邢唷��>� ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� g2�羳����\p B�a�= ���=ixTQ�,8�@�"��1����Arial1�?�RCalibri1�?�RCalibri1�?�RCalibri1���RArial1���RArial1���RArial1���RArial1���RArial1���RArial1���RArial1��RCalibri1� �RCalibri1��RCalibri1� �RCalibri1� �RCalibri1��RCalibri1��RCalibri1,>�RCalibri1>�RCalibri1�>�RCalibri1� �RArial1�>�RCalibri1� �RCalibri1��RCalibri1@��RHelv1�?�RCalibri1h>�RCambria1��RCalibri1���RArial1���RArial1���RArial1���RArial1h��RArial1���RArial1���RArial1� �RArial1*��R MS Sans Serif1*���R MS Sans Serif1��RArial1���RArial1���RArial1.���RTimes New Roman1*��R MS Sans Serif1���RArial"$"#,##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_) �"$"#,##0� "$"#,##0.00� 0.0_);\(0.0\) �#,##0.0� m\/d\/yyyy �0.00000%�� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � � � � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� �� �� �� �� � � �� 攆f��� �+� �� �-)� �� �#+� �� �,� �� �-*� �� �� �� �� �� �� �P@ @� �� �P@ � � �� � @ � � �� �� ���� �� �� � � �� �`@ @� �� �� ��� � �$� � �$� � �$� � �$� � �&� � �,� � � � �  � �� ���� � � �� �# � �� � � �� �� �� �� �a@ 8� �� �� � `� �  h� � `@ @ � �  h@ @ � � h� � h@ @ � �x� � `@ @ � � @� � `@ @ � � h@ @ � � ` @ @ � �  h @ @ � � h @ @ � � ` @ @ � � ` @ @ � �  H� � "x@ @ � � "x@ @ � �  h� �  h@ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h @ @ � � h@ @ � � �"|@ @ � � �"|@ @ � �!p @ @ � � d� � �"|@ @ � � �"|@ @ � ��� l@ @ � � �"|@ @ � � �"|@ @ � �*x@ @ � �*x@ @ � � H� �a!�� � h@ @ � � h@ @ � �  h@ @ � �  h @ @ � �  h @ @ � � "x@ @ � �*x @ @ � � "x@ @ � � 1"| @ @ � � "x@ @ � � 1"|@ @ � � 1"| @ @ � �  h@ @ � �  h@ @ � � 1 l@ @ � � 1"| @ @ � �  h@ @ � �  l@ @ � �  h @ @ � �  H� �  h @ @ � � h@ @ � � h@ @ � � h@ @ � � h @ @ � � d @ @ � � � |@ @ � � � |@ @ � � � |!@ @ � �  |@ @ � �  |!@ @ � �  x@ @ � �  x @ @ � �  h@ @ � � h@ @ � �  h@ @ � �  h@ @ � � �� l @ @ � � "|@ @ � � "|@ @ � �  h@ @ � � �� l @ @ � � H� � � | @ @ � �  | @ @ � � 1 |@ @ � � 1 | @ @ � � ) |@ @ � � ) | @ @ � �  |@ @ � �  | @ @ � �  h @ @ � � h@ @ � �+�"|@ @ � �+�"|@ @ � �+�"| @ @ � � � |@ @ � � �1 |!@ @ � � �1 |!@ @ � � )� |@ @ � � �� |@ @ � � �1 |@ @ � � �1 |!@ @ � �  h@ @ � �)� l@ @ � ��� l@ @ � � 1 h@ @ � � 1 h!@ @ � � 1 l@ @ � � 1 l @ @ � � 1 l @ @ � � 1 l @ @ � �+�"x@ @ � �+�"x@ @ � � 1 l� � 1 l @ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h @ @ � � ) |@ @ � � ) |@ @ � �  h� � �1 |@ @ � � �1 |@ @ � �  h@ @ � � h@ @ � � h@ @ � �"x@ @ � �"x@ @ � �"x@ @ � � � |@ @ � � 1"| @ @ � �  h@ @ � � 1"| @ @ � � � l@ @ � � � l@ @ � � 1"|� �"x@ @ � � !x@ @ � �"p @ @ � �"p @ @ � � !x@ @ � � !x@ @ � �!x@ @ � �� l@ @ � � *x@ @ � � *x@ @ � � *x @ @ � � (x@ @ � � (x@ @ � � (x @ @ � � *x @ @ � � *x @ @ � � *x @ @ � �  h @ @ � �  h@ @ � �  h@ @ � �  h @ @ � ��1#|@ @ � ��1#|@ @ � ��1#|@ @ � ��1#|@ @ � ��1#|@ @ � � *x� �"| @ @ � � `@ @ � � `@ @ � �  H� � !x@ @ � �  h @ @ � �  L� �!x@ @ � � "| @ @ � � !x @ @ � � "| @ @ � � #|!