ࡱ>  g2\pй Ba=  =q%%/8@"1Arial1?:Calibri1?:Calibri1?:Calibri1:Arial1:Arial1:Arial1:Arial1:Arial1:Arial1:Arial1:Calibri1 :Calibri1:Calibri1 :Calibri1 :Calibri1:Calibri1:Calibri1,>:Calibri1>:Calibri1>:Calibri1 :Arial1>:Calibri1 :Calibri1:Calibri1@:Helv1?:Calibri1h>:Cambria1:Calibri1:Arial1:Arial1:Arial1:Arial1h:Arial1:Arial1:Arial1:Arial1:Arial1:Arial1:Arial1.:Times New Roman1:Arial1.:Times New Roman1:Arial1:Arial1:Arial1.:Times New Roman1:Arial"$"#,##0_);\("$"#,##0\)!"$"#,##0_);[Red]\("$"#,##0\)""$"#,##0.00_);\("$"#,##0.00\)'""$"#,##0.00_);[Red]\("$"#,##0.00\)7*2_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"_);_(@_).))_(* #,##0_);_(* \(#,##0\);_(* "-"_);_(@_)?,:_("$"* #,##0.00_);_("$"* \(#,##0.00\);_("$"* "-"??_);_(@_)6+1_(* #,##0.00_);_(* \(#,##0.00\);_(* "-"??_);_(@_)0+_(* #,##0_);_(* \(#,##0\);_(* "-"??_);_(@_) 0.0% 0.00_) 0.000% "$"#,##0 m\/d\/yyyy "$"#,##0.000.0 0.0_);\(0.0\) #,##0.0                                                                      ff + ) $+ , *     P@ @  P@   @        `@ @    %  %  %  %         $    a@ 8   `   h  `@ @    h@ @   h  h@ @  x  `@ @   @  `@ @   h@ @   ` @ @    h @ @   h @ @   ` @ @   ` @ @    H  "x@ @   "x@ @   "x@ @    h   h@ @    h@ @    h@ @    h@ @    h @ @   h@ @   "|@ @   "|@ @     + L $ & ' ( '8@ @ ) * ) )<@  )<a@  )<`@ @ ) +  !p @ @   $  - . .  &  (  *  ,   d  #| @ @   #| @ @   "|@ @   "|@ @   l@ @   "|@ @   "|@ @   *x@ @  *x@ @  )<@ @ / 0 / /<`@ @  H a!  h@ @   h@ @    h@ @    h @ @    h @ @   "x@ @  *x @ @   "x@ @   "|@ @   "|@ @   "|!@ @   "x@ @   "|@ @   "|@ @   "| @ @   "x@ @   "|@ @   "|@ @   "| @ @    h@ @    h@ @    l@ @   "|@ @   "| @ @    h@ @    l@ @    h @ @    H   h @ @   h@ @   h@ @   h@ @   h @ @   d @ @    |@ @    |@ @    |!@ @    |@ @    |!@ @    x@ @    x @ @    h@ @   h@ @    h@ @    h@ @    l @ @   "|@ @    l@ @   "|!@ @   "|@ @    l@ @   "|!@ @    h@ @    l @ @   "|@ @    l@ @   "|!@ @    l@ @   H   | @ @    | @ @    |@ @    | @ @    |@ @    | @ @   ) |@ @   ) | @ @    |@ @    | @ @    h @ @    h @ @   h@ @  +"|@ @  +"|@ @  +"| @ @    |@ @    |@ @    |!@ @    |!@ @   ) |@ @    |@ @    |@ @    |!@ @    h@ @  ) l@ @   l@ @    h@ @    h!@ @    l@ @    l @ @    l @ @    l @ @  +"x@ @  +"x@ @    l   l @ @    h@ @    h@ @    h@ @    h@ @    h@ @    h @ @   ) |@ @    |@ @    | @ @    |@ @   ) |@ @    | @ @    h   l   |@ @    |@ @    h@ @   h@ @   h@ @  "x@ @  "x@ @  "x@ @    |@ @   "| @ @    h@ @   "| @ @    l@ @    l@ @   "| "x@ @   !x@ @  "p @ @  "p @ @   !x@ @   !x@ @  !x@ @   l@ @    h@ @   *x@ @   *x@ @   *x @ @   (x@ @   (x@ @   (x @ @   *x @ @   *x @ @   *x @ @  "x@ @    h @ @   d @ @    h@ @    h@ @    h @ @  "| @ @    l@ @  #|@ @  #|@ @  "x@ @  #|@ @  #|@ @  #|@ @   *x "| @ @   `@ @   `@ @    |@ @    |@ @    x@ @   ) |@ @    |@ @    L   H  !x@ @    h @ @    l   L !x@ @   "| @ @   !x @ @   "| @ @   #|!@ @   #|!@ @    h@ @    h@ @    h@ @    h@ @    h@ @   #| @ @   !x@ @   "| @ @    h@ @    |@ @    |@ @    |@ @  # %  h@ @   l  h  L  l@ @     h "x@ @   !x  !x @ @  !x@ @  !x  ` @ @  "p @ @  "x@ @  "x!@ @   *|@ @   D   l  % l   h"@ @   `"@ @    h  `@ @   ` @ @  "x @ @   d @ @   d a@ @   `@ @  ! h   h @ @    h @ @   ` "@ @  #x@ @  #x @ @   D  d@ @  #X #\  D  h"@ @   h@ @   p@ @   t @ @   p  t @ @   d @ @  !x  |  ` @ @   `@ @   ` @ @   `@ @   d@ @   d!@ @   d@ @   d!@ @   d@ @   d@ @   d @ @   d @ @   ` @ @  "x@ @  "x @ @  a! @ @   !x @ @   !x @ @  "x@ @  "x@ @   ` @ @   "|@ @  "p @ @  "x@ @  "x@ @  "x @ @  "x@ @  "x @ @   ` @ @  !x@ @  !x !x @ @  !x @ @  !x@ @  !x@ @  "X  !x  !x @ @   !