
Lakes from time to time for services rendered pursuant to this Agreement. The
current fee schedule is attached to this Agreement as Schedule A. Increases or
decreases in such schedule may be made from time to time; provided however, that
the Lender shall be given 60 days written notice prior to the effective date of
any change in the fee schedule. Such effective date shall be the beginning of a
calendar quarter (April 1, July 1, October 1, January 1). The current fee
schedule cannot be changed for at least twelve months from the date of this
contract. Statements for services rendered will be provided on a

                                      -2-

<PAGE>
monthly basis and are payable upon receipt. If servicing fees are not paid
within 60 days of the Lender's receipt of a statement, Great Lakes shall have
the option to offset servicing fees against borrower payment collections or
submit a 30-day termination notice to the Lender.

5.  LIABILITY.  Great Lakes shall exercise care and due diligence in performing
the services required by this Agreement. To the extent that Great Lakes is
required to appear in, or is made a defendant in any legal action or other
proceeding commenced by a party other than Lender with respect to any matter
arising hereunder, Lender shall indemnify and hold Great Lakes harmless from all
loss, liability and expense (including reasonable attorney's fees) except for
any loss, liability or expense arising out of or relating to Great Lakes' acts
or omissions with regard to the performance of services hereunder. Subject to
Section 13 below, if by reason of any (direct or indirect) negligent act or
omission of Great Lakes in the servicing of any Loan, the guarantor shall deny
or reject any claim made to the guarantor with respect to such Loan or such Loan
shall be ineligible for interest benefits or for special allowance payments,
then, upon demand by Lender, and after attempted mitigation by Great Lakes (to
the extent mitigation by Great Lakes is possible), but in no event later than
one year after such demand by Lender, Great Lakes shall purchase such Loan at a
price equal to the unpaid principal amount thereof plus accrued and unpaid
interest thereon; provided, however, that if such Loan has been removed from
Great Lakes' system, Great Lakes' liability with respect to such Loan shall be
limited to a return of the actual amount of the servicing fees paid by Lender to
Great Lakes with respect to such Loan, unless Great Lakes is provided with the
loan documentation and all servicing history entries with respect to such Loan
within one year of the first denial or rejection or the first determination of
ineligibility of such Loan and is afforded the opportunity to exercise its right
of mitigation with respect to such Loan; and provided further, however, that in
no event shall Great Lakes be responsible or liable for any consequential
damages with respect to any matter whatsoever arising out of this Agreement,
(other than the payment as aforesaid of the principal, and interest on Loans).

     Either party shall have the right, at its own cost and expense, to mitigate
its liability under this Agreement by taking such actions as may be appropriate,
including but not limited to reperformance; provided, however, that such right
on the part of Great Lakes shall not extend the time for purchase of Loans by
Great Lakes under the preceding paragraph of this Section 5.

     Great Lakes does not assume, and acceptance for servicing shall not result
in, any responsibility for the correctness or completeness of Loan-related
papers transmitted to Great Lakes as a part of or in conjunction with the
commitment of any Loans to Great Lakes for servicing, and Great Lakes shall not
be responsible for any procedural errors or omissions (including due diligence
violations) which may have occurred prior to initiation of servicing of a Loan
hereunder by Great Lakes.

6.  CONFIDENTIALITY. Information about each borrower furnished to Great Lakes
hereunder is furnished upon the express condition that the information will be
kept confidential by Great Lakes. All such information, except as may be
otherwise required by statute, by court order or as may be necessary in Great
Lakes' reasonable judgment to the performance of the services required under
this Agreement, shall be held in confidence by Great Lakes.

7.  EXAMINATION OF RECORDS. The Lender or its designated representative may at
any time during Great Lakes' regular business hours examine, at the sole
expense of the Lender, the records which Great Lakes maintains on the Lender's
loans.

8.  TERMINATION.

   (a)  This Agreement shall remain in full force and effect until terminated
or modified as provided herein. This Agreement may be terminated only at the
end of a calendar quarter (March 31, June 30, September 30, December 31), and
only if written notice is given: (i) by the Lender to Great Lakes at least 60
days prior to the end of a calendar quarter; provided, however, that no
termination shall become effective until a new servicer, satisfactory to the
Lender and Concord, shall be appointed, or (ii) by Great Lakes to the Lender at
least 180 days prior to the end of a calendar quarter.

   (b)  In the event that this Agreement is terminated as provided in subsection
(a) above, Great Lakes shall continue its full servicing until the date of
termination and shall provide to the Lender a full set of periodic reports,
adjusted through the date of termination. Great Lakes shall retain all notes,
records and papers, as well as a copy of all computer stored data relating to
the Lender's accounts as required by the Act. Great Lakes shall make available
to the Lender on demand copies of all records relating to the Lender's accounts.
Such copies of the records will be

                                      -3-
<PAGE>
provided and updated at the times and in the format desired by Lender in order
to facilitate a transfer to another servicing agent. The Lender agrees to pay
Great Lakes the servicing removal fee identified on Schedule A. Upon the
Lender's request, Great Lakes may agree to provide servicing removal services
beyond those identified in this section. Such agreement between Great Lakes and
the Lender shall include sufficient additional charges to cover Great Lakes'
costs. Great Lakes agrees that Lender shall be entitled to injunctive relief to
enforce the provisions of this subsection.

     (c)  The Lender shall be liable for all charges incurred for services
performed pursuant to this Agreement up to the termination date.

     (d)  Great Lakes shall continue to be liable for all acts or failures to
act prior to termination but not after except that Great Lakes shall be
obligated to remit to the Lender any collections received by Great Lakes
subsequent to termination and to provide the reports and records herein
required.

     (e)  Great Lakes' servicing obligations hereunder and, except as
specifically provided in Section 5, Great Lakes' liabilities hereunder, in each
case, on individual loans shall terminate if the loan is sold or transferred to
another Lender or guarantor, is returned to the Lender with the Lender's
consent, is purchased by the guarantor or is paid in full.

9.   AMENDMENTS. Except as provided in section 4, this Agreement may be amended
by Great Lakes at anytime upon 30 days written notice to the Lender, provided
that the provisions of this Agreement shall at all times be consistent with the
Act and applicable regulations. In the event of any such modification by Great
Lakes the Lender has 30 days in which to accept or reject the modification by
notice in writing. In the event of rejection of proposed modification, either
party may exercise its right to terminate as provided in section 8. In the event
of termination for this reason, such modification shall not apply to the Lender.

10.  GOVERNING LAW. This Agreement shall be interpreted under the laws of the
State of Wisconsin.

11.  NO IMPLIED WAIVER. Any waiver or modification, expressed or implied, by
Great Lakes or by the Lender of any breach of this Agreement shall not be
construed to be a waiver of any such breach or any acquiescence thereto; nor
shall any delay or omission by Great Lakes or by the Lender to exercise any
right arising from any such breach affect or impair the respective party's right
to such breach or any future breach.

12.  ARBITRATION. In the event that the parties hereto shall fail to agree
regarding any provision of this Agreement, such disputes shall be resolved by
arbitration procedures established by the American Arbitration Association. The
decision of any arbitrator under this paragraph shall be fined and binding upon
the parties.

13.  LIMITATION OF LIABILITY. Great Lakes and the Lender recognize that Great
Lakes' Lender servicing program is separate and distinct from GLHEGC's guarantee
program. The Lender specifically agrees to look only to Great Lakes in its
capacity as a servicing agent for any claims under this Agreement relating to
its functions as servicing agent. Lender specifically waives any claim against
GLHEGC's Guarantee Fund as defined in 34 CFR 682.410(a)(1) for claims under this
Agreement.

14.  OTHER AGREEMENTS. The parties acknowledge that this agreement is an
integral element of and shall be construed in conjunction with the following
related agreements: (1) Custodian Agreement and (2) Agreement and
Acknowledgement Relating to Student Loan Servicing Agreement. The parties
acknowledge that the above-identified agreements are interrelated and shall be
construed and interpreted as part of the contractual servicing relationship.

15.  NOTICES. All notices, requests, demands or other instruments which may or
are required to be given by any party to any other party shall be in writing and
such shall be deemed to have been properly given when served personally on an
officer of the entity to which such notice is to be given, or upon expiration of
a period of 48 hours from and after the postmark thereof when mailed postage
prepaid by registered or certified mail, requesting return receipt, addressed as
follows:

                                      -4-
<PAGE>
If intended for Great Lakes Higher Education Servicing Corporation:

               Executive Vice President
               Great Lakes Higher Education Servicing Corporation
               2401 International Lane
               P.O. Box 7858
               Madison, WI 53707

If intended for Lender:

               NHELP-I, Inc.
               c/o National Higher Education Loan Program
               121 South 13th Street, Suite 301
               Lincoln, NE 68508
               Attn: Terry J. Heimes

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date and year first above written.

NHELP-I, INC.                              GREAT LAKES HIGHER
                                           EDUCATION SERVICING CORPORATION

By: /s/ Terry J. Heimes                    By: /s/ Michael J. Noack
    ---------------------------------          ---------------------------------
    Terry J. Heimes                            Michael J. Noack
    Vice President & Treasurer                 Executive Vice President

                                      -5-
<PAGE>
               GREAT LAKES HIGHER EDUCATION SERVICING CORPORATION

                        STUDENT LOAN SERVICING AGREEMENT

                                 NHELP-I, INC.

                               SCHEDULE A -- FEES

The lender agrees to pay the following fees to Great Lakes upon receipt of a
monthly statement for services rendered pursuant to this agreement:

     MONTHLY SERVICE FEES:

         $1.45  per borrower per month during interim (in-school) period
         $3.05  per borrower per month during grace period
         $3.23  per borrower per month during first 12 months of repayment
                servicing
         $2.86  per borrower per month during the remainder of the repayment
                period

     SERVICING REMOVAL FEE:

         $14.00 per account or actual cost, if higher, to remove an active
                account from the servicing system

Both PLUS and SLS loans made for attendance at non-proprietary schools will be
considered in-school loans for fee purposes as long as they are initially
deferred and interest is to be capitalized and not collected on an on-going
basis. All other PLUS and SLS loans will be charged the standard repayment
servicing fees.

The total monthly amount due will be the actual fees calculated as described
above or $75, whichever is greater.

Great Lakes may agree to provide the lender with services beyond those normally
included in the servicing program. Such agreement between Great Lakes and the
lender shall include sufficient additional charges to cover Great Lakes' costs.

Increases or decreases to this fee schedule may be made from time to time as
provided in Section 4 of this agreement.

                                      -6-

<PAGE>
                   AGREEMENT AND ACKNOWLEDGEMENT RELATING TO
                        STUDENT LOAN SERVICING AGREEMENT

     THIS AGREEMENT AND ACKNOWLEDGEMENT RELATING TO STUDENT LOAN SERVICING
AGREEMENT, dated as of September 30, 1998 (this "Agreement"), is by and among
GREAT LAKES HIGHER EDUCATION SERVICING CORPORATION ("Great Lakes"), NHELP-I,
INC. ("NHELP"), MELLON BANK, N.A. ("Mellon") and CONCORD MINUTEMEN CAPITAL
COMPANY LLC ("Concord", and together with Mellon, the "Credit Providers"),
relates to and supplements the Student Loan Servicing Agreement dated as of
September 30, 1998 (the "Servicing Agreement"), between Great Lakes and NHELP.

     WHEREAS, pursuant to the Servicing Agreement, and as more fully described
therein, NHELP has retained Great Lakes to process and service certain student
loans which are made and guaranteed in accordance with the provisions of the Act
and which are acquired by NHELP;

     WHEREAS, pursuant to a Warehouse Loan and Security Agreement dated as of
September 30, 1998 (as amended and supplemented from time to time in accordance
with its terms, the "Loan Agreement"), among NHELP, Concord and Norwest Bank
Minnesota, National Association, as trustee (together with its successors as
trustee under the Loan Agreement, the "Trustee"), NHELP intends to acquire
Financed Loans (as defined in the Loan Agreement) from time to time (all such
Financed Loans so acquired from time to time, and constituting part of the Trust
Estate under and as defined in the Loan Agreement, being referred to herein as
the "Loans");

     WHEREAS, in order to provide liquidity under the Loan Agreement, Mellon and
Concord will enter into a Liquidity Agreement dated as of September 30, 1998
(the "Liquidity Agreement");

     WHEREAS, the Loans are security for the obligations of NHELP under the Loan
Agreement, upon the terms and conditions provided in the Loan Agreement;

     WHEREAS, it is a condition to the servicing of the Loans by Great Lakes
that the Credit Providers consent to the Servicing Agreement and such servicing;
and

     WHEREAS, it is a condition to the consent of the Credit Providers that the
parties hereto enter into this Agreement.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as
follows:

     SECTION 1. DEFINITIONS. Except as otherwise defined herein, all capitalized
terms used herein shall have the respective meanings stated or ascribed in the
Servicing Agreement.