@ @ � � #|!@ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h@ @ � � #| @ @ � � !x@ @ � � "| @ @ � � 1 h@ @ � � � |@ @ � � � |@ @ � � h@ @ � � h� � L� �� l@ @ � � h� �"x!@ @ � � 1*|@ @ � � D� �  h"@ @ � � `"@ @ � �  h� � `@ @ � � ` @ @ � �"x @ @ � � d @ @ � � d a@ @ � � `@ @ � �! h� �  h @ @ � �  h @ @ � � ` "@ @ � �#x@ @ � �#x @ @ � � D� � d@ @ � �#\� �� D� � "x@ @ � � "| @ @ � � 1"|@ @ � � 1"|@ @ � � 1"|@ @ � � 1"|@ @ � � h� �  L� � 1 l@ @ � � Q#| @ @ � � Q#| @ @ � �' �� �(� �)�� �$� � �� �*� �*8@ @� �+� �+� �+<�@ � �+<�a@ � �+<�`@ @� �  |@ @ � �  | @ @ � �' �� � h@ @ � � �1"|!@ @ � � �1"|@ @ � � h@ @ � � h @ @ � ��!\� � �� |@ @ � � �1 | @ @ � � �1 | @ @ � � �1 | @ @ � �"x@ @ � � �1"|@ @ � � �1"|@ @ � � � l@ @ � �  l@ @ � �  l@ @ � �  h@ @ � � 1 l@ @ � � 1 l@ @ � � "|@ @ � � �1"|@ @ � � H� � H� � L� � �1"|!@ @ � �!x@ @ � � !x� � !x @ @ � �!x@ @ � �!x� � ` @ @ � �"p @ @ � �"x@ @ � �"x@ @ � �"x @ @ � �"x@ @ � �"P� �%)� l� �a!� @ @ � � !x @ @ � � !x @ @ � �"X� �!x� � !x� � !x @ @ � �!|� � x� � !x@ @ � � !x @ @ � �!x@ @ � �!x� �!x @ @ � �!x @ @ � �!x@ @ � �!x@ @ � �"x@ @ � � ` @ @ � � 1"|@ @ � �"p @ @ � �"x@ @ � �"x @ @ � �"x@ @ � �"x@ @ � �"x@ @ � �"x @ @ � � ` @ @ � �"x @ @ � �"x@ @ � �x� �!t@ @ � �!p@ @ � �!p @ @ � �!p @ @ � �!p @ @ � ||��'酙}(}a ��(* "-"??� 20% - Accent1�0�� 20% - Accent1� 20% - Accent2�0�"� 20% - Accent2� 20% - Accent3�0�&� 20% - Accent3� 20% - Accent4�0�*� 20% - Accent4� 20% - Accent5�0�.� 20% - Accent5� 20% - Accent6�0�2� 20% - Accent6� 40% - Accent1�0�� 40% - Accent1� 40% - Accent2�0�#� 40% - Accent2� 40% - Accent3�0�'� 40% - Accent3� 40% - Accent4�0�+� 40% - Accent4� 40% - Accent5�0�/� 40% - Accent5� 40% - Accent6�0�3� 40% - Accent6� 60% - Accent1�0� � 60% - Accent1� 60% - Accent2�0�$� 60% - Accent2� 60% - Accent3�0�(� 60% - Accent3� 60% - Accent4�0�,� 60% - Accent4� 60% - Accent5�0�0� 60% - Accent5�! 60% - Accent6�0�4� 60% - Accent6� "Accent1�$��Accent1� #Accent2�$�!�Accent2� $Accent3�$�%�Accent3� %Accent4�$�)�Accent4� &Accent5�$�-�Accent5� 'Accent6�$�1�Accent6�(Bad���Bad�) Calculation�,�� Calculation�* Check Cell�*�� Check Cell�+€�� ��Comma�,€��(�� Comma [0]� -Comma 2�.€��&��Currency�/€��.�� Currency [0]�0Explanatory Text�6�5�Explanatory Text� 1Good���Good�2 Heading 1�(�� Heading 1�3 Heading 2�(�� Heading 2�4 Heading 3�(�� Heading 3�5 Heading 4�(�� Heading 4�6€��(�� Hyperlink� 7Input� ��Input�8 Linked Cell�,�� Linked Cell� 9Neutral�$��Neutral�€��"��Normal�:Normal - Style1� ;Normal 2� <�Normal 3� =Normal 4� >Normal 5� ?Normal 6� @Normal 7� ANote�� �Note� BOutput�"��Output�C€��$��Percent�D Percent 2�E Percent 3� FTitle� ��Title� GTotal� ��Total�H Warning Text�.