|  x  !x@ @   !x @ @  "x!@ @   !| @ @  x !t@ @  !p@ @  !p @ @  !p @ @  !p @ @  # %  20% - Accent10 20% - Accent1 20% - Accent20" 20% - Accent2 20% - Accent30& 20% - Accent3 20% - Accent40* 20% - Accent4 20% - Accent50. 20% - Accent5 20% - Accent602 20% - Accent6 40% - Accent10 40% - Accent1 40% - Accent20# 40% - Accent2 40% - Accent30' 40% - Accent3 40% - Accent40+ 40% - Accent4 40% - Accent50/ 40% - Accent5 40% - Accent603 40% - Accent6 60% - Accent10 60% - Accent1 60% - Accent20$ 60% - Accent2 60% - Accent30( 60% - Accent3 60% - Accent40, 60% - Accent4 60% - Accent500 60% - Accent5! 60% - Accent604 60% - Accent6 "Accent1$Accent1 #Accent2$!Accent2 $Accent3$%Accent3 %Accent4$)Accent4 &Accent5$-Accent5 'Accent6$1Accent6(BadBad) Calculation, Calculation* Check Cell* Check Cell+ Comma,( Comma [0] -Comma 2.&Currency/. Currency [0]0Explanatory Text65Explanatory Text 1GoodGood2 Heading 1( Heading 13 Heading 2( Heading 24 Heading 3( Heading 35 Heading 4( Heading 46( Hyperlink 7Input Input8 Linked Cell, Linked Cell 9Neutral$Neutral"Normal:Normal - Style1 ;Normal 2 <Normal 3 =Normal 4 >Normal 5 ?Note Note @Output"OutputA$PercentB Percent 2C Percent 3 DTitle Title ETotal TotalF Warning Text. Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` kFFELPPrivate S0Collection and Waterfall"c Distributions Balance SheetIncome Statement   ;d   ;T  ;   ;4  ;|   ;  ;  ;   ;8bZ 3 A@@   Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest AccrualPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceWeighted Average Coupon (WAC)Number of LoansNumber of BorrowersReserve AccountReserve Amt Required Total AssetsSenior Parity %Total Parity % In School CurrentTotal Repayment Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment% Accrued Interest Subsidy Payments Total Accounts/Funds Balance# Accrued Interest on Senior Bonds% Principal of Sub Bonds Outstanding, Accrued Interest on Sub Bonds Outstanding Total Liabilities and Net Assets Balance Sheet Proprietary Total Balance$Monitoring Waterfall and CollectionsCollection PeriodCollection Activity$Principal and Interest DistributionsCollection AccountCollection Amount ReceivedInterest Shortfall RecoveriesInterest Carryover Due"Excess of Required Reserve AccountInterest Carryover PaidInterest CarryoverPayments from Guarantor Sale ProceedsTotal Distribution AmountInvestment IncomeAll Fees%Other Amounts Received in Collection Total Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailConsolidation Loans800 + As of DateBal after Waterfall Cumulative Default RateAuction Status Subsidized Stafford LoansUnsubsidized Stafford Loans(Student Loan Backed Reporting Mixed Deal1995 AFailed1995 B1995 C1996 F1996 G1996 H1998 K1998 L1998 M1998 O2000 R2000 S2000 T2001 V2001 W2001 X2001 Y2001 Z2001 AA2002 BB2002 CC2002 DD1995 Master Trust2003 GG2003 HH2003 II2003 JJ2003 KK2003 LL2004 MM2004 NN2004 PP2004 OO2005 RR2005 SS2006 UU2006 VV2007 WW2007 XX2007 YY 30-59 Days Delinquent 60-89 Days Delinquent 90-119 Days Delinqent 150-179 Days Delinquent 120-149 Days Delinquent 180-209 Days Delinquent 210-239 Days Delinquent4 Year2 YearForeign Vocationalй Extra Advantageй Extra Choiceй Extra Classicй Extra Institutionalй Extra Lawй Extra Medical 92428C DB 7 92428C DC 5 92428C DD 3 92428C DW 1 92428C DX 9 92428C DY 7 92428C EF 7 92428C EA 8 92428C EB 6 92428C EC 4 92428C ED 2 92428C EE 0 92428C EG 5 92428C EH 3 92428C EJ 9 92428C EM 2 92428C EN 