     SECTION 2. AGREEMENTS RELATING TO THE LOANS. The parties hereto hereby
agree that notwithstanding anything to the contrary in the Servicing Agreement,
and to the extent the Servicing Agreement relates to the Loans;

<PAGE>

          (a)  In addition to all other requirements of the Servicing Agreement,
Great Lakes shall, at the cost and expense of NHELP and without cost to the
Credit Providers or the Trustee:

               (i)  provide to NHELP and the Credit Providers a copy of any
          report or audit required by the Secretary of Education or by Great
          Lakes Higher Education Guaranty Corporation to be prepared in
          connection with Great Lake's servicing activities relating to student
          loans;

               (ii) furnish to NHELP and the Credit Providers, (A) as soon as
          available and in any event within 180 days following the end of its
          annual fiscal year, its audited financial statements, certified by a
          firm of independent certified public accountants, together with any
          management letter received noting any material failure of Great Lakes
          to perform any of its duties required by this Agreement, the Servicing
          Agreement or under the Act; (B) on an annual basis within 10 days
          after receipt thereof, copies of SAS 70 reports of Great Lakes and the
          annual compliance audit for Great Lakes required by Section
          428(b)(1)(4) of The Higher Education Act; and (C) to the extent not
          included in the financial information provided pursuant to clauses (A)
          and (B) hereof, Great Lakes net dollar loss for the year due to
          servicing errors;

               (iii)     permit NHELP, the Credit Providers or any person
          designated by NHELP, the Credit Providers or the Trustee to visit any
          of the offices of Great Lakes to examine any documentation relating to
          Loans subject to the Servicing Agreement and this Agreement, and, to
          the extent permitted by law, to make copies thereof or of extracts
          therefrom, and to discuss the affairs and accounts of Great Lakes with
          its principal officers, all at such reasonable times and as often as
          NHELP, the Credit Providers or the Trustee may reasonably request; and

               (iv) permit NHELP, the Credit Providers or the Trustee to
          conduct, or have auditors suitable to NHELP, the Credit Providers or
          the Trustee conduct, a procedural audit with respect to Great Lakes's
          compliance with the servicing rules of the Act and the Guarantor (if
          NHELP, the Credit Providers or the Trustee shall have reasonable cause
          to believe that such servicing rules are not being observed) and
          provide NHELP or the Credit Providers with copies of any similar
          procedural audits performed by any other third party, so long as such
          audit does not contain confidential or proprietary information
          relating to a client of Great Lakes (other than NHELP).  Such audits
          will be at the expense of NHELP.

          (b)  Subject to the provisions of Sections 2(f), 2(g) and 2(h) of this
Agreement, the term of the Servicing Agreement shall continue until the later
of: (i) such time as the obligations of NHELP under the Loan Agreement have been
paid in full, and (ii) such time as no Loans are held by the Trustee or the
Credit Providers (or a nominee of the Credit Providers), whether directly or as
security for obligations of NHELP.

                                       2
<PAGE>
     (c)  All reports provided by Great Lakes pursuant to the Servicing
Agreement shall be prepared on a basis which accounts for the Loans separately
from all other loans serviced by Great Lakes under the Servicing Agreement.

     (d)  NHELP and the Credit Providers shall have the right, at any time and
from time to time, during normal business hours and upon five days' notice to
Great Lakes, to examine, copy and audit any and all of Great Lakes's records or
accounts pertaining to any Loans, to interview personnel involved in the
servicing of such loans and to require Great Lakes to furnish such documents as
in the sole discretion of the Credit Providers from time to time either or both
of them deem necessary in order to determine that Great Lakes has complied with
the Servicing Agreement and this Agreement.

     (e)  All payments in connection with Loans received by Great Lakes (i)
shall be made directly to a third-party lock-box established by Great Lakes at a
commercial bank having net assets of no less than $100,000,000 selected by Great
Lakes in accordance with applicable legal and regulatory requirements, (ii)
shall be held in trust for the benefit of Credit Providers and not subject to
any setoff by Great Lakes, and (iii) shall be directed by Great Lakes to be paid
to the Trustee.

     (f)  Notwithstanding Sections 4 and 8 of the Servicing Agreement, Great
Lakes shall have the right to terminate the Servicing Agreement with respect to
the Loans only if (i) NHELP refuses or fails to pay servicing fees provided in
Section 4 of the Servicing Agreement with respect to the Loans and refuses or
fails to resume such payments within 30 days, (ii) Great Lakes furnishes 60
days' prior written notice to NHELP and the Credit Providers of such
termination, and (iii) Great Lakes complies with the provisions of Sections 3(c)
and 3(e) of this Agreement (it being expressly understood and agreed that (A)
refusal or failure by NHELP to pay servicing fees provided in Section 4 of the
Servicing Agreement with respect to loans that are not Loans shall not
constitute grounds for termination of the Servicing Agreement with respect to
the Loans, and (B) all moneys received by Great Lakes from the Trustee or the
Credit Providers shall be deemed to be in respect of servicing fees with respect
to Loans if and to the extent such fees are due and payable in accordance with
the Servicing Agreement).

     (g)  Unless given by the Trustee or NHELP with the prior written consent of
the Credit Providers or at the written direction of the Credit Providers, no
notice or other action by the Trustee or NHELP to terminate the Servicing
Agreement shall be effective to terminate the same with respect to the Loans.

     (h)  In addition to any right which NHELP may have to terminate the
Servicing Agreement pursuant to Sections 4 and 8 thereof, NHELP may terminate
the Servicing Agreement with respect to the Loans if (i) on the basis of a
request or directive of the Credit Providers' pursuant to the Loan Agreement
predicated on the Credit Providers' judgment that Great Lakes is not servicing a
material number of Loans in accordance with the requirements of the Act and the
Guarantor, NHELP requests Great Lakes to take remedial action to bring its
system into conformity with the requirements of the Act and the Guarantor and
Great Lakes fails to complete such remedial action with 60 days of such request,
or (ii) on the basis of a request or directive of the Credit Providers

                                       3

<PAGE>
     pursuant to Loan Agreement predicated on the Credit Providers' judgment
     that the financial condition of Great Lakes is not sufficient to justify
     Great Lakes as a servicer of the Loans, NHELP requests such termination.
     Any such termination of the Servicing Agreement with respect to the Loans
     shall be effected as promptly as may be practicable.

          (i)  No amendment or waiver of the Servicing Agreement (other than an
     amendment in respect to fees under Section 4 thereof) which is made without
     the prior written consent of the Credit Providers shall be effective with
     respect to the Loans or the rights, remedies, duties and obligations of
     Great Lakes, NHELP, the Trustee or the Credit Providers with respect to the
     Loans.

     SECTION 3. ADDITIONAL CONSENTS AND AGREEMENTS RELATING TO THE CREDIT
PROVIDERS AND THE TRUSTEE. Great lakes hereby confirms to the Credit Providers
that, notwithstanding anything to the contrary in the Servicing Agreement:

          (a)  Great Lakes acknowledges the assignment of the Servicing
     Agreement to the extent that it relates to the Loans pursuant to the Loan
     Agreement (i) to the Trustee, as collateral security for the obligations of
     NHELP under the Loan Agreement and for the benefit of the Credit Providers
     as collateral security for the obligations of NHELP to the Credit Providers
     under the Loan Agreement, (ii) to the Credit Providers as provided in the
     Loan Agreement (after and by reason of the occurrence of an Event of
     Default under and as defined in the Loan Agreement), and (iii) to any
     nominee of or successor to any of the foregoing. Great Lakes agrees and
     confirms to any assignee permitted under this paragraph (a) that (A) each
     assignment referred to in this paragraph (a) shall be fully effective
     against Great Lakes under the terms of the Servicing Agreement, (B) no such
     assignment shall constitute a breach of or default under the Servicing
     Agreement, and (C) notwithstanding any such assignment, each provision of
     the Servicing Agreement shall remain in full force and effect.

          (b)  Neither the Trustee nor the Credit Providers shall be liable for
     the performance or observance of any of the obligations or duties of NHELP
     under the Servicing Agreement, nor shall the assignment referred to in the
     preceding paragraph (a) give rise to any duties or obligations whatsoever
     on the part of the Trustee or the Credit Providers owing to Great Lakes
     except that, insofar as the Trustee or the Credit Providers exercises any
     of its rights under the Servicing Agreement or makes any claims with
     respect to any payments, deliveries or other obligations under the
     Servicing Agreement, in each case, upon the terms described in the
     following paragraph (d), the terms and conditions of the Servicing
     Agreement applicable to such exercise of rights or such claims (including,
     without limitation, the payment of servicing fees with respect to the
     Loans) shall apply to, and be binding upon, the Trustee or the Credit
     Providers, as applicable, for the same extent as NHELP.

          (c)  Great Lakes agrees to provide to the Credit Providers and the
     Trustee copies of any notice of default or termination sent by Great Lakes
     to NHELP pursuant to Section 4 or 8 of the Servicing Agreement
     contemporaneously with sending such notice to NHELP.

                                       4

<PAGE>
     (d)  After the delivery by the Trustee or the Credit Providers to Great
Lakes of notice stating that an Event of Default under the Loan Agreement has
occurred and is continuing, the Trustee or the Credit Providers, or any nominee
acting on behalf of the Credit Providers, shall be entitled (i) notwithstanding
the terms and provisions of the Servicing Agreement, to terminate the Servicing
Agreement with respect to the Loans at any time (but subject to servicing fees
and removal fees otherwise due), and (ii) in the place and stead of NHELP, to
exercise any and all rights of NHELP under the Servicing Agreement with respect
to the Loans in accordance with the terms thereof. Following the exercise of any
or all rights of NHELP under the Servicing Agreement with respect to the Loans
as provided in this paragraph (d) and at the request of the Trustee or the
Credit Providers (or any nominee of the Credit Providers), Great Lakes shall
enter into a separate servicing agreement between Great Lakes and the Trustee or
the Credit Providers (or any nominee of the Credit Providers) pertaining to the
Loans on the same terms and provisions as are contained in the Servicing
Agreement with respect to the Loans. Upon any termination of the Servicing
Agreement, neither the Trustee nor the Credit Providers shall have any further
liabilities, duties or obligations to the Great Lakes under the Servicing
Agreement.

     (e)  Great Lakes agrees that, notwithstanding any right it may have under
the Servicing Agreement, at law, in equity or otherwise, it shall not terminate
the Servicing Agreement with respect to the Loans pursuant to Section 4 or 8 of
the Servicing Agreement and Section 2(f) of this Agreement unless it shall have
given the Trustee and Credit Providers at least 30 days' prior written notice of
its intent to terminate the Servicing Agreement with respect to the Loans and
neither the Trustee nor the Credit Providers (or any nominee) shall cure or
cause to be cured the failure or refusal of NHELP to pay servicing fees with
respect to the Loans giving rise to Great Lakes' right of termination of the
Servicing Agreement with respect to the Loans within such time period.

SECTION 4. MISCELLANEOUS.

     (a)  Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be given and effective in the manner
provided in the Servicing Agreement: if to Great Lakes or NHELP, at its address
specified in or pursuant to the Servicing Agreement; or if to the Trustee, at
its address at 6th and Marquette, Minneapolis, MN 55479-0069, Attention:
Corporate Trust Department; or if to Concord, % Liberty Hampshire Company, LLC
at its address at 227 West Monroe, Suite 4000, Chicago, IL 60606, Attention:
Lisa Gajewski, or if to Mellon, at its address at One Mellon Bank Center, Room
410, Pittsburgh, PA 15258, Attention: Robert F. Wagner, or, as to each of the
foregoing, at such other address as shall be designated by such entity in a
written notice to others.

     (b)  If any provision of this Agreement shall be held to be invalid,
illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.

                                       5
<PAGE>
          (c)  THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
     WITH THE INTERNAL LAWS OF THE STATE OF WISCONSIN.

          (d)  The headings hereof are for convenience only and are not intended
     to affect the meaning or interpretation of this Agreement.

          (e)  This Agreement may be executed in any number of counterparts and
     by different parties hereto on separate counterparts, each of which
     counterparts, when so executed and delivered, shall be deemed to be an
     original and all of which counterparts, taken together, shall constitute
     but one and the same Agreement.

     SECTION 5. NO PETITION.  Each of NHELP, Great Lakes and Mellon hereby
covenants and agrees that prior to the date which is one year and one day after
the payment in full of all outstanding commercial paper of Concord, it will not
institute against or join any other person or entity in instituting against
Concord, any bankruptcy, reorganization, arrangement, insolvency or liquidation
proceedings or other similar proceeding under the laws of the United States or
any state of the United States. Nothing contained in the Section 5 shall be
construed in any manner that would preclude, hinder, delay or limit the ability
of NHELP, Great Lakes or Mellon to respond to or participate in, any such
proceeding instituted by any other Person(s) not affiliated with any such
entity, but in no event shall NHELP, Great Lakes or Mellon oppose (or join with
any other person or entity in opposing) any motion or other actions by Concord
seeking to dismiss or stay any such proceedings.

     SECTION 6.  LIMITED RECOURSE OF NATURE OF TRANSACTIONS.  Each of NHELP,
Great Lakes and Mellon hereby acknowledges and agrees that all transactions with
Concord hereunder and under the Servicing Agreement shall be without recourse of
any kind to Concord. Concord shall have no obligation to pay any amounts owing
hereunder or under the Servicing Agreement unless and until Concord has received
such amounts pursuant to the Financed Loans (as defined in the Loan Agreement).
In addition, each of NHELP, Great Lakes and Mellon agrees that Concord shall
have no obligation to pay any amounts constituting fees, a reimbursement for
expenses or indemnities (collectively, "Expense Claims") and such Expense Claims
shall not constitute a claim against Concord (as defined in Section 101 of Title
11 of the United States Bankruptcy Code), unless or until Concord has received
amounts sufficient to pay such Expense Claims pursuant to the Financed Loans and
such amounts are not required to pay the commercial paper of Concord.

                                       6
<PAGE>
     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed and delivered by their respective officers thereunto duly authorized as
of the day and year first above written.

                                        GREAT LAKES HIGHER EDUCATION
                                        SERVICING CORPORATION

                                        By /s/ Michael J. Noack
                                           -------------------------------------
                                           Michael J. Noack
                                           Executive Vice President

                                        NHELP-I INC.

                                        By /s/ Terry J. Heimes
                                           -------------------------------------
                                           Terry J. Heimes, Vice President

                                        CONCORD MINUTEMEN CAPITAL
                                        COMPANY, LLC

                                        By /s/ Thomas J. Irvin
                                           -------------------------------------
                                           Thomas J. Irvin, Manager

                                        MELLON BANK, N.A.

                                        By /s/ Robert F. Wagner
                                           -------------------------------------
                                           Robert F. Wagner, Vice President

                                       7
<PAGE>
                              CUSTODIAN AGREEMENT

     THIS CUSTODIAN AGREEMENT dated as of September 30, 1998 is by and among
NHELP-I, INC. (the "Borrower"), NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as Trustee (the "Trustee") under the Agreement referred to below, and UNIPAC
SERVICE CORPORATION ("UNIPAC" or "Servicer"), as custodian (the "Custodian").

