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Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\` ZFFELP Collection and Waterfall Balance SheetIncome Statement  ;J   ;   ;  ; "fffP0@~v03 A@@  pIssuer 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 % Current Deferment # of Loans BeginningEnding % of BalanceTotal PortfolioTotalAssets Loans Receivable Liabilities Bonds PayableTotal LiabilitiesMaturityAverage Borrower Indebtedness" Accrued Interest on Investment Total Accounts/Funds Balance# Accrued Interest on Senior Bonds 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 WaterfallCumulative Default Rate Cumulative Default RateSubsidized 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 Assets@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower Recoveries Recovery RateCumulative Net Loss0Fees and Program Expenses Due for Current PeriodTotal Fees and Program Expenses*Available Funds at Beginning of Period (a)) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offsServicing FeesIndenture Trustee Fees Other FeesRemarketing FeesCredit Enhancement 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 Grace Deferment RepaymentRate(a)Loan Acquisition Fund Revenue Fund Debt Service Reserve Allowance for Bad Debt Student Loan Fees Prepaid Expenses Deferred Bond Issuance Costs# 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 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 Paid$(a) Footnotes: Includes Grace Period'Weighted Average Months to Maturity (a) Forbearance (b)Portfolio Weighted Average<(b) Footnotes: Includes loans in Reduced Payment ForbearancePortfolio Summary - FFELP Notes/Bonds&Weighted Average Payments Made - FFELPFunds and Accounts - Trust Balance Sheet and Parity - Trust Portfolio by Loan Status - FFELPDelinquency Status - FFELPPortfolio by Loan Type - FFELP Portfolio by School Type - FFELPQuarterly Distribution ReportStudent Loan Backed ReportingTotal Repayment (a) Cap IntCapitalized Interest Account!Capitalized Interest Amt RequiredDebt Service Account(a) Footnotes:ARemaining Amount Released to Corporation if parity conditions met.Total Repayment includes Reduced Payment Loans2008 C2008 C12008 C2 92428C FK 5 92428C FL 32008 C Indenture Rehab Default ReserveNon-Guaranteed FFELLast result in periodRehab Default Reserve FIB SAP# Excess SAP due to the Department- Student Loan Accrued Interest and SubsidyLoan Purchases and OriginationsThird: For the 12 months preceding a stated maturiry, equal installments of maturity amount transferred to Debt Service - Principal AccountaFifth: Transfer to Retirement Account for non-scheduled retirement of bond principal and interestAFirst: Fees and Program Expenses transferred to Operating Account ]Fourth: Transfer to Debt Service Reserve Account if necessary to increase to minimum requiredinvestorrelations@vsac.org 12/31/2010OSecond: Semi-Annual Interest Due transferred to Debt Service - Interest Account 1/1/11 - 3/31/11 3/31/2011 2008C TrustQuarterly Income Statement1/1/2011- 3/31/2011Bond Direct Contribution Revenue# Federal Interest Benefits$ Special Allowance Payments! Interest on Investments) Interest and Fees/Student Loans Other Income Total Revenue Bond Expenses Bond/Note 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! 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