0 92428C EP 5 92428C EQ 3 92428C ER 1 92428C ES 9 92428C ET 7 92428C EU 4 92428C EV 2 92428C EW 0 92428C EX 8 92428C EZ 3 92428C FA 7 92428C FC 3 92428C FD 1 92428C FE 9 92428C FF 6 92428C FG 4 92428C DG 6 92428C DH 4 92428C DJ 0 92428C DN 1 92428C DP 6 92428C DQ 4 92428C DS 0Grad / PLUS Loans&йAMBAC 1995 Indenture Cash and Equivalents Operating Revenue Loan Acquisition Total Cash and Equivalents Receivables Investment Interest Student Loans Allowance for Bad Debt Contra SLR - Alt Fees" Deferred Subsidized Fees Student Loan Interest Total Receivables Other Assets Def Bond Issuance, Net Prepaid Expenses Total Other AssetsLiabilities and Net Assets Liabilities Senior Bonds Payable Sub Bond Payable Bond Interest Payable# Sub Bond Interest Payable" VT Value Rebates Payable% Accrued Yield - US Treasury' Accrued Rebates - US Treasury Default Fee Payable+ Due To US Department of Education0 Accounts Payable and Other Liabilities! Due To/From Other Funds Total Liabilities Net Assets' Restricted by Bond Resolution Total Net AssetsOverall Parity RatioSenior Parity Ratio@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower Recoveries Recovery RateCumulative Net Loss!First: Bond Insurance Premium Due>Second: Principal and Interest Due on Senior Bonds OutstandingBThird: Principal and Interest Due on Subordinate Bonds OutstandingTotal Fees and Program Expenses!Fourth: Fees and Program ExpensesEFifth: Other amounts due to Bond Insurer or Liquidity Facility Issuer*Available Funds at Beginning of Period (a)1995TrustBorrower Payments2003 FF2) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offsServicing FeesIndenture Trustee FeesAuction Agent Fees Other FeesRemarketing FeesCredit Enhancement FeesArbitrage Analysis FeesD Loans for which claims have been filed as of Distribution Date.Remaining Amount Available for Bond Redemption www.vsac.org"Excess Earnings Rebate paid to IRSAccrued Interest Carryover,Consolidation Rebate Fee paid to Dept. of Ed'Excess Interest returned to Dept. of EdExemptTaxable IRS Status % of Pool In School GraceMost recent auction resultRate(a)Loan Acquisition Fund Revenue Fund Debt Service Reserve Allowance for Bad Debt Student Loan Fees Prepaid Expenses Deferred Bond Issuance Costs( Accrued Interest Receivable on Loans# Borrower Benefit Rebates Payable) Accrued Yield and Rebate - US Treasury Due to US Dept. of Ed) Accounts Payable and Other Liabilities Due To/From Operations PrincipalReduced Payment Claim Filed HEAL LoansOther / Unknown (a)CIncludes Consolidation loans for which no School Code is maintainedOther / Unknown 240-269 Days Delinquent 270+ Days Delinquent 1-29 Days DelinquentIn Grace In School Repayment Forbearance Reduced Payment Deferment *Weghted Average Maturity (WAM) (in months)Interest Accrued Interest Due Interest PaidAverage FICO Score (a) Average of FICO scores on record+Average FICO Score (cosigned borrowers) (a)/Average FICO Score (non-cosigned borrowers) (a)Portfolio Summary - FFELP Notes/Bonds&Weighted Average Payments Made - FFELPFunds and Accounts - Trust Balance Sheet and Parity - Trust Portfolio by Loan Status - FFELPDelinquency Status - FFELPPortfolio by Loan Type - FFELP Portfolio by School Type - FFELP"Portfolio by Loan Status - PrivateDelinquency Status - Private#Portfolio by Loan Program - Private"Portfolio by School Type - Private,Distribution by FICO Credit Scores - PrivateQuarterly Distribution Report.Total Repayment includes Reduced Payment loans No