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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` X^FFELPPrivate r Collection and Waterfall_ Balance Sheet* );e ;f  ;   ;h   ;  ;   ; 8fffP0@vn(   3 A@@  \ZIssuer 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 WaterfallCumulative Default Rate 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 Outstanding0Fees and Program Expenses Due for Current PeriodTotal Fees and Program Expenses!Fourth: Fees and Program ExpensesEFifth: Other amounts due to Bond Insurer or Liquidity Facility Issuer[Sixth: Payment to Debt Service Reserve Account if necessary to increase to minimum required*Available Funds at Beginning of Period (a)N(a) Footnotes: Available Funds is sum of Revenue and Loan Acquisition Accounts1995Trust2003 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 Grace Deferment RepaymentMost recent auction resultRate(a) 9/30/2010Loan 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 OperationsReduced 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 Paid$(a) Footnotes: Includes Grace Period'Weighted Average Months to Maturity (a) Forbearance (b)Portfolio Weighted Average<(b) Footnotes: Includes loans in Reduced Payment ForbearanceAverage 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 - FFELPPortfolio Summary - Private"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.org10/1/10 - 12/31/10 12/31/2010 FIB SAP 650 - 699 700 - 749 750 - 7997Total Interest Distribution on Senior Bonds Outstanding0Cash Used to Redeem Bond Principal during PeriodN/AbD= =t9>>^?&?l@4uA=IB CCTDD.ExE@E"FF VG G ZH" H :I Ir DJ K LM&NOP RRSWTUVVW[XjYZ[_\'ccB g2ɀ (ewKq{  dMbP?_*+%; i A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MAdobe PDFS o?XXLetterPRIV ''''0\KhCFF0EBDAStandard"?XX??&U} } m }  } m} } $} } }  } m} } } I } m} } $ ;;      ; @  BZ BI `a b bbc [[ \] Qr QQR [[  dd \]~ S@ QQR [[  dd \] QP QQR  dd P O  ^_ X YYZ  I; J "  > ? ? @ A BW B B B B B CT ? 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