     WHEREAS, the Trustee, Concord Minutemen Capital Company, LLC ("Concord")
and the Borrower have entered into a Warehouse Loan and Security Agreement
dated as of September 30, 1998 (as amended and supplemented from time to time,
the "Agreement") pursuant to which Concord and Mellon Bank, N.A. (together with
its successors and assigns, "Mellon," and together with Concord, the "Lenders")
will make loans to the Borrower ("Advances") to purchase Eligible Loans; and

     WHEREAS, pursuant to the Agreement, the Borrower has granted to the
Trustee, and its successors and assigns, for the benefit of the Secured
Creditors (as defined in the Agreement), as further described in the Agreement,
a security interest in, among other things, the promissory notes and certain
other instruments, documents and Records (as defined in the Agreement) relating
to or evidencing certain Financed Loans as security and protection for the
payment when due of the Obligations (as defined in the Agreement) and the
performance and observance by the Borrower of all of the covenants, terms and
conditions expressed or implied in the Agreement; and

     WHEREAS, the Trustee has requested, and the Borrower agrees, that all
Financed Loans shall be placed in the possession of the Trustee's custodian for
the purpose of perfecting the Trustee's security interest in such collateral
under the Uniform Commercial Code; and

     WHEREAS, the Borrower has entered into a Servicing Agreement dated as of
September 30, 1998 with UNIPAC SERVICE CORPORATION (the "Servicer")(the
"Servicing Agreement");

     NOW, THEREFORE, the Trustee and the Borrower hereby authorize the
Custodian to hold all Deposited Loans (as defined below) as custodian and
agent of the Trustee and authorize the Custodian to perform the following
functions and duties in connection therewith, and the Custodian agrees to
perform such functions and duties as custodian and agent of the Trustee,
including perfecting and continuing the perfection of the Trustee's security
interest in the Deposited Loans:

     DEFINITIONS. Unless otherwise defined herein, all capitalized terms used
herein, including the premises hereof, shall have the meanings ascribed to such
terms in the Agreement.

     "Deposited Loans" means all Financed Loans which now or at any time
hereafter are serviced by or in the possession and control of the Servicer
pursuant to the Servicing Agreement as well as all Records and other
instruments and documents relating thereto.
<PAGE>
     SAFEKEEPING OF THE DEPOSITED LOANS. The Custodian hereby agrees to act as
custodian and agent of the Trustee and to perform the following services for the
Trustee with respect to the Deposited Loans:

          (a)  To hold in its fireproof storage vault and under its exclusive
     possession, dominion and control (subject only to the direction of the
     Trustee) the following documents with respect to each of the Deposited
     Loans and to use due care to preserve and protect the same:

               (i)       A copy of the original student application (with all
          required supplements);

               (ii)      The original promissory note;

               (iii)     The Notification of Loan Approval by the Guarantor;

               (iv)      Any further documentation required by the Secretary or
          the Guarantor; and

               (v)       all Records relating to the Deposited Loans;

     provided, however, that to the extent (A) permitted in accordance with the
     rules and regulations of the Secretary of Education and/or the applicable
     Guarantor, and (B) not otherwise affecting the ability of the Trustee or
     the Lenders to enforce against the student obligors under applicable law
     the Deposited Loans, the Custodian may retain any of such documentation
     (other than original promissory notes) on microfilm or other similar film
     storage system;

          (b)  Upon the written demand of the Trustee or the Lenders and in
     circumstances authorized in the Agreement, to deliver and immediately
     release to the Trustee or the Lenders, or the agent or representative of
     the Trustee, any and all of the Deposited Loans held by Custodian at the
     time of such demand, as well as all related information and documents
     required to be held under the Servicing Agreement;

          (c)  To furnish the Trustee monthly and the Lenders at such time or
     times the Lenders may reasonably request, a list containing the names and
     social security numbers of the obligors of the Deposited Loans, the unpaid
     principal balance of all Deposited Loans of each of said obligors, and such
     other information with respect to the Deposited Loans which is reasonably
     requested by the Trustee or the Lenders;

          (d)  To permit inspection at all reasonable times and upon reasonable
     advance notice by the Trustee, the Lenders or their respective agents
     (including auditors and representatives) of the Deposited Loans and the
     Records, such inspection to include the right to examine and make copies of
     any documents or other instruments relating to the Deposited Loans and to
     interview personnel involved in the servicing of the Deposited Loans;

                                       2
<PAGE>
          (e) To furnish the Trustee and the Lenders from time to time upon
     written request of the Trustee or the Lenders a list of all Deposited Loans
     submitted for claim and the date of submission and the amount claimed;

          (f) To furnish to the Trustee and the Lenders the reports required by
     the Servicing Agreement upon written request to the Custodian;

          (g) To furnish to the Trustee or the Lenders, at the request of the
     Trustee, the Lenders or the Borrower, prior to any withdrawal of moneys
     from the Collection Account under the Agreement for the acquisition of
     Eligible Loans, a confirmation that all Records, documents and other
     instruments described in clause (a) above with respect to such Eligible
     Loans have been received by the Custodian; and

          (h) To take any and all such other action with respect to the
     Deposited Loans as the Trustee may, consistent with its rights and
     obligations under the Agreement, reasonably request.

     PAYMENTS IN RESPECT OF DEPOSITED LOANS. The Borrower and the Custodian
agree that all amounts received in respect of the Deposited Loans (including
claim payments from any Guarantor and Interest Subsidy Payments and Special
Allowance Payments) shall be promptly paid over to and deposited with the
Trustee pursuant to the Agreement.

     RELEASE OF COLLATERAL. The Custodian may release Deposited Loans and all
related information and documentation held by the Custodian only as follows:

          (a) The Custodian may release to any Person at any time any Deposited
     Loan that has been paid in full;

          (b) The Custodian may release to an applicable Guarantor any Deposited
     Loan which is eligible for claim payment and with respect to which a claim
     is (or is to be) filed; and

          (c) The Custodian may, in accordance with the provisions of this
     Agreement ("Safekeeping of Deposited Loans"--clause(b)), release to the
     Trustee the Deposited Loans and any Records, documents and instruments
     relating thereto, subject to the provisions of the Servicing Agreement.

     Except as described in this paragraph and except upon termination of this
Agreement, the Custodian will not release any Deposited Loans unless the
Custodian is in receipt of written authorization from the Trustee.

     NO LIABILITY. Neither the Trustee nor the Lenders shall have any
responsibility for loss or damage suffered by the Borrower with respect to any
Deposited Loan delivered or released pursuant to this Agreement.

     TERMINATION OF AGREEMENT. This Agreement may be terminated by the Trustee
for cause and may be terminated at any time (with the consent of the Lenders)
by the mutual agreement of the Trustee and the Custodian, but no such
termination shall be effective until alternative

                                       3
<PAGE>
safekeeping arrangements satisfactory to the Trustee have been effected. This
Agreement shall terminate forthwith upon the discharge of the Agreement in
accordance with the terms of the Agreement. Upon termination of this Agreement
for any reason other than the discharge of the Agreement in accordance with the
terms of the Agreement, the Deposited Loans then held by the Custodian shall be
forthwith delivered to the Trustee but the Trustee shall not be the Servicer of
such Deposited Loans. Upon termination of this Agreement following discharge of
the Agreement as described above, all Deposited Loans and materials relating
thereto in the possession of the Custodian shall be delivered to the Borrower.
Any actual costs incurred by the Custodian at the direction of the Borrower in
addition to the normal cost of servicing shall be borne by the Borrower.

     INSPECTION RIGHTS. To the extent permitted by applicable law, all Records
with respect to the Deposited Loans shall be available for inspection or audit
from time to time by Trustee, the Borrower and the Lenders (or their respective
designees) upon the request of the Trustee, the Borrower or the Lenders made
with reasonable advance notice to the Custodian, such availability to include
the right to examine and make copies of any Records, documents or instruments
relating to the Deposited Loans.

     AUTHORIZATIONS. The persons whose signatures appear immediately below are
the persons presently authorized to act for the Trustee, the Borrower or the
Lenders, as the case may be, whenever written directions or requests are
required under this Agreement (it being understood and agreed that different or
additional persons may be authorized to act for such Persons without further
notice to the Custodian or any other Persons and that the Custodian may rely on
directions or requests by such different or additional persons so long as they
purport to be authorized officers of the Trustee, the Borrower or the Lenders,
as the case may be).

                  TRUSTEE                                 BORROWER

Norwest Bank Minnesota, National Association   NEHELP-I Inc.

/s/ Alan J. Spadine                            /s/ Terry J. Heimes
----------------------------                   --------------------------------
Alan J. Spadine                                Terry J. Heimes, Vice President
                                                 and Treasurer

                CONCORD                                     MELLON

Concord Minutemen Capital Company, LLC         Mellon Bank, N.A.

/s/ Thomas J. Irvin                            /s/ Robert F. Wagner
----------------------------                   --------------------------------
Thomas J. Irvin                                Robert F. Wagner, Vice President

                                       4
<PAGE>
REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE CUSTODIAN.

   (a) The Custodian agrees to accept delivery of the promissory notes and
other Records, documents and instruments pertaining to the Deposited Loans and
to have and maintain continuous and exclusive possession, dominion and control
over all documents evidencing the Deposited Loans.

   (b) The Custodian shall exercise reasonable care and diligence in the
possession, retention and protection of the Deposited Loans delivered to it
hereunder. The Custodian accepts the custodial duties and responsibilities
imposed upon it hereunder and agrees to perform such custodial duties and
responsibilities in a sound and prudent manner consistent in all respects with
sound custodial practices and principles.

   (c) The Custodian shall at all times during the term of this Agreement
maintain insurance which shall include, but not be limited to, dishonesty of
employees or other crimes resulting in the loss of the Deposited Loans and
comprehensive general liability, including personal injury and loss or damage
to Records, documents and instruments. The Custodian shall name the Trustee as
a loss payee with respect to any such insurance relating to loss of the
Deposited Loans and shall name the Trustee as an additional insured with
respect to all other insurance. No such policy of insurance may be cancelled or
altered in any material respect without giving the Trustee at least thirty (30)
days' prior written notice of any such cancellation or alternation.

   (d) The Custodian shall at all times maintain Records indicating the obligor
name and Social Security Number of all Deposited Loans which are delivered to
it to hold as Custodian pursuant to this Agreement and indicating that such
Deposited Loans have been pledged to the Trustee.

MISCELLANEOUS.

   (a) No amendment, modification, termination or waiver of any provision of
this Agreement shall be effective unless the same shall be in writing and
signed by the parties and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No
amendment of any other agreement or instrument shall affect the Custodian or
its duties hereunder.

   (b) This Agreement shall be binding upon the parties hereto and their
successors, transferees and assigns, and shall inure to the benefit of and be
enforceable by all parties hereto and their respective successors, transferees
and assigns, provided that the Custodian may not transfer, assign or terminate
all or any part of this Agreement without the prior written consent of the
Lenders.

   (c) The Custodian acknowledges and agrees that its services under this
Agreement are in addition to, and not in lieu of, its services as Servicer of
the Deposited Loans under and pursuant to the Servicing Agreement. The
Custodian shall not be entitled to, and hereby waives, any lien or charge on,
or right of set-off against, any Deposited Loans or proceeds thereof coming into
its possession or otherwise.

                                        5
<PAGE>
   (d) The parties hereto acknowledge and agree that the Lenders shall be
third-party beneficiaries of this Agreement with the power and right to enforce
the provisions of this Agreement against the parties hereto. In the event that
the Lenders become the assignees or successors of the Trustee (under the
circumstances contemplated in the Agreement) and, as such assignees or
successors of the Trustee, enforce this Agreement against the Custodian, the
Lenders shall succeed to be duties and obligations of the Trustee under this
Agreement.

   (e) This Agreement may be executed and delivered in any number of
counterparts, each of which, when so executed and delivered, shall be an
original; provided, however, that such counterparts shall together constitute
but one and the same instrument.

   (f) Any provision of this Agreement which is prohibited, unenforceable or
not authorized in any jurisdiction shall, as to such jurisdiction, be effective
to the extent of such prohibition, unenforceability or nonauthorization
without invalidating the remaining provisions hereof or affecting the validity
or enforceability or legality of such provision in any other jurisdiction.

   (g) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH,
THE INTERNAL LAWS OF THE STATE OF NEBRASKA, WITHOUT REFERENCE TO ITS
CONFLICTS-OF-LAWS PRINCIPLES.

   (h) All notices, requests, demands and other communications under or in
respect of this Agreement shall be in writing or shall be delivered or mailed,
first class, postage prepaid, or sent by facsimile machine, to the parties at
the following addresses (or at such other address for a party as shall be
specified by the party to whom addressed):

<Table>
<S>                                  <C>
   If to the Borrower:                NHELP-I, INC.
                                      c/o National Higher Education Loan Program
                                      121 South 13 Street, Suite 301
                                      Lincoln, NE 68508
                                      Attention: Terry Heimes
                                      Telephone: (402) 458-2302
                                      Facsimile: (402) 458-2399

   If to the Trustee:                 NORWEST BANK MINNESOTA,
                                       NATIONAL ASSOCIATION
                                      6th and Marquette
                                      Minneapolis, MN 55479-0069
                                      Attention: Corporate Trust Department
                                      Telecopy: (612) 667-2149

   If to the Custodian:               UNIPAC SERVICE CORPORATION
                                      Suite 400
</Table>

                                          6
<PAGE>
                                             3015 South Parker Road
                                             Aurora, CO 80014
                                             Attention: Administration/
                                                  Legal Department

                    If to the Lenders:       CONCORD MINUTEMEN CAPITAL
                                                  COMPANY, LLC
                                             227 West Monroe, Suite 4000
                                             Chicago, IL 60606
                                             Attention: Thomas J. Campbell
                                             Telephone: (312) 977-4597
                                             Facsimile: (312) 977-1699

                                             MELLON BANK, N.A.
                                             Mellon Bank Center
                                             One Mellon Bank, Rm 410
                                             Pittsburgh, PA 15258
                                             Attention: Robert F. Wagner
                                             Telephone: (412) 234-0783
                                             Fax: (412) 236-6592

                                       7
<PAGE>
     IN WITNESS WHEREOF, the parties have signed this Agreement as of September
30, 1998.