FICO Score Less than 650Private Loans - Other (a)Includes Non-Guaranteed FFELinvestorrelations@vsac.org FIB SAP 650 - 699 700 - 749 750 - 7997Total Interest Distribution on Senior Bonds Outstanding0Cash Used to Redeem Bond Principal during PeriodAmbac 1995 IndentureQuarterly Income Statement 1995 TrustBond Direct Contribution Revenue# Federal Interest Benefits$ Special Allowance Payments! Interest on Investments) Interest and Fees/Student Loans Other Income Total Revenue Bond Expenses Bond/Note Interest Sub Bond Interest, Lender Fees and Consolidation Fees! SAP Int Returned to DOE! VT Value Rebate Expense& Fees Paid on Borrower Behalf! Yield Exp - US Treasury Yield Analysis" Rebate Exp - US Treasury Rebate Analysis Bad Debt Expense Credit Enha<ncement Auction Agent Remarketing Trustee Fees Total Interest ExpensesTotal Direct ContributionAdministrative Expense Salaries and Benefits! Other General and Admin$ Other Loan Finance Expense' Amortization of Bond Issuance! Subsidy Transfer to OpsTotal Administrative TransfersBEGINNING NET ASSETSNET SURPLUS/(DEFICIT)ENDING NET ASSETSCumulative Default Rate - FFELP!Cumulative Default Rate - Private,Fees and Program Expenses for Current PeriodTSixth: Payment to Debt Service Reserve Account if necessary to meet minimum requiredInterest Distributions Rating Agency Fees Repayment ForbearanceW.A. Time until (a)Current StatusConversion to RepaymentmonthsTotal Not ConvertedW.A. Time sinceTotal Converted=W.A. Time until Conversion to Repayment includes Grace period(Weighted Average Payments Made - PrivatePortfolio Summary - Private (b)9Private loan portfolio includes Non-guaranteed FFEL loans*Periodic Principal Distribution Amount DuePeriodic Principal Paid (a)Principal Shortfall7Principal Distributions are voluntary early retirements!Student Loans Receivable ActivityBeginning Balance Interest CapsConsolidation PaymentsClaim Payments DisbursementsBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding Balance 3/31/2012Refunds to Borrowers?Available Funds is sum of Revenue and Loan Acquisition Accounts(a) Footnotes:4/1/12 - 6/30/12Pre-Arbitrage adjustment 6/30/20124/1/2012- 6/30/2012%Reserve Account - Beginning of PeriodReserve Account - End of PeriodN/AB CtC7DD&+EE4F=GmHII9JJJ0&KvK$L L BM M "N N Of O P sQvRS~TVlV&W&tX*YDZ[s[\]^^_?`.aJb6cv=d}^ee:*gj hJhiccB g2 ,r`  dMbP?_*+%; i A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MAdobe PDFS o;XXLetterPRIV ''''0\KhCFF0EBDAStandard";XX??&U} W} W} W} m W}  W} W} W} IW} W} W} W} $W} W} W} mW} W} $ W;;      ; @  Y : >      q     ~ @@          YPZ D WWX    [[ 1  " ][[[[[[[[[[[[     _  V    T -] [Z  Xa+ey? X[*b`vAbuAb"AbuAbuA  7€e?~  v@] [\  Y_Q{? Y[*c`vAcLsAc)"AcLsAcLsA  93Ԏ?~  v@] []  Yy&1|? Y[*c`vAc`vAcW-c`vAc`vA  HՖ?~  v@] [^  Yy&1|? Y[*cwAcuAc}{%AcuAcuA  7€e?~  m@] [_  Y_Q{? Y[*cwAcžc.cžcž  cqC?~  m@] [`  Y_Q{? Y[*cwAcwAc\-cwAcwA  V'?~  m@] [a  Y-=v? Y[*cAcgcw5cgcg  5LÛ?~  `@] [b  YtF_x? Y[cAc c(|w@ c c   n3?~  `@] [c  Y$EdXy? Y[*c c c?c c  +??~  `@] [d  Y~  Y[6ccAcccc`@ ] [e  Y o_y? Y[*cBI cBI cw(EcBI cBI  =z?~  @] [f  YtF_x? Y[*cBI cBߤ c%0AcBߤ cBߤ  \͋|D?~  @] [g  Y o_y? Y[*cBI cBZc3cBZcBZ  ==Z?~  @] [h  YǺv? Y[*c8|Ac8|Aci&Ac8|Ac8|A  4r?~  @?@] [i  YxĬw? Y[*ccc&Acc  gONC?~  @?@] [j  Y: ? Y[*cwcQAc۳cQAcQA  հdCk?~  m@] [k  Y: ? Y[*cwcGAci"AcGAcGA  ׎b?~  m@] [l  Y$EdXy? Y[*cwAcBcX(cBcB  ̤k?~  @?@DlDRRD662& !"#$%&'()*+,-./0123456789 : ;;<=>? ] [m  Y $EdXy? Y[* cwAchxcQ-@cOABfcBf  ?˜?~ m@!] ![n ! !Y!_Q{? !Y[*!c»a c»a c+aGc»a c»a ! p!r?