邢唷��>� ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� g2�蓘����\p中国竞彩网 B�a�=
���=��b%-8X@�"��1����Arial1����Arial1����Arial1����Arial1����Arial1����Arial1����Arial1����Arial1����Arial1����Arial1���Calibri1� ��Calibri1���Calibri1�
��Calibri1� ��Calibri1���Calibri1�$��Arial1���Calibri1,>��Calibri1>��Calibri1�>��Calibri1���Arial1�>��Calibri1�
��Calibri1���Calibri1@���Helv1�?��Calibri1h>��Cambria1���Calibri1����Arial1����Arial1����Arial1����Arial1h���Arial1���Arial1����Arial1����Arial1����Arial1����Arial1����Arial1.����Times New Roman1����Arial1����Arial1����Arial1����Arial1.����Times New Roman1����Arial"$"#,##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_);_(* \(#,##0\);_(* "-"??_);_(@_)4�/_(* #,##0.0_);_(* \(#,##0.0\);_(* "-"??_);_(@_) �0.0%�0.00_)�0.00_);\(0.00\)
�mm/dd/yy�mmmm\ d\,\ yyyy9�4_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"??_);_(@_)�0.000%�
mm/dd/yy;@$�[$-409]dddd\,\ mmmm\ dd\,\ yyyy
�"$"#,##0�dd\-mmm\-yy �"$"#,##0.00;\("$"#,##0.00\)�
m\/d\/yyyy �"$"#,##0.0_);\("$"#,##0.0\)�"$"#,##0.00�"$"#,##0.000�
"$"#,##0.0� 0.000E+00�
0.0000E+00�0.00000E+00�0.000000E+00�
0.0000000E+00�0.00000000E+00�0.000000000E+00�0.0000000000E+00�0.0E+00
�0E+00�0.00000�0.0000%
�0.000000�0.0000
�0.000�0.0�
0.00000000�0.000000000� 0.0000000�#,##0.0�#,##0.00;\(#,##0.00\)�0_);[Red]\(0\)�m/d/yy�
0.0_);\(0.0\)�� � �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� � � �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �
� �� �� ���� �� 攆f��� �+� �� �)� �� �,� �� �*� �� �� �� ���� �� �� �� �P� �� �P€
� �� � €
� �� �� ���� �� ���� �� �`� �� �� ��� � �
� �� �� ���� � � �� �� �� �� �a8� �� �� � � � @� � @� � � � @ � � � � � � @� � (� � � � `� � @ � � (@� � h� � @ � � ` � � � � � � � � (� � ( � � ( @ � � "@ � � h� � h � �x� � ("@@ � � " @ � � (� � (@@� � @ @ � � @@� � (@� �"8 � � @ � �! (� � ( � � ( � � `@� � 0 � � 0� �#8 � �#8 � � h@ � � @� � h@@� � `@� � h@� � ` � � h @ � � h � � ` � � ` � �
H� �
h� �
h � �
h@� � h@� � h � � ( � � h@ � �
�"|@ @� �
�"|@ � �
+ L� �$ �� �& �� �'� �( �� �'8� �)� �* �� �)� �)<�� �)<�a� �)<�`� �!p � � � �"< � �"| @ � �$ � �,�� �- �� �- � �& � �( � �* � �+ � � $� � $ � � $ a @ � � $� � 4 � � $ � �
�#| � �
�#| � �
�"|@@� �
�"|@� � h@� � $ � ��� l@ � ��� l@ � �
�"|@ � �
�"|@ � �
L� � L� �� $ � �� $@ � �)<�� �.� �/ �� �.� �.<�`� �+ � �* �� �
l� �
h@� �
h @� �
h � �"x@ � �
�"| � �
�"| � �
� l@ @ � �
�"|� �
h@ @� �"x @� �"p @� �"p � �"p � � � h@ � �*x � �*x � �
� |@ � � p � ���#|� ���#| � �"x@ � ���#|@� ���#|� ���#| � �
!x� �
!x� �!x� �*x� � h@� �*x � �(x@� �
�#| � �
�#| � �"x @ � �"x@ @ � �� � � H� �!x@� �!x� �
!x � �a!�� � h@@� � h@� �
h@@ � �
� l@ � � h @ � �
"x@@� �
"x@ @� �
��"| @� �
�"| @� �
"|!@ @� �
"x@� �
"x@ � �
��"| � �
�"| � �
�"| � �
h@ � �
"x@ � �
"x@ � �
�"| � �
�"| � �
�"| � �
h@ � �
h@ � �
� l � �
�"| � �
�"| � � h@@� � l@� � h @� � H� � h � � h@@ � � H� �
h@@� �
h@� �
�#|@ @� �
�#|@� �
�#|!@ @� �
�#|@ � �
#|� �
�#|!@ � �#|@ � �#|� ��#|!@ � �
h@ � �
h � �
� |@ � �
� | � �
� |@ � �
� | � �
|@ � �
l � �
|!@ � �
� |@ � �
l � �
� |!@ � �
#|@ � �
h � �
#| � � h@ @ � �
�#|@@� �
#|@� �
#|!@ � �
#|@ � �
#|!@ � �#|@� �#|!@ � �
h@� �
h!@ � �
"x!@ � �
"x!@ � �
�� l @� �
L� �#|@ @� �
#|@ � �
#|� �
#|!@ � �
�#|@ � �
�#|!@ � �
�#|@ � � h@@� � h@� � h@ @� �
� |@@� �
�� |@ @� �
� |@ � �
�� |@ � �
� l@ � �
� |@� �
�� |@ � �� l@ @ � �
!x@� �
(x@� �
(x @� � h @ � �+�"|@ @ � �+�"| @ � �"x!@ @ � �
)#|@ @� �
)#|@ � �
�#|@ � �
#|@ � �
#|!@ � �
)#|@ � �
�#|@ � �
#|@ � �
#|!@ � �)� l@ � �
� l@ � �
� l!@ � �
� l@� �
� l @� �
� l � �
� l � �
h"@ � �+�"x@ @ � �+�"x @ � �
� l� �
� l � �
h@ � �
h @� �
h @ � �
h � �
h � �"x@@� �"x @� �"x@ � �"x � � ` @� � ` � �"x@@ � �"x @ � �"X� �
!x� �
!x � �
!|� �"x @ � �a!� � �
!x � �
!x � � x� �!x@� �!x� �!x @ � �!x � �!x@@� �!x@� �
!x@� �
!x @� �"x@ @ � �!8@@� �!8@� �!8 @ � �!8 � �)8@� �)8� �x� �!4@� �!0@� �!0 @� �!0 � �!0 � �#� �%� �
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�$�1�Accent6�(Bad���Bad�)Calculation�,��Calculation�*
Check Cell�*��
Check Cell�+€�� ��Comma�,€��(�� Comma [0]�-€��&��Currency�.€��.��Currency [0]�/Explanatory Text�6�5�Explanatory Text�0€ ��:� �Followed Hyperlink� 1Good���Good�2 Heading 1�(�� Heading 1�3 Heading 2�(�� Heading 2�4 Heading 3�(�� Heading 3�5 Heading 4�(�� Heading 4�6€��(�� Hyperlink�
7Input� ��Input�8Linked Cell�,��Linked Cell�9Neutral�$��Neutral�€��"��Normal�:Normal - Style1� ;Note��
�Note�<�Output�"��Output�=€��$��Percent�
>Title� ��Title�
?Total� ��Total�@Warning Text�.��Warning Text�X��TableStyleMedium2PivotStyleLight16��8�������������€€€€€€€€€览�€€€櫃��3f�����ff�€€f�烫�€������€€€€€���������櫶��櫶虣��虣3f�3烫櫶�����fff�枛�3f3檉333�3�3f33�333\���`�?`Private� ;�Collection and Waterfall�初
Balance Sheet�&Income Statement������ ;6* );=
;>] ;����8fff餚�0@����€€€��v餹�(
3���A�@���@�
����Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP
Beg Princ BalInterest AccrualPrincipal Paid
End Princ BalOriginal Balance% of Securities
(a) Footnotes
(b) FootnotesPortfolio SummaryPrincipal BalanceBeg BalanceEnd BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceTotal Trust AssetsWeghted Average Maturity (WAM)Weighted Average Coupon (WAC)Number of LoansNumber of BorrowersAverage FICO ScoreFunds and AccountsTotal Assets Repayment CurrentClaims in Progress
Claims Denied
# of Loans BeginningEnding% of BalanceTotal PortfolioBalancePortfolio by School TypeTotal%Monthly/Quarterly Distribution ReportOvercollateralization Amount3Specified Overcollateralization Amount (no Trigger)Balance Sheet and ParityAssets Loans ReceivableLiabilities Bonds PayableTotal Liabilities( Accrued Interest Receivable on LoansMaturity
Total BalanceAverage Borrower IndebtednessRate# Accrued Interest on Senior Bonds Total Liabilities and Net Assets
Balance SheetProprietary Total Balance$Monitoring Waterfall and CollectionsCollection PeriodCollection Activity$Principal and Interest DistributionsCollection Amount ReceivedInterest Shortfall
RecoveriesInterest Carryover DueInterest Carryover PaidInterest CarryoverTotal Distribution AmountInvestment Income%Other Amounts Received in Collection Total Available FundsWaterfall ActivityWaterfall for Distribution
Amount DueAmount Remaining
Contact EmailDelinquency Status"Distribution by FICO Credit Scores
Less than 650800 +
As of DateBal after WaterfallCumulative Default Rate Cumulative Default Rate2007 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
VocationalOther / UnknownRefunds Due&中国竞彩网 Cash and Equivalents 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 Education! Due To/From Other Funds Total Liabilities Net Assets' Restricted by Bond Resolution Total Net Assets@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower Recoveries
Recovery RateCumulative Net LossTotal Fees and Program Expenses) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offs
Other FeesD Loans for which claims have been filed as of Distribution Datewww.vsac.orgAccrued Interest CarryoverExempt
IRS Status2010A-192428C FQ 292428C FR 092428C FS 892428C FT 692428C FU 392428C FV 192428C FW 992428C FX 792428C FY 592428C FZ 292428C GA 692428C GB 4 PrincipalIn School DeferredInterest Only RepaymentNotes/Bonds-Student Loan Backed Reporting - Private LoansRevenue Fund&Available Funds at Beginning of PeriodeSecond: To the Operating Fund for payment of Servicing and Administrative Fees and Indenture Expenses2Third: To the Debt Service Fund - Interest Account$Debt Service Fund - Interest Account%Debt Service Fund - Principal Account&Debt Service Fund - Retirement AccountDebt Service Reserve Fund4Fourth: To the Debt Service Fund - Principal AccountFFirst: To the Rebate Fund for Rebate or Excess Earnings Tax ComplianceiFifth: To the Debt Service Reserve Fund if necessary to restore the Debt Service Reserve Fund RequirementEServicing Fees, Indenture and Program Expenses Due for Current PeriodIndenture Expenses<�Sixth: To the Operating Fund for payment of Program ExpensesISeventh: To the Student Loan Fund during any applicable Recycling Period