� � Warning Text�X��TableStyleMedium2PivotStyleLight16��8�������������€€€€€€€€€览�€€€櫃��3f�����ff�€€f�烫�€������€€€€€���������櫶��櫶虣��虣3f�3烫櫶�����fff�枛�3f3檉333�3�3f33�333\���`� 'YFFELP� 労Collection and Waterfall�弥 Balance Sheet������  ;=   ;�   ;�  ; ����8�b餤� 3 ���A�@@�  ��hQ�Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest Accrual End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceWeighted Average Coupon (WAC)Number of LoansNumber of Borrowers Total AssetsSenior Parity %Total Parity % CurrentTotal Repayment Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment% Accrued Interest Subsidy Payments Total Accounts/Funds Balance# Accrued Interest on Senior Bonds% Principal of Sub Bonds Outstanding, Accrued Interest on Sub Bonds Outstanding Proprietary$Monitoring Waterfall and CollectionsCollection PeriodCollection ActivityCollection AccountCollection Amount Received Recoveries"Excess of Required Reserve AccountPayments from Guarantor Sale ProceedsInvestment IncomeAll Fees%Other Amounts Received in Collection Total Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailConsolidation LoansBal after WaterfallSubsidized Stafford LoansUnsubsidized Stafford Loans 30-59 Days Delinquent 60-89 Days Delinquent 150-179 Days Delinquent 120-149 Days Delinquent 180-209 Days Delinquent 210-239 Days Delinquent4 Year2 YearForeign VocationalGrad / PLUS Loans&中国竞彩网@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net LossTotal Fees and Program ExpensesBorrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offsServicing FeesIndenture Trustee Fees Other FeesRemarketing FeesCredit Enhancement FeesArbitrage Analysis Fees www.vsac.org"Excess Earnings Rebate paid to IRS,Consolidation Rebate Fee paid to Dept. of Ed'Excess Interest returned to Dept. of EdTaxable IRS Status % of Pool In School Grace 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 maintained 240-269 Days Delinquent 270+ Days Delinquent 1-29 Days DelinquentIn Grace In School Repayment Forbearance 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.Total Repayment includes Reduced Payment loansinvestorrelations@vsac.orgCumulative Default Rate - FFELP 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!Student Loans Receivable ActivityBeginning Balance Interest CapsConsolidation PaymentsClaim PaymentsBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding Balance(a) Footnotes:%Reserve Account - Beginning of PeriodReserve Account - End of Period'Student Loan Asset-Backed Notes, 2012-1Monthly Servicing Report2012-12012-1 