ࡱ>  g2ɀ\pй Ba=  =JD 8@"1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Calibri1 Calibri1Calibri1 Calibri1 Calibri1Calibri1$Arial1Calibri1,>Calibri1>Calibri1>Calibri1 Arial1>Calibri1 Calibri1Calibri1@Helv1?Calibri1h>Cambria1Calibri1Arial1Arial1Arial1Arial1hArial1Arial1Arial1Arial1Arial1Arial1Arial1.Times New Roman1Arial1.Times New Roman1Arial1Arial1Arial1.Times New Roman1Arial"$"#,##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/yymmmm\ d\,\ yyyy94_("$"* #,##0_);_("$"* \(#,##0\);_("$"* "-"??_);_(@_) 0.000% mm/dd/yy;@$[$-409]dddd\,\ mmmm\ dd\,\ yyyy "$"#,##0 dd\-mmm\-yy "$"#,##0.00;\("$"#,##0.00\) m\/d\/yyyy "$"#,##0.0_);\("$"#,##0.0\) "$"#,##0.00 "$"#,##0.000 "$"#,##0.0 mmm\-yyyy 0.000000 0.00000 0.0000 0.0000.0 0.0000000#,##0.00;\(#,##0.00\)                                                                      ff + ) , *      P  P        `             a8      @  @    @    @  (   `  @  (@  h  @  `          (   (  ( @  h@  "@  h  h x   ("@@  " @   (  (@@  @ @   @  @@  (@ "8   @ ! (   (   (  `@  0  0 #8 #8   @  h@@  `@  h@  `  h @  h  `  `   H  "x@ @  "x@  "x@   h   h   h@   h@  h@  h  (  h@  "|@ @  "|@    + L $ & ' ( '8 ) * ) )< )<a )<` ) +  !p "<  "|  @  $  - . .  &  (  *  ,   $  $  $ a @  $  4   d  $   #|  #|   "|@@  "|@  $  $@  $!@  l@  l@  "|@  "|@  4  $  $@  $!@ *x@ *x@     # # )< / 0 / /<` "x @ "x@ @ "x!@ @ !8  <  ("@@  H !x@ !x  !x  !x a!  h@@  h@   h@   h  @   h  "x@@  *|@ *x  @  "x@@  "| @  "| @  "|!@ @  "x@  "|  "|  "|  "x@  "|  "|  "|    h@   h@   l  "|  "|   h@@   l@  l@  h  @  H  h  h@@  h@  h@ @  h  @  d   |@ @   |@   |!@ @   |@   |!@   x@   x   h@@  h@   h@   h@ @   l  @  "|@   l@  "|!@  "|@   l@  "|!@   h@   l  "|@   l@  "|!@   l@ "x@ @  H   |  @ "x@   |  "|@   |@@   |  @   |@  "|   |@   |   |@   |  +"x@  "|@  ) |@  ) |  l@ + l@  "|    |@   |    h   h  h @ +"|@ @ +"| @ +"|  @   |@   |@   |!@ @   |!@  ) |@   |@   |@   |!@   h ) l  l   h   h!@   l@   l  @   l   l +"x@ @ +"x @   l   l   h@@   h@   h @   h @   h  h  ) |@ @   |@   |   |@  ) |@   |    h   l "x@@ "x  @ *x@@ *x  @ *x@ *x a!  !x  !x  x !x@ !x !x @ !x !x@@ !x@  !x@  !x  @ "X  !x  !x  !| "x @ "x@ @ "x!@ @  !| x !4@ !0@ !0  @ !0 !0 !8@@ !8@ !8 @ !8 # %  20% - Accent10 20% - Accent1 20% - Accent20" 20% - Accent2 20% - Accent30& 20% - Accent3 20% - Accent40* 20% - Accent4 20% - Accent50. 