ࡱ>  g2\p Ba=  =K8B@"1Arial1?2Calibri1?2Calibri1?2Calibri12Arial12Arial12Arial12Arial12Arial12Arial12Arial12Calibri1 2Calibri12Calibri1 2Calibri1 2Calibri12Calibri12Calibri1,>2Calibri1>2Calibri1>2Calibri1 2Arial1>2Calibri1 2Calibri12Calibri1@2Helv1?2Calibri1h>2Cambria12Calibri12Arial12Arial12Arial12Arial1h2Arial12Arial12Arial12Arial12Arial12Arial12Arial1.2Times New Roman12Arial1.2Times New Roman12Arial12Arial12Arial1.2Times New Roman12Arial12Arial"$"#,##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 + 1) $+ , 1*     P@ @  P@   @        `@ @    %  %  %  %         $    a@ 8     @ @    @ @   (  @ @   `  @ @    (@ @    h  @ @   `@ @   @ @    ( @ @    h@ @   "@ @   h  h@ @  x  "@ @   (@ @   @ @    @ @   `@ @   @  `@ @   h@ @   ` @ @    h @ @   h @ @   ` @ @   ` @ @    H  "x@ @    h   h@ @    h@ @    h@ @    h@ @    h @ @   (@ @   h@ @   "|@ @     + L $ & ' ( '8@ @ ) * ) )<@  )<a@  )<`@ @ ) +  !p @ @   $  - . .  &  (  *  ,   #| @ @   #| @ @   "|@ @   $@ @   l@ @   "|@ @   "|@ @   $@ @  *x@ @  *x@ @  )<@ @ / 0 / /<`@ @  ("@ @   H a!  h@ @   h@ @    h@ @    h @ @    h @ @   "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 @ @   "|!@ @   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@ @    l   L  (  $@ @  !x@ @   "| @ @   !x @ @   "| @ @   #|!@ @   #|!@ @    h@ @    h@ @    h@ @    h@ @    h@ @   #| @ @   !x@ @   "| @ @    h@ @    |@ @    |@ @    |@ @  # %  h@ @   l  h  L  l@ @     *|@ @   h@ @   h @ @   "|@ @   "x@ @   h "x@ @    '<@ @  |@ @   |@ @   |@ @   |@ @    l@ @    l@ @   "|@ @   "|@ @   "|@ @   "|@ @   h @ @    |@ @    |@ @    |!@ @  "x@ @   !x  !x @ @  !x@ @  !x  ` @ @  "p @ @  "x@ @  "x!@ @   "|@ @   D  D "P   l  % l   h"@ @   `"@ @    h  h@ @   h@ @   h @ @   `@ @   ` @ @  "x @ @   l @ @   h@ @   d @ @   h @ @   d a@ @   `@ @   l a@ @   h@ @   h@ @   h @ @  ! h  h @ @   h @ @   ` "@ @  #x@ @  #x @ @   d #X  d@ @  #\  D "x@ @  "x @ @  a! @ @   !x @ @   !x @ @  "x@ @  "x@ @   ` @ @   "|@ @  "p @ @  "x@ @  "x@ @  "x @ @  "x@ @  "x @ @   ` @ @  !x@ @  !x !x @ @  !x @ @  !x@ @  !x@ @  "X !x  !x  !x @ @   !|  x  !x@ @   !x @ @  "x!@ @   !| @ @  x !t@ @  !p@ @  !p @ @  !p @ @  !p @ @  !4@ @  !0@ @  !0 @ @  !0 @ @  !0 @ @  !8@ @  !8@ @  !8 @ @  !8 @ @  # %  20% - Accent10 20% - Accent1 20% - Accent20" 20% - Accent2 20% - Accent30& 20% - Accent3 20% - Accent40* 20% - Accent4 20% - Accent50. 