A2012-1 BDepartment Reserve FundCollection FundSecond: Trustee FeesThird: Servicing FeesFourth: Administration FeesFifth: Noteholders' InterestSeventh: Noteholders' Principal0Remaining Amount Available for Release to IssuerReserve Fund RequirementSixth: Reserve Fund Requirement+Weighted Average Maturity (WAM) (in months) 90-119 Days Delinquent 924279AC6 924279AD4Loan TransfersRateNon-Guaranteed FFELP2012-1 Indenture Balance Sheet2012 - 1 Cash and Equivalents Revenue Loan Acquisition Debt Service Reserve 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 Bond Premium/Discount Sub Bond Payable Bond Interest Payable# Sub Bond Interest Payable Notes Payable" VT Value Rebates Payable% Accrued Yield - US Treasury' Accrued Rebates - US Treasury+ Due To US Department of Education! Due To/From Other Funds Total Liabilities Net Assets' Restricted by Bond Resolution Total Net Assets Total Liabilities and Net Assets FIB SAPAcquisition Fund Temp COI Fund&Available Funds at Beginning of Period DOE Reserve FundDebt Service Reserve FundXFirst: Department of Education, Guaranty Agency, and Rebate Fees to the DOE Reserve FundAdministration Fees!Eighth: Class B Carry Over Amount( Cumulative Purchases and OriginationsCumulative Default Rate (1)Recovery Rate (2)Cumulative Net Loss (3)* Cumulative Purchases and OriginationsU Loans for which claims have been filed but not yet paid as of Distribution Dates3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /W2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offsg1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and Originations7Fees and Program Expenses for Current Collection Period Cap Int4 Deferred Gain on Discounted Bond RefundingAfter WaterfallParityRefunds to BorrowersPrincipal Paid (a)03/31/164/1/16 - 4/30/1604/30/16�g= �=tY>��>�r?�?�釦�疉TrB%C�鏑�蔇o濫CvF 8G� H� 鬑� 艻k 盝V uK!L�鱈�組b綨cKO�=P�(Q�"R�3S�鸖�@U�iWcc��B����� g2�羳 (�榌6h╳�.�h�€�  d褚MbP?_*+�€%���k A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(�?)�?M��S飥� o/XXLetter�"/XX�?�?�&��c跎U} �Y} Y} $Y} �Y} m Y} $Y} �Y} $Y} $Y} Y} $Y} $Y} � Y} � Y} mY} �Y} $ Y�;; �����  �   ; �@ ������€��€� �€� ;€��€��€��€��€��€��€��€��€��€��€�� n� �� n�� qr� kS� kkl� jj � mn� g�� ggh� jj �  ee � mn~ i 娩@� ggh� jj �  ee � mn� f�� ggh�  ee � XCY� o�� VVW� op� bb� ccd� \\� p�� qrrrrrrrrrrs\ �" ^\\\\\\\\\\\t\  u� l� l� lg�  �� l � l� l� l�� l � mE� m � v) \^� \�� Z�� ZfG﹊覮�?c`1€艫c呺Q6篈~ c鉆c鄗肿奱A g瓽眱笰 g&課-(笰 %I抮)坚�?~  # 鐯 \^� \�� w�� "fHqx弟櫋?�d\恗Ad\恗Ad徛�(\X盄�dh\恗Ah\恗A  &i壑h=洹?~  x S锧 \�"_]y[zjjjjkk'{\ _� N#� |}~i衦銎Ai呺Q孅篈~ i/�i鄗肿奱A i瓽4p篈 i&誑�篈 $�?