20% - Accent5 20% - Accent602 20% - Accent6 40% - Accent10 40% - Accent1 40% - Accent20# 40% - Accent2 40% - Accent30' 40% - Accent3 40% - Accent40+ 40% - Accent4 40% - Accent50/ 40% - Accent5 40% - Accent603 40% - Accent6 60% - Accent10 60% - Accent1 60% - Accent20$ 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$1Accent6(BadBad) Calculation, Calculation* Check Cell* Check Cell+ Comma,( Comma [0]-&Currency.. Currency [0]/Explanatory Text65Explanatory Text0 : Followed Hyperlink 1GoodGood2 Heading 1( Heading 13 Heading 2( Heading 24 Heading 3( Heading 35 Heading 4( Heading 46( Hyperlink 7Input Input8 Linked Cell, Linked Cell 9Neutral$Neutral"Normal:Normal - Style1 ;Note Note <Output"Output=$Percent >Title Title ?Total Total@ Warning Text. Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` UdFFELPPrivate Collection and WaterfallpH Distributionss Balance SheetIncome Statement  ;e   ;B  ;   ;h   ;  ;  ;   ; 8fffP0@~v0   3 A@@   &Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest AccrualPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceWeighted Average Coupon (WAC)Number of LoansNumber of BorrowersReserve AccountReserve Amt Required Total AssetsSenior Parity %Total Parity % In School CurrentTotal Repayment Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment% Accrued Interest Subsidy Payments Total Accounts/Funds Balance# Accrued Interest on Senior Bonds% Principal of Sub Bonds Outstanding, Accrued Interest on Sub Bonds Outstanding Total Liabilities and Net Assets Balance Sheet Proprietary Total Balance$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 Waterfall 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 OutstandingTotal Fees and Program Expenses!Fourth: Fees and Program ExpensesEFifth: Other amounts due to Bond Insurer or Liquidity Facility Issuer*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)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 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.org 12/31/2010 FIB SAP 650 - 699 700 - 749 750 - 7997Total Interest Distribution on Senior Bonds Outstanding0Cash Used to Redeem Bond Principal during Period1/1/11 - 3/31/11 3/31/2011Ambac 1995 IndentureQuarterly Income Statement 1995 