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$625,000,000 Fixed Rate Class A-1A Private Education Loan-Backed Notes
$625,000,000 Floating Rate Class A-1B Private Education Loan-Backed Notes
$141,383,000 Fixed Rate Class B Private Education Loan-Backed Notes
$81,320,000 Fixed Rate Class C Private Education Loan-Backed Notes
$72,512,000 Fixed Rate Class D Private Education Loan-Backed Notes
Date of Issue: August 15, 2025
Issue Amount: $1,545,215,000
Securities Offered:
Class A-1A Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$625,000,000
Rate: 4.84%
144A CUSIP: 64032BAA1
Reg S CUSIP: U6367CAA2
Class A-1B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$625,000,000
Rate: 30-day Average SOFR +1.35%
144A CUSIP: 64032BAB9
Reg S CUSIP: U6367CAB0
Class B Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$141,383,000
Rate: 4.98%
144A CUSIP: 64032BAC7
Reg S CUSIP: U6367CAC8
Class C Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$81,320,000
Rate: 5.38%
144A CUSIP: 64032BAD5
Reg S CUSIP: U6367CAD6
Class D Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$72,512,000
Rate: 6.04%
144A CUSIP: 64032BAE3
Reg S CUSIP: U6367CAE4
Servicer: Nelnet Servicing, LLC (d/b/a Firstmark Services)
Administrator: National Education Loan Network, Inc.
Indenture Trustee: Wilmington Trust, National Association