Document:

<PAGE>
                                                                   Exhibit 10.10

                    FEDERAL CONSOLIDATION LOAN PROGRAM LENDER
                            PARTICIPATION AGREEMENT

This agreement is made and entered into by and between the Missouri Coordinating
Board for Higher Education ("CBHE"), and Student Loan Finance Corporation and
Subsidiaries (US Bank Trustee) (Lender Code: 833405) ("Eligible Lender").

WHEREAS, the Eligible Lender wishes to participate in a program of Federal
Consolidation Loans for eligible borrowers under Title IV, Part B of the Higher
Education Act of 1965, as amended, ("Higher Education Act"), all regulations
promulgated pursuant to the Higher Education Act including all amendments to the
regulations, and Sections 173.095 through 173.187 of the Missouri Revised
Statutes; and

WHEREAS, the CBHE has determined that the Eligible Lender qualifies as an
eligible lender under the Higher Education Act, the applicable regulations, and
Missouri statutes.

NOW THEREFORE, it is agreed by the CBHE and the Eligible Lender as follows:

1)   The Eligible Lender is currently an eligible lender with the CBHE for the
Federal Family Education Loan (FFEL) Program.

2)   Subject to the Common Manual and the Federal Consolidation Loan Program
Policies and Procedures ("Policies and Procedures") published by the Missouri
Student Loan Program, which Policies and Procedures are attached hereto as
Exhibit A, the CBHE shall guarantee all Federal Consolidation Loans the Eligible
Lender makes, and CBHE-guaranteed Federal Consolidation Loans the Eligible
Lender acquires, that are eligible for reinsurance under the Higher Education
Act and the regulations issued thereunder.

3)   The Eligible Lender shall execute a separate Lender Participation Agreement
for each lender code under which the Eligible Lender will make Federal
Consolidation Loans under the CBHE guarantee or acquire Federal Consolidation
Loans the CBHE guarantees. The Eligible Lender shall execute a separate
Certificate of Comprehensive Insurance for each lender code under which the
Eligible Lender will make Federal Consolidation Loans under the CBHE guarantee.

4)   The Eligible Lender shall make a Federal Consolidation Loan pursuant to
this Agreement to an eligible borrower (upon request of the borrower) only if it
obtains the borrower's certification that the borrower has no other application
pending for a Federal Consolidation Loan. If all the borrower's FFEL Program
loans are held by a single lender other than the Eligible Lender, the Eligible
Lender shall obtain from the borrower a certification that: (A) the borrower has
sought and has been unable to obtain a Federal Consolidation Loan through the
holder of the borrower's FFEL Program loans; or (B) the holder declined to
provide a Federal Consolidation Loan with an income-sensitive repayment
schedule.

5)   The Eligible Lender shall comply with all legal requirements governing the
making and disbursing of Federal Consolidation Loans including, but not limited
to, the requirements set

<PAGE>

forth in Section 428C of the Higher Education Act of 1965, as amended, and all
regulations promulgated thereunder.

6)   The Eligible Lender shall make each Federal Consolidation Loan in an amount
that is equal to the sum of the unpaid principal and accrued unpaid interest and
late charges of all the borrower's eligible student that are selected for
consolidation.

7)   The proceeds of the Federal Consolidation Loan shall be paid by the
Eligible Lender to the holder(s) of the loans selected for consolidation to
fully discharge the liability of such loans.

8)   The Eligible Lender shall report the Federal Consolidation Loan to the CBHE
within the time frame specified in the Common Manual and the Policies and
Procedures. The lender shall include all proper notification documentation
outlined in the Policies and Procedures.

9)   The Eligible Lender shall send the borrower who is interested in
consolidation counseling materials that the CBHE has reviewed.

10)  The Eligible Lender shall ensure that Federal Consolidation Loans the CBHE
guarantees are sold or transferred to an Eligible Lender or eligible lender
code. Non-compliance shall result in the permanent loss of insurance on all
affected Federal Consolidation Loans.