TEighth: To the Debt Service Retirement Account (after any Recycling Period end date)
_Ninth: Released to the Corporation if Senior Parity Percentage conditions are met after release
!Servicing and Administrative FeesProgram Expenses2010 A Indenture2010 A Debt Service Reserve Cap Int! Debt Service - Interest" Debt Service - Principal
FIB
SAP Bond Premium/Discount Notes Payable Revenue Account" Loan Acquisition Account Cap Interest Account& Debt Service Reserve Account) Debt Service Account - Interest* Debt Service Account - Principal! Accrued Interest on Investment Deferred Bond Issuance Costs Total Accounts/Funds Balance Prepaid Expenses Allowance for Bad Debt Unearned Student Loan Fees Bond Discount/Premium Due To/From other FundsTotal Repayment (a)investorrelations@vsac.org 1-29 Days Delinquent 240-269 Days Delinquent 270+ Days Delinquent Portfolio by Current Loan StatusSemi-Annual Interest DueSemi-Annual Interest Paid 650 - 699 700 - 749 750 - 799
2010A-1 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/ Amortization of Bond Discount/Premium, 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 ASSETSPortfolio Interest RatesFixed Rate LoansForbearanceReduced PaymentInterim/Grace(a)
2Interim/Grace status loans are not fully disbursedSemi-Annual Interest AccruedSenior Parity % (a)Total Parity % (a)
6/30/2011 Rating Agency FeesNParity calculation excludes non-cash items as outlined in the Master IndenturebIncludes loans in Repayment, Interest Only Repayment, or Reduced Payment plans, net of Refunds DueWeighted Average Payments MadeW.A. Time until (a) % of PoolConversion to Repayment
In Schoolmonths GraceTotal Not ConvertedW.A. Time sinceClaim FiledTotal Converted=W.A. Time until Conversion to Repayment includes Grace period
9/30/20117/1/2011- 9/30/20117/1/11 - 9/30/11N/A�"@丂tA烝�MB@肂�慍�CD6E�臙�嘑z&G鸊�婬~jI] ZJM
rKe|Lo{Mn
餗�
`NSOrLQ?&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&=
祝p=�?'
祝p=
�?(呺Q�呟?)祝p=
足?M�\\Bolton\3A-S16-FINANCE��?€dXXLetter�.HP LaserJet 4050 Series PCL 62��x渆愅OA烹�44��0FbG厐嘺 &盍锚C酞刾"Y豽wd藹€?8炅樿cT鴽��譃Q7$葬轿/滼綏︾�5�蝂xOz4�[胿�<迠种蚐籭付aM�&杢@せs]Q�q�6#n惔壡�F�-妆飦{隘粒鄖O�(檧靷o€o偳!損K�0L鶸�-~ ~y~夂"w揁Q嫦Q鰾�(>′'駉猥恈抇魔$C郺�谸.溜C澑r2�^E{|
|AqAI瘨C�?�.绐Uε\�ez�<殾n愶芽y�9�:Y苷�;X鯚衎-i�:獻臎6筸T虰-瞪CK醠h冢r挡0Wn偏下p�訹扢襀財倷[A�+(M囦廄A冧W办鵺澞鲪羪魬\bp氧钂�住]�.�宸fv�"/XX�?�?�&�U}�v}�v}$v}�v}mv}$v}�v}Iv}�v} mv}
Iv}$v}�v}
m
v}mv}�v}$ v�Column B�
;
;
�
�
�
�
�
�
;
�@
�
�
��������������€��€� ;�
���
�+�
no�
pg�ppq�
ii �
jk�
b��bbc�
ii �
aa�
jk~
d钽@�bbc�
ii �
aa�
jk�
b�bbc�
aa�
�P��
�������
lm�
f��ggh�
ww�
���������������� ywwwwwwwwwww�
��
l�
l�
���
�8�
l�
l�
l�
l �
l
�
�V�
l�
�5y�
w��
���
���0�@~€O"A~€O"A~礍~�€O"A~€O"A
��a�+�?~
� @y�
w��
���
���0�@`�6A`�6A斞@�`�6A`�6A
�^Cy
�5�?~
�噗銨y�
w��
���
���霶�呺�?�*@w;A@w;Au褸�@w;A@w;A
�剳v珸�?~
�€ 錊y�
w��
���
���0�@€�>A€�>AL軥�€�>A€�>A
�(紗蚝?~
� 7錊y�
w��
���
���0�@€�>A€�>Ap譆�€�>A€�>A
�(紗蚝?~
�纃錊y�
w��
���
���霶�呺�?�*j8Aj8Ah蠤�j8Aj8A
�鞽�0規�?~
�€掑@y�
w��
���
���0�@`�6A`�6A斞@�`�6A`�6A
�^Cy
�5�?~
� 厘@y�
w��
���
���0�@ �3A �3Ax蜙� �3A �3A
�Ai�
劚?~
�理錊y�
w��
���
���0�@€O2A€O2A 藹�€O2A€O2A
��a�+�?~
�`鍬y�
w��
���
���0�@€�A€�Ap稝�€�A€�A
�(紗驓?~
� I鍬y�
w��
���
���/�$仴?�*CACA�這�CACA
�+F诒�?~
�[鏎y�
w��
���
���0�€@BABA檩@�BABA
��
剳v?~
�[鏎� �x�������������
Y*�������rA��rA�9A����rA��rA��?��
�
� zzNzzz�zzNz�N
�
r� {{{{{{{{{{{�N
w�
���������� mmmmm
�D
lDRRD660$�������������$|22
�@!�€�"�#�$�%�&�'�€�(�)�*�+�,�-�.�/�€�0€� 1 2;3�@4�€�5�6�7�8�9�:�;�€�<��@=�>�?�€�� ywwwwww�� mmmmm
�!�llll�
!l�
!��
!��!vmmmmm
"��
"��"���"G醶脊ElA"��+塚FA"|�pA�"�mmmmm
#y�
#w�#www�#�{d_g儃�#�mmmmm
$y�
$wf�$www�$梁枥梁鐯�$ mmmmm
%y�
%X�%XXX%呺a戨lA%8\弬蟢GA%瓽cqA�% mmmmm
&y�
&w�&www&祝p臔
bA~
&&{甮c奩A�&€mmmmm
'p�
'X�'XXX'z�i|wA'惍G釞\A'533{叟wA�'�mmmmm
�(ywwww
��( mmmmm
)y�
)w�)www)嬐~@Q�?)