~ ! m@"] "[o " "Y"y&1|? "Y[*"cd cd c2AcjA(Ac(A " ] >[ >[[[>D\A^̳[A>HOOOOO ?] ?[ ?[[[?D\A^̳[A?HOOOOO DVl&v2&2&TZ@ABCDEFG H I;JKLMNOPQRSTUVWXYZ [\]^_"@][[[[HOOOOO A] A[  A[[[AQPkAAAR jAAHOOOOO B] B[  B[[[B= W@AB ף,uABhABHOOOOO "C][[[[HOOOOO D] DK D[[[D\Bp>ADp=цADQAADHOOOOO "E][[[[HOOOOO F F______HOOOOO GS G``````HOOOOO "HWWWWWWWWHW`OOO I4IH I I EOO "J][[[[[[H]HOO K K K KKHAOO L L(L L ;L BL ?IEA L OO M] M[) M[[[MIEAM M2AM M M C~ M ?; v M OO N] N[ N[[[NG|}NQCAN= zN N N CN ?(\~x N OO O] O[ O[[[OHz+[vAOp= :Oq= tAOH O O CO ?@\ O OO P] P[/ P[[[~ PKPa~ P+PH P P CP ?p=Vp P OO Q] Q[0 Q[[[QQ݃SQ A~ QnpQH Q Q C~ Q ? Q OO R] R[ R[[[R#vӾ/,RH R R C~ R ?UygA R OO S] S[1 S[[[S\Bp>ASp=цASQAASH S S C~ S ?>{ S OO T] T[ T[[[T(<tUAT(<tU~ TTH T T C~ T ? T OO U] U[ U[[[~ U Uףp~ UkKUH U U CU ?HaD U OO V] VK V[[[V\buAVl7ZV|=AVP V V D~ V @ V HH W]K[[[Q W ;W _W F2AW RX] XK*X[[[QG"H Y] Y[+ Y[[[YzjfA~ YO"Y dAYQ H< Z] Z[2 Z[[[~ Z%Z60~ Zc ZQ=`> [] [[3 [[[[[ [QOO \] \[4 \[[[\ \QOO ]] ][ ][[[]q= #pDA]q= #pD~ ] ]QOO ^] ^[ ^[[[^p=ʿ}uA~ ^^p=ʿ}uA ^QOO _] _[ _[[[_JJ _QOO D"l&tt&t&22&H&ThP6lhTTjj`abcdefg h i;jklmnopqr@stuvwxy z {;|}~`] `[ `[[[` `QOO a] a[ a[[[aˉ U5 aQOO b] bK, bKKKb{ՇAb{cSb#A bPOO c][[[[QOO d] d[ d[[[dbc^=?ddRl,\? OOOO] [! [[[X@@= T^Afff]xA lJ? 1? OOOO] [ [[[@@Q&ŁAĄnA wܧ? /FU? OOOO] [ [[[8@@333s`AHz4 nA zv? ͳr&? OOOO] [ [[[@ @)\(6eA ףdA =n? A 2? OOOO] [ [[[4@@q;`A ףxF`A "o7'? r?P.? OOOO] [ [[[@@ ף]AQi9VA 2k1? [? OOOO] [ [[[@h@XRAQ8RA =p\z? sDsz? OOOO] [ [[[@@35RffffiPA `Cir? .L(v? OOOO] [ [[[@@aUqjM &YuC`r? 'q? OOOO] [  [[[ t@@r@;q8|+ :DDDi? `c? OOOO^ L \\@ @Q9A wA~ ? ? OOOO J H Q? HHaaaa OOOO S"````````OOOO[[[[[[[[[ OOO 7[[ O$][[[[[[[[[OOOO "  % OOOO ]# V$ ]# ]$ ]# ^$ OOOO [X  @@Ķ?mAKL,&>A ϟ K? @:$\? OOOO] [W [[@@fff+A= בՑA ڍX޴? 0iob? OOOO] [ [[@@YAA > ,s? 9^%? OOOO] [ [[Ѓ@H@z>҇(8c8c    ??`T9`T`T@`p?AutoShape 1S"0e @xXx] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 3S"0e @mXm] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 5S"0e @pXp] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 6S"0e @  Q] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 8S"0e @  Q] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 9S"0e @%] `>@U   }} ~~ wyK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cyK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cggD g2  }cY{ 7-  dMbP?_*+%0 R A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MAdobe PDFS oKXXLetterPRIV ''''0\KhCFF0EBDAStandard"KXX??&U} W} W} W} m W} $ W} W} IW} W} IW} IW} W} W} IW} I W} W} $ W};; @@@    ; @  @  ; Y >:      q     ~ @@          YPZ D WWX      OOOOO  ][[[[[[ OOOOO      OOOOO    (\+>A @z=\ q=Jl4ͰA OOOOO ] [ [[[QUA Q.433TA OOOOO ] K KKKp}AĀ]> o|A OOOOO ][[[[ OOOOO ] [ [[[j{?a/? OOOOO ] [( [[[(k@RIȷk@ OOOOO ] [ [[[ @PO@ OOOOO ] [ [[[@o@ OOOOO ] [. [[["@#~PPh`J[@ OOOOO ] [, [[[eknl@wdq@ OOOOO ] [. [[[ 3.k@}[|@ OOOOO ^ \/ \\\?@?@ OOOOO J H -HHHH OOOOO S` 8```` OOOOO HHHHHHHH OOOOO H  u PP H^\\[!""# H | JHH ~  $@@H }   ~NGGR D l DTTF66:.Rrrr.jjXXrjjjNN.H(H ! " # $ % & ' ( ) * +  , - .  0  1 ;2 @3 4 5 6 7 8 9 : ; < = >  ? @  H ] fffEcA #? &k8  N GG ~ E!H !!z~`aA!9J?!'P-? ! !N !GG ! Gj A"H "]"%p=*rA" d{pPñ? "  "N "GG ~ " #H( ## #QU #GG # ~+Y?$H $} $ $ $~$ $N $GGs %H % z%J> ׺`A%3?%)X(0F@ %%5 %N %GG % (\bKA&H & &ɜeA&Y%?&*W&I@ &&6 &N &GG ~ & n)'H ' {'= km iA'ڧ?'*E@ ''6 'Q 'GG ' ~=rP?(H ( !~ (,({K.5?(*gMKOR@ ((6 (] (GG ( GLA)H ))+ )\) )a )II ) ._CE?*H ** LEA* ? *[ *J *KGR +H +&+q=Jl4ͰA~ +?