                                             NORWEST BANK MINNESOTA,
                                             NATIONAL ASSOCIATION, as
                                             Trustee under the Agreement

                                             By /s/ Alan J. Spadine
                                                --------------------------------
                                                Alan J. Spadine, Vice President

                                             NHELP-I, INC.

                                             By /s/ Terry J. Heimes
                                                --------------------------------
                                                Terry J. Heimes,
                                                Vice President and Treasurer

                                             UNIPAC SERVICE CORPORATION

                                             By /s/ Edward Martinez
                                                --------------------------------
                                                Edward Martinez, Vice President

                                       8
<PAGE>
                              CUSTODIAN AGREEMENT

     THIS CUSTODIAN AGREEMENT dated as of September 30, 1998 is by and among
NHELP-I, INC. (the "Borrower"), NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
as Trustee (the "Trustee") under the Agreement referred to below, and GREAT
LAKES HIGHER EDUCATION SERVICING CORPORATION, as custodian (the "Custodian").

     WHEREAS, the Trustee, the Borrower and Concord Minutemen Capital Company,
LLC ("Concord") have entered into a Warehouse Loan and Security Agreement dated
as of September 30, 1998 (as amended and supplemented from time to time, the
"Agreement") pursuant to which Concord and Mellon Bank, N.A. (together with its
successors and assigns "Mellon," and together with Concord, the "Lenders") will
make loans to the Borrower ("Advances") to purchase Eligible Loans; and

     WHEREAS, pursuant to the Agreement, the Borrower has granted to the
Trustee, and its successors and assigns, for the benefit of the Secured
Creditors (as defined in the Agreement), a security interest in, among other
things, the promissory notes and certain other instruments, documents and
Records (as defined in the Agreement) relating to or evidencing certain
Financed Loans as security and protection for the payment when due of the
Obligations (as defined in the Agreement) and the performance and observance by
the Borrower of all of the covenants, terms and conditions expressed or implied
in the Agreement; and

     WHEREAS, the Trustee has requested, and the Borrower agrees, that all
Financed Loans shall be placed in the possession of the Trustee's custodian for
the purpose of perfecting the Trustee's security interest in such collateral
under the Uniform Commercial Code; and

     WHEREAS, the Borrower has entered into a Servicing Agreement dated as
September 30, 1998, with Great Lakes Higher Education Servicing Corporation
(the "Servicer") (the "Servicing Agreement");

     NOW, THEREFORE, the Trustee and the Borrower hereby authorize the
Custodian to hold all Deposited Loans (as defined below) as custodian and agent
of the Trustee and authorize the Custodian to perform the following functions
and duties in connection therewith, and the Custodian agrees to perform such
functions and duties as custodian and agent of the Trustee.

     DEFINITIONS. Unless otherwise defined herein, all capitalized terms used
herein, including the premises hereof, shall have the meanings ascribed to such
terms in the Agreement.

     "Deposited Loans" means all Financed Loans which now or at any time
hereafter are serviced by or in the possession and control of the Servicer
pursuant to the Servicing Agreement as well as all Records and other
instruments and documents relating thereto.
<PAGE>
     SAFEKEEPING OF THE DEPOSITED LOANS. The Custodian hereby agrees to act as
custodian and agent of the Trustee and to perform the following services for the
Trustee with respect to the Deposited Loans:

          (a)  To hold in its fireproof storage vault and under its exclusive
     possession, dominion and control (subject to the direction of the Trustee)
     the following documents with respect to each of the Deposited Loans and to
     use due care to preserve and protect the same:

               (i)   a copy of the original combination student
          application/promissory note (with all required supplements) or the
          combination of separate documents representing the same but in all
          cases, documents shall include the original promissory note;

               (ii)  the Notification of Loan Approval by the Guarantor or
          system documentation sufficient to indicate the electronic
          notification of loan approval by the Guarantor;

               (iii) any further documentation required by the Secretary or the
          Guarantor; and

               (iv)  all Records (excluding computer programs, tapes, disks,
          punch cards, data processing software and other computer related
          records) relating to the Deposited Loans;

     provided, however, that to the extent (A) permitted in accordance with the
     rules and regulations of the Secretary of Education and/or the applicable
     Guarantor, and (B) not otherwise affecting the ability of the Trustee or
     the Lenders to enforce against the student obligors under applicable law
     the Deposited Loans, the Custodian may retain any of such documentation
     (other than original promissory notes) on microfilm, imaging or other
     similar storage system;

          (b)  Upon the written demand of the Trustee or Lenders and in
     circumstances authorized in the Agreement, to deliver and immediately
     release to the Trustee, or the agent or representative of the Trustee, any
     and all of the Deposited Loans held by Custodian at the time of such
     demand, as well as all related information and documents required to be
     held under the Servicing Agreement;

          (c)  To furnish the Trustee monthly and the Lenders at such time or
     times the Lenders may reasonably request, a list containing the names and
     Social Security numbers of the obligors of the Deposited Loans, the unpaid
     principal balance of all Deposited Loans of each of said obligors, and such
     other information with respect to the Deposited Loans which is reasonably
     requested by the Trustee or the Lenders;

          (d)  To permit inspection at all reasonable times and upon reasonable
     advance notice by the Trustee, the Lenders or their respective agents
     (including auditors and representatives) of the Deposited Loans and the
     Records, such inspection to include the right to examine and make copies of
     any Record, documents or other instruments relating

                                       2

<PAGE>

     to the Deposited Loans and to interview personnel involved in the servicing
     of the Deposited Loans;

          (e)  To furnish the Trustee and the Lenders from time to time upon
     written request of the Trustee or the Lenders a list of all Deposited Loans
     submitted for claim and the date of submission and the amount claimed;

          (f)  To furnish to the Trustee and the Lenders the reports required by
     the Servicing Agreement upon written request to the Custodian;

          (g)  To furnish to the Trustee or the Lenders, at the request of the
     Trustee, the Lenders or the Borrower, prior to any withdrawal of moneys
     from the Collection Account under the Agreement for the acquisition of
     Eligible Loans, a confirmation that all Records, documents and other
     instruments described in clause (a) above with respect to such Eligible
     Loans have been received by the Custodian; and

          (h)  To take any and all such other action with respect to the
     Deposited Loans as the Trustee may, consistent with its rights and
     obligations under the Agreement, reasonably request, after compensation to
     the Custodian from the Borrower of any costs and expenses associated
     therewith.

     PAYMENTS IN RESPECT OF DEPOSITED LOANS.  The Borrower and the Custodian
agree that all amounts received in respect of the Deposited Loans (including
claim payments from any Guarantor and Interest Subsidy Payments and Special
Allowance Payments) shall be promptly paid over to and deposited with the
Trustee pursuant to the Agreement.

     RELEASE OF COLLATERAL.  The Custodian may release Deposited Loans and all
related information and documentation held by the Custodian only as follows:

          (a)  the Custodian may release to any Person at any time any Deposited
     Loan that has been paid in full;

          (b)  the Custodian may release to an applicable Guarantor any
     Deposited Loan which is eligible for claim payment and with respect to
     which a claim is (or is to be) filed; and

          (c)  The Custodian may, in accordance with the provisions of this
     Agreement ("Safekeeping of Deposited Loans" --clause(b)), release to the
     Trustee the Deposited Loans and any Records, documents and instruments
     relating thereto, subject to the provisions of the Servicing Agreement.

     Except as described in this paragraph E and except upon termination of this
Agreement, the Custodian will not release any Deposited Loans unless the
Custodian is in receipt of written authorization from the Trustee (but only
under the circumstances set forth in the Agreement for the exercise of remedies
by the Lenders).

                                       3
<PAGE>
     NO LIABILITY. Neither the Trustee nor the Lenders shall have any
responsibility for loss or damage suffered by the Borrower with respect to any
Deposited Loan delivered or released pursuant to this Agreement.

     TERMINATION OF AGREEMENT. This Agreement may be terminated by the Trustee
for cause and may be terminated at any time (with the consent of the Lenders) by
the mutual agreement of the Trustee and the Custodian, but no such termination
shall be effective until alternative safekeeping arrangements satisfactory to
the Trustee have been effected. This Agreement shall terminate forthwith upon
the discharge of the Agreement in accordance with the terms of the Agreement.
Upon termination of this Agreement for any reason other than the discharge of
the Agreement in accordance with the terms of the Agreement, the Deposited Loans
then held by the Custodian shall be forthwith delivered to the Trustee or other
party designated by the Trustee, but the Trustee shall not be the Servicer of
such Deposited Loans. Upon termination of this Agreement following discharge of
the Agreement as described above, all Deposited Loans and materials relating
thereto in the possession of the Custodian shall be delivered to the Borrower.
Any actual costs incurred by the Custodian at the direction of the Borrower in
addition to the normal cost of servicing shall be borne by the Borrower.

     INSPECTION RIGHTS. To the extent permitted by applicable law, all Records
with respect to the Deposited Loans shall be available for inspection or audit
from time to time by Trustee, the Borrower and the Lenders (or their respective
designees) upon the request of the Trustee, the Borrower or the Lenders made
with reasonable advance notice to the Custodian, such availability to include
the right to examine and make copies of any Records, documents or instruments
relating to the Deposited Loans.

     AUTHORIZATIONS. The persons whose signatures appear immediately below are
the persons presently authorized to act for the Trustee, the Borrower or the
Lenders, as the case may be, whenever written directions or requests are
required under this Agreement (it being understood and agreed that different or
additional persons may be authorized to act for such Persons without further
notice to the Custodian or any other Persons and that the Custodian may rely on
directions or requests by such different or additional persons so long as they
purport to be authorized officers of the Trustee, the Borrower or the Lenders,
as the case may be).

                                       4
<PAGE>
                  TRUSTEE                                BORROWER

Norwest Bank Minnesota, National Association  NEHELP-I, INC.
/s/ Alan J. Spadine                           /s/ Terry J. Heimes
--------------------------------------------  ------------------------------
Alan J. Spadine                               Terry J. Heimes, Vice President
                                              and Treasurer

                  CONCORD                                 MELLON

Concord Minutemen Capital Company, LLC        Mellon Bank, N.A.
/s/ Thomas J. Irvin                           /s/ Robert F. Wagner
--------------------------------------------  ------------------------------
Thomas J. Irvin                               Robert F. Wagner, Vice President

     REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE CUSTODIAN.

          (a)  The Custodian agrees to accept delivery of the promissory notes
     and other Records, documents and instruments pertaining to the Deposited
     Loans and to have and maintain continuous and exclusive possession,
     dominion and control over all documents evidencing the Deposited Loans.

          (b)  The Custodian shall exercise reasonable care and diligence in the
     possession, retention and protection of the Deposited Loans delivered to it
     hereunder. The Custodian accepts the custodial duties and responsibilities
     imposed upon it hereunder and agrees to perform such custodial duties and
     responsibilities in a sound and prudent manner consistent in all respects
     with sound custodial practices and principles.

          (c)  The Custodian shall at all times during the term of this
     Agreement maintain insurance which shall include, but not be limited to,
     dishonesty of employees or other crimes resulting in the loss of the
     Deposited Loans and comprehensive general liability, including personal
     injury and loss or damage to Records, documents and instruments.

          (d)  The Custodian shall at all times maintain Records indicating the
     obligor name and Social Security Number of all Deposited Loans which are
     delivered to it to hold as Custodian pursuant to this Agreement and
     maintain sufficient records to indicate that the Deposited Loans have been
     pledged to the Trustee.

          (e)  The Custodian makes no representation, express or implied, as to
     the effectiveness of the bailment hereunder for purposes of perfection
     under the UCC in effect in Wisconsin or Nebraska.

                                       5

<PAGE>
MISCELLANEOUS.

     (a)  No amendment, modification, termination or waiver of any provision of
this Agreement shall be effective unless the same shall be in writing and
signed by the parties and then such waiver or consent shall be effective only
in the specific instance and for the specific purpose for which given. No
amendment of any other agreement or instrument shall affect the Custodian or
its duties hereunder.

     (b)  This Agreement shall be binding upon the parties hereto and their
successors, transferees and assigns, and shall inure to the benefit of and be
enforceable by all parties hereto and their respective successors, transferees
and assigns, provided that the Custodian may not transfer, assign or terminate
all or any part of this Agreement without the prior written consent of the
Borrower.

     (c)  The parties hereto acknowledge and agree that the Lenders shall be
third-party beneficiaries of this Agreement with the power and right to enforce
the provisions of this Agreement against the parties hereto. In the event that
the Lenders become the assignees or successors of the Trustee (under the
circumstances contemplated in the Agreement) and, as such assignees or
successors of the Trustee, enforce this Agreement against the Custodian, the
Lenders shall succeed to the duties and obligations of the Trustee under this
Agreement.

     (d)  The Custodian acknowledges and agrees that its services under this
Agreement are in addition to, and not in lieu of, its services as Servicer of
the Deposited Loans under and pursuant to the Servicing Agreement. The
Custodian shall not be entitled to, and hereby waives, any lien or charge on,
or right of set-off against, any Deposited Loans or proceeds thereof coming
into its possession or otherwise.

     (e)  This Agreement may be executed and delivered in any number of
counterparts, each of which, when so executed and delivered, shall be an
original; provided, however, that such counterparts shall together constitute
but one and the same instrument.

     (f)  Any provision of this Agreement which is prohibited, unenforceable or
not authorized in any jurisdiction shall, as to such jurisdiction, be effective
to the extent of such prohibition, unenforceability or nonauthorization without
invalidating the remaining provisions hereof or affecting the validity or
enforceability or legality of such provision in any other jurisdiction.

     (g)  THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE INTERNAL LAWS OF THE STATE OF WISCONSIN, WITHOUT REFERENCE TO ITS
CONFLICTS-OF-LAWS PRINCIPLES.

