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$127,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$350,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$221,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$353,000,000 Class A-4 Floating Rate Asset-Backed Senior Notes
$389,000,000 Class A-5 Floating Rate Asset-Backed Senior Notes
€420,521,000 Class A-6 Floating Rate Asset-Backed Senior Notes
$60,000,000 Class B Floating Rate Asset-Backed Subordinate Notes

Date of Issue: February 16, 2006

Issue Amount: $2,000,000,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$127,000,000
Rate: Three-Month LIBOR -.02%
CUSIP: 64031Q CN9
ISIN: US 64031QCN97
European Common Code: 024424324

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$350,000,000
Rate: Three-Month LIBOR +.01%
CUSIP: 64031Q CP4
ISIN: US 64031QCP46
European Common Code: 024424391

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$221,000,000
Rate: Three-Month LIBOR +.04 %
CUSIP: 64031Q CQ2
ISIN: US 64031QCQ29
European Common Code: 024424537

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$353,000,000
Rate: Three-Month LIBOR +.09 %
CUSIP: 64031Q CR0
ISIN: US 64031QCR02
European Common Code: 024424618

Class A-5 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$389,000,000
Rate: Three-Month LIBOR +.11%
CUSIP: 64031Q CS81
ISIN: US 64031QCS84
European Common Code: 024424677

Class A-6 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
€420,521,000
Rate: Three-Month EURIBOR +.11%
CUSIP: 64031Q CT6
ISIN: US 0244250378
European Common Code: 024425037

Class B Notes in the aggregate principal amount of
$60,000,000
Rate: Three-Month LIBOR +.22 %
CUSIP: 64031Q CU3
ISIN: US 64031QCU31
European Common Code: 024424707

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
Deutsche Bank Securities
Barclays Capital
Nelnet Capital, LLC
Societe Generale Corporate & Investment Banking

Rating:

Senior Series 2006-1 A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes, A-5 Notes, A-6 Notes
Aaa Moody's
AAA Standard & Poor's
AAA Fitch

Subordinate Series 2006-1 B Notes
Aa1 Moody's
AA+ Standard & Poor's
AAA Fitch