)u瀊弲柍?�) mmmmm
*y�
*w�*www*
領G}e
d@*
*萼 1d@�* mmmmm
+y�
+w�+www�+湕@0z@(濦�+ mmmmm
,y�
,w�,www�,X旲餽@欯�, mmmmm
-y�
-w7�-www-���1臔-€负騇鱦�-�&钹桥腀�- mmmmm
.��
.x�.xxx..怟n園..0蟇1園�. mmmmm
�
/�
�/zzzzzN��/ mmmmm
�
0r�0{{{{{{��0 mmmmm
�1 mmmmm
�
2��2��������3ywwwwww��4�llll�
4�
4�
4��4 vvvvv
5y�
5w��5www�5籥��<�碁= �5 �����
6y�
6w��6www6)\廱'嶼A�6�薮痺諾7y�
7w��7www�7€1A€1A8y�
8w��8www�8莧-莧-9y�
9w��9www�9+y+y:y�
:w��:www�:;p�
;X�;XXX;祝p臔
bA~
;;{甮c奩A�<�ywwww !=y�
=w,�=www��">��
>x-�>xxx��#�
?�
�?zzzzzz��? vvvvv
�D�l.TtZXrpt.jjXXrj::&RXPDDDDZ..@�€� 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�€�[�€� \�€� ];€�^�€�_�€��
@r�@{{{{{{��A �����m�
B�.�B��������B mmmmmm�Cywwwwww��C mmmmmm�D�llll�
D�
D�
D��D mmmmmmE��
E�/�E�����$�E mmmmmmFy�
Fw0�FwwwF\徛mzElA~
F搟諩FH醶噜韕A�F%mmmmmmGy�
Gw��Gwww�G熝侵熝侵�G mmmmmmHy�
Hw4�Hwww�H�{d_g儃�H%mmmmmmIy�
Iw��Iwww�I琳餈亱桌铃錊�I mmmmmmJy�
Jw��Jwww�J嘡遇0d蚶讐��J mmmmmmKy�
Kw��KwwwK祝p臔
bA~
KK{甮c奩A�K mmmmmmLy�
Lw��LwwwL徛�(�A�LoDig>��L mmmmmmMy�
Mw��Mwww�M�M mmmmmmNy�
NX�NwwwN\徛夞膗AN吞蘕iAN惵蹯�
vA�N€mmmmmm�OyXwww�O mmmmmmPy�
PX1�Pwww�P mmmmmmQy�
Qw2�Qwww�Q�rA�rA�Q mmmmmmRy�
Rw��Rwww~
R;inR悯(\�7牙~
Rk��R mmmmmmSy�
Sw9�Swww�S�幭+v�'y�S mmmmmmTy�
Tw��Twww�T74�囌�� ��T mmmmmm�UywwwwU&呺箁AU€=ㄟ
AUfffJ狌rA�U€mmmmmmVy�
VX3�VXXX'()�V mmmmmm�Wywwww'()�W mmmmmmXy�
Xw �XwwwX*\谳戶?X�X+奓婔?�X mmmmmmY��
Yx
�YxxxY,\谳戶?Y�Y+奓婔?�Y mmmmmm�
Z�
Zz�
Zz
�Zzzzz��Z mmmmm
�
[r�[{{{{{{��\NNNNNNNN]-�
]��]����NN�^.wxxw�NN�_.w//�
_Y�_ZNN�D�l&<�0TDrZ\ZZpfZv0DZlZZbD0llN&.`�€�a�€�b�€�c�€�d�€�e�€�f�€�g�€�h�€�i�€�j�€�k�€�l�€�m�€�n�€�o�€� p�@ q;r�@s�€�t�€�u�v�w�x�y�z�{�|�}�~�€�€� �
`.w�
`���
`��
`[�`\NNa.�
awa0fffv]`Aa1詺2钷?a�冚噸C24例
a��
aNNb.�
bwb2殭��2Ab3S��?b��"薼�#例
b��
bNNc.�
cwc�櫃檡焍Ac4T猬V憴�?�c��NN�d.w���
dY�d]NN�
e.w�
e���
e��
e[�e^NNf.�
f�f0=JgTVAf1H漺��?f�沀众婄@�
f��
fNNg.�
g��~
g5哐�-g6l悤?禄?g�y礃U@�
g��
gNNh.�
h�~
h5凔�h6峮澊>-�?h�趤飺>H@�
h��
hNNi.�
i��i56��
i��
iNNj.�
j��j23��
j��
jNNk.�
k�k���眡^Ak4V;萏�?�kw�NNl.�
l�'l7{�pA~
l��?�l��NN�m.�����NNn��
n�
�
n8�n99:NN�or�����NN�"pwwwwwwwww�����
�
q���q����������wwqm�$rywwwwwwwww�mmmm�s�lll;�
sr#sr�
s_s`�
s _&�s
emmmm�t�lll;�
t�$�
t�%�
t<$�
t=%�
t �$�
t
>%�tmmmmuy�
uw�uwww�u?€丂@`傽uAH醶斢.UAuA=JgTVAu B�n合?u
CH漺��?�ummmmvy�
vw�vwww�*v@@AABC
�vmmmmwy�
ww�wwww�w@3@@e@A觠0wA殭��2Aw B笄^窮�?w
CS��?�wmmmmxy�
xw��xwww�x@爂@@`i@A#攺)A哐�-x Ba�=�?x
Cl悤?禄?�xmmmmyy�
yw��ywww�y@鄦@@袑@yA\徛e怼[AyAfffv]`Ay B醻�欶�?y
C詺2钷?�ymmmmzy�
zw�zwww�z@&@@1@A�A凔�z B賵.恁}?z
C峮澊>-�?�zmmmm{y�
{w!�{www�*{@@AABC
�{mmmm|y�
|w"�|www�*|DDEEFG
�|mmmm}��
}Y'�}xx�}H湕@H(濦}�H醶脊ElA}�{�pA�} I�?J�?
�}mmmm�
~�
~z�
~z�~zzzzzzKLmmmm�
r�"{{{{{{{{MNmmmm�D�
lHjjN0HjffPPNJ:&:(fz�h�€�€hh�H€�@ �;��@��€���€���������������������������€��€� � �;��@��@������������������€��€OOwwwwwww�€mmm
�
��Q������������ww�m�$�ywwwwwwwww�mmmm���lll;�
�r#�r�
�_�`�
� _&��
emmmm���lll;�
��$�
��%�
�P$�
�Q%�
� �$�
�
>%��mmmm�y�
�w ��www��?鄥@@p園�A=
變€罽A�A吞虒钨[A� Bf屛C濏?�
C燗D, �?��mmmm�y�
�w���www��@€G@@>@Ax�Asjk� BE⺁鞤偛?�
C��#�>�?��mmmm�y�
�wZ��www��@�?@@AAQ/AA7衹� B�&洭�W?�
C嚯亁€?��mmmm�y�
�w[��www��@�?@�?�A瓽狷&~
�AKI� B
�##�4?�
C玞昞04Y?��mmmm�y�
�w\��www��@�?@@A瓳A撋/� Bh&�%��mmmm�y�
�wb��www��?鄊@@皌@AO�3AKU}@� B椣剘d章?�
C � >伱?��mmmm�y�
�wa��www��@膽@@$朄�A=
譪u#eA�A殭欩+耯A� B*l竹扃?�
C啪5\巉�?��mmmm�y�
�wc��www��@&@@&@A�"鵃A�%}� B瞔s|?�
C#ぽ7�x?��mmmm�y�
�w<���www��@€V@@_@AK策A條� � B捠沊4K�?�
C懚漉&页?��mmmm�y�
�wd��www��@A@@€G@A鲃�
�Aq=
WS�!A� Ba~:�m�?�
C淆肊霠?��mmmm�y�
�we��www�*�DDEEFG
��mmmm���
�Y6��xxx��H湕@H(濦��G醶脊ElA��|�pA�� I�?J�?
��mmmm�
��
�"�zzzzzzzzz�mmmm�D(l,:(fz�€€�€hhhhhh�H44(fz€�€€�h��€� � �;����������������������������� � �;��������������������� �
�r�"�{{{{{{{{{�mmmm��mmm
�
��������������
��ywwwwwwwww�
������U�
�_#�`�
�_(�`�
� _&�
e�
����TTTV�
��$�
��%�
��$�
��%�
� �$�
�
>%�y~
��@��ww
�$�?@�?AA駢AB �
Cj鍊Z餋!?�y��D媗琨┍?��ww
��@纎@@ o@A搯p%�y�
�wS��www�*�?@AABC
�y�
�w���www�$�@@@@AA>B �
C漀顊�?�y�
�w���www��@@z@@ €@AKm&cAO.⺳� Bwヴ�?�
C漱芵娧?�y�
�w���www��@嘆@@岪�Ap"鳽A�A鈠幬`A� BC� m嗈?�
C�y右i�?�y�
�wT��www��D v@D鄘@E3M睻E|e� F�+钝 �?�
G.柌湉�?���
�Y=��xxx��H湕@H(濦��H醶脊ElA��{�pA�� I�?J�?
�
�.