20% - Accent5 20% - Accent602 20% - Accent6 40% - Accent10 40% - Accent1 40% - Accent20# 40% - Accent2 40% - Accent30' 40% - Accent3 40% - Accent40+ 40% - Accent4 40% - Accent50/ 40% - Accent5 40% - Accent603 40% - Accent6 60% - Accent10 60% - Accent1 60% - Accent20$ 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$PercentB Percent 2C Percent 3 DTitle Title ETotal TotalF Warning Text. Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` &lFFELPPrivate Collection and Waterfall;% Distributions/ Balance SheetEIncome Statement   ;?   ;0   ;   ;5  ;|   ;  ;  ;   ;8bZ 3 A@@   @VIssuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest AccrualPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceWeighted Average Coupon (WAC)Number of LoansNumber of BorrowersReserve AccountReserve Amt Required Total AssetsSenior Parity %Total Parity % In School CurrentTotal Repayment Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment% Accrued Interest Subsidy Payments Total Accounts/Funds Balance# Accrued Interest on Senior Bonds% Principal of Sub Bonds Outstanding, Accrued Interest on Sub Bonds Outstanding Total Liabilities and Net Assets Balance Sheet Proprietary Total Balance$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 FeesTotal Available FundsWaterfall ActivityWaterfall for Distribution Amount DueAmount Remaining Contact EmailConsolidation Loans800 +Bal 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 Vocationalй Extra Advantageй Extra Choiceй Extra Classicй Extra Institutionalй Extra Lawй Extra MedicalGrad / PLUS Loans&йAMBAC 1995 Indenture 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 RecoveriesCumulative Net LossTotal Fees and Program Expenses*Available Funds at Beginning of Period (a)Borrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offsServicing FeesIndenture Trustee Fees Other FeesArbitrage Analysis FeesD Loans for which claims have been filed as of Distribution Date 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 GraceRate(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 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)investorrelations@vsac.org FIB SAP 650 - 699 700 - 749 750 - 799Ambac 1995 IndentureQuarterly 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! 