+9S``  ,HHH-H - -7-HH.HHH 191 2][[[[[[[[[ 3 3"3 33 3 %3 4 4]# 4]$ 4# 4$ 4 ]# 4 ^$5] 5[ 5[[[5Т@`@5\ulqA5fffEcA5 D P?5 #?6] 6[$ 6[[[6@@@6GIA6= ׺`A6 E"~?6 3?7] 7[& 7[[[7d@@7q= jA7ɜeA7 $t6?7 Y%?8] 8[" 8[[[8@@@k]8z~`aA8 &ׇ5ߋ?8 9J?9] 9[% 9[[[9@@9VgA9= km iA9 G4?9 ڧ?:] :[' :[[[:*@,@4,: |êr.?: {K.5?;] ;[ ;[[[*;LL <^ <L& <\\< @O@<(\+>A<q=Jl4ͰA< ?< ? =J =HHHHHHHH >S>```````` ?[[[[[[[[[[ BXtXjzjP:, \hznV,,@ ;A @B C D E F G H I J K L M N O P Q  R  S ;T U V W X Y Z [ \ ] ^ _  @:@ A][[[[[[[[[ B B"B BB B %B C C]# C]$ C# C$ C ]# C ^$D] D[ D[[[D@L@D(QAD= WAD _?D m^.?E] E[! E[[[E@`@EQFhAE(PCvAE A0*we?E 2*:𛈸?F] F[ F[[[F@~@Fz.mA~ FkWKF ha+?F Yw.?G] G[ G[[[G s@(@s})<GQ3UAG zofP?G vX'?H] H[ H[[[H~@@?}%jP{sH {?H f??I] I[ I[[[I0|@v@']'JI Iu?I Y?J] J[ J[[[J@s@@m@K8wO1J JK(&?J hp?K] K[ K[[[K`j@h@7G0;)K p:}?K ; {!|?L] L[ L[[[Lf@`i@n<')L AJz?L SW|?M] M[ M[[[Mi@b@{$MGa11AM 3px?M =r?N] N[  N[[[N`b@f@-kN Z:m?N fGu?O^ OL O\\O{@S@OQ8:RAOuAO ?O ? PJ PHHHHbbbb QSQ```````` RHHHHHHHHH S;S T][[[[[[[[[ U U"U UU U %U V V]# V]$ V# V$ V ]# V ^$W W[ WW@@U@WK̓pAWKHAW /6?W K ?X] X[ X[[X@l@Xp=)NAX{AX Te?X (J?Y] Y[ Y[[Y@g@Y= JCAYQV#~AY P,w-k?Y Rq??Z] Z[ Z[[Z@@SqZQZQAZ hl?Z ґ\?[] [[ [[[[ i@h@ϓZ[Gd0A[ *Mo?[ Ɗ8o?\] \[ \[[\ e@@d@'{\ M`d?\ /d?]] ][B ][[]Q@U@LLì] ׇ0,(G?] ʳ=GK?^^ ^L& ^\\^ @O@^(\+>A^r=Jl4ͰA^ ?^ ? _J _J _QC_HHHHHHH Dl, \hznnnnnzn,, , \hzznn`  a  b ;c @d @e f g h i j k l m n  o  p ;q r s t u v w x y z { |  `S`S```````` b<b c][[[[[[[[[ d d"d dd d %d e e]# e]$ e]# eV$ e ]# e ^$f] f[ f[[[fv@@fffftAf{tAf r4 c{?f Q׺?g] g[ g[[[g@`@glbAg)\YAg !M?g d?h] h[ h[[[hPu@u@gHshCfh *?h ~C_U?i] i[7 i[[[i@@iq= gvAiףpM*vAi z?i uj?j] j[ j[[[j@@jQ^)WAj(\WAj ?j &c?k] k[ k[[[kR@W@kIAkpffY Ak ƻ#JE?k M J?l^ lL& l\\l @O@l(\+>Alr=Jl4ͰAl ?~ l ? mJ mHHHH_____ nSn````````` p=p q][[[[[[[[[ r r"r rr r %r s s]# s]$ s]# sV$ s ]# s ^$t] t[@ t[[[t@@@t833䖑At.\eAt rSR?t N\;?u] u[A u[[[u$@$@u`Au\Au а e?u r{qW?v] v[G v[[[vY@@vAv ףOAv "`F۾?v 9j ?w] w[H w[[[w_@@w YAwfff,i>Aw ??x] x[I x[[[x@@xRu HAx9Ax 1>+?x B%n?y] y[R y[[[y@f@yGS@vAygvAy 񼥴?y w~?z^ zL8 z\\z @O@z(\+>Azr=Jl4ͰA~ z ?z ? {J {HHHH[[[[[ |S|```` >t 0,, \hn,,, \h,>@U`b rr dddddd rrrr33##$$++  33 UUUUUU BBBBBB 33wyK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cyK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cggD g2  g7F Sd`rb  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MAdobe PDFS o7XXLetterPRIV ''''0\KhCFF0EBDAStandard"7XX?Q?&U} $O} O}  O} I O}  O} O} O} IO} O} $ O} $ O} %%O} &$ Og&&;&;@& && & &; &; &x@ & & & & &&&&&& && &&&&&&&&&&& Y 9   MMM   MMMM  ~ @@    MMMM :   MMMM c; dddddddNGGGGG &eGGGGGGGGGGGGGGG0KGGGGGGGGGGGGGGGGGGGG%fPPPPPPg fPPPg 0GGGGGGGGGGGGGGGGGGGGG% Q= GGGGGG~ -@@ Qv GGG ~ -@@0 GGGGGGGGGGGGGGGGGGGGG% QGGGGGGh QGGGh 0 GGGGGGGGGGGGGGGGGGGGG% QG K GGGG \BP]A N GGG ~ @0 GGGGGGGGGGGGGGGGGGGGG% N G> GGGGG FqzA N GGG  :0A0 GGGGGGGGGGGGGGGGGGGGG% N G@ GGGGG A N GGG ~ 0 GGGGGGGGGGGGGGGGGGGGG%N [GGGGG~ D\A  N  GGG ~  0GGGGGGGGGGGGGGGGGGGGG% NG GBGGGG~ ^@  N  GGG ~  @0GGGGGGGGGGGGGGGGGGGGG%N UGGGGG~ ̳[A  N  GGG  b2UPA0GGGGGGGGGGGGGGGGGGGGG%NGGGGGGR  N  GGG ~  i0GGGGGGGGGGGGGGGGGGGGG%N GEGGGGGHz4.]A N  K  GG  jSQA0GGGGGGGGGGGGGGGGGGGGG%N GFGGGGG~  kIII[ 0GGGGGGGGGGGGGGGGGGGGG%N GHGGGGG9mo@ SUUUV 0GGGGGGGGGGGGGGGGGGGGG%N GIGGGGG~ 0GGGGGGGGGGGGGGGGGGGGG%N GJGGGGG~ 0GGKGGGGGGGGGGGGGGGGGG%N GGGGGGz64E90GGGGGGGGGGGGGGGGGGGGG%N GGGGGG~ s0GGGGGGGGGGGGGGGGGGGGG%N GGGGGG~ 0GGGGGGGGGGGGGGGGGGGGG%NGGGGGG0GGGGGGGGGGGGGGGGGGGGG%NGGGGGGNGGGGGGNGGGGGGNGGGGGG NG KKGGGGj3 ADbl, XJ2^bbznnrnnN !6"6!