11)  The Eligible Lender shall report to the CBHE the purchase or transfer of a
Federal Consolidation Loan the CBHE guaranteed within 45 days of the sale or
transfer. Subject to #10 above, the Eligible Lender shall report to the CBHE
within 45 days of the date it transfers a Federal Consolidation Loan the CBHE
guaranteed from one of its lender codes to another.

12)  The Eligible Lender shall comply with all obligations, conditions,
requirements and other guidelines set forth herein, in the Common Manual, and in
the Policies and Procedures.

13)  The Eligible Lender agrees to follow such other published terms and
conditions as the Secretary of the U.S. Department of Education or the CBHE
specifically requires to carry out the Federal Consolidation Loan Program.

14)  Either party to this Agreement may terminate the Agreement upon written
notice to the other party, and such termination shall be effective immediately
upon receipt of such notice. The termination of the Contract shall not affect
the coverage of loans under guarantees issued prior to such termination.

        Federal Consolidation Loan Program Lender Participation Agreement
                                     Page 2

<PAGE>

IN WITNESS WHEREOF, the CBHE and the Eligible Lender have each caused this
instrument to be executed this 7th day of February 2002 , by their respective
duly authorized officers.

Student Loan Finance Corporation
and Subsidiaries (US Bank Trustee)     833405                41-0256895
--------------------------------------------------------------------------------
Lender                               Lender Code    Federal Employer I.D. Number

BY   /s/ Tom Steele                                           2-7-2002
  -----------------------------------------------    ---------------------------
     Signature                                       Date

     Tom Steele                                      Corporate Trust Officer
-------------------------------------------------    ---------------------------
Name                                                 Title

PO Box 5304    141 N Main Ave               Sioux Falls, SD         57117-5308
----------------------------------     --------------------        -------------
Street Address                         City and State                  Zip

                     Coordinating Board for Higher Education

     /s/ Kala M. Stroup                     July 16, 2002
----------------------------------     -----------------------------------------
Authorized Signature                   Date

 Kala M. Stroup                        Commissioner of Higher Education
----------------------------------     -----------------------------------------
Name                                   Title

                    RETURN TWO SIGNED COPIES TO THE MISSOURI
                     COORDINATING BOARD FOR HIGHER EDUCATION

        Federal Consolidation Loan Program Lender Participation Agreement
                                     Page 3

<PAGE>

                       FEDERAL CONSOLIDATION LOAN PROGRAM
                     CERTIFICATE OF COMPREHENSIVE INSURANCE

The Missouri Coordinating Board for Higher Education (CBHE) authorizes that all
Federal Consolidation Loans made in conformity with the requirements of Part B
of Title IV of the Higher Education Act of 1965, as amended, by Student Loan
Finance Corporation and Subsidiaries (US Bank Trustee) (Lender Code: 833405),
herein referred to as the "Eligible Lender", are fully insured against loss of
principal and interest by the CBHE, provided:

1)   The Eligible Lender has determined to its satisfaction, in accordance with
reasonable and prudent business practices, for each loan being consolidated --

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

     b)   that each such loan was made and serviced in compliance with all
          applicable laws and regulations; and

     c)   that, in the case of loans made under Part B of Title IV, the
          insurance on such loan is in full force and effect.

2)   That the Federal Consolidation Loan(s) will be made on or after
July 16, 2002 but no later than provided for in the Higher Education Act of
1965, as amended.

3)   That the total unpaid principal amount of all Federal Consolidation Loans
made under this certificate by Lender Code 833405 is equal to or less than $10
million.

4)   That, if the Eligible Lender, prior to the expiration of this certificate,
no longer proposes to make Federal Consolidation Loans or make Federal
Consolidation Loans under the CBHE's guarantee, the Eligible Lender will provide
the CBHE with written notification in order that the certificate may be
terminated. Such termination shall not affect the insurance on any Federal
Consolidation Loan made prior to such termination.

5)   That the Eligible Lender's Federal Consolidation Loan Program practices are
subject to the CBHE's Student Loan Program lender participation limitation,
suspension and termination procedures. The insurance on any Federal
Consolidation Loan(s) made under this certificate prior to the CBHE's imposition
of a limitation, suspension, or termination action shall not be affected by such
action.