�  \ � € � `J``  �  J�J � U � aaaaaaaaaaa�J �"JJJJJJJJJJJJJJ � p�� rrrrrrsJQQQQQ �"^\\\\\\tJQQQQQ ������� �� �� ��JQQQQQ ^� (�� \\\��>覩��>覩�JQQQQQ ^� \�� \\\��>覩��>覩�JQQQQQ �"^\\\\���JQQQQQ ^� \�� \\\��� L�嫑\軒7(�JQQQQQ ^� \�� \\\�呺Q槨乨A~ �wK,��333CO3]A�JQQQQQ ^� (�� \\\�����JQQQQQ ^� (�� \\\�����JQQQQQ �"^\\\\���JQQQQQ �Dv lDRRD662&���&�22&2&TZZ&ZpZZ �€�!�€�"�€�#€� $€� %;€�&�€�'�€�(�€�)�€�*�€�+�€�,�€�-�€�.�€�/�€�0�€�1�€�2�€�3�€�4�€�5�€�6€� 7�€�8�€�9�€�:�€�;�€�<��€�=�€�>�€�?�€� ^� M� \\\ �祝p務lA~ ��鎴� �瓽� �dA� JQQQQQ �"!^\\\\���JQQQQQ � "€ � "``````�JQQQQQ � #U � #aaaaaa�JQQQQQ �"$YYYYYYYYJYQQQ � %p��%rrrrrrrs� % p�� % sQ �&^\\\\� &_3&\� &_3� &^��& ^JtQ �'������ '_� '\� '_� '^��' ���Q (�� (�$�(����I��� ( ��( �( �呺攌5籄( Q)^� )\%� )\\\)�呺攌5籄)J捞誊(W�)�霶x�俸A)�霶x�俸A� ) ��) �~ ) �+ ) Q*^� *\k� *\\\�*�m借J�m借�m借� * �Y* �~ * ���* Q+^� +\o� +\\\+�瓽岐f荾A+J€瓽 瓣�+�呺Q�抅A+�呺Q�抅A� + ��+ �~ + �肻�+ Q,^� ,\+� ,\\\�,�J��� , ��, �, �瓽!� 2�, Q-^� -\,� -\\\-�gff€蜬�-J�(\廰v5A-�隥�>OA�-�隥�>OA笼 - ��- �~ - �- Q.^� .\l� .\\\�.�J��� . U�. �~ . �?騖. Q/^� /\-� /\\\/�祝p務lA~ /J�鎴�/�瓽� �dA~ /��*uD� / ��/ �~ / �/ Q0^� 0\n� 0\\\�0�J��� 0 ��0 �~ 0 �0 Q1^� 1\m� 1\\\�1�K�� 1 ��1 �~ 1 ��t�1 Q2^� 2M� 2\\\2�鈠c礚糀2J犽QPQ穉�2�呺懾籄2��厸-J籄2 S� 2 ��2 �~ 2 �2 J�3^M\\\�J��Q � 3 ��3 `3 鞶x�俸A3 4^� 4M&�4\\\�J��Q� 5^� 5\'� 5\\\5�呺Q6篈5J鄗肿奱�5�瓽眱笰5�&課-(笰�5 Q€J� 6^� 6\.� 6\\\~ 6�'慞6J< 祝皁汤�6�鉆��6 Q�a� 7^� 7\/� 7\\\�7�\恗AJ�\恗A�\恗A� 7 RQ 8^� 8\0� 8\\\~ 8�$8J|瓽� 椑8�徛�(\X盄~ 8�� 8 RQ 9^� 9\p� 9\\\�9�{� J鋀鯜��1O��1O� 9 RQ :^� :\q� :\\\�:�J��� : RQ ;^� ;\r� ;\\\�;�J��� ; RQ <�^� <�\s� <�\\\�<��J��� <� RQ =^� =\t� =\\\�=�蠚叁K�TS鶙孙�孙�� = RQ >^� >M(� >MMM>�徛5 籄>J郠割a�>O� |篈>�c底&�篈� > SQ �?^\\\\�L��RQ �D*lp&22&FZ^d�z�~�z�zz�R8�pXvXXXXX~@�€�A�€�B�€�C€� D E;F�G���H�I�J�K�L�M�N�@O�P�Q�R�S�T�€�U€� V�€� W;€�X�€�Y�€�Z�€�[�€�\�€�]�€�^�€�_�€�@^� @\� @\\\@>d嵥U礹�?@M@>Fn4?杘�?@=璄fr篸�?� @ RQ A_� A]� A]]]A>爈鵾"叙?ANAP┱鶝羽?AT冫訲�起?� A RQ � B€ �B``````J�QQ � CU � Caaaaaaa�QQQQQ �D QQQQQ � Ep��Eqrrrrrs�E QQQQQ �F^\\\\\\t�F QQQQQ �G������ G�� G�� G��GYQQQQQYH�� H�� H���H�呺攌5籄H�捞誊(W�H�霶x�俸A�H)QQQQQ I^� I\� I\\\I�瓽岐f荾AI�€瓽 瓣�I�呺Q�抅A�I QQQQQ �J^\\\\����J QQQQQ K^� KM� KMMMK�> �/壃籄K�)\飯HW�K�殭� gO籄�K QQQQQ �L^\\\\����L QQQQQ M^� M\� M\\\M�ㄡ逫A讵?M�M�M�塎转?�M QQQQQ N^� N\�� N\\\N9C茁Le@N9N:z�隦Ce@�N QQQQQ O^� O\� O\\\�O�`婎@�懤��頏�O QQQQQ P^� P\� P\\\�P�h轅�衼罓€佥@�P QQQQQ Q_� Q]*� Q]]]Q�3 掃虭Q�€�� 橲@Q��6惂G虭�Q QQQQQ �R^\\\\\\t�R QQQQQ �S_\\\\\\t�S QQQQQ � T€ �T``````��T QQQQQ � UU �Uaaaaaa��U QQQQQ �VJJJJJJJJ�V ����� WJ� Wp��Wrrrs� Wp��WRRR��� �XJ_]]\t�X������� �YJ���� Yw�Yx�Y���� ~ Y �@夸@� Y �� ZJ� Z��� Z�u� Z�h� Z{�Z|�ZLJJJ�QQ [J� [^i~ [�囶t[�鋋 C�5_?[�牒�]5例 [��� [PZ� [III [ �迈(\�#2A� [ ` \J� \�j\�ffff捠A\�褰藮7?\�煃;XQ�例 \��� \P[� \III \ �瓽C M慉� \  ]J� ]^�~ ]�R]�旐�b?� ]��� ]<�� ]III ~ ] �K漎� ] �� �^J���� ^w�^}� ^<�� ^JJJ ^ �悯(澊1茿� ^ �� _J� _��� _�u� _�h� _s�_t� _S�� _III _ +&罓m碆�?