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 ASSETSCumulative Default Rate - FFELP!Cumulative Default Rate - Private,Fees and Program Expenses for Current Period 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)*Periodic Principal Distribution Amount DuePeriodic Principal Paid (a)Principal Shortfall!Student Loans Receivable ActivityBeginning Balance Interest CapsConsolidation PaymentsClaim Payments DisbursementsBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding BalanceRefunds to Borrowers?Available Funds is sum of Revenue and Loan Acquisition Accounts(a) Footnotes:%Reserve Account - Beginning of PeriodReserve Account - End of PeriodLoan Transfers( Cumulative Purchases and originationsU Loans for which claims have been filed but not yet paid as of Distribution Dateg1) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) / Cumulative Purchases and OriginationsW2) (Payments from Guarantor + Borrower Recoveries) / Cumulative Defaults and Write-offss3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + Borrower Recoveries) /* Cumulative Purchases and Originations Cumulative Default Rate (1)Recovery Rate (2)Cumulative Net Loss (3)( Cumulative Purchases and Originations<2014-B 2014-B 92428C JN 5Most recent reset2014 - B Cap Int! Debt Service - Interest" Debt Service - Principal Bond Premium/Discount Notes Payable 2014-B Trust/ Amortization of Bond Discount/Premium& Borrower Int Returned to DOE2014 BFirst: Tax Exempt Rebate FundFourth: Servicing FeesFifth: Administration FeesSixth: Noteholder's Interest"Seventh: Debt Service Reserve FundEighth: Noteholder's PrincipalAdministration FeeseNinth: Noteholder's Prinicipal (if outstanding Pool Balance is 10% or less than Initial Pool Balance)"Tenth: Released to the CorporationThird: Trustee Fees 3/31/20154/1/15 - 6/30/15<Private loan portfolio may include Non-guaranteed FFEL loansMay include Non-Guaranteed FFEL 6/30/20154/1/2015- 6/30/2015 DOE Reserve FundDept. Reserve Fund/Second: US Department of Education Reserve FundJOther Amounts Received in Collection - Remaining Acquisition Account funds Distributions8 Recoveries) / Cumulative Purchases and Originationse3) (Cumulative Defaults and Write-offs + Claims Filed Not Paid) - (Payments from Guarantor + BorrowerN/AZNE EtCFFhG&GvH4I=SJKKj}L;-MMNo Oe P\ Q R St]T?UVV|W:XFYWZU*[\4]^__``aV9bc?feff\h0iccB g2 (nzgSy1  dMbP?_*+%R A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MS o+XXLetter"+XX??&U} g} g} g} m g}  g} g} g} Ig} g} $g} g} $g} g} mg} mg} g} $ g;;      ; @   ; U =   h    0     ~  @      I    tOu  rrs    _ ii _ _ _ " kiiiiiiiiiii_     Z     R - _k _1 `2 ^z?~ q;q333[eljAq}H2@~ q/Z >A ]>A ?`f@ ljh l X' ~ ;333[eljA}H2@~ /Z >A >A~  ?  