     (h)  All notices, requests, demands and other communications under or in
respect of this Agreement shall be in writing or shall be delivered or mailed,
first class, postage prepaid, or sent by facsimile machine, to the parties at
the following addresses

                                       6
<PAGE>
(or at such other address for a party as shall be specified by the party to
whom addressed):

     If to the Borrower:           NHELP-I, INC.
                                   c/o National Higher Education Loan Program
                                   121 South 13 Street, Suite 301
                                   Lincoln, NE 68508
                                   Attention: Terry Heimes
                                   Telephone: (402) 458-2302
                                   Facsimile: (402) 458-2399

     If to the Trustee:            NORWEST BANK MINNESOTA,
                                   NATIONAL ASSOCIATION
                                   6th and Marquette
                                   Minneapolis, MN 55479-0069
                                   Attention: Corporate Trust Department

     If to the Custodian:          GREAT LAKES HIGHER EDUCATION
                                      SERVICING CORPORATION
                                   2401 International Lane
                                   Madison, WI 53704
                                   Attention: President

     If to the Lenders:            CONCORD MINUTEMEN CAPITAL
                                   COMPANY, LLC
                                   227 West Monroe, Suite 4000
                                   Chicago, IL 60606
                                   Attention: Thomas J. Campbell
                                   Telephone: (312) 977-4597
                                   Facsimile: (312) 977-1699

                                   MELLON BANK, N.A.
                                   One Mellon Bank Center, Room 410
                                   Pittsburgh, PA 15258
                                   Attention: Robert F. Wagner
                                              Vice President
                                   Telephone: (412) 234-0783
                                   Facsimile: (412) 236-6592

                                       7
<PAGE>
  IN WITNESS WHEREOF, the parties have signed this Agreement as of September 30,
1998.

                                        NORWEST BANK MINNESOTA,
                                        NATIONAL ASSOCIATION, as Trustee
                                        under the Agreement

                                        By
                                          --------------------------------
                                          Alan J. Spadine, Vice President

                                        NHELP-I, INC.

                                        By /s/ Terry J. Heimes
                                          --------------------------------
                                          Terry J. Heimes, Vice President
                                          and Treasurer

                                         GREAT LAKES HIGHER EDUCATION
                                         SERVICING CORPORATION

                                        By /s/ Michael J. Noack
                                          --------------------------------
                                          Michael J. Noack, Executive Vice
                                          President

                                       8
<PAGE>
  IN WITNESS WHEREOF, the parties have signed this Agreement as of September
30, 1998.

                                        NORWEST BANK MINNESOTA,
                                        NATIONAL ASSOCIATION, as Trustee
                                        under the Agreement

                                        By /s/ Alan J. Spadine
                                          -----------------------------------
                                          Alan J. Spadine, Vice President

                                        NHELP-I, INC.

                                        By /s/ Terry J. Heimes
                                          -----------------------------------
                                          Terry J. Heimes, Vice President and
                                          Treasurer

                                        GREAT LAKES HIGHER EDUCATION
                                        SERVICING CORPORATION

                                        By
                                          -----------------------------------
                                          Michael J. Noack, Executive Vice
                                          President

                                       8<PAGE>
                                                                   Exhibit 10.4
================================================================================

            FIRST AMENDMENT TO WAREHOUSE LOAN AND SECURITY AGREEMENT

                                      among

                                 NHELP-I, INC.,
                                 as the Borrower

                                       and

                  NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
                                 as the Trustee

                                       and

                     CONCORD MINUTEMEN CAPITAL COMPANY, LLC,
                                  as the Lender

                          Dated as of December 15, 1998

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

<PAGE>

<TABLE>
<S>                                                                                 <C>
                                       ARTICLE

                           AMENDMENTS TO ORIGINAL AGREEMENT

Section 1.01. Definitions......................................................     1
Section 1.02. Amendment to Section 2.02 of Original Agreement..................     2
Section 1.03. Amendment to Section 5.09(a) of the Original Agreement ..........     3
Section 1.04. Amendment to Exhibit B to Original Agreement.....................     3
Section 1.05. Amendment to Exhibit C to Original Agreement.....................     3

                                      ARTICLE II

                                  GENERAL PROVISIONS

Section 2.01. Date of Execution................................................     3
Section 2.02. Laws Governing...................................................     3
Section 2.03. Severability.....................................................     4
Section 2.04. Exhibits.........................................................     4

                                     ARTICLE III

                         APPLICABILITY OF ORIGINAL AGREEMENT

EXHIBIT A     DRAW NOTICE
EXHIBIT B     FORM OF VALUATION AGENT AGREEMENT
</TABLE>

<PAGE>

         THIS FIRST AMENDMENT TO WAREHOUSE LOAN AND SECURITY AGREEMENT (the
"Amendment") is made as of December 15, 1998, among: NHELP-I, INC., a
corporation duly organized under the laws of the state of Nevada (the
"Borrower"); CONCORD MINUTEMEN CAPITAL COMPANY, LLC, a Delaware limited
liability company ("Concord"); and NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION,
a national banking association, as eligible lender and trustee (the "Trustee").

                             PRELIMINARY STATEMENTS

         1.       The Borrower, Concord and the Trustee have previously entered
into that certain Warehouse Loan and Security Agreement dated as of September
30, 1998 (the "Original Agreement").

         2.       Pursuant to Section 9.01 of the Original Agreement, the
Borrower and the Trustee may amend the Original Agreement with the prior written
consent of the Agent, the Required Lenders and the Liquidity Providers, if any.
As of this date, Concord and the Agent are the Required Lenders, no Liquidity
Providers other than the Agent exist and the Agent has given its written consent
to the execution of this Amendment.

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto agree as follows:

                                    ARTICLE I

                        AMENDMENTS TO ORIGINAL AGREEMENT

         ADDITIONS ARE INDICATED BY UNDERLINING AND DELETIONS ARE INDICATED BY
BRACKETS THROUGHOUT THIS AMENDMENT.

         All words and phrases defined in Article I of the Original Agreement
shall have the same meaning in this Amendment, except as otherwise appears in
this Article.

         SECTION 1.01. DEFINITIONS. The definitions set forth below are amended
to provide as follows:

                  "Advance Percentage Calculation Report" means the report
         prepared by the Valuation Agent and delivered to the Required Lenders,
         the Agent, the Trustee and the Borrower (a) not later than [four] five
         Business Days prior to each Advance, other than a Rollover Advance,
         setting forth the Maximum Advance Percentage for the Eligible Loans to
         be financed with such Advance, and (b) on each Valuation Date, setting
         forth the weighted average of the Maximum Advance Percentage and the
         Eligible Loans financed since the last Advance Percentage Calculation
         Report, the forms of which are attached as Exhibit A to the Valuation
         Agreement. The Maximum Advance Percentage determined pursuant to any
         Advance Percentage Calculation Report with respect to any Financed
         Loans shall remain in effect with respect to such Financed Loans until
         the Borrowing

<PAGE>

         Date immediately following the delivery of the next Valuation Report
         delivered pursuant to Section 5.09.

                  "Custodian" means, individually or collectively, UNIPAC
         Service Corporation, Great Lakes Higher Education Servicing
         Corporation, InTuition. Inc., United Student Aid Funds, Inc. and each
         additional Servicer or bailee with which the Borrower has entered into
         a Custodian Agreement.

                  "Custodian Agreement" means, individually or collectively, (a)
         the Custodian Agreement dated September 30, 1998 among the Borrower,
         the Trustee and UNIPAC Service Corporation, (b) the Custodian Agreement
         dated September 30, 1998 among the Borrower, the Trustee and Great
         Lakes Higher Education Servicing Corporation, (c) the Custodian
         Agreement dated December 22, 1998 among the Borrower, the Trustee and
         InTuition, Inc., (d) the Custodian Agreement dated December 22, 1998.
         among the Borrower, the Trustee and United Student Aid Funds, Inc. and
         (e) each additional or successor custodian agreement entered into among
         the Borrower, the Trustee and a Custodian and approved by the Required
         Lenders and the Agent.

                  "Interest Period" means a (a) period of one month, commencing
         on the [first] second Business Day of each month and ending on (but
         excluding) the [first] second Business Day of the immediately
         succeeding calendar month or (b) such other period as may be agreed on
         from time to time by the Borrower and the Required Lenders. At no time
         may there be more than one Interest Period outstanding, unless
         otherwise approved by the Required Lenders.

                  "Settlement Date" means the [first] second Business Day of
         each month.

         SECTION 1.02. AMENDMENT TO SECTION 2.02 OF ORIGINAL AGREEMENT. Section
2.02(a) and Section 2.02(b) of the Original Agreement are hereby amended as
follows:

                           (a)      Any Advances made by the Lenders during the
                  Revolving Period, will be made on the [first] second Business
                  Day of a calendar month (unless otherwise agreed by the
                  Borrower and the Required Lenders) at the request of the
                  Borrower, subject to and in accordance with the terms and
                  conditions of Section 2.01 and this Section 2.02. After the
                  Revolving Period, the Lenders shall make Advances on the
                  [first] second Business Day of any calendar month (unless
                  otherwise agreed by the Borrower and the Required Lenders) at
                  the request of the Borrower, subject to and in accordance with
                  the terms and conditions of Section 2.01 and this Section
                  2.02, solely to the extent necessary to refund any maturing
                  Advances.

                           (b)      Subject to satisfaction of the conditions
                  precedent set forth in this Agreement and, if the Advance to
                  be made is a Liquidity Advance, to satisfaction of the
                  conditions precedent in the Liquidity Agreement, the Borrower
                  may request an Advance hereunder by giving written notice to
                  the Lenders in the form of Exhibit C hereto not later than
                  12:00 noon, Chicago time, at least [three] four Business Days'
                  prior to the proposed date of such Borrowing. Each such notice

                                       2
<PAGE>

                  shall specify (i) the aggregate amount of such Borrowing,
                  which shall be in an amount equal to or greater than
                  $1,000,000, (ii) the date of such Borrowing (which may only be
                  the [first] second Business Day of a calendar month unless
                  otherwise agreed by the Borrower and the Required Lenders),
                  (iii) if the Advance to be made is a Liquidity Advance, the
                  requested applicable Liquidity Interest Rate for such
                  Borrowing and (iv) the Requested Advance Percentage. On the
                  date of such Borrowing, each Lender shall, upon satisfaction
                  of the applicable conditions set forth in this Agreement, make
                  available to the Borrower in same day funds, their respective
                  Pro Rata Share of the amount of such Borrowing by payment to
                  the account which the Borrower has designated in writing.
                  Unless otherwise agreed by the Required Lenders, the duration
                  of all Interest Periods shall be one (1) calendar month.

         SECTION 1.03. AMENDMENT TO SECTION 5.09(a) OF THE ORIGINAL AGREEMENT.
Section 5.09(a) of the Original Agreement is hereby amended as follows:

                           (a)      The Borrower will cause the Valuation Agent
                  to deliver to the Agent (at the address provided in the
                  Liquidity Agreement) and to the Required Lenders and the
                  Trustee:

                                    (i)      not later than each Valuation Date,
                           a Valuation Report setting forth the Aggregate Market
                           Value, the Liabilities and the Asset Coverage Ratio;
                           and

                                    (ii)     not later than [four] five Business
                           Days prior to each Advance, other than a Rollover
                           Advance, an Advance Percentage Calculation Report.

         SECTION 1.04. AMENDMENT TO EXHIBIT B TO ORIGINAL AGREEMENT. Exhibit B
to the Original Agreement is hereby amended as described in Exhibit A hereto.

         SECTION 1.05. AMENDMENT TO EXHIBIT C TO ORIGINAL AGREEMENT. Exhibit C
to the Original Agreement is hereby amended as described in Exhibit B hereto.

                                   ARTICLE II

                               GENERAL PROVISIONS

         SECTION 2.01. DATE OF EXECUTION. Although this Amendment for
convenience and for the purpose of reference is dated as of December 15, 1998,
the actual dates of execution by the Borrower, by Concord and by the Trustee are
as indicated by their respective acknowledgments hereto annexed.

         SECTION 2.02. LAWS GOVERNING. It is the intent of the parties hereto
that this Amendment shall in all respects be governed by the laws of the State
of Illinois.

                                       3
<PAGE>

         SECTION 2.03. SEVERABILITY. If any covenant, agreement, waiver, or part
thereof in this Amendment contained be forbidden by any pertinent law or under
any pertinent law be effective to render this Amendment invalid or unenforceable
or to impair the lien hereof, then each such covenant, agreement, waiver, or
part thereof shall itself be and is hereby declared to be wholly ineffective,
and this Amendment shall be construed as if the same were not included herein.

         SECTION 2.04. EXHIBITS. The terms of the Exhibits attached to this
Amendment are incorporated herein in all particulars.

                                   ARTICLE III

                       APPLICABILITY OF ORIGINAL AGREEMENT

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

                                       4
<PAGE>

         IN WITNESS WHEREOF, the parties have caused this Amendment to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                THE BORROWER:

                                NHELP-I, INC.

                                By /s/ Terry J. Heimes
                                   ---------------------------------------------
                                   Terry J. Heimes, Vice President and Treasurer

                                Date 12/22/98

                                c/o National Higher Education Loan Program
                                121 South 13 Street, Suite 301
                                Lincoln, NE 68508
                                Attn: Terry J. Heimes
                                (402)458-2303
                                Fax:(402)458-2399

                                THE LENDER:

                                CONCORD MINUTEMEN CAPITAL COMPANY, LLC

                                By /s/ Thomas J. Irvin
                                   ---------------------------------------------
                                    Thomas J. Irvin, Manager

                                Date--------------------------------------------

                                c/o The Liberty Hampshire Company, LLC
                                227 West Monroe
                                Suite 4000
                                Chicago, Illinois 60606
                                Attn: Lisa Gajewski
                                (312)977-4583
                                Fax: (312)977-1699

                                       5
<PAGE>

                                THE TRUSTEE:

                                NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION

                                By /s/ Alan J. Spadine
                                   ---------------------------------------------
                                   Alan J. Spadine, Vice President

                                Date

                                Norwest Bank Minnesota, National Association
                                6th & Marquette Avenue
                                Minneapolis, MN 55479-0069
                                Attn: Corporate Trust Services
                                (612)667-5745
                                Fax: (612) 667-2149

ACKNOWLEDGED:

THE AGENT:

MELLON BANK, N.A.