6)   That the Eligible Lender complies with the CBHE's reporting requirements
specified in the Common Manual and the Missouri Student Loan Program (MSLP)
Federal Consolidation Loan Policies and Procedures.

7)   That the Eligible Lender offers Federal Consolidation Loan borrowers
repayment terms and a choice of repayment schedules as required by the Higher
Education Act of 1965, as amended, and applicable regulations.

<PAGE>

The MSLP's contract servicer is designated as the office that will process
claims and perform other related administrative functions.

                     Coordinating Board for Higher Education

     /s/ Kala M. Stroup                       July 16, 2002
--------------------------------------       -----------------------------------
Signature                                                   Date

Kala M. Stroup                               Commissioner of Higher Education
--------------------------------------       -----------------------------------
Name                                                Title

         Certificate of Comprehensive Insurance Participation Agreement
                                     Page 2<PAGE>
                                                                   Exhibit 10.11

Effective Date:      June 1, 2002
Certificate Amount   $100,000,000
Lender ID No.:       833405

         CERTIFICATE OF COMPREHENSIVE INSURANCE FOR CONSOLIDATION LOANS

     WHEREAS, STUDENT LOAN FINANCE CORPORATION, AS SERVICER ON BEHALF OF US BANK
NATIONAL ASSOCIATION, AS TRUSTEE (the "Lender"), wishes to secure insurance on
consolidation loans made pursuant to Section 428C of Tide IV, Part B of the
Higher Education Act of 1965, as amended, (the "Act"), and

     WHEREAS, the Great Lakes Higher Education Guaranty Corporation (the
"Guarantor") is authorized by the Act to provide such loan insurance through the
issuance of a certificate of comprehensive insurance coverage under the
provisions of Section 428(C)(2) of the Act,

     NOW THEREFORE, to evidence its intent to guarantee, Guarantor does issue,
as of the Effective Date shown above, this Certificate of Comprehensive
Insurance ("Certificate"), upon the following terms and conditions:

     1.   Within the limits established by the provisions of this certificate
and without further action by the Guarantor, all consolidation loans which are
eligible for insurance under the Act and are made in conformity with Section
428C of the Act and the agreement entered into by the Guarantor and Lender
pursuant to such section of the Act shall, if designated by Lender to be subject
to this certificate, be insured from the time of disbursement against the loss
of interest and principal by the Guarantor.

     Notwithstanding the foregoing, default claims with respect to loans first
disbursed on or after October 1, 1993, shall be paid at ninety-eight percent
(98%) of the outstanding principal and interest due to the lender, or such other
rate, if any, as may be provided in Section 428(b)(1)(G) of the Higher Education
Act of 1965, as amended. Specifically, and without limitation, this guaranty
shall not apply to any consolidation loan or any consolidation loan which
consolidates a loan which is not eligible for reinsurance as a result of school
based defenses or other defenses to enforceability under state or federal law.
Payment hereunder is expressly limited to monies constituting the guarantor's
Guaranty Reserve Fund as established in accordance with the regulations
governing the Federal Family Education Loan Program as found in 34 CFR
682410(a)(1) or as provided under Tide IV, Part B, Section 432(o) of the Higher
Education Act of 1965, as amended.

     2.   A consolidation loan will not be insured under this certificate unless
Lender has determined, to its satisfaction, in accordance with reasonable and
prudent business practices, for each loan being consolidated (a) that the loan
is a legal, valid and binding obligation of the borrower, (b) that each such
loan was made and serviced in compliance with applicable laws and regulations;
and (c) in the case of loans made under Part B of the Act, that the insurance on
such loan is in full force and effect.

<PAGE>

     3.   This Certificate shall have effect with respect to Federal
Consolidation Loans made by Lender for the period from the Effective Date shown
above until May 31, 2004, provided that the aggregate Initial Principal Amount
of such Federal Consolidation Loans does not exceed the Certificate Amount shown
above and, provided further, that this Certificate shall not have effect with
respect to any Federal Consolidation Loan which has not been made by Lender in
accordance with all of the terms of the Agreement and on a promissory note form
provided or approved by Guarantor.