m T3PmmXmXPm cnnnnnnnnnnn "PPPPPPPPPPPPPP  P_____ "kiiiiiiP_____    P_____ k i iii~ Gz~ P_____ k i iii~ PFAPY8 kwAP_____ "kiiiiP_____ k i iiioW5ٽK0P_____ k i iii= ףp@= ףp~ P_____ k _O iiino+bp+bP_____ k W iiip= &MALk5~ ;9P_____ "kiiiiP_____  mmmmmmP_____ D: lDRRD6@ 2&$D0&2&Tlp&ZpZp&  ! ";#$%&'()*+,-./01234 56789:;<=>? c nnnnnnP_____ "!ggggggggPg{___ ""P " " J__ "#kiiiiiiPkP__ $ $ $ $$PF__ % %(% % @% G% D UA % __ &k &i) &iii& UA&PzD&/A& & & H~ & D%F & __ 'k 'i 'iii~ '<'A~ 'U'V ' ' H~ ' DcD վ ' __ (k (i (iii~ ((Q~ (T(P ( ( H~ ( D3 ( __ )k )i/ )iii)*@@Y@)P ) ) H~ ) D#S ) __ *k *i0 *iii~ **p= g*q= z*P * * H~ * D * __ +k +i +iii++P +  + H~ + D&A + __ ,k ,i1 ,iii,p= &MA,Lk5~ ,;9,P , , H~ , DO , __ -k -i -iii--P - - H~ - D - __ .k .i .iii..P . . H~ . DShA . __ /k /W /iii/ziNA/ZEM/(\FҋA/U / %/ H~ / D / PP 0kWiiiV 0 0 I~ 0 E0 W1k 1W*1iiiV 1 @1 m1 K/A2k 2i+ 2iii2333[eljA2`ffL2>A2VL&M 3k 3i2 3iii3 ω t.3VPA 4k 4i3 4iii44VBnC 5k 5i4 5iii5 5V__ 6k 6i 6iii6}q 6V__ 7k 7i 7iii7 7V__ 8k 8i 8iii8 8V__ 9k 9i 9iii9@#E:߸ 9V__ :k :W, :WWW:iQHUA:g+pO:FA :U__ ;kiiiiV__ <k <i <iii<jA `?<h<O5T? <lM_ =l =j =jjj=kA `?==O5T? =P__ > >mmmmmmP__ ?c?nnnnnnP__ ? __ Dl2&H&ThLZpVVTTTTTn ff,@ A;BCDEFGHIJ@KLMNOPQ R S;TUVWXYZ[\]^_@ _____ AAA _____ BkiiiiiiB _____ C C C CCg_____gD D DD}AD4`fff(:D ף4qADs_____ Ek Ei Eiii~ E;' E5 GJEQAE _____ Fkiiii5F _____ Gk GW GWWWGRkAG5 둸:G)\AG _____ Hkiiii5H _____ Ik Ii IiiiIo.qX?I6I?6?I _____ Jk Ji JiiiJ֙d@J6J×%d@J _____ Kk Ki KiiiK&@7i^@K _____ Lk Li LiiiL\@7^l@L _____ Ml Mj. MjjjMcG"#u>@M8TJ ^M+@M _____ NkiiiiiiN _____ OliiiiiiO _____ P PmmmmmmP _____ QcQnnnnnnQ _____ RPPPPPPPPR ___00 SP SSP SS```#00 "TPljjiP%&&&'00 UP UUP2333 ~ U 1 @ U 00 VP V  V V V VPUPPP__ WP Wk~ W =@W5fU?W*f4 W  WP W^ WMMM ~ W +/@ W |} XP X ~ X /weX9q~[@?X+<̣ X  XP X^ XMMM ~ X  X || YP Yk ~ Y nYځnj]? Y P Y^' YMMM ~ Y ^ Y 00 ZP Z  ZP Z^& ZPPP Z zDA Z 00 [P [  [ [ [  [P [a, [MMM [ K? [ 00 \P \\O\a{A\ȣ~?\-@H\@ \ \P \^\MMM00 ]P ]] = ף.A]Ô&?].ج^@ ] ]P ]^ ]MMM ~ ] v ] 00 ^P ^~ ^ c)^]Ǫ?^.!ڬOX@ ^ ^P ^^ ^MMM ~ ^ ^ 00 _P _!~ _ g ._A~~?_.fʽW@ _ _P _a- _MMM _ r? _ 00 D6l:.Vtn.r.jjXXr..::.P&R^l`abcde f g;h@ijklmnopqrst u@ v;w@xyz{|}~`P `~ ` ^`@rk'Ae?`/ed Y@ `w `P `k `MMM ` dfff@ ` 00 aP aa GróAa5? ai ap. aRRR a w\d? a 00 bP b&b ף4qA~ bN? b< b[(bPPP00 cPP c[)cPPP00 dP d d;dP d[*dPPP00 eP   !P e\+edeef00 f ggii g_$hkiiiiiiiii____i i"i ii i %i ____j jx# jx$ j# j$ j # j $j ____kk ki kiiik0@&@P@P=@k dr1:Z?k 5fU?k ____lk li liiil @@lfff*|Al\a{Al dMͥ_?l ȣ~?l ____mk mi miiimI@F@ m= ף.Am d^j׌?m Ô&?m ____nk ni niiin@@m%A/wen dTKf[d*?n 9q~[@?n ____ok oi oiiioh@e@381c)o d*@d?o ]Ǫ?o ____pk pi! piiip0@P{@p(|.?} ____~k ~iX ~iii~1@7@ O3~ iy?~ Co|O~?