By /s/ Robert F. Wagner
   ------------------------
   Vice President

Date

Mellon Bank, N.A.
One Mellon Bank Center
Room 410
Pittsburgh, PA 15258
Fax:(412)236-6592

                                       6
<PAGE>

                                    EXHIBIT A

                                   DRAW NOTICE

                    NHELP-I, INC. 1998 WAREHOUSING FINANCING
           WITH CONCORD MINUTEMEN CAPITAL COMPANY, LLC, AS THE LENDER
                                   DRAW NOTICE
                                    EXHIBIT C

Date: [4 Business Days prior to date Advance is to be made]

In accordance with Section 2.02 of the Warehouse Loan and Security Agreement
dated as of September 30, 1998 (the "Agreement"), by and among NHELP-I, Inc.
(the "Borrower"), Norwest Bank Minnesota, National Association (the "Trustee")
and Concord Minutemen Capital Company, LLC, the Borrower hereby requests an
Advance in the amount and as of the date provided below. This request is
accompanied by an Advance Percentage Calculation Report as required pursuant to
Section 3.02 of the Agreement.

<TABLE>
<S>                                                                  <C>                 <C>
Date of Borrowing                                                                        ________________

ADDITIONAL BORROWINGS/ROLLOVER AMOUNTS:
Total Required Additional Borrowings/Rollover Amounts as required
pursuant to Exhibit D of the Agreement                                                   ________________

NEW BORROWINGS FOR THE FUNDING OF STUDENT LOANS:
Aggregate Amount of Student Loans to be Financed
         Principal                                                   ________________

Maximum Advance Percentage, as provided in the
Advance Percentage Calculation Report
for the most recently ended quarter                                  ________________%

Requested Advance Percentage, not to exceed the
the Maximum Advance Percentage provided above                        ________________%

Amount of borrowing required for principal funding
  (Student Loan Principal multiplied by Requested Advance %)         ________________
Amount of borrowing required for interest funding                    ________________
Total Amount of New Borrowing

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

TOTAL BORROWINGS TO BE ADVANCED                                                          ================
(Sum of Additional Borrowings/Rollover Amounts and
Amount of New Borrowing, provided above)

If a Liquidity Advance, the requested Applicable
Liquidity Interest Rate                                              (Not Applicable)%

TEST OF FACILITY AMOUNT:
Total available Facility Amount                                                               500,000,000

Less the sum of:
Total outstanding Advances                                           ________________
Total projected Yield due on all outstanding Advances                ________________
  Total outstanding Advances & Yield                                                     ________________

Remaining facility amount                                                                ================
</TABLE>

<PAGE>

Capitalized terms not otherwise defined herein shall have the meanings assigned
to them in the Agreement.

Please consider this proper authorization to transfer the Total Borrowings to be
Advanced in the Amount noted above to the Collection Account held by the Trustee
on [DATE OF BORROWING]. Pursuant to Article III of the Agreement, I hereby
certify that NHELP-I, Inc. has met the Conditions precedent to all borrowings as
required and as described in such section. I further certify that to the best of
my knowledge and belief, the amounts provided above are accurate and complete.

                                             NHELP-I, Inc.

                                             ___________________________________
                                             Terry J. Heimes, Vice President

<PAGE>

                                    EXHIBIT B

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

                        FORM OF VALUATION AGENT AGREEMENT

                                      among

                               [VALUATION AGENT],
                             as the Valuation Agent

                                 NHELP-I, INC.,
                                 as the Borrower

                                       and

                    CONCORD MINUTEMEN CAPITAL COMPANY, LLC,
                                  as the Lender

                          Dated as of___________,_____

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

<PAGE>

         THIS VALUATION AGENT AGREEMENT (the "Agreement") is made as of ________
_,_______by and among [VALUATION AGENT], a corporation duly organized under the
laws of the State of Delaware (the "Valuation Agent"); NHELP-1, INC., a
corporation duly organized under the laws of the State of Nevada (the
"Borrower"); and CONCORD MINUTEMEN CAPITAL COMPANY, LLC, a special purpose
finance company administered by the Liberty Hampshire Company, LLC ("Concord").

                             PRELIMINARY STATEMENTS

         WHEREAS the Borrower, Concord and Norwest Bank Minnesota, National
Association (the "Trustee") have entered into a Warehouse Loan and Security
Agreement dated as of September 30, 1998 (the "Loan Agreement"), pursuant to
which Concord has agreed to make loans to the Borrower from time to time subject
to the conditions set forth therein for the purpose of financing the purchase of
certain types of education loans (the "Student Loans", and when financed under
the Loan Agreement, the "Financed Loans");

         WHEREAS Concord has entered into a Liquidity Agreement dated as of
September 30, 1998 (the "Liquidity Agreement") pursuant to which Concord may
assign to the Liquidity Providers (as defined in the Loan Agreement) its right,
title and interest to the whole or part of the loans made by Concord;

         WHEREAS the Loan Agreement and the Liquidity Agreement provide that, in
order to secure the prompt and complete payment of all amounts due and payable
thereunder, the Borrower will grant to the Trustee, for the benefit of Concord
and the Liquidity Providers, a security interest in the Financed Loans, all
revenues and recoveries of principal from the Financed Loans and any other
collections, funds and accrued earnings held thereon held in the various funds
and accounts, created under the Loan Agreement (collectively, the "Pledged
Collateral");

         WHEREAS the maximum amount of funds the Lender and the Agent will make
available to the Borrower from time to time for the purpose of financing Student
Loans is in part based upon the characteristics of the Financed Loans and
certain other assumptions as described herein; and

         WHEREAS the Valuation Agent has agreed to perform certain calculations
relating to the Pledged Collateral, in accordance with the assumptions and
procedures described herein and at the times and under the circumstances
specified in the Loan Agreement

         NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto agree as follows:

<PAGE>

                                   ARTICLE I

                                  DEFINITIONS

         SECTION 1.01. CERTAIN DEFINED TERMS. As used in this Agreement and its
exhibits, the terms set forth above and in this Section 1.01 shall have the
meanings ascribed thereto (such meanings to be equally applicable to both the
singular and plural forms of the terms defined) unless a contrary definition is
given to such term in the Loan Agreement, in which case the definition in the
Loan Agreement shall be controlling.

          "Advance Percentage Calculation Assumptions" means the following cash
 flow and related assumptions to be used by the Valuation Agent in connection
 with its preparation of each Advance Percentage Calculation Report:

                  (a)      The 91-day Treasury bill rate shall equal Current
         T-Bill;

                  (b)      LIBOR shall be a rate per annum equal to the sum of:
         (i) Current T-Bill, (ii) the Current TED Spread, and (iii) 0.20%;

                  (c)      the Cost of Funds shall be a rate per annum equal to
         the sum of (i) LIBOR, and (ii) 0.225%;

                  (d)      the Discount Rate to be applied to the Net Revenues
         shall be a rate per annum equal to the sum of (i) the Cost of Funds,
         and (ii) 0.80%;

                  (e)      interest earnings on short-term balances shall be a
         rate per annum equal to: (i) LIBOR, less (ii) 0.10%;

                  (f)      the cumulative default rate shall be 15%;

                  (g)      default occurrences shall be spread out evenly over
         each year of repayment in accordance with the following schedule: 70%
         in the first year of repayment; 20% in the second year of repayment;
         10% in the third year of repayment; and 0% thereafter;

                  (h)      the principal balance of Student Loans that receive
         an interest rate reduction pursuant to any Borrower Incentive Program
         will equal the product of: (i) the aggregate principal balance (not
         including any capitalized interest) of Student Loans eligible to
         participate in any such program, and (ii) 20%;

                  (i)      servicing fees for Student Loans will be based upon
         the fees stated in the applicable Servicing Agreements covering the
         Financed Loans that are then in effect. The presently effective
         servicing fees for UNIPAC Service Corporation ("UNIPAC") and Great
         Lakes Higher Education Servicing Corporation ("Great Lakes") are
         attached hereto as Exhibit D;

                  (j)      fees payable to the U.S. Department of Education on
         Consolidation Loans made after October 1, 1993 will be charged at a
         rate of 1.05% (or such other rate as may

                                       2
<PAGE>

         be provided for under applicable law) per annum on the outstanding
         principal balance of such loans, payable monthly; and

                  (k)      the Portfolio Administration Fee shall be 0.45% per
         annum, payable monthly in arrears based upon the unpaid principal
         balance of Financed Loans at the end of the prior month.

         Pursuant to the terms of the Loan Agreement, the assumptions in
paragraphs (a) through (k) above may be amended from tine to time with the
mutual consent of the Borrower, the Required Lenders and the Agent (with notice
to the Valuation Agent stating the specific nature of such changes and that any
and all consents and approvals necessary to effect such changes have been
obtained). All other assumptions regarding Financed Loans shall be as set forth
in the Portfolio Characteristics.

          "Advance Percentage Calculation Report" has the meaning set forth in
the Loan Agreement, and is to be provided by the Valuation Agent to the
Borrower, Concord, the Agent and the Trustee prior to each new financing of
Student Loans, in the form attached hereto as Exhibit A.

          "Borrower Incentive Program" means any interest rate reduction program
 applicable to any Financed Loans or Student Loans to be financed.

         "Cash Flow Projections" mean the estimates prepared by the Valuation
Agent for the period commencing on the most recent date for which the Valuation
Agent has received the Portfolio Characteristics illustrating: (a) the income to
be received from the Financed Loans (excluding borrower interest, federal
interest subsidy and federal special allowance payments accrued thereon and
unpaid as of the date of the Portfolio Characteristics) and Permitted
Investments, including borrower principal and interest payments, federal
interest subsidy payments, federal special allowance payments, guaranty
payments, sale proceeds and investment earnings (collectively, the "Revenues"),
(b) the costs incurred in the financing of such Financed Loans, including
acquisition fees, debt service, servicing fees, valuation fees, trustee fees,
administrative fees, consolidation loan rebate and any other charges relating to
the financing, servicing and administration of such loans (collectively, the
"Expenses"), and (c) the periodic and cumulative Revenues less the periodic and
cumulative Expenses (the "Net Revenues").

         "Cost of Funds" means the interest rate per annum used by the
Valuation Agent in the Cash Flow Projections for computing debt interest
expense.

         "Current LIBOR" means the most recent interest rate per annum
available to the Valuation Agent for one-month eurodollar deposits, as published
in The Wall Street Journal.

         "Current T-Bill" means the most recent bond equivalent yield per annum
available to the Valuation Agent for the auction of 13-week U.S. Treasury Bills,
as published in The Wall Street Journal.

                                       3
<PAGE>

         "Current TED Spread" means (a) Current LIBOR, less (b) Current T-Bill.

         "Discount Rate" means the rate of discount per annum stipulated in the
Advance Percentage Calculation Assumptions and the Valuation Report Assumptions,
as applicable, to be used by the Valuation Agent in connection with its
determination of the present value of Net Revenues.

         "Loan Valuation Percentage" has the meaning set forth in the Loan
Agreement, and is to be determined by the Valuation Agent by: (a) dividing (i)
the present value of the Net Revenues (using the Portfolio Characteristics and
the Valuation Report Assumptions) by (ii) the outstanding principal balance of
Student Loans, and (b) adding 100% to the resulting percentage.

         "Net Revenues" means the projected net income to be received from the
Student Loans after taking into account financing costs, loan defaults and
delinquencies, fees and other charges, all as set forth in the Advance
Percentage Calculation Assumptions and the Valuation Report Assumptions, as
applicable.

         "Portfolio Characteristics" means the information contained in the
reports provided to the Valuation Agent by or at the direction of the Borrower,
in a form acceptable to the Valuation Agent (such form could also include a
computer tape provided by any Servicer), prior to: (a) each proposed financing
of new Student Loans, and (b) each Valuation Date. Such reports shall set forth
all of the particular characteristics of Student Loans to be financed or
Financed Loans, as the case may be, necessary in order that the Valuation Agent
shall be able to perform the calculations required hereunder or under the Loan
Agreement, including, but not limited to breakdowns by loan type, borrower
interest rate, borrower status, special allowance margin, disbursement date,
remaining term by status, applicable loan servicer, guarantee level and
eligibility for, level of participation in and terms of any Borrower Incentive
Program.

         "Valuation Agent Fees" means the fees payable to the Valuation Agent,
pursuant to Section 3.01 hereof and Section 2.06(c)(ix) of the Loan Agreement,
in such amounts and on such dates equal to 0.025% times the average outstanding
principal balance of Advances during each Calculation Period.

         "Valuation Report" means a report furnished by the Valuation Agent to
the Required Lenders, the Borrower and the Trustee pursuant to Section
5.09(a)(i) of the Loan Agreement, in the form attached hereto as Exhibit B.

         "Valuation Report Assumptions" means the following cash flow and
related assumptions to be used by the Valuation Agent in connection with its
preparation of each Valuation Report required under the Loan Agreement:

                  (a)      T-Bill shall equal Current T-Bill;

                                       4
<PAGE>

                  (b)      LIBOR shall be a rate per annum equal to the sum of:
         (i) Current T-Bill, and (ii) the Current TED Spread;

                  (c)      the Cost of Funds shall be a rate per annum equal to
         the sum of (i) LIBOR, and (ii) 0.20%;

                  (d)      the Discount Rate to be applied to the Net Revenues
         shall be a rate per annum equal to the sum of (i) the Cost of Funds,
         and (ii) 0.80%;

                  (e)      interest earnings on short-term balances shall be a
         rate per annum equal to: (i) LIBOR, less (ii) 0.10%;

                  (f)      the cumulative default rate shall be 15%;

                  (g)      default occurrences shall be spread out evenly over
         each year of repayment in accordance with the following schedule: 70%
         in the first year of repayment; 20% in the second year of repayment;
         10% in the third year of repayment; and 0% thereafter;

                  (h)      the principal balance of Student Loans that receive
         an interest rate reduction pursuant to any Borrower Incentive Program
         will equal the product of: (i) the aggregate principal balance of
         Student Loans receiving any such reduced interest rate as shown in the
         Portfolio Characteristics, and (ii) 105%;

                  (i)      servicing fees for Student Loans will be based upon
         the fees stated in the applicable Servicing Agreements covering the
         Financed Loans that are then in effect. The presently effective
         servicing fees for UNIPAC Service Corporation ("UNIPAC") and Great
         Lakes Higher Education Servicing Corporation ("Great Lakes") are
         attached hereto as Exhibit D;

                  (j)      fees payable to the U.S. Department of Education on
         Consolidation Loans made after October 1, 1993 will be charged at a
         rate of 1.05% per annum (or such other rate as may be provided for
         under applicable law) on the outstanding principal balance of such
         loans, payable monthly; and

                  (k)      the Portfolio Administration fee shall be 0.45% per
         annum, payable monthly in arrears based upon the unpaid principal
         balance of loans at the end of the prior month.

