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$199,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$384,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$245,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$384,000,000 Class A-4 Floating Rate Asset-Backed Senior Notes
$465,000,000 Class A-5 Floating Rate Asset-Backed Senior Notes
$469,500,000 Class A-6 Floating Rate Asset-Backed Senior Notes
$66,500,000 Class B Floating Rate Asset-Backed Subordinate Notes

Date of Issue: November 29, 2006

Issue Amount: $2,213,000,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$199,000,000
Rate: Three-Month LIBOR -.02%
CUSIP: 64031AAA4
ISIN: US64031AAA43
European Common Code: 027750389

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$384,000,000
Rate: Three-Month LIBOR +.01%
CUSIP: 64031AAB2
ISIN: US64031AAB26
European Common Code: 027750516

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$245,000,000
Rate: Three-Month LIBOR +.03 %
CUSIP: 64031AAC0
ISIN: US64031AAC09
European Common Code: 027750575

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$384,000,000
Rate: Three-Month LIBOR +.07 %
CUSIP: 64031AAD8
ISIN: US64031AAD81
European Common Code: 027750613

Class A-5 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$465,000,000
Rate: Three-Month LIBOR +.10%
CUSIP: 64031AAE6
ISIN: US64031AAE64
European Common Code: 027750656

Class A-6 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$469,500,000
Rate: Three-Month LIBOR +.14%
CUSIP: 64031AAF3
ISIN: US64031AAF30
European Common Code: 027750729

Class B Notes in the aggregate principal amount of
$66,500,000
Rate: Three-Month LIBOR +.25 %
CUSIP: 64031AAJ5
ISIN: US64031AAJ51
European Common Code: 027776817

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

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

Underwriters:

Banc of America Securities
Barclays Capital
Citigroup
Credit Suisse
Deutsche Bank Securities
JP Morgan
Merchant Capital
Nelnet Capital, LLC

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
AA+ Fitch