~ ____k iZ iiiG@N@ffffYA~ ds {'? 2'˂? ____Dll<\<:(fz44,:(fz @ ;@@  ;@@k iY iiiH@ @%(/ 6^%0? N8c8c    ??`T9`T`T@`p?AutoShape 1S"0e @PXP] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 3S"0e @EXE] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 5S"0e @HXH] `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 @%] `>@Uxxii   ii [[bbxxiiUU VVZZxx yK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cyK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cggD g2  }  dMbP?_*+%R A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MS o7XXLetter"7XX??&U} g} g} Ig} m g} $ g} g} mg} mg} g} g} mg} g} mg} I g} g} $ g};; @@@    ; @  @  ; U =  h    0     ~  @      I    tOu  rrs      _____  kiiiiii _____    "  _____    )\xA `. fff*ǨwA _____ k i iii~ ٻHz6h@~ + _____ k W WWWR}xA@ #j.,wA _____ kiiii _____ k i iiiR3?kP? _____ k i iii $k@(šj@ _____ k i iii%@[n@ _____ k i iii6@R@ _____ k i. iiifwʼn@3^@ _____ k i iii@n1"@ _____ k i iiiN@E:iK@ _____ l j jjj@+閌@T@ _____ U P PPPP _____ cn mJnnnn _____ PPPPPPPP _____ P   ``# Pljji%&&' P  UPP ~  ( @P      ^MMb__ D l DTTF66:.Rrjr.jjXXrjjjNN.H(H ! " # $ % & ' ( ) * + , - .  0  1 ;2 @3 4 5 6 7 8 9 : ; < = >  ? @  P k~  ? 2Ѳ/-l? *0L1    ^ MM  뤆A |} !P ! ~ ! @@!;VS?~ !+ !   !^ !MM ~ !  ! || "P "k ~ ")0"[ms? "  "^ "MM ~ " #P, # # #k/ #PP # = ןyA$P $  $ $ $ $ $a, $MM $ ?Ҕ?%P %%O(PvA%c ?%-R@ % %9 %^ %MM &P &~ & CZ& 7?{?&.Q& R@ & &: &^ &MM ~ & 7''P '~ ' G'h$g?'.Ϗ' Q@ ' ': '^ 'MM ~ ' aA(P (!( . ( (: (a- (MM ( .og.u?)P )) / )w ) )k )MM ~ ) g *P ** wA*M$? *i *p. *RR * 6`?+P +&+fff*ǨwA~ +? +< +[( +PP ,PP ,[) ,PP -P - -;-P -[T -WMb .P   !P .\S .nn$ 11 2kiiiiiiiii 3 3"3 33 3 %3 4 4x# 4x$ 4# 4$ 4 x# 4 y$5k 5i 5iii54@*@0?5 Wc+}Xr?5 1Ѳ/-l?6k 6i 6iii6@@6fffvA6(PvA6 tg?6 c ?7k 7i 7iii7@T@@S@z3CZ7 Z.yN?7 7?{?8k 8i 8iii8?@ @@@8 E`J?8 ;VS?9k 9i 9iii9Z@S@G9 pz8?9 h$g?:k :i :iii*: ;k ;i ;iii*;QQ <l <X& <jj<%@n@<)\xA<gff*ǨwA< ?? =U =PPPPPPPP >c>nnnnnnnn ?iiiiiiiiii B XpXzzvzf6V6, \hnnnnVVx,,@ ;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 [ \ ] ^ _  @@ Akiiiiiiiii B B"B BB B %B C Cx# Cx$ C# C$ C x# C y$Dk Di DiiiDL@@DtAD\%sAD 1O?D ?Ek Ei EiiiEg@pq@U ; -E ?E CΚ?Fk FiV FiiiF`d@C@U4F ?F ?Gk GiW GiiiGB@U@{G b?G [?Hk HiX HiiiH0@A@H= ף@~ H# H nj?H Yx5Rѕ?Ik IiZ IiiiI=@<@IQA~ II $iy?I Ԇxć?Jk JiY JiiiJ4@3@7Q{J wFr?J Hm5s?Kk Ki[ KiiiK*@0@;KG|@K lii?K EYh?Lk Li\ LiiiL5@@/F+AL U,u |?L lY@w^?Mk Mi MiiiM$@@ DAM s7H\?M +2aR?Nk Ni NiiiN(@(@'igHvN ߗdZw?N #Ke?Ol OX OjjOL@@O^wAOG~vAO ?O ? PU PPPPP QcQnnnnnnnn RPPPPPPPPP SS Tkiiiiiiiii U U"U UU U %U V Vx# Vx$ V# V$ V x# V y$W Wia WW@@@WPHz(rAWP333WqAW ľJ$?W SA5?Xk Xie XiiXX@@7QWMX K>?X ZL?Yk Yid YiiY@`@G4C2Y /9^?Y qg'?Zk Zif ZiiZP@O@ZGZ0!A~ ZQ Z aQ[?Z 1z?