     4.   With respect to loans insured under this certificate, Lender shall
submit such reports (a) to the Guarantor as it may reasonably require to carry
out its responsibilities under the Act and (b) to the U.S. Secretary of
Education as it may require.

     5.   All claims submitted by Lender under this certificate will be directed
          to:

          Great Lakes Higher Education Guaranty Corporation
          2401 International Lane
          Madison, WI 53704

     6.   All administrative and procedural matters related to loans issued
under certificate will be directed to:

          Great Lakes Higher Education Guaranty Corporation
          2401 International Lane
          Madison, WI 53704

     7.   Repayment terms offered to borrowers will include both level and
graduated payment schedules. For consolidation loans made after July 1, 1994,
income-sensitive repayment schedules shall be offered in accordance with
regulations promulgated by the Secretary. Graduated payment schedules may
provide for an initial period of interest only payments. Loans will be made for
up to the maximum period provided by law and the interest rate will be equal to
or less than the applicable rate.

     8.   If at any time prior to the expiration of this certificate, Lender no
longer proposes to make consolidation loans insured hereunder, it shall notify
the Guarantor and this certificate may be terminated on a mutually agreed upon
date.

     No loans made under this certificate prior to its expiration, or the
termination thereof under this provision, shall be affected by such expiration
or termination.

     9.   The Guarantor may, for any reason, terminate Lender's authority to
make insured loans hereunder upon 90 days written notice prior to the effective
date of the termination.

     This guaranty may also be terminated by Great Lakes Higher Education
Guaranty Corporation in the manner provided for by the Corporation Rules and
Regulations.

     Loans made prior to the date of any such termination will not be affected
by the action of the Guarantor provided they are otherwise insurable.

<PAGE>

     10.  The terms of the Agreement between Lender and Great Lakes Higher
Education Guaranty Corporation With Respect to Making Consolidation Loans under
Section 428C of the Higher Education Act of 1965 are incorporated herein and
made a part hereof as if set forth herein in their entirety.

                                       GREAT LAKES HIGHER EDUCATION
                                       GUARANTY CORPORATION

                                       By:   /s/ Richard D. George
                                          ------------------------------------
                                             Richard D. George
                                             President & CEO

<PAGE>

                                      RIDER
                               Dated June 1, 2002
                                       to

         CERTIFICATE OF COMPREHENSIVE INSURANCE FOR CONSOLIDATION LOANS
                               Dated June 1, 2002

This Rider is made and entered into this June 1, 2002, between the GREAT LAKES
HIGHER EDUCATION GUARANTY CORPORATION (herein referred to as the "Guarantor")
and STUDENT LOAN FINANCE CORPORATION, AS SERVICER ON BEHALF OF US BANK NATIONAL
ASSOCIATION, AS TRUSTEE (herein referred to as the "Lender"), Lender #833405.

WHEREAS, the Guarantor has issued a Certificate of Comprehensive Insurance dated
June 1, 2002 (herein referred to as the "Certificate") to Lender, and the
Guarantor and the Lender wish to modify and/or supplement said Certificate as
set forth below.

NOW THEREFORE, it is mutually agreed that (and the defined terms herein have the
meaning ascribed to them in the Certificate):

1.   For all Consolidation Loans made by Lender in accordance with the
Certificate and this Rider, the Guarantor agrees to insure Consolidation Loans
without regard to whether the borrower has an active loan guaranteed by the
Guarantor.

2.   Lender further agrees as follows with respect to Consolidation Loans made
under the Certificate:

     (a)  Lender agrees not to include defaulted loans in any Consolidation
     Loan;

     (b)  Lender agrees that at least 80% of the principal amount of
     Consolidation Loans each year will be made to borrowers who attended a
     four-year eligible educational institution; and

     (c)  Lender agrees to a minimum $7,500 Consolidation Loan amount.

3.   The Guarantor shall administer its Consolidation Loan program, and perform
the terms of the Certificate and this Rider, in compliance with Part B of Title
IV of the Higher Education Act of 1965, as amended, and the regulations of the
U.S. Department of Education promulgated thereunder.

