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$1,178,151,000 Fixed Rate Class A-1A Private Education Loan-Backed Notes
$1,178,151,000 Floating Rate Class A-1B Private Education Loan-Backed Notes
$267,249,000 Fixed Rate Class B Private Education Loan-Backed Notes
$163,792,000 Fixed Rate Class C Private Education Loan-Backed Notes
$143,677,000 Fixed Rate Class D Private Education Loan-Backed Notes
Date of Issue: February 20, 2026
Issue Amount: $2,931,020,000
Securities Offered:
Class A-1A Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$1,178,151,000
Rate: 4.61%
144A CUSIP:64032UAA9
Reg S CUSIP: US64032UAA97
Class A-1B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$1,178,151,000
Rate: 30-day Average SOFR +1.30%
144A CUSIP: 64032UAB7
Reg S CUSIP: US64032UAA97
Class B Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$267,249,000
Rate: 4.78%
144A CUSIP:64032UAC5
Reg S CUSIP: US64032UAC53
Class C Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$163,792,000
Rate: 5.34%
144A CUSIP:64032UAD3
Reg S CUSIP: US64032UAD37
Class D Fixed Rate Asset-Backed Notes in the aggregate principal amount of
$143,677,000
Rate: 5.84%
144A CUSIP:64032UAE1
Reg S CUSIP: US64032UAE10
Servicer: Nelnet Servicing, LLC (d/b/a Firstmark Services)
Administrator: National Education Loan Network, Inc.
Indenture Trustee: Wilmington Trust, National Association