Trust1/1/2011- 3/31/2011Bond 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 Inter</est Sub Bond 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 ASSETSCumulative Default Rate - FFELP!Cumulative Default Rate - Private,Fees and Program Expenses for Current PeriodTSixth: Payment to Debt Service Reserve Account if necessary to meet minimum requiredInterest DistributionsN/A"> >??<@&@JA4SB='CCD4EEEFF0FFG .H H ,I I J |Jf $K K LMOOQyRcySc+TTUVWWA*XLY6WZAv[`\\]^_`adccB g2ɀ (k~,  dMbP?_*+%; i A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MAdobe PDFS o?XXLetterPRIV ''''0\KhCFF0EBDAStandard"?XX??&U} w} m w}  w} mw} w} $w} w} w} mw} w} w} w} mw} w} $ w;;      ; @  Y E WX Y YYZ RR ST \q \\] RR  [[ ST~ ^ @ \\] RR  [[ ST \T \\]  [[ P K  UV O PPQ {{ 7  " }{{{{{{{{{{{{       V    T -} {Z  xMb? x[*`vA`vA UWA`vA`vA  ހF&c?~  v@} {\  y ^)ˀ? y[`vA`vA8p+@ `vA`vA  ހF&c?~  v@} {]  y ^)ˀ? y[`vA`vA1bĈY@ `vA`vA  ހF&c?~  v@} {^  y ^)ˀ? y[wAhuA *T@ huAhuA  `)1^?~  m@} {_  yMb? y[wAžbĈ#2@ žž  x?fg?~  m@} {`  yMb? y[wAwAܹs@ wAwA  =Gg?~  m@} {a  yy&1|? y[A-[@   S?~  `@} {b  y)h}? y[A UC ڭ@     ?+?~  `@} {c  y)h}? y[  ӤI@    :4?~  `@} {d  y~  y[6cA`@ } {e  y)h}? y[BI BI \l@ BI BI  %x¨?~  @} {f  yy&1|? y[BI Bߤ #F?@ Bߤ Bߤ  µq?~  @} {g  yy&1|? y[BI BZ܃u@@ BZBZ  sr?~  @} {h  yy&1|? y[8|A8|A-[lR@ 8|A8|A  !{?~  @?@} {i  y)h}? y[ň#R@   rz?~  @?@} {j  y~  y[*whTAhTAhTA  7Ѱn?~  m@} {k  y~  y[*wGAGAGA  Ytfpa?~  m@} {l  y_xZy? y[wAB/U@ BB  ;";fy?~  @?@DlDRRD662& !"#$%&'()*+,-./0123456789 : ;;<=>? } {m  y ( 0y? y[ wA bĈ#n@   #$?~ m@!} !{n ! !y! ^)ˀ? !y[*!»a »a <»a »a ! *1?~ ! m@"} "{o " "y" ^)ˀ? "y[*"d d Fd d " F<Ţ?~ " m@#} #{p # #y# ^)ˀ? #y[*# °`T°`°` # 8%m?~ # m@$} ${ $ $y$Mb? $y[$,wA$@$ wAwA $ =Gg?~ $ %@%} %{r % %y%UN@? %y[%AA%#F@% AA % ? ?~ % @&} &{s & &y& ^)ˀ? &y[&ׇA &ӤI& @& & g?~ & @'} '{t ' 'y' ^)ˀ? 'y['X X 'e˖@' X X ' qlu?~ ' @(} ({u ( (y( ^)ˀ? (y[(X X (g@( X X ( qlu?~ ( @)} ){v ) )y)Mb? )y[) v,)4iҤ@) v,v, ) <\K?~ ) @*} *{w * *y*Mb? *y[*ׇAׇA*8@* ׇAׇA * =Gg?~ * @+} +{x + +y+_Lu? +y[*+SS SS + Z*MC?~ + @@,} ,{y , ,y,_Lu? ,y[*,KK]OhAKK , pd7?~ , @@-} -{{ - -y~ - -y[*- - S?~ - @@.} .{z . .y._Lu? .y[*. LAa2YALALA . 4?~ . @@/} /{| / /y~ / /y[*/A"8Q"8Q"8Q / ưo?~ / @0} 0{} 0 0y~ 0 0y[*0A">A"w"w 0 I(i?~ 0 @1} 1{~ 1 1y1_Lu? 1y[*1؋A" 1ZA" " 1 w ?~ 1 #@2} 2{ 2 2y~ 2? 