��NNNNwwwww�
�
�r��{{{{WWWWWX
�B�X4, \tbrrb�fn x,,, \hVbn�nx,��疖�鹉�( �
�餱
�
����€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c
??€����`T�9`T`T@`€$�H�$�p�?AutoShape 1S"���0e� �@�%/�/�] `�n餱
�
����€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c
??€����`T�9`T`T@`€$�H�$�p�?AutoShape 3S"���0e� �@�%#�#�] `�n餱
�
����€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c
??€����`T�9`T`T@`€$�H�$�p�?AutoShape 5S"���0e� �@�%&�&�] `�n餱
�
����€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c
??€����`T�9`T`T@`€$�H�$�p�?AutoShape 6S"���0e� �@�'����] `�n餱
�
����€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c
??€����`T�9`T`T@`€$�H�$�p�?AutoShape 8S"���0e� �@�'����] `�n餱
�
����€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c
??€����`T�9`T`T@`€$�H�$�p�?AutoShape 9S"���0e� �@�%����] `>�蔼<�U�����������
��
��
������
����ss
ss__``ddeess�����7��猩陏�寕�K�investorrelations@vsac.org嗌陏�寕�K�\mailto:investorrelations@vsac.orgyX侓;H�,俔膮'cカ��猩陏�寕�K�
www.vsac.org嗌陏�寕�K�Bhttp://www.vsac.org/yX侓;H�,俔膮'cカgg����D
g2�蓘^A�囖o�y�
d褚MbP?_*+�€%���>�B?&L&"Arial,Bold"Vermont Student Assi9stance Corp.&RPage &P of &N��&霶�呺�?'�呺Q肝?(ffffff�?)祝p=
子?M�\\Bolton\3A-S16-FINANCE��?€dXXLetter�.HP LaserJet 4050 Series PCL 62��x渆恄KTQ坯瑚柩i�憈(嶔醶曆爕枇懇$膰`r�3WЫ噞曅虮"�晘&惮檐[侞a徝f瘯$椙震侮鳣z兇篡皢矶y�璶槯v觩55[襪憂萧故眩垼�q暏I<�歁箥軄
蟳騏蒥�.x<
�乕�
_й=萚�;W箾奟_�麼瑦湊��9馦�)蒓膺$}鄜�谸顱吀�閬�o颌=�劲8ГS蓱覠��3�*諀�72rL�*徠�鋥鬿�/嘦�返皈诌�'碩帿R瘭嶏涃扽('6瀢�N唂殳-K�S臵闩ZNT僇絕|f�$6卄鈄慆
�!筩翔*X鳇嘚3H�篐r.18餁t蒤�挟T�1fh�"9XX�?呺Q��?�&��U}$}�}I}�}
�}I}�}"�
}##�^,$;$;@$ $�$ $ $; $; $x@ $�@
$�$�$�
$�$�$�$�$�$ $$ $ $�$�$�$�$�$�$�$�$�$ �
A��
A>�
yyZ�
yy�
ZZ�
s�
tt~
z钽@�
{|�
yy�
ZZ�
u?�
vv�
}�
}~�
ZZ�
[@� WWWWWWWCGGGGG
�&]GGGGGGGGKKKKKGG�,IGGGGGGGGGGGGGGGGGG#�`HHHHHHB� `HHHB
�,GGGGGGGGGGGGGGGGGGG#�
a�� GGGGGG~
�钽@�
w��
xxx~
�钽@�, GGGGGGGGGGGGGGGGGGG#�
aGGGGGGb�
aGGGb
�,
GGGGGGGGGGGGGGGGGGG#�
aG�
I��GGGG~
�轁2�
C��
GGG
��!�>[=郂�,GGGGGGGGGGGGGGGGGGG#C�
GB�GGGGG~
�妘
�
C��
GGG~
�敗@�,GGGGGGGGGGGGGGGGGGG#
C�
GD�
GGGGG~
��
C��
GGG
�y瞆迗)諤�,
GGGGGGGGGGGGGGGGGGG#�CGGGGGG��
g��
GGG~
��,GGGGGGGGGGGGGGGGGGG#C�
G��GGGGG~
�� gGGG�
�,GGGGGGGGGGGGGGGGGGG#C�
G��GGGGG~
�� CGGG�
�,GGGGGGGGGGGGGGGGGGG#C�
G��GGGGG~
�� CGGG�
�,GGGGGGGGGGGGGGGGGGG#C�
G��GGGGG~
�€1A C�
I��
GG~
�/>c�,GGGGGGGGGGGGGGGGGGG#�CGGGGGG�� OQQQR
�,GGGGGGGGGGGGGGGGGGG#�CGGGGGGD� VJJJF
�,GGGGGGGGGGGGGGGGGGG#C�
GI�GGGGG~
�i�A� mmmmm
�,GGGGGGGGGGGGGGGGGGG#C�
GJ�GGGGG~
��
nW�
ooo~
�钽@�,GGGGGGGGGGGGGGGGGGG#�CGGGGGG�� gKKKq
�,GGGGGGGGGGGGGGGGGGG#�CGGGGGG��
g��
KKK~
��,GGGGGGGGGGGGGGGGGGG#�CGGGGGG��
g��
KKK~
��,GGGGGGGGGGGGGGGGGGG#�CGGGGGG��
g��
KKK~
��,GGGGGGGGGGGGGGGGGGG#�CGGGGGG��
pX�
KKK~
��CGGGGGG��
g��
KKK�
�CGGGGGG��
g��
KKK~
��CGGGGGG��
g��
KKK~
��
CG�
IK�GGGG~
�顺-F�
p��
KKK~
��D�l&TF2Z^�^���v~~~�^^~�^vvvF:FF !�€S"€S # $; %; &x@'�(�@)�*�+�,�-�.�/�0�1�2�3�4�5�6�7�8�9�:�;�<��€S= ? � OQ|QQQQR�
y��
KKK~
��
!M
�!TdTTTTU�
! }��!
