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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` aFFELP Collection and Waterfall Balance SheetIncome Statement  ;5  ;S   ;   ;3  ;  ; 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 Amt Required Total Assets Current 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$Monitoring Waterfall and CollectionsCollection PeriodCollection Activity$Principal and Interest DistributionsCollection AccountCollection Amount ReceivedInterest Shortfall RecoveriesInterest Carryover DueInterest 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 Loans As of DateBal after WaterfallSubsidized Stafford LoansUnsubsidized Stafford Loans(Student Loan Backed Reporting Mixed Deal 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 VocationalGrad / PLUS Loans&й 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 Bond Interest Payable" VT Value Rebates Payable% Accrued Yield - US Treasury' Accrued Rebates - US Treasury+ 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 Ratio@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net Loss0Fees and Program Expenses Due for Current PeriodTotal 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 IRSAccrued Interest Carryover,Consolidation Rebate Fee paid to Dept. of Ed'Excess Interest returned to Dept. of EdExempt 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 FiledOther / 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 *Weghted Average Maturity (WAM) (in months)Interest Accrued Interest Due Interest PaidPortfolio Summary - FFELP Notes/BondsFunds and Accounts - Trust Balance Sheet and Parity - Trust Portfolio by Loan Status - FFELPDelinquency Status - FFELPPortfolio by Loan Type - FFELP Portfolio by School Type - FFELPQuarterly Distribution Report2008 B1Student Loan Backed Reporting 92428C FJ 8Total Repayment (a)2008 B Indenture Cap IntCapitalized Interest Account(a) Footnotes:ARemaining Amount Released to Corporation if parity conditions met.Total Repayment includes Reduced Payment Loans2008 BNon-Guaranteed FFELAFirst: Fees and Program Expenses transferred to Operating Account\Fourth: Payment to Debt Service Reserve Account if necessary to increase to minimum requiredinvestorrelations@vsac.org! Debt Service - Interest FIB SAPDebt Service Reserve AccountDebt Service - Interest AccountOSecond: Semi-Annual Interest Due transferred to Debt Service - Interest AccountDebt Service Interest Account 2008B TrustQuarterly Income StatementBond 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, 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 Enhancement 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 ASSETS&Available Funds at Beginning of Period Rating Agency FeesWeighted Average Payments MadeW.A. Time until (a)Conversion to RepaymentmonthsTotal Not ConvertedW.A. Time since Repayment ForbearanceTotal Converted=W.A. Time until Conversion to Repayment includes Grace period*Periodic Principal Distribution Amount DuePeriodic Principal Paid (a)Principal Shortfall7Principal Distributions are voluntary early retirementsaFifth: Transfer to Retirement Account for non-scheduled retirement of bond principal and interestCurrent StatusSenior Parity % (a)Total Parity % (a)!Student Loans Receivable ActivityBeginning Balance Interest CapsClaim PaymentsConsolidation Payments DisbursementsRefunds to BorrowerBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding BalanceThird: For the 12 months preceding a stated maturity, equal installments of maturity amount transferred to Debt Service - Principal Account 9/30/201210/1/12 - 12/31/12 12/31/201210/1/2012- 12/31/2012Cumulative Default Rate - FFELPU Loans for which claims have been filed but not yet paid as of Distribution Date( Cumulative Purchases and OriginationsCumulative Default Rate (1)Recovery Rate (2)Cumulative Net Loss (3)g1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and OriginationsW2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offs<s3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /* Cumulative Purchases and OriginationsN/A(a)2> #?t?J@@@AXB&CwC(DRE'FxFG H I) J& K# L ;MNnNOO*PQoRSTUVWXiYHZv[\a;]H_zccB g2 $fcro~z  dMbP?_*+%U A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MS o0XXLetter"0XX??&U} P} m P}  P} mP} P} mP} P} P} mP} P} IP} $P} P} P}  P} P} $ P ; ;             ; @   !!;   uv s\ sst rr wx m mmn rr  ll wx~ y@'@ mmn rr  ll wx m mmn  ll I   ~ o ppq QQ n oooooooooop SQQQQQQQQQQQq  k k l  k k k k k lL k (S Q  ~jtX?WWGOWo!풵@$W0MA">aW">a?@ sRiiiiji s F" ggGOgo!풵@g0MAh">ag">a?   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