2y[*2؋A؋A@؋A؋A 2 dġx?~ 2 #@3} 3{ 3 3y~ 3? 3y[*3Bd,>dd 3 ށ?~ 3 @Q@4} 4{ 4 4y~ 4? 4y[*4BB@BB 4 ve?~ 4 @Q@5} 5{ 5 5y5vkF? 5y[*5Muuu 5 ' i۬?~ 5 @Q@"6~|zz 7~ 7Z'7z79A7گA7T$CDA~ 7 >A7 A7 A~ 7 ?7 8 8 8 8NN 9s 9 ":NNNNNNNNNNNNNN ;9;N ; o ; ppp ~ ; @"<}{{{{{{NiKKKr = = = ==N = i = KKK ~ = keO>} >{ >{{{>^A^A>N > i > KKK > fffMA?} ?{ ?{{{?^A^A?N ? i ? KKK ? z=jnAD\l&F2&T&t~@ABCDEFG H I;JKLMNOPQRSTU VWXYZ[\]^_@}{{{{N @ qU @ KKK @ ڤ(AVNNNNNN "W}Y{{{NNNNNN X} XY*X{{{NNNNNN Y} Y{+ Y{{{YگA~ Y>YAYNNNNNN Z} Z{2 Z{{{Z cp o5w43@ZNNNNNN [} [{3 [{{{[[NNNNNN \} \{4 \{{{\\NNNNNN ]} ]{ ]{{{][.2Y/BI]NNNNNN ^} ^{ ^{{{^zv9btA~ ^^zv9btA^NNNNNN _} _{ _{{{_?Ģ~_NNNNNN DlLHLXH&T&t`~nt&:pZZZZp`abcdefg h i;j@k lmnopqr@stu v@wxy z {;|@} ~ `} `{ `{{{``NNNNNN a} a{ a{{{ak/'":aq= 0AaNNNNNN b} bY, bYYYbkAbp=Y Ab)\|AbNNNNNN "c}{{{{NNNNNN d} d{ d{{{d01?ddU()?dNNNNNN e~ e| e|||e01?eeU()?eNNNNNN f fNNNNNN gs gNNNNNN i6i i 8i j}{{{{{{j }{{{ k k k k kw k  k K. k Lwl l ll339A~ ll7l 33c Al~| MN m} m{ m{{{m(\vtA~ m[m HztA m }m {m #Iئ?m ca@m n}{{{{  n }n {n .?n Kc޳>^@n o} oY oYYYoף΋Aop!to 'A o } o {o -?o lf@o p}{{{{  p }/p {p YC]k?p M!Mh@p q} q{ q{{{qMmF}ҫ?qq޳J?̫? q } q {q >v?q 2ݗZf@q r} r{) r{{{rQ:fff@rrdCz,m? (#Iئ? nnnnD\ lZft&ll22F.xp``j|d~:&:(fz @ ;@   @ ;@@} {% {{{04@PQ@&GaA&z4]sA '5? )>v? nnnn} { {{{@8@&{|rA&PUjrA '_D? )b=? nnnn} {# {{{2@@&Q8@ @&t̛A&JᙧA 'E$? (!U/? nnnn} {W {{?@j@&Q"$;<<<< I"_ I_ I% Jnnnn;<<<< # $ # $ # $ nnnn} { {{{@B@&GL)A&p=FJeA 'n~(? (4? nnnn} { {{{@@&{nA&H:zA '^N? )0w? nnnn} { {{{@h@&GȃhA&fff.+hA 'F|ņ? )OI0? nnnn} {7 {{{@@&Q҈VvA&uA 'ix޿? )(=ޔ? nnnn} { {{{*@x@& ~A&G}A '@oE? )bu? nnnn} { {{{*Y@*@+9A+(iA ,>E? -aI ? nnnn~ Z& ||./HA/ȉA0339A033c A 1?2?  nnnn  nnnn s"nnnn nnn 48 z444(fzH4(  f    0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`$H$p?AutoShape 1S"0e @(xx] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`$H$p?AutoShape 3S"0e @(mm] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`$H$p?AutoShape 5S"0e @(pp] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`$H$p?AutoShape 6S"0e @ * ] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`$H$p?AutoShape 8S"0e @ * ] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`$H$p?AutoShape 9S"0e @%] `><U# ##  }}  }} kl }}7yK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cyK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cggD g2ɀ  iwg  dMbP?