� _ �� �D lvv,2:.Vtr.r.jjXXr..::.N.Xd��€h`�€�a�€�b�€�c�€�d�€�e�€�f�€�g�€�h�€�i€� j k;l�@m�€�n�€�o�p�q�r�s�t�u�v�w�€�x€� y�@ z;{�@|�€�}�€�~��`J� `��`�@P聊稟`�u猥颶T�?`�穨&恀@� `��� `PT�`IIIe�� aJ� a�v~ a�Wg猏a�A鱽抨珌?a�彝8w`@� a��� aPU� aIII a �瓽 C飷A� a Q` bJ� b��b�#rAb�b$惢|�?b�X衸椉Z\@� b��� bPV� bIII b �= 譾汙� b  cJ� c�c�醶ZtnyAc�况褰O�?c�€5┹b>[@� c��� cS�� cIII c +� f偣R�?dJ� d�w~ d�K漎d�-墛�,爀?d�菠� A]@� d[�� d^W� dIII d �鄍=JE菵A� d �� eJ� e��e�瓽鼚珊Ae�#鸮r盹?� e\t� eb�� eKKK e ,;e⒖&琹?� e �� fJ� f�"f�霶x�俸A~ f�?� fuvA� f?��fJJJ��� �gJ������ g?��gJJJ��� hJ� h� � h��� h���� h?��hJJJ��� �iJ������ i@��iVWWX�� �j ����� � kp��krrrrrrrrrs\\ kQ�$l^\\\\\\\\\tQQQQ�m������ mm� mymz� m y!�m ~QQQQ�n������ n_� n_ � n�� n� � n �� n � �n QQQQo^� o\� o\\\�o�`i@�€i@zl囶to �阌綹?o �鋋 C�5_?�o QQQQp^� p\€� p\\\�p�@�闌�`旉@p� 祝&h窤p�@P聊稟p �莔妄黊�?p �u猥颶T�?�p QQQQq^� q\v� q\\\�q�Py@�`{@�o姣V�Wg猏q �汓ⅦO€?q �A鱽抨珌?�q QQQQr^� r\~� r\\\�r�€J@�€I@�[�#r�ffff捠Ar �片Бn�8?r �褰藮7?�r QQQQs^� s\�� s\\\�s�$汙�笝@s�蔇rAs�#rAs �Br赔Y|�?s �b$惢|�?�s QQQQt^� t\� t\\\�t�[睝�吮@t�悯((KAt�醶ZtnyAt �唸鸝�$�?t �况褰O�?�t QQQQu^� u\w� u\\\�u�d@�€_@�(}!K漎u ��泵�5i?u �-墛�,爀?�u QQQQv_� vN"� v]]��v�`婎@��頏v�呺攌5籄v�霶x�俸Av ��������?~ v ��?�v QQQQ� w€ �"w````````��QQQQ� xU �"xaaaaaaaa��QQQQ�y�\\\\\\\\� y QQQ � zp��zrrrrrrrrrs\\ zQ�${^\\\\\\\\\tQQQQ�|������ ||� |y|z� | y!�| ~QQQQ�}������ }_� }_ � }�� }� � } F� }  �} QQQQ~^� ~\� ~\\\�~�`ㄧ@� 鏎~�{.z噚碅~��+X�碅~ �匭,]x镪?~ CC '标?�~ QQQQ^� \}� \\\��裕@�甬@�fff*lmzA� 祝�0潄A �扛蝉b�? D佞H�1|�?� QQQQ�D�l€�����l:Z::(fz€�€���€�44,:(fz�€���������������������€��€� ��@ �;��@��@������������������€��€� � �;��@��@����€^� €\H� €\\\�€�0�垏@€�吞虜駜pA€�徛�V揬A€ �y鉰互?€ DZ�*ぷ �?�€ QQQQ�^� �\I� �\\\���v@�L慇�銊竅��祝p搅^A� �璲�/KO�?� D!UOt�?�� QQQQ�^� �\�� �\\\����@�€q@�噅pd�跲矷� �粳+%�?� D态T鵴?�� QQQQ�^� �\K� �\\\���皔@�px@�H��%匨� �%R-儠~?� D鍑H迻墍?�� QQQQ�^� �\J� �\\\���@t@�衧@��悯(湬〣A~ ��+?S<� �B癊媙巟?� D�� 統?�� QQQQ�^� �\L� �\\\���pr@�餻@��B�2�S墹/� �餁豤臫u?� D诺镣St?�� QQQQ�^� �\M� �\\\���l@�鄇@�c�,�C颎'� �钉x鈱r?� Ds塇}聀?�� QQQQ�^� �\{� �\\\���纅@� f@�g晉�珌�� ��"駯燡f?� DY蕫�k?�� QQQQ�^� �\|� �\\\���繱@�@X@�J�B舐K� �飋=7mOb?� E 4訢�Z?�� QQQQ�_� �N� �]]�����1隌� 岁@��烫岟釷窤���(堞窤� ��?� ��?�� QQQQ� �L �J� ����JJaaaa��QQQQ� �U �"�aaaaaaaa��QQQQ��\\\\\\\\\� � QQQ � �p���rrrrrrrrrs\\ �Q�$�^\\\\\\\\\tQQQQ�������� �y�z� �y�z� � y!�� ~QQQQ�������� �_� �] � �_� �_ � � _� �  �� QQQQ��� �\G� �������}褸��3褸�\徛e帤廇�)\徶'廇� �]t�<�?� �毚″魫�?�� QQQQ�^� �\F� �\\����葽�@��呺Q懊榶A���叝1 yA� �膵_c��?� ��)v颦?�� QQQQ�^� �\R� �\\����瑻�8獲��殭櫃摽wA��霶竮�� �雼^� �>�� QQQQ�_� �N"� �]]����`婎@��頏��呺攌5籄��隥x�俸A�� *�?��? �� QQQQ� �L �"�LJJJJJJJJ�QQQQ� �U �"�Uaaaaaaaa�QQQQ�� QQQQ� �p��"�rrrrrrrrrsQQQQ�$�^\\\\\\\\\tQQQQ�������� �y�z� �y�z� � y!�� ~QQQQ�������� �_� �_ � �_� �] � � _� �  �� QQQQ�^� �\O� �\\\���N篅�斯@��{�;蓯sA���匰L7sA� �^I签��?