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$424,000,000 Fixed Rate Class A-1A Private Education Loan-Backed Notes
$424,000,000 Floating Rate Class A-1B
Private Education Loan-Backed Notes
$86,000,000 Fixed Rate Class B Private Education
Loan-Backed Notes
$32,000,000 Fixed Rate Class C Private Education Loan-Backed Notes
$64,000,000 Fixed Rate Class D Private Education Loan-Backed Notes
Date
of Issue: March
26, 2025
Issue
Amount: $1,030,000,000
Securities
Offered:
Class A-1A Fixed Rate Asset-Backed Notes in the aggregate principal amount
of
$424,000,000
Rate: 5.07%
144A CUSIP: 64033XAD6
Reg S CUSIP: U6369CAD4
Class A-1B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$424,000,000
Rate: 30-day
Average SOFR +1.10%
144A CUSIP: 64033XAE4
Reg S CUSIP: U6369CAE2
Class B Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$86,000,000
Rate:
5.27%
144A CUSIP: 64033XAA2
Reg S CUSIP: U6369CAA0
Class C Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$32,000,000
Rate: 5.60%
144A
CUSIP: 64033XAB0
Reg S CUSIP: U6369CAB8
Class D Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$64,000,000
Rate: 6.05%
144A
CUSIP: 64033XAC8
Reg S CUSIP: U6369CAC6
Servicer: Nelnet
Servicing, LLC (d/b/a Firstmark Services)
Administrator: National
Education Loan Network, Inc.
Indenture
Trustee: Wilmington Trust, National Association