# $; %; &x@'(@)*+,-./0123456789:;<=>? kILIIII[ !J !l !!m! OOOOO "S"888888n" OOOOO $cL $ddddddddddddo "%eGGGGGGGGGGGGG "&fPPPPPPPPPPPPg 'QM'GGGGGGGGGG ' pN' I ' qO"(NGGGGGGGGGGGGR )N )KK)GGGGGGGGG}} ) 3 A"*NGGGGGGGGGG}} +N +K+GGGGGGGGG ~ + }+ }+ 3 A",NGGGGGGGGGG}} -N -K-GGGGGGGGG}} -W .NG .GZ.GGGGGGGG ~ . }t. }rrr /NG /G\/GGGGGGGG ~ / }w / } /rr 0NG 0G]0GGGGGGGG ~ 0 }S 0 } 0rr 1NG 1G^1GGGGGGGG 1 }q= ׃X@1 }rrr 2NG 2G_2GGGGGGGG ~ 2 }@ 2 } 2rr 3NG 3G`3GGGGGGGG ~ 3 }  3 } 3rr 4NG 4Ga4GGGGGGGG ~ 4 } S4 }rrr 5NG 5Gb5GGGGGGGG ~ 5 }K C 5 } 5rr 6NG 6Gc6GGGGGGGG ~ 6 }X 6 } 6rr 7NG 7Ge7GGGGGGGG ~ 7 }7 }rrr 8NG 8Gf8GGGGGGGG ~ 8 }W 8 } 8rr 9NG 9Gg9GGGGGGGG 9 }ffff^^@ 9 } 9rr :NG :Gh:GGGGGGGG : }(\ϒ@: }rrr ;NG ;Gi;GGGGGGGG ~ ; }x ; } ;rr <NG <Gj<GGGGGGGG ~ < }w,A < } <rr =NG =Gk=GGGGGGGG = }QIp-@ = } =rr >NG >Gl>GGGGGGGG > }ffffv@ > } >rr ?NG ?Gm?GGGGGGGG ? }=yC@ ? } ?rrD lP:2&&R&J&^&DX``\``X``X`d\``dd@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_ @NG @Gn@GGGGGGGG ~ @ }u@ }rrr ANG AGoAGGGGGGGG ~ A }Զ@ A } Arr BNG BGpBGGGGGGGG ~ B }w" B } Brr CNG CGCGGGGGGGG ~ C }]C }rrr DNG DGrDGGGGGGGG ~ D } D } Drr ENG EGsEGGGGGGGG ~ E }d E } Err FNG FGtFGGGGGGGG ~ F }AF }rrr GNG GGuGGGGGGGGG G }G !A G } Grr HNG HGvHGGGGGGGG ~ H }l H } Hrr ING IGwIGGGGGGGG I }GA I } Irr JNG JGxJGGGGGGGG ~ J }J }rrr KNG KGyKGGGGGGGG ~ K }# K }rrr LNG LG{LGGGGGGGG ~ L }OQ L } Lrr MNG MGzMGGGGGGGG ~ M }9 M } Mrr NNG NG|NGGGGGGGG ~ N } N } Nrr ONG OG}OGGGGGGGG ~ O } O } Orr PNG PG~PGGGGGGGG ~ P }tP }rrr QNG QGQGGGGGGGG ~ Q }/1 Q } Qrr RNG RGRGGGGGGGG ~ R }'D4R }rrr SNG SGSGGGGGGGG ~ S }í$ S } Srr TNG TGTGGGGGGGG ~ T }/= T } Trr"UNGGGGGGGGGGs} UrVN VGJVGGGGGGGGG V }kw~%PAV }V iM;A"WNGGGGGGGGGG}} XN XKXGGGGGGGGG ~ X }X }X iM;A"YNKGGGGGGGGG}} ZN ZKZGGGGGGGGG Z }SQAZ }Z P|A"[NGGGGGGGGGG}} \N \K\GGGGGGGGG ~ \ }\ }\ P|A"]NGGGGGGGGGG}} ^N ^Kw^GGGGGGGGG ~ ^ }^ }^ P|A"_NKGGGGGGGGG}} D lX``X``Xd`dXX````X`X``0b&^&b&^&^`abc6d f`N `K`GGGGGGGGG}} ` P|A$aNGGGGGGGGGG}}tbk bLKbIIIIIIIII ~ b s Ab sb iPAAbu cJ clR dS dUUUUUUUUUUUUV fvrvdJ(h22>@Ufbbbb* wggD g2 YWjw//  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MAdobe PDFS o0XXLetterPRIV ''''0\KhCFF0EBDAStandard"0XX?Q?&U} $O} O}  O} I O} O} O} O} $ O} $ O} %%O} &$ OY.;;@          ...... . ......... Y 9   MMM   MMMM  ~ @@    MMMM :   MMMM wx ddddddoNGGGGG xPPPPPPgG NGGGGG yS~ z@@ { N G) GGGG{ |X/SFRA { N G* GGGGG |kw~%PA G N G+ GGGGG |kw~%PA G NG G? GGGG } GNGGGGGG}GN GGGGGG|냬AGN GAGGGGG~ |GN GCGGGGG~ |~ NG GDGGGG|냬ANGGGGGG}G NG KGGGGG}kw~%PAGUUUUUUVGxPPPPP Z \ ]  ^  _  `  a  b c d e f g h -O.NGGGGGRN G)GGGG6eۛfe| (@$W?[1)N G*GGGGtwS q= ׃X@6 @  SK CXWffff^^@(\ϒ@N G+GGGGtwS q= ׃X@6 @  SK CXWffff^^@(\ϒ@ NG G? GGG                   .NGGGGGN GGGGG0\u@ Q@`h3@ p= W@  Q@ @ ף@  QX3@ (|w@(\b.@~ l!@(\ua@~ 3(\B@N GAGGGGZD l, XJ2<HHHFHDDJJ22 !"#$%&'()* + ,-./0123456789:;<=>?  N GC GGGGZ  !NG !GD !GGG!0\u@! Q@!`h3@! p= W@!  Q@! @ ף@!  QX3@! (|w@!(\b.@~ !!l!@!(\ua@~ !3!(\B@."NGGGGG#N #G#GGGGZ#$N $G$GGGGZ$ %NG %G %GGG % % % %  %  %  %  %  % % % % % %.&NGGGGG 'NG 'KG 'GGG'twS' q= ׃X@6' @  SK CXW'ffff^^@'(\ϒ@.(kILIII )J )GK )Q&)GG *S,*UUUUUV+v ,x<,PPPPP ,i ,j ,k , l , m , n , o , p , ,r ,s ,t ,u ,v.-NGGGGGR.N .G).GGGG.$@.pLo@. Q4@.  qx@~ . . (\@$. @ g.(\#A~ .{/N /G*/GGGG/xw,A/QIp-@/ ffffv@/ =yC@0/ uԶ@w"]dA/G !A~ /l0N 0G+0GGGG0xw,A0QIp-@0 ffffv@0 =yC@00 uԶ@w"]dA0G !A~ 0l 1NG 1G? 1GGG 1 1 1 1  1  1  1  1  1 1 1 1 1 1.2NGGGGG3N 3G3GGGG3`(]@~ 3۳3](@3 Q^ҹ@3 03333P@3 Xh@3 Gz@3 0333@30\w@~ 33@ ף@3q@3ףp@3(\@4N 4GA4GGGGZ45N 5GC5GGGGZ5 6NG 6GD 6GGG6`(]@~ 6۳6](@6 Q^ҹ@6 03333P@6 Xh@6 Gz@6 0333@60\w@~ 66@ ף@6q@6ףp@6(\@.7NGGGGG8N 8G8GGGGZ89N 9G9GGGGZ9OAjA :NG :G :GGG : : : :  :  :  :  :  : : : : : :.;NGGGGG <NG <KG <GGG<xw,A<QIp-@< ffffv@< ݓGA0< uw"]dA<G !A~ <l.