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$590,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$464,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$287,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$390,712,000 Class A-4L Floating Rate Asset-Backed Senior Notes
$70,000,000 Class A-4AR-1 7-Day Auction Rate Notes
$70,000,000 Class A-4AR-2 28-Day Auction Rate Notes
$57,888,000 Class B Floating Rate Asset-Backed Subordinate Notes

Date of Issue: November 10, 2005

Issue Amount: $1,929,600,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$590,000,000
Rate: Three-Month LIBOR +.00%
CUSIP: 64031QCF6
ISIN: US 64031QCF63
Euroclear Common Code: 023573431

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$464,000,000
Rate: Three-Month LIBOR +.11%
CUSIP: 64031QCG4
ISIN: US 64031QCG47
Euroclear Common Code: 023573482

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$287,000,000
Rate: Three-Month LIBOR +.13%
CUSIP: 64031QCH2
ISIN: US 64031QCH20
Euroclear Common Code: 023573512

Class A-4L Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$390,712,000
Rate: Three-Month LIBOR +.18 %
CUSIP: 64031QCJ8
ISIN: US 64031QCJ85
Euroclear Common Code: 023573601

Class A-4AR-1 7-Day Auction Rate Notes in the aggregate principal amount of
$70,000,000
CUSIP: 64031QCK5
Euroclear Common Code: 023573652

Class A-4AR-2 28-Day Auction Rate Notes in the aggregate principal amount of
$70,000,000
CUSIP: 64031QCM1
Euroclear Common Code: 023573709

Class B Notes in the aggregate principal amount of
$57,888,000
Rate: Three-Month LIBOR +.28 %
CUSIP: 64031QCL3
ISIN: US 64031QCL32
Euroclear Common Code: 023573725

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

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

Underwriters:

Citigroup
JP Morgan
Morgan Stanley
Barclays Capital
Deutsche Bank Securities
Fortis Securities, LLC
Mellon Financial Markets, LLC
Nelnet Capital, LLC
SunTrust Robinson Humphrey

Rating:

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

Subordinate Series 2005-4 B Notes
Aa1 Moody's
AA+ Standard & Poor's
AAA Fitch