                  (1)      Pursuant to the terms of the Loan Agreement, the
         assumptions in paragraphs (a) through (k) above may be amended from
         time to time with the mutual consent of the Borrower, the Required
         Lenders and the Agent (with notice to the Valuation Agent stating the
         specific nature of such changes and that any and all consents and
         approvals necessary to effect such changes have been obtained). All
         other assumptions regarding Financed Loans shall be as set forth in the
         Portfolio Characteristics.

                                       5
<PAGE>

         SECTION 1.02. COMPUTATION OF TIME PERIODS. Unless otherwise stated in
this Agreement, in the computation of a period of time from a specified date to
a later specified date, the word "from" means "from and including" and the words
"to" and "until" each mean "to but excluding."

                                   ARTICLE II

                    VALUATION AGENT; FEES; TERM OF AGREEMENT

         SECTION 2.01. APPOINTMENT AND ACCEPTANCE. The Borrower and the Lender
hereby appoint [VALUATION AGENT] as Valuation Agent under this Agreement in
connection with the Loan Agreement and [VALUATION AGENT] hereby accepts such
appointment. For purposes of this Valuation Agent Agreement the principal office
of [VALUATION AGENT] shall be__________________________________________________,
unless otherwise indicated to the other parties hereto and the Agent in writing
by [VALUATION AGENT].

         SECTION 2.02. PERFORMANCE BY OTHER PARTIES. The Valuation Agent shall
be obligated to perform hereunder only upon performance in all material respects
by the Borrower (a) to provide statistical information to the Valuation Agent at
the times and in the manner described in the Loan Agreement, and (b) of its
duties and responsibilities hereunder.

         SECTION 2.03. RESIGNATION AND DISCHARGE.

                  (a)      The Valuation Agent may at any time resign and be
         discharged of the duties and obligations created by this Agreement by
         giving at least sixty (60) days' written notice to the Borrower,
         Concord, the Trustee and the Agent.

                  (b)      The Valuation Agent may be removed upon at least
         sixty (60) days' written notice to the Valuation Agent, at the
         direction of the Borrower with the consent of the Required Lenders, by
         an instrument signed by the Borrower and filed with the Valuation
         Agent, Concord, the Trustee and the Agent. Upon the occurrence of an
         Event of Default (as defined in the Loan Agreement), the Required
         Lenders may remove the Valuation Agent at any time.

         Notwithstanding the foregoing, no resignation or removal of the
Valuation Agent shall be effective until a successor shall have been appointed
by the Borrower with the consent of Concord and the Agent, which shall not be
unreasonably withheld, or by the Required Lenders after an Event of Default (as
defined in the Loan Agreement), provided that such resignation by the Valuation
Agent shall be effective upon sixty days' written notice whether or not a
successor has been appointed if and when the Valuation Agent reasonably
determines that one of the following shall occur: (i) the Borrower is not
diligently pursuing the appointment of a successor Valuation Agent at the level
of compensation generally paid in the marketplace for the services to be
performed by the Valuation Agent, (ii) the Loan Agreement or the Liquidity
Agreement has been amended or modified in such a manner as would affect the
Valuation Agent in general or its ability to properly perform its duties
hereunder without the consent of

                                       6
<PAGE>

the Valuation Agent, or (iii) any condition to performance by the Valuation
Agent hereunder or under the Loan Agreement has not been satisfied.

         SECTION 2.04. VALUATION AGENT FEES. In accordance with the priorities
set forth in Section 2.06 of the Loan Agreement, the Borrower agrees to cause
the Trustee to pay to the Valuation Agent, on each Settlement Date, the
Valuation Agent Fee. Such fees should be remitted to the Valuation Agent in
immediately available funds using the following instructions:

                  __________________
                  __________________
                  __________________
                  __________________
                  __________________

         SECTION 2.05. TERM OF AGREEMENT. Unless otherwise terminated pursuant
to the provisions of Section 2.03 hereof, this Agreement shall terminate on
September 30, 2003, unless extended to such later date as mutually agreed to in
writing by the Borrower and the Valuation Agent, with the consent of the
Required Lenders and the Agent.

                                   ARTICLE III

                                  CALCULATIONS

          SECTION 3.01. MAXIMUM ADVANCE PERCENTAGE CALCULATIONS.

                  (a)      Pursuant to the terms and at the times required in
         the Loan Agreement, the Valuation Agent shall compute the Maximum
         Advance Percentage by undertaking certain analytical procedures with
         respect to the Student Loans to be financed thereunder. The Maximum
         Advance Percentage shall be determined by: (i) dividing (A) the present
         value of the Net Revenues (using the Portfolio Characteristics and the
         Advance Percentage Calculation Assumptions) by (B) the outstanding
         principal balance of Student Loans, and (ii) adding 100% to the
         resulting percentage.

                  (b)      Not later than four Business Days prior to each
         Advance that does not constitute a Rollover Advance, and in any case
         not later than the Business Day preceding each January 31, April 30,
         July 31 and October 31, the Valuation Agent shall:

                           (i)      perform Cash Flow Projections based upon the
                  Portfolio Characteristics and the Advance Percentage
                  Calculation Assumptions (both as defined herein);

                           (ii)     calculate the Maximum Advance Percentage (as
                  defined herein and in the Loan Agreement) using the results of
                  the Cash Flow Projections described in Section 3.01(b)(i)
                  above; and

                                       7
<PAGE>

                           (iii)    submit a report to the Lender, the Agent,
                  the Borrower and the Trustee in the form of Exhibit A attached
                  hereto.

         SECTION 3.02. LOAN VALUATION PERCENTAGE CALCULATIONS.

                  (a)      Pursuant to the terms and at the times required in
         the Loan Agreement, the Valuation Agent shall compute the Loan
         Valuation Percentage by undertaking certain analytical procedures with
         respect to the Financed Loans.

                  (b)      Within 30 days after the Valuation Agent's receipt of
         a written request for a Valuation Report from any of Concord, the Agent
         or the Borrower, in the form of Exhibit C attached hereto, and in any
         case not later than the fourth Business Day preceding each January 31,
         April 30, July 31 and October 31, (each a "Valuation Date") the
         Valuation Agent shall:

                           (i)      perform Cash Flow Projections based upon the
                  Portfolio Characteristics and the Valuation Report Assumptions
                  (both as defined herein);

                           (ii)     calculate the Loan Valuation Percentage
                  using the results of the Cash Flow Projections described in
                  Section 3.02(b)(i) above; and

                           (iii)    submit a report to Concord, the Agent, the
                  Borrower and the Trustee in the form of Exhibit B attached
                  hereto.

                                   ARTICLE IV

                         REPRESENTATIONS AND WARRANTIES

         The Valuation Agent represents and warrants as follows:

                  (a)      The Valuation Agent is a corporation duly organized,
         validly existing and in good standing under the laws of the State of
         Delaware and is duly qualified to do business, and is in good standing,
         in every jurisdiction in which the nature of its business requires it
         to be so qualified.

                  (b)      The execution, delivery and performance by the
         Valuation Agent of this Agreement is within the Valuation Agent's
         organizational powers, has been duly authorized by all necessary
         organizational action, does not contravene (i) the Valuation Agent's
         Articles of Incorporation or bylaws, (ii) any law, rule or regulation
         applicable to the Valuation Agent, (iii) any contractual restriction
         binding on or affecting the Valuation Agent or its property or (iv) any
         order, writ, judgment, award, injunction or decree binding on or
         affecting the Valuation Agent or its property. This Agreement has been
         duly executed and delivered by the Valuation Agent.

                  (c)      No authorization or approval or other action by, and
         no notice to or filing with, any Governmental Authority is required for
         the due execution, delivery and performance by the Valuation Agent of
         this Agreement.

                                       8
<PAGE>

                  (d)      This Agreement constitutes the legal, valid and
         binding obligations of the Valuation Agent enforceable against the
         Valuation Agent in accordance with its terms, subject to (i) applicable
         bankruptcy, insolvency, moratorium, or other similar laws affecting the
         rights of creditors, and (ii) general principals of equity, whether
         such enforceability is considered in a proceeding in equity or at law.

                  (e)      There is no pending or, to the knowledge of the
         Valuation Agent, threatened, action or proceeding affecting the
         Valuation Agent before any court, governmental agency or arbitrator
         that may materially adversely affect the financial condition of the
         Valuation Agent or the ability of the Valuation Agent to perform its
         obligations under this Agreement. The Valuation Agent is not in default
         with respect to any order of any court, arbitrator or any other
         Governmental Authority.

                  (f)      Each document and report delivered by, or to be
         delivered by, the Valuation Agent pursuant to the terms of Articles II
         or III hereof shall be executed on behalf of the Valuation Agent by a
         duly authorized officer of the Valuation Agent.

                                    ARTICLE V

                                 INDEMNIFICATION

                  (a)      Without limiting any other rights which the Lender,
         the Borrower or any of their respective Affiliates may have hereunder
         or under applicable law, and notwithstanding any limitation on recourse
         to the Valuation Agent set forth in this Agreement, the Valuation Agent
         hereby agrees to indemnify Concord, the Borrower and each of their
         respective officers, directors, employees, agents, attorneys-in-fact,
         Affiliates and assigns (including without limitation the Liquidity
         Providers) from and against any and all damages, losses, claims,
         liabilities and related costs and expenses, including reasonable
         attorneys' fees and disbursements (all of the foregoing being
         collectively referred to as "Indemnified Amounts") awarded against or
         incurred by any of them arising out of or as a result of this
         Agreement, excluding, however, Indemnified Amounts to the extent
         resulting from the gross negligence or willful misconduct of the Person
         seeking indemnification. Without limiting the foregoing, the Valuation
         Agent shall indemnify the Lender, the Borrower and each of their
         respective officers, directors, employees, agents, attorneys-in-fact,
         Affiliates and assigns (including without limitation the Liquidity
         Providers) for Indemnified Amounts relating to or resulting from:

                           (i)      any representation or warranty made or
                  deemed made by the Valuation Agent, under or in connection
                  with this Agreement, which shall have been false or incorrect
                  when made or deemed made or delivered;

                           (ii)     the failure by the Valuation Agent to comply
                  with any term, provision or covenant contained in this
                  Agreement; and

                           (iii)    any failure of the Valuation Agent to
                  perform its duties or obligations in accordance with the
                  provisions of this Agreement.

                                       9
<PAGE>

                  (b)      Without limiting any other rights which the Valuation
         Agent or any of its respective Affiliates may have hereunder or under
         applicable law, and notwithstanding any limitation on recourse to the
         Borrower set forth in this Agreement, the Borrower hereby agrees to
         indemnify the Valuation Agent and each of its officers, directors,
         employees, agents, attorneys-in-fact and Affiliates from and against
         any and all damages, losses, claims, liabilities and related costs and
         expenses, including reasonable attorneys' fees and disbursements (all
         of the foregoing being collectively referred to as "Indemnified
         Amounts") awarded against or incurred by any of them arising out of or
         as a result of this Agreement, excluding, however, Indemnified Amounts
         to the extent resulting from the gross negligence or willful misconduct
         of the Valuation Agent or its Affiliates. Without limiting the
         foregoing, the Borrower shall indemnify the Valuation Agent and each of
         its respective officers, directors, employees, agents,
         attorneys-in-fact and Affiliates for Indemnified Amounts relating to or
         resulting from:

                           (i)      any representation or warranty made or
                  deemed made by the Borrower under or in connection with this
                  Agreement, which shall have been false or incorrect when made
                  or deemed made or delivered;

                           (ii)     the failure by the Borrower to comply with
                  any term, provision or covenant contained in this Agreement;
                  and

                           (iii)    any failure of the Borrower to perform its
                  duties or obligations in accordance with the provisions of
                  this Agreement.

Any amounts determined by a court of competent jurisdiction as a result of a
proceeding brought which is subject to the indemnification provisions of this
Article V shall be paid by the Valuation Agent to Concord, the Borrower or their
respective officers, directors, employees, agents, attorneys-in-fact, Affiliates
or the Liquidity Providers, or by the Borrower to the Valuation Agent or its
officers, directors, employees, agents, attorneys-in-fact or Affiliates, as the
case may be, for the benefit of the applicable payee, within two Business Days
following written demand therefor.

                                   ARTICLE VI

                                  MISCELLANEOUS

         SECTION 6.01. CONFIDENTIALITY. Except as permitted by the Loan
Agreement, the Valuation Agent, Concord and the Borrower each agree to keep
confidential and not to disclose any non-public information, calculations,
exhibits or documents related to this Agreement or the Loan Agreement, without
the express written consent of the other parties thereto.

         SECTION 6.02. AMENDMENT. This Valuation Agent Agreement may be amended
only by a written agreement signed by those parties hereto and with the prior
written consent of the Agent.

         SECTION 6.03. GOVERNING LAW. This Agreement shall be governed by and
construed in accordance with the laws of the State of Illinois.

                                       10
<PAGE>

         SECTION 6.04. NOTICES.

                  (a)      Concord agrees to provide written notice to the
         Valuation Agent within three Business Days of the following: (i) a new
         Agent, (ii) a new Liquidity Fee, and (iii) the assignment by the
         Secured Creditors of the Investment of Concord in the Advances to the
         Borrower, such notice to include the amount of such assignment and the
         Liquidity Interest Rate applicable to such assignment.