_*+%? A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(?)?MAdobe PDFS o?XXLetterPRIV ''''0\KhCFF0EBDAStandard"?XX??&U} w}  w}  w} mw} $w} mw} w} w} w} Iw} w} w} Iw} I w} w} $ wi;; @@@     ; @    @              ; @   Y E WX Y YYZ RR ST \q \\] RR  [[[ ST~ ^ @ ^^b RR  [[[ ST \T \\]  [[[ P K  UV O PPQ {{ ?  }{{{{{{      iz AA@ff,[ )\OdzA} { {{{QcA~- Q bA} Y YYYQA@fff^ ,DA}{{{{} { {{{'u?qU?} {) {{{@ 3>j@5vj@} { {{{8@@} { {{{@(@n@} {. {{{odj@! i S8@} {2 {{{B=T@C/`@} {4 {{{BO-@CD@~ |5 |||D\8-ׄ@EFU+p@ W N N3NNNN@ s @ }{{{{{{{{{ " `"` ``  `% aD lDTTF66&>^^^VVDD^VVV:&,   ! " # $ % & ' ( ) *  + @ , ;- @.  /  0 1 2 3 4 5 6 7 8 9 : ; < =  >  ? ; " # $ ## $$ # $!} !{ !{{{!Ҷ@ݴ@!&HzxA!&FCNA! 'Zw%To?! (a:4)?"} "{% "{{{"@ M@"&G©`A"&q= sA" 'U?" )u 1?#} #{' #{{{#X@p@#&mA#&ףpepA# 'Q ?# )Y咦?$} ${# ${{{$X@@$&Q%_A$&R;[A$ 'Tf?$ )v9K̗?%} %{& %{{{%@@%&=vA%&Hzؠ?yA% 'l&!?6} 6{ 6{{{6w@pr@&C&=6 'J ˇ?6 ) ƎI3?7} 7{ 7{{{7m@`t@&Ӽ0&g=7 'ڡ_?7 )$.?8} 8{ 8{{{8g@d@&$&G#8 'YNNNNNNNNN99 ?B? Dlhjx,, , \hnnnnnnx,, @ 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  [  \ ;] ^ _ @}{{{{{{{{{ A;<<<= AI"A_ AIA_ A I%A JB;<<<= B# B$ B7# B8$ B # B $C C{ C>C;@@C&\BAC&u7(AC 'iV_?C (tk`?D} D{ D{{?D@@D&%QAD&‡AD '+ƒX?D )9UһS?E} E{ E{{?EM@@E& ף(AE&{+AE 'Γ9?E )%?F} F{ F{{?F؂@@F&GA^SA~ F&߾|F 'k_#6P?F )F?G} G{ G{{?Gk@`k@&:&KtG ' ;8@yp?G )"mp?H} H{ H{{?Hh@`h@&'D-&:H 'Nˬf?H )Q@'f?I} I{I I{{?I*]@*]@+<+cpI ,˷R?I -!XS?J~ JZ& J||.J/8@/@J0iz AJ0)\OdzAJ 1?2? KW KW KNJKNNNNNNN@ LsLs NCN O}{{{{{{{{{ P;<<<< PI"P_ PIP_ P I%P JQ;<<<< Q# Q$ Q# Q$ Q # Q $R} R{ R{{{RȦ@@R&Q5wAR&)\GvAR '~gBj?R (bK_?S} S{ S{{{Sb@@S&Gv7ӮAS&HP AS 'srN(?S )O?T} T{ T{{{T`v@u@&['k&{jT 'wс?T )+k I?U} U{7 U{{{U@@U&QqyAU&{ҌxAU 'e=>?U ) ɑ?V} V{ V{{{V0@@V&ZAV&zܐYAV '^]Ε?V )3ߕ?W} W{ W{{{W*@_@* `@W+zvAW+,33AW ,z'T;R?W -GR?X~ XZ& X||.X/8@/@X0iz AX0)\OdzAX 1?2? YW YNNNN ZsZ \D\ ]}{{{{{{{{{ ^;<<<< ^I"^_ ^I^_ ^ I%^ J_;<<<< _# _$ _# _$ _ # _ $D l \hnnnx@,, \hnx,,, \` a b c d e f g h  `} `{G `{{{`@w@`&EO_A`&.BA` 'l*(?` )0K ښ?a} a{H a{{{a@ @a&̎Aa&IkBAa '-?a );W~?b} b{O b{{{b@J@b&'Ab&zdOAb 'L0?b )!΍?c} c{P c{{{c@\@c&q= ZǎAc&Q3Ac ';?c )r$?d} d{Q d{{{d @޹@d&{XAd&)\~Ad 'qQb?d )/[5x?e} e{R e{{{e*N@*$@e+GW3wAe+q= vAe ,&C`h?e -Js?f~ fZ8 f||.f/8@/@f0iz Af0)\OdzAf 1?2? gW gNNNN{{{{{ hsh     ! x,PH 0(  ><U^^ PPPPPP ^^^^   AAAAAA ...... 