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$1,088,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$387,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$383,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$506,375,000 Class A-4 Floating Rate Asset-Backed Senior Notes
$43,500,000 Class B-1 Floating Rate Asset-Backed Notes
$29,625,000 Class B-2 Floating Rate Asset-Backed Notes

Date of Issue: May 22, 2007

Issue Amount: $2,437,500,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$1,088,000,000
Rate: Three-Month LIBOR +.01%
CUSIP: 64032E AA5
ISIN: US64032EAA55
European Common Code: 030114183

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$387,000,000
Rate: Three-Month LIBOR +.05%
CUSIP: 64032E AB3
ISIN: US64032EAB39
European Common Code: 030114345

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$383,000,000
Rate: Three-Month LIBOR +.07 %
CUSIP: 64032E AC1
ISIN: US64032EAC12
European Common Code: 030114477

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$506,375,000
Rate: Three-Month LIBOR +.11 %
CUSIP: 64032E AD9
ISIN: US64032EAD94
European Common Code: 030114604

Class B-1 Notes in the aggregate principal amount of
$43,500,000
Rate: Three-Month LIBOR +.15 %
CUSIP: 64032E AH0
ISIN: US64032EAH09
European Common Code: 030114779

Class B-2 Notes in the aggregate principal amount of
$29,625,000
Rate: Auction Rate
CUSIP: 64032E AJ6
ISIN: US64032EAJ64


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

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

Underwriters:

Credit Suisse Securities
Deutsche Bank Securities
JP Morgan
Citigroup Global Markets
Nelnet Capital, LLC
RBC Capital Markets
RBS Greenwich Capital
Societe Generale
SunTrust Robinson Humphrey

Rating:

Senior Series 2007-1 A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes
Aaa Moody's
AAA Standard & Poor's
AAA Fitch
Subordinate Series 2007-1 B-1 Notes, B-2 Notes
Aa1 Moody's
AA+ Standard & Poor's
AA+ Fitch