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$168,200,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$525,000,000 Class A-2 Floating Rate Asset Backed Senior Notes
$14,700,000 Class B Floating Rate Asset Backed Subordinate Notes
Date of Issue: November 13, 2025
Issue Amount: $707,900,000
Securities Offered:
Class A-1 Floating Rate Asset-Backed Notes in the aggregate principal amount of
$168,200,000
Rate: 30-day Average SOFR +0.75%
CUSIP: 64035EAA2
ISIN: U6371AQQ5
Class A-2 Floating Rate Asset-Backed Notes in the aggregate principal amount of
$525,000,000
Rate: 30-day Average SOFR +0.95%
CUSIP: 64035EAB0
ISIN: U6371QAB3
Class B Floating Rate Asset-Backed Notes in the aggregate principal amount of
$14,700,000
Rate: 30-day Average SOFR +1.00%
CUSIP: 64035EAC8
ISIN: U6371QAC1
Master Servicer and Administrator: National Education Loan Network, Inc.
Indenture Trustee: U.S. Bank National Association
Eligible Lender Trustee: U.S. Bank National Association
Lead Managers:
BofA Securities, Inc.
RBC Capital Markets
Initial Rating:Senior Series 2025-1 A-1 Notes
Aa1 Moody's
Senior Series 2025-1 A-2 Notes
Aa1 Moody's
Subordinate Series 2025-1 B Notes
Aa1 Moody's