7yK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cyK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cggD g2ɀ  h-8"EjG  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MAdobe PDFS o6XXLetterPRIV ''''0\KhCFF0EBDAStandard"6XX?Q?&U} $} }  } I } } $ } %%h&&;&;@& && & &; &; &x@ & & & & &&&&&& && &&&&&&&&&&& AY A9  cc [[[  cc [[[[ i jj~ d @ ef  cc [[[[ k: ll gT gh[[[[ \; XXXXXXXCGGGGG &^GGGGGGGGKKKKKGG0IGGGGGGGGGGGGGGGGGGGG%bHHHHHHB bHHHB 0GGGGGGGGGGGGGGGGGGGGG% c= GGGGGG~  @ c GGG ~ @0 GGGGGGGGGGGGGGGGGGGGG% cGGGGGGd cGGGd 0 GGGGGGGGGGGGGGGGGGGGG% cG I GGGG GA C GGG ~ @0 GGGGGGGGGGGGGGGGGGGGG% C G> GGGGG UA C GGG ~ :0 GGGGGGGGGGGGGGGGGGGGG% C G@ GGGGG~ S6 C GGG ~ 0 GGGGGGGGGGGGGGGGGGGGG%C GGGGGG~ ^A  i  GGG ~  0GGGGGGGGGGGGGGGGGGGGG% CG GBGGGG~   i  GGG ~  0GGGGGGGGGGGGGGGGGGGGG%CGGGGGG  C  GGG  (\mTA0GGGGGGGGGGGGGGGGGGGGG%C GEGGGGG~ keO  C  GGG ~  0GGGGGGGGGGGGGGGGGGGGG%C GFGGGGG~  C  I  GG  zmUA0GGGGGGGGGGGGGGGGGGGGG%C GHGGGGG~ $MA OQQQR 0GGGGGGGGGGGGGGGGGGGGG%C GIGGGGG~  VJJJF 0GGGGGGGGGGGGGGGGGGGGG%C GJGGGGG~  nnnnn 0GGGGGGGGGGGGGGGGGGGGG%C GGGGGG~ CQҾ0GGIGGGGGGGGGGGGGGGGGG%C GGGGGG~ 0GGGGGGGGGGGGGGGGGGGGG%C KGGGGG~ 0GGGGGGGGGGGGGGGGGGGGG%CGGGGGG0GGGGGGGGGGGGGGGGGGGGG%CGGGGGG0GGGGGGGGGGGGGGGGGGGGG%CGGGGGGCGGGGGGCGGGGGGCGGGGGG CG IKGGGGHt3ADBl, XJ2^bb~nnnNN !S"S # $; %; &x@'(@)*+,-./0123456789:;<=>? OQQQQQR !M!TfTTTTU!  "V"ggggggh"  $\L $XXXXXXXXXXXX] "%^GGGGGGGGGGGGG "&bHHHHHHHHHHHHB 'cM'GGGGGGGGGG ' lN' Q ' mO"(CGGGGGGGGGGGGD )C )IK)GGGGGGGGG ) Ht3A"*CGGGGGGGGGG +C +I+GGGGGGGGG ~ + + + Ht3A",CGGGGGGGGGG -C -I-GGGGGGGGG .CG .GZ.GGGGGGGG ~ . . /CG /G\/GGGGGGGG ~ / / 0CG 0G]0GGGGGGGG ~ 0 0 1CG 1G^1GGGGGGGG ~ 1 1 2CG 2G_2GGGGGGGG ~ 2 2 3CG 3G`3GGGGGGGG ~ 3 3 4CG 4Ga4GGGGGGGG ~ 4 4 5CG 5Gb5GGGGGGGG ~ 5 5 6CG 6Gc6GGGGGGGG ~ 6 6 7CG 7Ge7GGGGGGGG ~ 7 7 8CG 8Gf8GGGGGGGG ~ 8 8 9CG 9Gg9GGGGGGGG ~ 9 9 :CG :Gh:GGGGGGGG ~ : : ;CG ;Gi;GGGGGGGG ~ ; ; <CG <Gj<GGGGGGGG ~ < Q@ < =CG =Gk=GGGGGGGG ~ = @ = >CG >Gl>GGGGGGGG ~ > > ?CG ?Gm?GGGGGGGG ? (@ ? D l::2&&R&J&^&:RRRRRRRRRRRRRRRRR@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_ @CG @Gn@GGGGGGGG ~ @ @ ACG AGoAGGGGGGGG ~ A A BCG BGpBGGGGGGGG ~ B B CCG CGCGGGGGGGG ~ C C DCG DGrDGGGGGGGG ~ D D