                  (b)      All notices, requests or other communications to the
         Valuation Agent, Borrower, Trustee, Lender and Agent, including the
         notices required in paragraph (a) above, shall be in writing (unless
         otherwise specified herein) and shall be deemed to have been validly
         given or made when delivered (via telecopy or by hand) or mailed,
         registered or certified mail, return receipt requested and postage
         prepaid, addressed as follows:

                  If to the Valuation Agent,
                   addressed to:        __________________________
                                        __________________________
                                        __________________________
                                        Attn.:____________________
                                        Telephone:________________
                                        Facsimile:________________

                  If to the Borrower,
                   addressed to it at:  NHELP-1,INC.
                                        c/o National Higher Education Loan
                                        Program
                                        121 South 13 Street
                                        Suite 301
                                        Lincoln, NE 68508
                                        Attn.: Terry J. Heimes
                                        Telephone: (402)458-2303
                                        Facsimile: (402) 458-2399

                  If to the Lender,
                   addressed to it at:  Concord Minutemen Capital Company, LLC
                                        227 West Monroe, Suite 4000
                                        Chicago, IL 60606
                                        Attn.: Lisa Gajewski
                                        Telephone: (312)977-4583
                                        Facsimile: (312)977-1699

                                       11
<PAGE>

                  If to the Agent,
                   addressed to it at:  Mellon Bank, N.A.
                                        One Mellon Bank Center, Room 410
                                        Pittsburgh, PA 15258
                                        Attn.: Robert F. Wagner
                                        Telephone: (412)234-0783
                                        Telecopy: (412)236-6592

                  If to the Trustee,
                   addressed to it at:  Norwest Bank Minnesota,
                                        National Association
                                        6th Street & Marquette Avenue
                                        Minneapolis, MN 55479
                                        Attn.: Alan J. Spadine, Corporate Trust
                                        Services
                                        Telephone: (612)667-5745
                                        Facsimile: (612) 667-9165

         Each entity listed above may change the address for service of notice
upon it by a notice in writing to the other entities named above. Each such
notice, request or communication shall be effective when delivered to the
address specified herein.

         SECTION 6.05. THIRD PARTY BENEFICIARY. The Valuation Agent acknowledges
that the Borrower has granted a security interest in favor of the Trustee for
the benefit of the Secured Creditors (as defined in the Loan Agreement) all of
the Borrower's right, title and interest in, to and under this Agreement. The
Valuation Agent consents to the grant of such security interest and agrees (a)
that the representations, warranties, covenants and other agreements of the
Valuation Agent contained herein (including, but not limited to, the Valuation
Agent's indemnity obligations hereunder) shall run directly to the Trustee and
the Secured Creditors and (b) that the Trustee and the Secured Creditors shall
be entitled to rely on and enforce such representations, warranties, covenants
and other agreements (including, but not limited to, the Valuation Agent's
indemnity obligations hereunder) to the same extent as if they were a party
hereto. The foregoing creates a permissive right on behalf of the Trustee and
the Secured Creditors, and the Trustee and the Secured Creditors shall be under
no duties or obligations hereunder.

         SECTION 6.06. ASSIGNMENT BY THE LENDER. The Valuation Agent and the
Borrower acknowledge and agree that to the extent of any assignment by Concord
of its right, title and interest in and to the Investment of Concord in the
Advances to the Borrower pursuant to the terms of the Liquidity Agreement, the
Agent shall succeed to the rights and obligations of Concord hereunder and
Concord shall be released from such obligations without any further act by the
Borrower or the Valuation Agent.

         SECTION 6.07. SUBMISSION TO JURISDICTION; WAIVER OF JURY AND BOND. EACH
OF THE BORROWER, CONCORD AND THE VALUATION AGENT HEREBY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT LOCATED WITHIN THE
COUNTY OF COOK, STATE OF ILLINOIS, AND

                                       12
<PAGE>

IRREVOCABLY AGREE THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS AGREEMENT
SHALL BE LITIGATED IN SUCH COURTS, AND THE BORROWER, THE LENDER AND THE
VALUATION AGENT EACH WAIVE ANY OBJECTION WHICH IT MAY HAVE BASED ON IMPROPER
VENUE OR FORUM NON CONVENIENS TO THE CONDUCT OF ANY PROCEEDING IN ANY PROCESS
UPON IT, AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY MAIL OR
MESSENGER DIRECTED TO IT AT THE ADDRESS SET FORTH HEREIN THAT SERVICE SHALL BE
DEEMED TO BE COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT OR FIVE DAYS AFTER THE
SAME SHALL HAVE BEEN POSTED TO SUCH ADDRESS.

         EACH OF THE BORROWER, CONCORD AND THE VALUATION AGENT ACKNOWLEDGE THAT
THE TIME AND EXPENSE REQUIRED FOR TRIAL BY JURY EXCEED THE TIME AND EXPENSE
REQUIRED FOR A BENCH TRIAL AND HEREBY WAIVE, TO THE EXTENT PERMITTED BY LAW,
TRIAL BY JURY IN ANY CLAIM OR CAUSE OF ACTION (INCLUDING ANY COUNTERCLAIM)
ARISING DIRECTLY OR INDIRECTLY OUT OF, UNDER OR IN CONNECTION WITH THIS
AGREEMENT, ANY OTHER DOCUMENT, INSTRUMENT OR AGREEMENT EXECUTED AND/OR DELIVERED
IN CONNECTION HEREWITH OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY, WHETHER WITH RESPECT TO CONTRACT CLAIMS, TORT CLAIMS OR OTHERWISE, AND
WAIVE ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR THIS
WAIVER, BE REQUIRED OF THE LENDER. NOTHING CONTAINED IN THIS SECTION 6.07 SHALL
AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE LEGAL PROCESS IN ANY OTHER MANNER
PERMITTED BY LAW. EACH OF THE VALUATION AGENT, CONCORD AND THE BORROWER WAIVES
ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY LITIGATION REFERRED TO ABOVE
ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER
THAN, OR IN ADDITION TO, ACTUAL DAMAGES.

         SECTION 6.08. NO PETITION. Each of the Borrower and the Valuation Agent
hereby covenants and agrees that prior to the date which is one year and one day
after the payment in full of all outstanding commercial paper of Concord, it
will not institute against or join any other person or entity in instituting
against Concord, any bankruptcy, reorganization, arrangement, insolvency or
liquidation proceedings or other similar proceeding under the laws of the United
States or any state of the United States.

         SECTION 6.09. LIMITED RECOURSE NATURE OF TRANSACTIONS. Each of the
Borrower and the Valuation Agent hereby acknowledges and agrees that all
transactions with Concord hereunder shall be without recourse of any kind to
Concord. Concord shall have no obligation to pay any amounts owing hereunder
unless and until Concord has received such amounts pursuant to the Financed
Loans. In addition, each of the Borrower and the Valuation Agent agrees that
Concord shall have no obligation to pay any amounts constituting fees, a
reimbursement for expenses or indemnities (collectively, "Expense Claims") and
such Expense Claims shall not constitute a claim against Concord (as defined in
Section 101 of Title

                                       13
<PAGE>

11 of the United States Bankruptcy Code), unless or until Concord has received
amounts sufficient to pay such Expense Claims pursuant to the Financed Loans and
such amounts are not required to pay the commercial paper of Concord.

         SECTION 6.10. EXECUTION IN COUNTERPARTS. This Agreement may be executed
in any number of counterparts, each of which when so executed and delivered
shall constitute an original, but such counterparts together shall constitute
but one and the same instrument.

         SECTION 6.11. SEVERABILITY. In the event any one or more of the
provisions of this Agreement shall for any reason be held to be illegal or
invalid, such illegality or invalidity shall not affect any other provisions of
this Agreement, and this Agreement shall be construed and enforced as if such
illegal or invalid provisions had not been contained herein.

         SECTION 6.12. SECTION TITLES. The section titles contained in this
Agreement are for convenience of reference only and shall be without substantive
meaning or content of any kind whatsoever and are not a part of the Agreement
among the parties hereto.

         SECTION 6.13. ENTIRE AGREEMENT. This Agreement, including all Exhibits
attached hereto or incorporated by reference therein constitutes the entire
Agreement among the undersigned with respect to the subject matter hereof and
supersedes all other negotiations, understandings and representations, both oral
and written, with respect to the subject matter hereof.

                                       14
<PAGE>

         IN WITNESS WHEREOF, the undersigned have caused this Agreement to be
executed by their respective officers thereunto duly authorized, as of the date
first above written.

                                             THE VALUATION AGENT:

                                             [VALUATION AGENT]

                                             By ________________________________
                                              Name:
                                              Title:

                                             THE BORROWER:

                                             NHELP-1,INC.

                                             By ________________________________
                                                Terry J. Heimes
                                                Vice President

                                             CONCORD:

                                             CONCORD MINUTEMEN CAPITAL
                                             COMPANY, LLC

                                             By ________________________________
                                                Thomas J. Irvin
                                                Managing Director

                                       15
<PAGE>

                                    EXHIBIT A

                  FORM OF ADVANCE PERCENTAGE CALCULATION REPORT

         In accordance with the Valuation Agreement among [VALUATION AGENT],
NHELP-1, INC. and Concord Minutemen Capital Company, LLC dated as of__________,
______, [VALUATION AGENT] has acted as Valuation Agent for purposes of preparing
this Advance Percentage Calculation Report. Based upon the Portfolio
Characteristics and the Advance Percentage Calculation Assumptions (both as
defined therein), we hereby submit the following summary of our calculations:

Date of Report:
Date of Proposed Advance:
Cut-off Date for Portfolio Characteristics:

<TABLE>
<S>                                                                     <C>
A.       Principal balance of loans                                     $

B.       Total Revenues                                                 $

C.       Total Expenses                                                 $

D.       Total Net Revenues (B - C)                                     $

E.       Present value of Net Revenues ("PV")                           $

F.       PV AS A % OF LOAN PRINCIPAL BALANCE (E / A), PLUS 100%
          ("MAXIMUM ADVANCE PERCENTAGE")                                       %
</TABLE>

<PAGE>

                                    EXHIBIT B

                            FORM OF VALUATION REPORT

         In accordance with the Valuation Agreement among [VALUATION AGENT],
NHELP-1, INC. and Concord Minutemen Capital Company, LLC dated as
of___________________________________________, ______, [VALUATION AGENT] acted
as Valuation Agent for purposes of preparing this Valuation Report. Based upon
the Portfolio Characteristics and the Valuation Report Assumptions (both as
defined therein), we hereby submit the following summary of our calculations:

Valuation Date:
Date of Report:
Cut-off Date for Portfolio Characteristics:

<TABLE>
<S>                                                                     <C>    <C>
A.       Principal balance of loans                                     $

B.       Total Revenues                                                 $

C.       Total Expenses                                                 $

D.       Total Net Revenues (B - C)                                     $

E.       Present value of Net Revenues ("PV")                           $

F.       PV AS A % OF LOAN PRINCIPLE BALANCE (E / A), PLUS 100%
          ("LOAN VALUATION PERCENTAGE")                                         %
</TABLE>

<PAGE>

                                    EXHIBIT C

                      FORM OF REQUEST FOR VALUATION REPORT

[VALUATION AGENT]

__________________
__________________
__________________
Attn.:____________

[and, if requested by the Lender or the Agent:

NHELP-1, INC.
121 South 13 Street
Suite 301
Lincoln, NE 68508
Attn.:           ]

Ladies and Gentlemen:

         Pursuant to the terms of the Valuation Agent Agreement among [VALUATION
AGENT], NHELP Trust Inc. (the "Borrower") and Concord Minutemen Capital Company,
LLC (the "Lender") dated as of_________________________,_______, and in
particular Section 2.02(b) thereof, we hereby request that you provide us with a
Valuation Report.

         [Such notice is also being provided at this time to the Borrower, in
order that they can prepare the Portfolio Characteristics and other information
required by you to compute the Aggregate Market Value and Liabilities.]

or, if requested by the Borrower:

         [The information required for you to prepare the Valuation Report,
including the Portfolio Characteristics and other information required to
compute the Aggregate Market Value and Liabilities is attached hereto.]

         In accordance with the terms of the Valuation Agent Agreement, please
submit your report to us on or before [insert date], which is 30 days from the
date this notice has been provided to you.

Sincerely,

[Concord Minutemen Capital Company, LLC], or

[Agent], or

[NHELP-1, INC.]

<PAGE>

                                    EXHIBIT D

                          INITIAL LOAN SERVICING FEES

I.       STUDENT LOANS SERVICED BY UNIPAC SERVICE CORPORATION

<TABLE>
<CAPTION>
                                             STAFFORD, SLS            CONSOLIDATION
    PER ACCOUNT SERVICING FEES               & PLUS LOANS                 LOANS
<S>                                        <C>                      <C>
Enrolled                                   $1.50 per month          N/A
Grace                                      $3.20 per month          N/A
Deferment                                  $3.20 per month          $3.75
Forbearance                                $3.20 per month          $3.75
Repayment (Current)                        $3.20 per month          $3.75
Repayment (More than 30 days past due)     $5.45 per month          $6.00
Default claim filing                       $20 per claim filed      $20 per claim filed
</TABLE>

II.      STUDENT LOANS SERVICED BY GREAT LAKES HIGHER EDUCATION SERVICING
         CORPORATION

<TABLE>
<CAPTION>
          PER ACCOUNT SERVICING FEES                                STAFFORD, SLS & PLUS LOANS
<S>                                                                 <C>
Enrolled                                                                $ 1.45 per month
Grace                                                                   $ 3.05 per month
Deferment                                                               $ 3.05 per month
Forbearance                                                             $ 3.05 per month
Repayment (Current; months 1 through 12)                                $ 3.23 per month
Repayment (Current; months 13+)                                         $ 2.86 per month
Repayment (More than 30 days past due; months 1 through 12)             $ 3.55 per month
Repayment (More than 30 days past due; months 13+)                      $ 3.18 per month
Default claim filing                                                    $15.90 per claim filed
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00056-of-00352.parquet"}]]