4.   Paragraphs 1 and 3 of this Rider amend the Certificate, but only insofar as
specifically stated herein. The Certificate, as modified and/or supplemented by
this Rider, is hereby ratified and confirmed and remains in full force and
effect.

<PAGE>

IN WITNESS WHEREOF, the parties have executed this Rider as of the date first
above written.

STUDENT LOAN FINANCE CORPORATION,        GREAT LAKES HIGHER EDUCATION
AS SERVICER ON BEHALF OF US BANK         GUARANTY CORPORATION
NATIONAL ASSOCIATION, AS TRUSTEE

By:   /s/ Jason Van Vleet                By:   /s/ Richard D. George
   -----------------------------            ------------------------------------
      (Signature)                              (Signature)

Name:  Jason Van Vleet                   Name: Richard D. George

Title: VP CORPORATE TRUST SERVICES       Title: President & CEO

<PAGE>

              Agreement With Respect to Making Consolidation Loans
             Under Section 428C of the Higher Education Act of 1965

     STUDENT LOAN FINANCE CORPORATION, AS SERVICER ON BEHALF OF US BANK NATIONAL
ASSOCIATION, AS TRUSTEE (the "Lender"), Lender #833405, hereby enters into an
agreement with GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION ("Guarantor")
for the purpose of making consolidation loans as authorized under Section 428C
of the Higher Education Act of 1965, as amended (the "Act").

     In the performance of their respective obligations under Section 428C of
the Act, the Guarantor and Lender agree as follows:

1.   Lender shall exercise reasonable care and diligence in the making and
collection of consolidation loans, and shall comply with the requirements of
Section 428C of the Act, applicable regulations issued by the U.S. Department of
Education, and applicable regulations issued by the Guarantor.

2.   Lender will make a consolidation loan to an eligible borrower (on request
of the borrower) only if the borrower certifies that the borrower has no other
application pending for a loan under Section 428C of the Act; and

     (a)  Lender holds an outstanding loan of that borrower which is selected by
     the borrower for consolidation under Section 428C of the Act, except that
     this clause shall not apply in the case of a borrower with multiple holders
     of loans under the Act, or

     (b)  the borrower certifies that the borrower has sought and has been
     unable to obtain a consolidation loan with income-sensitive repayment terms
     from the holders of the outstanding loans of that borrower (which are so
     selected for consolidation).

3.   Each consolidation loan made by Lender will bear interest, and be subject
to repayment, in accordance with the provisions of Section 428C, subsection (c)
of the Act.

4.   Each consolidation loan will be made by Lender, notwithstanding any other
provision of Part B of Title IV of the Act limiting the annual or aggregate
principal amount for all insured loans made to a borrower, in an amount

     (a)  which is not less than the minimum amount required for eligibility of
     the borrower under Section 428C, subsection (a)(3) of the Act, and

     (b)  which is equal to the sum of unpaid principal and accrued unpaid
     interest and late charges of all eligible student loans received by the
     eligible borrower which are selected by the borrower for consolidation.

5.   The proceeds of each consolidation loan will be paid by Lender to the
holder or holders of the loans selected for consolidation to discharge the
liability on such loans.

<PAGE>

6.   The Lender shall offer an income-sensitive repayment schedule, established
by the Lender in accordance with the regulations promulgated by the Secretary,
to the borrower of any consolidation loan made by the Lender on or after July 1,
1994.

7.   Guarantor shall, following execution of this Agreement, issue to Lender in
accordance with paragraph (b)(2) of Section 428C of the Act a Certificate of
Comprehensive Insurance for Consolidation Loans ("Certificate"). The Certificate
shall be effective for the period and limited to the amount stated therein, each
as determined in the sole discretion of the Guarantor.

8.   Lender will reach agreement with the Guarantor for the periodic transmittal
to the Guarantor of appropriate master file data with respect to consolidation
loans in addition to the normal reporting requirements for loans insured under
the Federal Family Education Loan Program have been established by the
Guarantor. Lender will have and report master file data with respect to the
separate balances of the particular loans consolidated at the time of
consolidation.