[k [ib [ii[8@7@(3b![ )_Mm?[ CSm?\k \ic \ii\(@(@7-\ AMV?\ .OV?]k ]i ]ii*]QQ ^l ^X& ^jj^%@n@^*\xA^eff*ǨwA~ ^ ?^ ? _U _U _VK_PPPPPPP D|l, \hnnnnznnn,, , \hnnnnV`  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 { |  `c`cnnnnnnnn bb ckiiiiiiiii d d"d dd d %d e ex# ex$ ex# eq$ e x# e y$fk fi^ fiiifq@o@A.?&f E|IH?f 0c?gk gi] giiigܫ@^@gEsAgq= Z$sAg Y[߿?g ?hk hi_ hiiihD@D@ h= #|P!Ah ]?h Zk?ik ii7 iiiiif@e@iS@A~ ia2i K.=?i iR͵?jk ji` jiiijN@H@ i j )X{?j f#?kk ki kiiik@kyq~ kk ,rd~ k ll lX& ljjl%@n@l*\xAlzǨwAl ?l ? mU mPPPPmmmmm ncnnnnnnnnnn pp qkiiiiiiiii r r"r rr r %r s sx# sx$ sx# sq$ s x# s y$tk ti tiiit:@9@t> A~ t*t I|?t Y ?|?uk ui uiiiuȊ@@uWAu WAu o@3?u Ti)?vk vi viiiv@@v(:PAvzgNAv C[?v ~$-?wk wi wiiiw@@wAXUAwףpvTAw GS?w cJ?xk xi xiiixt@@xzy"\AxZAx ݣpyL?x /?yk yiQ yiiiyr@r@yq= wW@A~ yU1y V"h?OB?y gQo?zl zX8 zjjz%@n@z*\xAzzǨwAz ?? {U {PPPPiiiii |c|nnnn >6 0,, \hnzn~,,, \hx,PH 0(  >@U #  rr dddddd rrrr33##$$++  33 UUUUUU BBBBBB 33yK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cyK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cggD g2 B )$$  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MS o;XXLetter";XX?Q?&U} $_} _}  _} m_}  _} _} _} _} _} _} $ _} $ _} %%_} &$ _B&&;&;@& && & &; &; &x@ & & & & &&&&&& && &&&&&&&&&&& U 9   YYY   YYYY  ~  @    YYYY :  I YYYY ; ^MMMMM &MMMMMMMMMMMMMMM0WMMMMMMMMMMMMMMMMMMMM% ``` 0MMMMMMMMMMMMMMMMMMMMM% a= ______~ 1 @ a MMM ~ 1 @0 MMMMMMMMMMMMMMMMMMMMM% a______ aMMM 0 MMMMMMMMMMMMMMMMMMMMM% a_ W ____~ g[ ^ MMM ~ QA0 MMMMMMMMMMMMMMMMMMMMM%  _> _____~ yC ^ MMM ~ 0 MMMMMMMMMMMMMMMMMMMMM%  _@ _____ QR@ ^D MMM ~ 4A0 MMMMMMMMMMMMMMMMMMMMM% _#_____~   ^  MMM ~  0MMMMMMMMMMMMMMMMMMMMM% _ _B____Gz@  ^  MMM ~  0MMMMMMMMMMMMMMMMMMMMM% _$_____~  ^MMM 0MMMMMMMMMMMMMMMMMMMMM%______ ^MMM 0MMMMMMMMMMMMMMMMMMMMM%______ ^  W  MM ~  4Q0MMMMMMMMMMMMMMMMMMMMM%______ RRRv 0MMMMMMMMMMMMMMMMMMMMM% _E_____~  А ceeef 0MMMMMMMMMMMMMMMMMMMMM% _F_____~ 0MMMMMMMMMMMMMMMMMMMMM% _H_____~ a@0MMWMMMMMMMMMMMMMMMMMM% _I_____~ 0MMMMMMMMMMMMMMMMMMMMM% _Q_____~ 0MMMMMMMMMMMMMMMMMMMMM% ______~ 0MMMMMMMMMMMMMMMMMMMMM% ______~ 0MMMMMMMMMMMMMMMMMMMMM% ______~ __________________ _ WJ____y ZADl, XJ2^bbbbnnnnnn: !:":!# $; %; &x@'(@)*+,-./0123456789:;<=>:?  X !U" !V !V!!VVV! _____ "c"mmmmmm" _____ $K $ "%MMMMMMMMMMMMM "&```````````` 'aL'MMMMMMMMMM ' M' R ' N"(^MMMMMMMMMMMMb )^ )WJ)MMMMMMMMM ) y ZA"*^MMMMMMMMMM +^ +W>+MMMMMMMMM ~ + + + y ZA",^MMMMMMMMMM -^ -WP-MMMMMMMMM ~ - S - - ߁XA-g".