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$401,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$494,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$288,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$294,000,000 Class A-4 Floating Rate Asset-Backed Senior Notes
$463,000,000 Class A-5 Floating Rate Asset-Backed Senior Notes
$60,000,000 Class B Floating Rate Asset-Backed Subordinate Notes

Date of Issue: April 19, 2005

Issue Amount: $2,000,000,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$401,000,000
Rate: Three-Month LIBOR -.02%
CUSIP: 64031Q BT 7
ISIN: US 64031QBT76

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$494,000,000
Rate: Three-Month LIBOR +.01%
CUSIP: 64031Q BU 4
ISIN: US 64031QBU40

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$288,000,000
Rate: Three-Month LIBOR +.06 %
CUSIP: 64031Q BV 2
ISIN: US 64031QBV23

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$294,000,000
Rate: Three-Month LIBOR +.08 %
CUSIP: 64031Q BW 0
ISIN: US 64031QBW06

Class A-5 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$463,000,000
Rate: Three-Month LIBOR +.10%
CUSIP: 64031Q BX 8
ISIN: US 64031QBX88

Class B Notes in the aggregate principal amount of
$60,000,000
Rate: Three-Month LIBOR +.17 %
CUSIP: 64031Q BY 6
ISIN: US 64031QBY61

Master Servicer and Administrator: National Education Loan Network, Inc.

Eligible Lender and Indenture Trustee: Wells Fargo Bank, National Association

Underwriters:

Deutsche Bank Securities
JP Morgan
Morgan Stanley
Nelnet Capital, LLC
SunTrust Robinson Humphrey

Rating:

Senior Series 2005-2 A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes, A-5 Notes
Aaa Moody's
AAA Standard & Poor's
AAA Fitch

Subordinate Series 2005-2 B Notes
Aa1 Moody's
AA Standard & Poor's
AAA Fitch