9.   Section 428(C)(2) of the Act contains references to "other student loans".
For purposes hereof, "other student loans" shall mean loans made under a public
or private student loan program by an institutional lender to the borrower that
(a) are granted exclusively for the purpose of financing the borrower's
post-secondary education, (b) are set forth in the application/promissory note
signed by the borrower when applying to Lender for a consolidation loan, and (c)
may be verified as having been granted for the stated purpose.

10.  The Guarantor acknowledges that if a borrower selects for consolidation one
or more loans made under Section 428B as in effect prior to the enactment of the
Higher Education Amendments of 1986, whether or not owned by Lender, Lender will
first refinance such loans at the rate authorized under Section 427(c)(4) of the
Act and will use such rate for purposes of determining the interest rate on such
borrower's consolidation loan.

11.  Lender hereby certifies (a) that loans selected for consolidation are
legal, valid, and binding obligations that were made in compliance with all
applicable laws and regulations and that the insurance on such loans is in full
force and effect, and (b) that the consolidation loans made by Lender are legal,
valid, and binding obligations that were made in compliance with all applicable
laws and regulations. Lender agrees to repurchase from the Guarantor any
consolidation loan insured hereunder (a) for which the Guarantor is denied
federal reinsurance or is required at any time to reimburse the federal
government for federal reinsurance previously paid on a consolidation loan in
either case, solely as a result of any failure of Lender or its servicer to
comply with the requirements of paragraph 1 hereof, or (b) in the event that a
consolidation loan is determined to be unenforceable by a court of competent
jurisdiction solely as a result of any action or inaction of Lender or its
servicer, provided, however, that the Guarantor has notified Lender of such
denial of federal reinsurance, claim for reimbursement, or court action and has
given Lender an opportunity to assist in its resolution. The repurchase price
shall be the amount of the Guarantor's claim payment to Lender on any such loan.

12.  The terms of the Certificate of Comprehensive Insurance for Consolidation
Loans are incorporated herein and made a part hereof as if set forth in their
entirety.

<PAGE>

STUDENT LOAN FINANCE CORPORATION,           GREAT LAKES HIGHER EDUCATION
AS SERVICER ON BEHALF OF US BANK            GUARANTY CORPORATION
NATIONAL ASSOCIATION, AS TRUSTEE

By:      /s/ Jason Van Vleet                By:   /s/ Richard D. George
   ----------------------------------           --------------------------------
         (Signature)                                    (Signature)

Name:    Jason Van Vleet                    Name:  Richard D. George

Title:    VP CORPORATE TRUST SERVICES       Title:  President & CEO

<PAGE>

                   GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.

                   ADDENDUM #1 TO STUDENT LOAN ORIGINATION AND

               SERVICING AGREEMENT CONSOLIDATION LOAN ORIGINATION

WHEREAS, GREAT LAKES EDUCATIONAL LOAN SERVICES, INC. (`Great Lakes") and STUDENT
LOAN FINANCE CORPORATION, AS SERVICER ON BEHALF OF US BANK NATIONAL ASSOCIATION,
AS TRUSTEE, Lender # 833405 (the "Lender"), have entered into a Student Loan
Origination and Servicing Agreement (the "Servicing Agreement") effective as of
June 1, 2002; and

WHEREAS, Great Lakes has established a Program for Origination of Consolidation
Loans (the "Program") whereby it can process Consolidation Loans (excluding HEAL
and spousal Consolidation Loans) for the Lender; and

WHEREAS, Great Lakes and the Lender desire to amend the Servicing Agreement to
include the origination and processing of Consolidation Loans as provided herein
and subject same to the terms of the Servicing Agreement and this Addendum #1,
effective November 16, 2001.

NOW THEREFORE, in consideration of the promises and the terns and conditions set
forth herein, the parties agree as follows:

1.   Governing Contract. This Addendum is an amendment to the Servicing
Agreement, and all of the definitions, terms and conditions of the Servicing
Agreement shall apply to Consolidation loans originated hereunder unless
specifically excluded or modified herein.