ECG EGsEGGGGGGGG ~ E E FCG FGtFGGGGGGGG ~ F F GCG GGuGGGGGGGGG ~ G G HCG HGvHGGGGGGGG ~ H H ICG IGwIGGGGGGGG ~ I I JCG JGxJGGGGGGGG ~ J J KCG KGyKGGGGGGGG ~ K K LCG LG{LGGGGGGGG ~ L @ L MCG MGzMGGGGGGGG ~ M M NCG NG|NGGGGGGGG ~ N _@ N OCG OG}OGGGGGGGG ~ O kA O PCG PG~PGGGGGGGG ~ P P QCG QGQGGGGGGGG ~ Q Q RCG RGRGGGGGGGG ~ R R SCG SGSGGGGGGGG ~ S S TCG TGTGGGGGGGG ~ T  T "UCGGGGGGGGGG VC VGRVGGGGGGGGG ~ V c! V V gfmA"WCGGGGGGGGGG XC XIXGGGGGGGGG YCG YGdYGGGGGGGG ~ Y Y Y gfmA"ZCIGGGGGGGGG [C [I[GGGGGGGGG [ zmUA[ [ ߞA"\CGGGGGGGGGG ]C ]I]GGGGGGGGG ~ ] ] ] ߞA"^CGGGGGGGGGG _C _I_GGGGGGGGG ~ _ _ _ ߞAD lRRRRRRRRRRRRRRRRRRRRR&^&:`&b&^&`abcdSe g"`CIGGGGGGGGG aC aIaGGGGGGGGG a ߞA$bCGGGGGGGGGGcO cScQQQQQQQQQ ~ c >:Ac c wAc dM dTfTTTTTTTTTTD eV eJJJJJJJJJJJJF gx&J(h22PH0 0(   ><U* 7ggD g2ɀ EO-]qr  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MAdobe PDFS o5XXLetterPRIV ''''0\KhCFF0EBDAStandard"5XX?Q?&U} $} }  } I } } } } $ } %%E.;;@          ...... . ......... AY A9  cc [[[  cc [[[[ i jj~ d @ ef  cc [[[[ k: ll gT gh[[[[  XXXXXX]CGGGGG _HHHHHHBG CGGGGG jS~  @ k C G* GGGGk  CJA k C G+ GGGGG~ c!  G C G, GGGGG~ c!  G CG G? GGGG  GCGGGGGGGC KGGGGGT$CDAGC GAGGGGG~ GC GCGGGGG~  CG GDGGGGT$CDACGGGGGGG CG IGGGGG~ c! GEJJJJJJFG_HHHHH `Z `\ `]  `^  `_  ``  `a  `b `c `d `e `f `g ah -.CGGGGGLLLLLLLLLLLLLDC G*GGGG~  UWA8p+@1bĈY@ *T@ bĈ#2@ ܹs@ -[@ UC ڭ@ӤI@~ \l@#F?@܃u@@-[lR@C G+GGGGZC G,GGGGZ CG G? GGG                   .CGGGGGC KGGGG~  UWA8p+@1bĈY@ *T@ bĈ#2@ ܹs@ -[@ UC ڭ@ӤI@~ \l@#F?@܃u@@-[lR@C GAGGGGZD l, XJ2<HDDFHDDJF22 !"#$ % &'()*+,-./0123 4 56789:;<=>? C GC GGGGZ  !CG !GD !GGG~ ! UWA!8p+@!1bĈY@! *T@! bĈ#2@! ܹs@! -[@! UC ڭ@!ӤI@~ !!\l@!#F?@!܃u@@!-[lR@."CGGGGG #CG #IG #GGGZ#.$EJJJJJeeeeeeeeeeeeeF &_<&HHHHH &`i &`j &`k & `l & `m & `n & `o & `p &` &`r &`s &`t &`u &av.'CGGGGGLLLLLLLLLLLLLD(C (G*(GGGG(ň#R@(Q@@( /U@( ;tq@( <FT (@(#F@(ӤI& @(e˖@(g@(4iҤ@)C )G+)GGGG)Q@@ ) (@<) *C *G,*GGGG*Q@@ * (@<*  +CG +G? +GGG + + + +  +  +  +  +  + + + + + +.,CGGGGG-C -G-GGGG-ň#R@-- /U@- Ĉ#n@- <FT -@-#F@-ӤI& @-e˖@-g@-4iҤ@.C .GA.GGGGZ./C /GC/GGGGZ/ 0CG 0GD 0GGG0ň#R@00 /U@0 Ĉ#n@0 <FT 0@0#F@0ӤI& @0e˖@0g@04iҤ@.1CGGGGG 2CG 2IG 2GGG2Q@@ 2 (@<2 .3EJJJJJeeeeeeeeeeeeeF 5_<5HHHHH 5`w 5`x 5`y 5 `{ 5 `z 5 `| 5 `} 5 `~ 5` 5` 5` 5` 5`a.6CGGGGGLLLLLLLLLLLLLD7C 7G*7GGGG78@H7 ]OhA@a2YA_@kA1ZA@,>@g 78C 8G+8GGGGN8@_@kA 89C 9G,9GGGGN9@_@kA 9 :CG :G? :GGG : : : :  :  :  :  :  : : : : :.;CGGGGG<C <G<GGGG<8@H< ]OhAa2YA1ZA@,>@ <=C =GA=GGGGN= =>C >GC>GGGGN> > ?CG ?GD ?GGG?8@H? ]OhAa2YA1ZA@,>@ ?Dl 22222222@AB D.