PPP~
!
��
"V�"eeeeeef�
" r
�"
sttu
�
$[L� $WWWWWWWWWWWW\
�"%]GGGGGGGGGGGGG
�"&`HHHHHHHHHHHHB
�
'aM�'GGGGGGGGGG
�
'jN'Q�
'
kO�"(CGGGGGGGGGGGGD
)C�
)IK�)GGGGGGGGG��~
)
�顺-F�"*CGGGGGGGGGG���
+C�
+I��+GGGGGGGGG
~
+�+�~
+
�顺-F�",CGGGGGGGGGG���
-C�
-I��-GGGGGGGGG
-��!�>沄酅-�-
�罝绔/FA�".CGGGGGGGGGG���
/C�
/I��/GGGGGGGGG
~
/�+y/�/
�⒖揢XoDA�"0CGGGGGGGGGG���
1C�
1I��1GGGGGGGGG
~
1�1�1
�⒖揢XoDA�"2CGGGGGGGGGG���
3C�
3I��3GGGGGGGGG
~
3�3�3
�⒖揢XoDA�"4CGGGGGGGGGG���
5C�
5I��5GGGGGGGGG
5�y瞆迗)諤5�5
�=
證CDA�"6CIGGGGGGGGG���
7C�
7I��7GGGGGGGGG
~
7�7�7
�=
證CDA�"8CIGGGGGGGGG���
9C�
9I��9GGGGGGGGG
~
9�9�9
�=
證CDA�$:CGGGGGGGGGG����;O�
;|��;QQQQQQQQQ
~
;�;�;
�=
證CDA;��
<�M
� <�TdTTTTTTTTTTD
�
=V�"=JJJJJJJJJJJJF��B� XFRF2&&R&F&Z&b&^&^&^&b&^&^(h24@ �A �B �C �D �E �F �G �H �I �J �K �L �M O P,�Q,�R,�S,�T,�U,�V,�W,�X,�Y,�Z,�[,�\,�], �
@^A�@HHHHHHBG�ACGGGGG�
AhU~
A�钽@AiBC�
BG�BGGGGiB�9ABiCC�
CG��CGGGGG~
C�CGDC�
DG��DGGGGG~
D�DG�
ECG�
EGC�EGGGG�
E�EG�FCGGGGGG�GGC�
GK��GGGGGGG�9AGGHC�
HGE�HGGGGG~
H�HGIC�
IGF�IGGGGG~
I�IG�
JCG�
JGG�JGGGGJ�9AJG�KCGGGGGG�G�
LCG�
LIH�LGGGG~
L�LG�MEJJJJJJFG�
P^A�PHHHHH�
P_��
P_��
P_��
P _��
P
_��
P_��
P_��
P
_��
P_��
P_��
P_��
P_��
P+Y�*QCGGGGGLLLLLLLLLLLLRC�
RG�RGGGG�NR�礍�斞@�u褸�L軥�p譆�h蠤�斞@�x蜙� 藹�p稝��這�檩@SC�
SG��SGGGG�NS������������TC�
TG��TGGGG�NT�������������
UCG�
UGC�UGGG�
U��
U��
U��
U ��
U
��
U��
U��
U
��
U��
U��
U��
U��*VCGGGGG������������WC�
WK��WGGGG�NW�礍�斞@�u褸�L軥�p譆�h蠤�斞@�x蜙� 藹�p稝��這�檩@XC�
XGE�XGGGG�NX������������YC�
YGF�YGGGG�NY�������������
ZCG�
ZGG�ZGGG�NZ�礍�斞@�u褸�L軥�p譆�h蠤�斞@�x蜙� 藹�p稝��這�檩@Z��*[CGGGGG�������������
\CG�
\IH�\GGG�N\�������������*]EJJJJJcccccccccccc�>�0(<�HDDFHDDJF�.|||�.|||�.~�P餒 � �0�( �
�>�蔼<�U����?��2 �7gg����D
g2�蓘8Pj
d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(=
祝�?)�?M�\\Bolton\3A-S16-FINANCE��?€dXXLetter�.HP LaserJet 4050 Series PCL 62��x渆愅OA烹�44��0FbG厐嘺 &盍锚C酞刾"Y豽wd藹€?8炅樿cT鴽��譃Q7$葬轿/滼綏︾�5�蝂xOz4�[胿�<迠种蚐籭付aM�&杢@せs]Q�q�6#n惔壡�F�-妆飦{隘粒鄖O�(檧靷o€o偳!損K�0L鶸�-~ ~y~夂"w揁Q嫦Q鰾�(>′'駉猥恈抇魔$C郺�谸.溜C澑r2�^E{|
|AqAI瘨C�?�.绐Uε\�ez�<殾n愶芽y�9�:Y苷�;X鯚衎-i�:獻臎6筸T虰-瞪CK醠h冢r挡0Wn偏下p�訹扢襀財倷[A�+(M囦廄A冧W办鵺澞鲪羪魬\bp氧钂�住]�.�宸fv�"UXX�?�?�&�U}��}#�}m�}m�}��}��}$ �8����€�����€�����€��€��€��€� �€�
�€��€��€�
�€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��
g����������
�����������
€;�€€€€€€��������������������������������� ����
���
���
���
����
��
��
�����������
�/��������
�h�
��������
�i���籥��碁= �
����
�j��)\廱'嶼A~
�痺諾�
����
�����€1A�€1A�
����
�����莧-�莧-�
����
������+y�
����
�������
����
�k��祝p臔
bA�{甮c奩A�
���
�l���������
�m���琳餈�铃錊�
����
�n��\徛mzElA�H醶噜韕A�
����
�o���熝侵�熝侵�
����
�p���嘡遇�讐��
����
�q�����
����
�r�����g儃�
����
�������
����
�������
����
�s��吞厅浙hA�=
�I歯A�
�����������D l$$$::$$FPFFFFT$FTFFFFFFT �€�!�€�"�€�#�€�$�€�%€� &€�'�€�(�€�)�€�*�€�+�€�,�€�-�€�.�€�/�€�0�€�1�€�2�€�3�€�4�€�5�6 7�
�t� ������!��
!�u!�!�徛�(�A~
!�g>��
!��"��
"�v"��"���
"��#��
#�w#�#�徛�(�A~
#�g>��
#���$�������%��
%�%�%�\徛夞膗A%�徛蹯�
vA�
%���
&�x�&�������
'�y�'������(��
(�z(��(��rA��rA�
(��)��
)��)��)�;in�k��
)��*��
*�{*��*��幭�'y�
*��+��
+��+��+���
+��,��
,�|,��,���
,��-��
-�}-��-���
-��.��
.�~.��.���
.��/��
/�/��/���
/��0��
0�€0��0�74��� ��
0��1��
1��1�1�呺箁A1�fffJ狌rA�
1���2��������
3���3������4��
4��4��4��L��M�
4��5��
5��5��5��L��M�
5��6��
6�:6�6�\徛夞膗A6�徛蹯�
vA�
6��#7� �
D4繸0�#7�7�
D4繸4��4��$PFPT$$FFFFFFFFFT$FFT>�蔼<�d��(((�� 7gg����D
g2�蓘6�)!
d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(�?)�?M�\\Bolton\3A-S16-FINANCE��?€dXXLetter�.HP LaserJet 4050 Series PCL 62��x渆愅OA烹�44��0FbG厐嘺 &盍锚C酞刾"Y豽wd藹€?8炅樿cT鴽��譃Q7$葬轿/滼綏︾�5�蝂xOz4�[胿�<迠种蚐籭付aM�&杢@せs]Q�q�6#n惔壡�F�-妆飦{隘粒鄖O�(檧靷o€o偳!損K�0L鶸�-~ ~y~夂"w揁Q嫦Q鰾�(>′'駉猥恈抇魔$C郺�谸.溜C澑r2�^E{|
|AqAI瘨C�?�.绐Uε\�ez�<殾n愶芽y�9�:Y苷�;X鯚衎-i�:獻臎6筸T虰-瞪CK醠h冢r挡0Wn偏下p�訹扢襀財倷[A�+(M囦廄A冧W办鵺澞鲪羪魬\bp氧钂�住]�.�宸fv�"bXX�?�?�&�U}$}m!}m}$6�@��@��@���� �
���
��������������������
g�������
��������
€��€€€€€��������������������� ����
���
����
�������
�������
���
�����
���~
���
���~
���
���~
�A��
���~
�縧���
���~
���
����ffff$�A�
��������
���~
�+v���
����悯(\�7牙��
���~
���
���~
���
���~
���
���~
���
���~
���
���~
�|��
���~
���
���~
�@廆��
���~
�)iA�D2l"""0000040400000000 �!�"�#�$�%�&�'�(�)�*�+�,�-�.�/�0�1�2�3�4 5 ��
�� �~
�!��
!��!�~
!�"��
"��"�~
"�#��
#��#�~
#�敗@$��
$�$�~
$�圳@%��
%��%�~
%�C�"&��
&��&�~
&��/��
'���'���(��
(��(�~
(�R薂)��
)��)�~
)�>@*��
*��*�~
*�埑@+��
+��+�~
+�v#,��
,��,�~
,�郷鉆-��
-��-�~
-�'笁.��
.��.�~
.��/����0��
0��0�~
0��L�1����2��
2�2�~
2�譿��3����4��
4�4�~
4��M�0<�00000000000000000>�蔼<�d����(((��7gg����D
�鄥燆鵒h珣+'迟0�HPp€��
���Katharine A. Armstrong中国竞彩网Microsoft Excel@�*┨@0]ir朗@B7瓋;��胀諟.摋+,D胀諟.摋+,�� PXhpx€�
�H�中国竞彩网PrivateCollection and WaterfallBalance SheetIncome Statement'Balance Sheet'!Print_Area&'Collection and Waterfall'!Print_AreaPrivate!Print_AreaWorksheets
Named Ranges$ 8@_PID_HLINKS�A�HOhttp://www.vsac.org/{\"mailto:investorrelations@vsac.org
!"#$%&'()*+,-./0123456789:;<�=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€��������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������Root Entry�������� �F���Workbook�������������!SummaryInformation(�����DocumentSummaryInformation8�������������