     (a)  Origination of Consolidation Loans. Great Lakes agrees with Lender to
     provide the following services:

          (1) Great Lakes agrees to provide toll free telephone service to allow
          Consolidation Loan applicants located in the continental United States
          to contact Great Lakes.

          (2) Great Lakes will provide assistance to applicants with inquiries
          regarding such matters as proper completion of forms and consolidation
          program rules.

          (3) Great Lakes shall distribute application forms in response to
          requests. If the application is either not returned or is returned but
          not property completed, Great Lakes will contact the applicant
          offering assistance.

          (4) If the application is properly completed, Great Lakes will send
          verification certificates to creditors. Great Lakes will contact the
          creditors if the verification is not returned or is returned but not
          properly completed.

          (5) Upon receipt of a properly completed verification, and a
          determination that the application still qualifies for consolidation,
          Great Lakes on behalf of

<PAGE>

          Lender shall prepare a repayment schedule in accordance with federal
          regulations and shall make the required disbursements to payoff
          holders of underlying student loan notes being consolidated. These
          disbursement checks shall be drawn against a checking account
          maintained by Great Lakes. The Lender shall fund this account on a
          daily basis through an ACH transfer to cover all checks written that
          day. Great Lakes will pay all transaction costs associated with the
          account including the cost of standard checks and will receive all
          investment earnings on balances existing from time to time in the
          account. Great Lakes will reconcile the account and will confirm that
          all disbursements are included in the regular periodic reports
          provided to the Lender under the Servicing Agreement.

          (6) After the consolidation loan has been disbursed, the loan record
          will be passed to the Great Lakes Guarantee Agency for processing.

          (7) Great Lakes shall capture and retain a copy of each promissory
          note on its image system and shall store a backup image copy in a
          facility remote from Great Lakes' premises.

          (8) Great Lakes shall hold the original promissory note for
          safekeeping.

          (9) Pricing shall be per Schedule A to the Servicing Agreement.

IN WITNESS WHEREOF, the parties hereto have executed this Addendum, effective on
the date specified above.

STUDENT LOAN FINANCE CORPORATION,           GREAT LAKES HIGHER EDUCATION
AS SERVICER ON BEHALF OF US BANK            GUARANTY CORPORATION
NATIONAL ASSOCIATION, AS TRUSTEE

By:    /s/ Jason Van Vleet                  By:   /s/ Michael J. Noack
    ---------------------------------           --------------------------------
         (Signature)                               (Signature)

Name: Jason Van Vleet                       Name: Michael J. Noack

Title: VP CORPORATE TRUST SERVICES          Title: Chief Servicing Officer

<PAGE>

                   GREAT LAKES EDUCATIONAL LOAN SERVICES, INC.

                STUDENT LOAN ORIGINATION AND SERVICING AGREEMENT

                                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:

Origination Fee:

     $3.50 per loan originated by Great Lakes
     $2.00 per disbursement send via EFT to schools (this charge is in
     addition to the per loan charge)
     $42.00 per originated Consolidation loan
     $20.00 per application processed which does not result in a Consolidation
     loan

Monthly Service Foes:

     $1.25 per borrower per month during interim (in-school) period
     $3.05 per borrower per month during grace period
     $3.05 per borrower per month during first 12 months of repayment servicing
     $2.68 per borrower per month during the remainder of the repayment period

Servicing Removal Fee:

     $14.00 per borrower plus the actual cost of additional services
     requested to remove an active account from the servicing system

Subsidized, unsubsidized and HEAL Consolidation loans are each billed separately
for origination fees even if they are processed on the same application

Great Lakes will pass the Lender the actual third-party credit bureau costs of
obtaining a PLUS credit bureau report.

All PLUS, SLS and Consolidation 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. All references to borrower for fee
calculations equal unique combinations of borrower/lender number or assigned
lender number/loan program (Stafford, PLUS, Consolidation Loans).

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.

<PAGE>

Increases or decreases to this fee schedule may be made from time to time as
provided in Section 5 of this agreement.

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