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$187,000,000 Class A-1 Floating Rate Asset-Backed Senior Notes
$300,000,000 Class A-2 Floating Rate Asset-Backed Senior Notes
$142,000,000 Class A-3 Floating Rate Asset-Backed Senior Notes
$244,000,000 Class A-4 Floating Rate Asset-Backed Senior Notes
$356,000,000 Class A-5 Floating Rate Asset-Backed Senior Notes
$38,000,000 Class B Floating Rate Asset-Backed Senior Notes

Date of Issue: February 23, 2005

Issue Amount: $1,267,000,000

Securities Offered:

Class A-1 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$187,000,000
Rate: Three-Month LIBOR -.02%
CUSIP: 64031Q BM 2
ISIN: US64031QBM24

Class A-2 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$300,000,000
Rate: Three-Month LIBOR +.01%
CUSIP: 64031Q BN 0
ISIN: US64031QBN07

Class A-3 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$142,000,000
Rate: Three-Month LIBOR +.04 %
CUSIP: 64031Q BP 5
ISIN: US64031QBP54

Class A-4 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$244,000,000
Rate: Three-Month LIBOR + .07 %
CUSIP: 64031Q BQ 3
ISIN: US64031QBQ38

Class A-5 Floating Rate Asset-Backed Senior Notes in the aggregate principal amount of
$356,000,000
Rate: Three-Month LIBOR +. 11%
CUSIP: 64031Q BR 1
ISIN: US64031QBR11

Class B Notes in the aggregate principal amount of
$38,300,000
Rate: Three-Month LIBOR +.16 %
CUSIP: 64031Q BS 9
ISIN: US64031QBS93

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 First Boston

Rating:

Senior Series 2005-1 A-1 Notes, A-2 Notes, A-3 Notes, A-4 Notes, A-5 Notes
Aaa Moody's
AAA Standard & Poor's
AAA Fitch

Subordinate Series 2005-1 B Notes
Aa1 Moody's
AA Standard & Poor's
AAA Fitch