@CGGGGG ACG AIG AGGGNA@_@kA A.BEJJJJJeeeeeeeeeeeeeF D P<22PH@0(  ><UFFF* 7ggD g2ɀ :zք\  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(p= ף?)?MAdobe PDFS oUXXLetterPRIV ''''0\KhCFF0EBDAStandard"UXX??&U} } #} m} m} } $ :      mmmmmmm  mmmmmmm  n6nnnnnn          L U  (      Q~x^AgA  XAxA  ^A^A  G AwA   \4A'o_  p]\A̜YA  I9I9  9sO  KAx!4  QR؀~A= +}A  MJ<'37  NRg_G^  \Aq=(2:A   333ŖWA ףHWA Dz l$ $ $:::$$FTTFT$FTTFFTFTT$ !"# $%&'()*+,-./0123456 789   s_-G  ! !!!p=:^A!z\A !"# ###H%BA#= &>A # $$ %%& &&&گA&A &' ''' '( ((( cp w43@ () ))) )* ***[.2/BI *+ +++p=:MIsA+p=:MIsA +, ,,,oo ,- --- -. ...?~ ./ /// /0 00~ 0k/0q= 0A 01 111kA1)\|A 12 334 444sSA4HzyxA 45 555sSA5HzyxA 56 6566H%BA6= &>A 88:811? $D#DDDDD1:8S()?9$D#DDDDD1 99G911?81D#DDDDD1D'D)G9S()?91D#DDDDD1D'D)8> $$$><d   7ggD g2ɀ 5M  dMbP?_*+%A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&?'?(p= ף?)?MAdobe PDFS oUXXLetterPRIV ''''0\KhCFF0EBDAStandard"UXX??&U} } #} m} m} } $ 5@@@      mmmmmmm   mVmmmmmm   nWnnnnnn  X   Y   Z  [  \~ ͏  ]~ /  ^q= +@  _KepA  `~ S  a)\ZsA  b c~ H  d~   e~ S&-  fq= ' VA  g= 㡂1A  h~   i~   j~   k~   l~   m~ IX Dl$ $ $..$$@@DD@D$@@@DD@@@@@ !"#$%&'()*+,-./0123 4 n ~ /b ! !o!~ !: !" "p"~ " "# #q#~ #@ #$ $r$$= KpA $% %s%~ %gfW % &t&' 'u'~ '(2A '( (v(~ (`@ () )w)~ )Q@ )* *x**= ףl@ *+ +y+~ +v +, ,z,~ ,| ,- -{-~ - -./ /|//sSA /01 1}1~ 1ȭ۾ 123 3~33HzyxA 3. @@@@D@$@@@D@@@D@D><d 7ggD Oh+'0 PX $Student Loan Mixed-Ambac 2011_0331Katharine A. ArmstrongйMicrosoft Excel@@0]ir@o;՜.+,D՜.+,x4 PXh px й FFELPPrivateCollection and WaterfallDistributionsBalance SheetIncome Statement&'Collection and Waterfall'!Print_AreaDistributions!Print_AreaFFELP!Print_AreaPrivate!Print_Area('Collection and Waterfall'!Print_TitlesDistributions!Print_TitlesFFELP!Print_TitlesPrivate!Print_Titles  Worksheets Named Ranges 8@ _PID_HLINKSA{\"mailto:investorrelations@vsac.orgHOhttp://www.vsac.org/HOhttp://www.vsac.org/{\"mailto:investorrelations@vsac.org  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FWorkbookSummaryInformation(DocumentSummaryInformation8