^MMMMMMMMMM /^ /WG/MMMMMMMMM ~ / QA/ / dffڠXA"0^WMMMMMMMMM 1^ 1W?1MMMMMMMMM ~ 1 1 1 133c(XA"2^MMMMMMMMMM 3^ 3W@3MMMMMMMMM ~ 3 4A3 3 [XA"4^MMMMMMMMMM 5^ 5WA5MMMMMMMMM ~ 5 5 5 { VA"6^WMMMMMMMMM 7^ 7WB7MMMMMMMMM ~ 7 7 7 { VA"8^WMMMMMMMMM 9^ 9WC9MMMMMMMMM ~ 9 /Z9 9 ף0G@A":^WMMMMMMMMM ;^ ;WE;MMMMMMMMM ~ ; ; ; ף0G@A$<^MMMMMMMMMM= =XF=RRRRRRRRR ~ = = = ף0G@A= >U >b ?c ?eeeeeeeeeeeef D lP:2&&R&J&^&h&^&^&^&^&^&^&^(h2A  A|$>@U ::?* ggD g2 t' /  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MS o;XXLetter";XX?Q?&U} $} }  } I } } } } # } $$;;@           GU G9   YY   YYY  ~  @    YYY :  I  YYY R VVVVVVZHIIIII [<JJJJJ \= HIIIIIN H I IIII OA H I IIII~  H I IIII~  HI I? III UHIIIIIH IIIII}H2@H IAIIII~ H ICIIII~  HI ID III}H2@aHIIIIIH MIIII~ H IIIII~ /Z HI I III UHIIIII HI KG III~ G!bQSoSSS? O IK>II TLLLLL]<*VH20<88:<88H88::$>@ULJ* ggD g2 :92!<_D  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(p= ף?)?MS o^XXLetter"^XX??&U} } #} m} m} } $ } I } $ :      hRR  iRRtttt tt 6SSuYuuuuuuuuuuuuuuuuuuuuuuuuu  v4 v4 w  bH xL w w y( z yj z yk{oW{K0 z yl{= ףp@~ { z y{{ z y5{{ z y6{{ z y7{{ z yN{{+b z ym|g[|;9 z ynz yo{*@{Y@ z yp{ UA{/A z yq{<{U z yr{{ z ys{{ z yt{{T z y{=HA{c z y{7i{  z yu|p=ڋA|Q@A zDP l$ $ $::$$FPFFFFFF$FTFFFFFF !"#$%& '()*+,-./01234567 89 z !yv!z" "yw""{{ "z# #yx##{{ #z$ $yy$$|| $z%z& &y&&}{iNA&}(\FҋA &z 'yz'z (y{(z) )y|)){333[eljA){>A )z* *y8**{{ *z+ +y}++{ {t. +z, ,y9,,{{ ,z- -y~--{}q{ -z. .y..{{ .z/ /y//{{ /z0 0y00{{ 0z1 1y11{@{߸ 1z2 2y22|QHUA2|FA 2z3z 4y4z5 5y55{{ɇ]A5{Gu^A 5z6 6y66|{ɇ]A6|Gu^A67 7y577~{iNA7~(\FҋA78z9z8$FFFT$$TFFFFFFFFT$TPP>@d ggD g2 7\GP|W  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(p= ף?)?MS obXXLetter"bXX??&U} r} #r} mr} mr} r} $ r7@@@      hRR   RR ttt t SSuuuuuuuuuuuuuuuuuuuu  v: w  xM w w y z y z y~ { z y~ {pA z y~ {3@ z y{(y$A z y~ {A z y~ |& z yz y~ {2 z y;~ { z y~ {[$n z y<~ {} z y~ {ŋFA z y~ { z y~ { z y~ { z y~ { z y~ { z y~ {/* zDl$ $ $..$$@@@D@@$@@@@@@@@@@ !"#$%&'()*+,-./01234 56 y ~ { z! !y!~ !{ !z" "y"~ "{ "z# #y#~ #{QA #z$ $y$~ ${ $z% %y%~ %|w %z& &y&&GgA &z 'y'z( (y(~ ({0N@ (z) )y)~ ){v@ )z* *y**{= ףp%`@ *z+ +y+~ +{ +z, ,y,~ ,{a ,z- -y-~ -|4 -z. .y.~ .{ .z/z0 000{ɇ]A 0z12 22~ 2: 234 444Gu^A 45 6a2@@@@@@D$@@D@@@@D@D>@d62556 ggD Oh+'0@HT` x Microsoft Excel@@Q5n;՜.+,D՜.+,<HP X`hp x  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 FWorkbook6XSummaryInformation(DocumentSummaryInformation8