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$380,000,000 Class A-1 Senior Notes
$516,000,000 Class A-2 Senior Notes
$294,000,000 Class A-3 Senior Notes
$313,250,000 Class A-4 Senior Notes
$457,000,000 Class A-5 Senior Notes
$60,626,000 Class B Subordinate Notes

Date of Issue: September 29, 2004

Issue Amount: $2,020,876,000

Securities Offered:

Class A-1 Senior Notes in the aggregate principal amount of
$380,000,000
Floating Rate: Three-Month LIBOR - 0.01%
CUSIP: 64031QBF7
ISIN NUMBER: US64031QBF72

Class A-2 Senior Notes in the aggregate principal amount of
$516,000,000
Floating Rate: Three-Month LIBOR + 0.02%
CUSIP: 64031QBG5
ISIN NUMBER: US64031QBG55

Class A-3 Senior Notes in the aggregate principal amount of
$294,000,000
Floating Rate: Three-Month LIBOR + 0.09%
CUSIP: 64031QBH3
ISIN NUMBER: US64031QBH39

Class A-4 Senior Notes in the aggregate principal amount of
$313,250,000
Floating Rate: Three-Month LIBOR + 0.13%
CUSIP: 64031QBJ9
ISIN NUMBER: US64031QBJ94

Class A-5 Senior Notes in the aggregate principal amount of
$457,000,000
Floating Rate: Three-Month LIBOR + 0.16%
CUSIP: 64031QBK6
ISIN NUMBER: US64031QBK67

Class B Subordinate Notes in the aggregate principal amount of
$60,626,000
Floating Rate: Three-Month LIBOR + 0.30%
CUSIP: 64031QBL4
ISIN NUMBER: US64031QBL41

Master Servicer: National Education Loan Network, Inc.

Administrator: National Education Loan Network, Inc.

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

Underwriters:

Citigroup Global Markets, Inc.
J.P. Morgan Securities
Morgan Stanley

Rating:

Senior Series 2004-4 A-1Notes, A-2 Notes, A-3 Notes, A-4 Notes, and A-5 Notes
AAA Fitch Ratings
Aaa Moody's Investor Service
AAA Standard & Poor's

Subordinate Series 2004-4 B Notes
AAA Fitch Ratings
Aa1 Moody's Investor Service
AA Standard & Poor's