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$949,920,000 Fixed Rate Class A-1A Private Education Loan-Backed Notes
$949,920,000 Floating Rate Class A-1B Private Education Loan-Backed Notes
$224,689,000 Fixed Rate Class B Private Education Loan-Backed Notes
$129,123,000 Fixed Rate Class C Private Education Loan-Backed Notes
$125,580,000 Fixed Rate Class D Private Education Loan-Backed Notes
Date of Issue: September 25, 2025
Issue Amount: $2,469,232,000
Securities Offered:
Class A-1A Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$994,920,000
Rate: 4.67%
144A CUSIP: 64035UAA6
Reg S CUSIP:
Class A-1B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$994,920,000
Rate: 30-day Average SOFR +1.35%
144A CUSIP: 64035UAB4
Reg S CUSIP:
Class B Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$224,689,000
Rate: 4.91%
144A CUSIP: 64035UAC2
Reg S CUSIP:
Class C Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$129,123,000
Rate: 5.15%
144A CUSIP: 64035UAD0
Reg S CUSIP:
Class D Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$125,580,000
Rate: 5.82%
144A CUSIP: 64035UAE8
Reg S CUSIP:
Servicer: Nelnet Servicing, LLC (d/b/a Firstmark Services)
Administrator: National Education Loan Network, Inc.
Indenture Trustee: Wilmington Trust, National Association