=kILIII >J >GK >Q&>GG ?S,?UUUUUVDl 222T> 22 222T@ ABCDEFGHIJKLMNOPQRST VWX Ax<APPPPP Aw Ax Ay A { A z A | A } A ~ A A A A A.BNGGGGGRCN CG)CGGGG~ C'C> ף|@CLA6C oWm%c+WmMq=cACgffq0A CDN DG*DGGGGDGAHD# OQ9t/1'D4í$/= DEN EG+EGGGGEGAHE# OQ9t/1'D4í$/= E FNG FG? FGGG F F F F  F  F  F  F  F F F F F.GNGGGGGHN HGHGGGGH@ ףO@H( @H8333@H hfff@H za@H m% H  Qx:@Hzgb@H @@H`|@ HIN IGAIGGGGNI IJN JGCJGGGGNJ J KNG KGD KGGGK@ ףO@K( @K8333@K hfff@K za@K m% K  Qx:@Kzgb@K @@K`|@ K.LNGGGGGMN MGMGGGGNM MNN NGNGGGGNNj@ N ONG OG OGGG O O O O  O  O  O  O  O O O O O.PNGGGGG QNG QKG QGGGQGAHQ# OQ9j@t/1'D4í$/= Q.RkILIII SJ SGK SQ&SGG TS,TUUUUUV VvrvWvXv4 22222T> >@UOJ* wggD g2 :46  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(p= ף?)?MAdobe PDFS oZXXLetterPRIV ''''0\KhCFF0EBDAStandard"ZXX??&U} |} #|} m|} m|} |} $ |:uxuuyyyyy z z z { {{{{{{{{{{{{{{{{{{{ MMvwww ww MMffff ff 6NNg Tgggggggggggggggggggggggggg ttt h h ii iii h h ii iii j j ii k( lliill k lliilll klmm lll klmQPkAmR jA lll klm= W@AmhA lll k lmD\Am̳[A lll kln\Bp>AnQAA ll klllllll klmKm+ lll klmIEAm2A lll klmG|}m= z lll klm c)m lll klmm lll klmHz+[vAmq= tA lll kElm21+mz( lll kFlmQmZm`f Y lll klnu?AnGqCA lllllllll klllllll klm(<tUA~ m llD l$ $ $,:::$$FTTFT$FTTFFTFTT$ {!{"{#{ ${%{&{'{({){*{+{,{-{.{/{0{1{2{3{4{56 789 l k l m mkK ll!l !k!l!nHzDZA~ !nkK !ll"lllllll#l #k#l#o\buA#o|=A #ll $k$llllll %k%llllll&l &k&l&mzjfA&m dA &ll'l 'k'l'mm 'll(l (k(l(m%mc  (ll)l )k)l)mm )ll*l *k*l*mq= #pDA~ *m *ll+l +k+l+mR uA+mHz֜uA +ll,l ,k,l,mW m ,ll-l -k-l-mm -ll.l .k.l.mJmJ .ll/l /k/l/mm /ll0l 0k0l0mˉ m5 0ll1l 1k1l1n{ՇA1nBA 1ll2lllllll 3k3llllll4l 4k4l4mGYRA4mp=?גA 4ll5l 5k5l5nGYRA5np=?גA 5ll6l 6k56l6p\buA6p|=A 8q8l8rac^=?8r8/R;? 9q9l9rac^=?9r8/R;?8pFPT$$TFFFPTFFFFFT$TTF<PH 0(  >@d999 wggD g2 63c1  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(p= ף?)?MAdobe PDFS odXXLetterPRIV ''''0\KhCFF0EBDAStandard"dXX??&U} d} #d} md} md} d} $ d6@@@      MM vww wtt LMM fff ftt MNNgggggttgggggttgggggttgggggtt ggg hN itt iii j itt iiititt kO lltltt kP lltlttl kQl~ m lttl kRl~ ms3) lttl kSl~ mƪ lttl kTlm ףdpA lttl kUl~ m lttl kVlnHzW^sA ltt kWlltlttl kXl~ mJ lttl kYl~ m lttl kZl~ ms!|' lttl k[lm(|RA lttl k\l~ m lttl k]l~ m lttl k^l~ m6( lttl k_l~ mj@ lttl k`l~ m lttl kal~ m@ lttl kbl~ mWL lttDl$ $ $..$$@@@D@D$@@@D@@@@@@ !"#$%&'()*+,-./01234 5 l kc l~ m7 ltt!l !kd!l~ !m| !ltt"l "ke"l~ "m "ltt#l #kf#l~ #m@ #ltt$l $ky$l~ $m $ltt%l %kg%l%nHzqgA %ltt&l &kh&l&82^A &ltt 'ki'lltltt(l (kj(l~ (mĜ2A (ltt)l )kk)l~ )m4@ )ltt*l *kl*l~ *m *ltt+l +km+l+m(<tUA +ltt,l ,kn,l~ ,m  ,ltt-l -ko-l-ň#cA -ltt.l .kp.l~ .m .ltt/llltltt0l 0q00GYRA 0tt1ttt2 2r2~ 2Ͼ 2tt3ttt4 4s44p=?גA 4tt50@@@@@DD$@@@D@D@D@D>@ddb4 wggD Oh+'0HPp Katharine A. ArmstrongйMicrosoft Excel@%8i@0]ir@o5;՜.+,D՜.+,T PXh px й FFELPPrivateCollection and WaterfallDistributionsBalance SheetIncome Statement&'Collection and Waterfall'!Print_AreaDistributions!Print_AreaFFELP!Print_Area'Income Statement'!Print_AreaPrivate!Print_Area('Collection and Waterfall'!Print_TitlesDistributions!Print_TitlesFFELP!Print_TitlesPrivate!Print_Titles  Worksheets Named Ranges  8@ _PID_HLINKSA{\"mailto:investorrelations@vsac.orgHOhttp://www.vsac.org/HOhttp://www.vsac.org/{\"mailto:investorrelations@vsac.org  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FWorkbookSummaryInformation(DocumentSummaryInformation8