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$255,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$318,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$183,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$218,000,000 Class A-4 Floating Rate Asset-Backed Senior Notes
$329,100,000 Class A-5 Floating Rate Asset-Backed Senior Notes
$40,300,000 Class B Floating Rate Asset-Backed Subordinate Notes

Date of Issue: July 22, 2005

Issue Amount: $1,343,400,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$255,000,000
Rate: Three-Month LIBOR -.02%
CUSIP: 64031Q BZ 3
ISIN: US 64031QBZ37

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$318,000,000
Rate: Three-Month LIBOR +.00%
CUSIP: 64031Q CA 7
ISIN: US 64031QCA76

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$183,000,000
Rate: Three-Month LIBOR +.05 %
CUSIP: 64031Q CB 5
ISIN: US 64031QCB59

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$218,000,000
Rate: Three-Month LIBOR +.09 %
CUSIP: 64031Q CC 3
ISIN: US 64031QCC33

Class A-5 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$329,100,000
Rate: Three-Month LIBOR +.12%
CUSIP: 64031Q CD 1
ISIN: US 64031QCD16

Class B Notes in the aggregate principal amount of
$40,300,000
Rate: Three-Month LIBOR +.28 %
CUSIP: 64031Q CE 9
ISIN: US 64031QCE98

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

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

Underwriters:

Banc of America Securities
Credit Suisse First Boston
Barclays Capital
Citigroup
SG Corporate & Investment Banking

Rating:

Senior Series 2005-3 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 2005-3 B Notes
Aa1 Moody's
AA Standard & Poor's
AAA Fitch