� �7鋐B绂?�� QQQQ�D�l��€€�€€€€�H4,:(fz���€�€�444(fz��������������€��€� ���^� �\N� �\\\���繬鍬�€脲@��H狷矨��瓽!}長矨� �锕�. ��?� �滾躋�?�� QQQQ�^� �\P� �\\\���饉@�悀@��徛跞W鳹A��徛跞w遃A� �{�>h��?� �諺5�C�?�� QQQQ�^� �\1� �\\\���h欯�罊@��祝pe\P`A�� 祝芯謃A� �!У�/�?� �蟒%纃鶔?�� QQQQ�^� �\Q� �\\\���錀@�@��呺 @iA��q= �鴋A� �VR鮣矟?� �I~卯聺?�� QQQQ�^� �\y� �\\\��� 笯�Ω@���(\咾揂����鬀貟A� �>Gv�?� �L缤巉v�?�� QQQQ�_� �N"� �]]����`婎@��頏��呺攌5籄��隥x�俸A� *�������?� �������?�� QQQQ� �€ �`� �z��```````�QQQQ� �U �"�aaaaaaaaa�QQQQ� � QQQ ���������H4�R餞 ��< �( � �瘊 � � 穰��€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��5%��?€����`T�9`T`T@`€���������p�?AutoShape 13"���0e� �"TwT�] `�瘊 � � 穰��€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��5%��?€����`T�9`T`T@`€���������p�?AutoShape 33"���0e� �"IwI�] `�瘊 � � 穰��€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��5%��?€����`T�9`T`T@`€���������p�?AutoShape 53"���0e� �"LwL�] `�瘊 � � 穰��€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��5%��?€����`T�9`T`T@`€���������p�?AutoShape 63"���0e� � '� ���] `�瘊 � � 穰��€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��5%��?€����`T�9`T`T@`€���������p�?AutoShape 83"���0e� � '� ���] `�瘊 � � 穰��€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��5%��?€����`T�9`T`T@`€���������p�?AutoShape 93"���0e� �%����] `>�@U���  ���� mm ��||mm�� || ��__ffYY����||mmZZ^^  ����猩陏�寕�K�  www.vsac.org嗌陏�寕�K� Bhttp://www.vsac.org/yX侓;H�,俔膮'cカ��猩陏�寕�K� investorrelations@vsac.org嗌陏�寕�K� \mailto:investorrelations@vsac.orgyX侓;H�,俔膮'cカgg����D g2�羳 @偌5�嵴  d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&霶�呺�?'�呺Q肝?(ffffff�?)祝p= 子?M��S飥� o;XXLetter�";XX�?呺Q��?�&���c跎U} $Q} �Q} � Q} m Q}  Q} Q} Q} IQ} Q} $ Q} $� Q} %%�Q} &$ Q@&&;&;@& &�& & &; &; &x@ &� &� &� &� &�&�&�&�&�&�& && &�&�&�&�&�&�&�&�&�& � n�� n2�  €€ � OOO�  €€ �OOOO� q� rr~ � 娩@� ���  €€ �OOOO� o3� pp� ��� ���OOOO� 4� PIIIII �&IIIIIIIIIIIIIII�0MIIIIIIIIIIIIIIIIIIII%�RRRRRR� RRR �0IIIIIIIIIIIIIIIIIIIII%� S5� IIIIII~ �@夸@� S�� III ~ �@夸@�0 IIIIIIIIIIIIIIIIIIIII%� SIIIIII� SIII �0 IIIIIIIIIIIIIIIIIIIII%� SI� M�� IIII~ �� P]� III  �|�,H淪�0 IIIIIIIIIIIIIIIIIIIII% P� I6� IIIII �呺櫤XA� P_� III ~ ��0 IIIIIIIIIIIIIIIIIIIII% P� I7� IIIII~ �� P`� III ~ ��0 IIIIIIIIIIIIIIIIIIIII%P� \��IIIII~ �>覩�  Pa�  III ~  ��0IIIIIIIIIIIIIIIIIIIII%� PI� I8�IIII~ ��  <\�  III  �M�窩A�0IIIIIIIIIIIIIIIIIIIII%P�  ��IIIII~ �>覩�  <��  III  �桇�鉆�0IIIIIIIIIIIIIIIIIIIII%�PIIIIIIT�  P^�  III ~  ��0IIIIIIIIIIIIIIIIIIIII%P� I9�IIIII�瓽狴�1A� PIII �0IIIIIIIIIIIIIIIIIIIII%P� I:�IIIII~ � P�  MX�  II  _-@l€�A�0IIIIIIIIIIIIIIIIIIIII%P� I;�IIIII~ �G�&� KKKZ �0IIIIIIIIIIIIIIIIIIIII%P� I<��IIIII~ �� UWWWX �0IIIIIIIIIIIIIIIIIIIII%P� I=�IIIII~ ��0IIMIIIIIIIIIIIIIIIIII%P� Id�IIIII~ ��0IIIIIIIIIIIIIIIIIIIII%P� Ie�IIIII~ ��0IIIIIIIIIIIIIIIIIIIII%P� Ic�IIIII~ ��0IIIIIIIIIIIIIIIIIIIII%�PIIIIII��0IIIIIIIIIIIIIIIIIIIII%�PIIIIII��PIIIIII��PIIIIII��PIIIIII�� PI� M>�IIII333CO3]A�Dtl, XJ2^b�b������z����nnnnN !�€�"€� # $; %; &x@'�(�@)�*�+�,�-�.�/�0�1�2�3�4�5�6�7�8�9�:�;�<��€�= ?�� KNKKKKZ� !L��!������! QQQQQ � "U �"�������" QQQQQ � $?� $ �"%IIIIIIIIIIIII �"&RRRRRRRRRRRR � 'S@�'IIIIIIIIII � ' A' K� ' B�"(PIIIIIIIIIIIIT )P� )M>�)IIIIIIIIIff ) �333CO3]A�"*PIIIIIIIIIIff� +P� +M��+IIIIIIIII ~ + f{3�+ f+ �迈(�2ZA�",PIIIIIIIIIIff� -P� -M��-IIIIIIIII - f|�,H淪- f- �*馃�YA-Y�".PIIIIIIIIIIff� ./P� /M��/IIIIIIIII / fM�窩A/ f/ ��.窎剃XA�"0PMIIIIIIIIIff� 1P� 1M��1IIIIIIIII 1 f桇�鉆1 f1 �祢d叒腦A�"2PIIIIIIIIIIff� 3P� 3M��3IIIIIIIII 3 f+捜%�:A3 f3 �蒳3酼A�"4PIIIIIIIIIIff� 5P� 5M��5IIIIIIIII ~ 5 f5 f5 �蒳3酼A�"6PMIIIIIIIIIff� 7P� 7M��7IIIIIIIII 7 f苅3酼A7 f~ 7 ��"8PMIIIIIIIIIff� 9P� 9M��9IIIIIIIII ~ 9 f9 f~ 9 ��":PMIIIIIIIIIff� ;� ;N��;KKKKKKKKK ~ ; ; � <�L � <������������T � =U � =WWWWWWWWWWWWX � ?!!�Bd X::2&&R&J&^&l0b&b&b&^&^&Z&P22>�@U?��:�5 55 �* ��gg����D g2�羳 ;棕W��  d褚MbP?_*+�€%�����&UUUUUU�?'UUUUUU�?(UUUUUU�?)UUUUUU�?M��S飥� odXXLetter�"d XX�&��c跎U} �-} �-} m -} I -} I -} m -} � -} m -; h�h, � � � � ��� � � � � � � � � � � � � � � � �� .S/� .�� 0�� 111� 111� 2�� 2�� 111� 3�� 3�� 11111� 4$� 1111� 4��11111� 4�15呺Q槨乨A5333CO3]A1� 4�1�551� 4�1�5>覩5>覩1� 4�1�551� 4�1�5� L57(1� 4�16祝p務lA6瓽� �dA� 4��11111� 4�1�551� 4�15呺攌5籄5霶x�俸A1� 4�1�5m借5m借1� 4�1�551� 4�1�551� 4�15瓽岐f荾A5呺Q�抅A� ;;;1� 4�1�5s 5�;1� 4�1�5� �5K&⒙1� 4�16悯hB f籄6H�:€]籄�11111�:� ,, F8888F 8F888VB8F �!�"�#�$�% &'�(�)�*�+�,�-�.�/�0�1�2�3�4�5�6�7�8�9 :� 4�� 1111!1� !4�!1�!55"1� "4�"1�"55#1� #4�#1�#66�$11111%1� %4%1%7醶c礚糀%7呺懾籄� &4��&1111� '4��'1111(1� (4�(1(5呺Q6篈(5瓽眱笰)1� )4�)1�)55*1� *4�*1�*5\恗A5\恗A+1� +4�+1�+5'慞5鉆,1� ,4�,1~ ,5$,5徛�(\X盄-1� -4�-1-5fffB{A-5瓽舗_{A.1� .4�.1�.55/1� /4�/1�/5{� 5�1O01� 04�01�05511� 14�11�15521� 24�21�25531� 34�31�35蠚叁5孙�41� 44�4146�(\c呤糀46醶�2糀�511111� 64��6111171� 74�7175呺€奯�75 祝鄨羂�81� 84�86呺€奯�86 祝鄨羂�91� 94�98醶c礚糀98呺懾籄�:| 888F F888BF888888F F<�<��P餒 ��0�( � �>�@��EEEgg����D �鄥燆鵒h珣+'迟0�@HT` x ���Microsoft Excel@€v}�佳@^w攟;��胀諟.摋+,D胀諟.摋+,�|HP X`hp x ;� FFELPCollection and WaterfallBalance Sheet&'Collection and Waterfall'!Print_AreaFFELP!Print_Area('Collection and Waterfall'!Print_TitlesFFELP!Print_Titles  Worksheets Named Ranges$ 8@ _PID_HLINKS�A� {\"mailto:investorrelations@vsac.orgHOhttp://www.vsac.org/  !"#$%&'()*+,-./0123456789:;<�=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrst���vwxyz{|���~€����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������Root Entry�������� �F���Workbook��������������SummaryInformation(����uDocumentSummaryInformation8������������}