ࡱ>  g2\p Ba= =K8@"1Arial1?Calibri1?Calibri1?Calibri1Arial1Arial1Arial1Arial1Arial1Arial1Arial1Calibri1 Calibri1Calibri1 Calibri1 Calibri1Calibri1Calibri1,>Calibri1>Calibri1>Calibri1 Arial1>Calibri1 Calibri1Calibri1@Helv1?Calibri1h>Cambria1Calibri1Arial1Arial1Arial1Arial1hArial1Arial1Arial1Arial1Arial"$"#,##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% "$"#,##00.0 #,##0.0 0.0_);\(0.0\)"$"#,##0;\("$"#,##0\)                                                                      ff + &)  + &, &*     P@ @  P@   @        `@ @     #  #              a@ 8   `   h  `@ @   h  h@ @  x  `@ @   @  `@ @   h@ @   h @ @   ` @ @   ` @ @    H   h   h@ @    h@ @    h@ @    h @ @   h@ @   "|@ @   "|@ @   + L !p @ @   l@ @   l@ @   "|@ @    L  L   l   h@ @    h @ @    h @ @  "x@ @   "| @ @   "| @ @    l@ @   "|   h@ @  "p @ @  "p @ @    h@ @   *x @ @   *x @ @    |@ @   p @ @  #| #|@ @  "x@ @   !x  !x !x  *x  h@ @   *x @ @   (x@ @   #|@ @   #|@ @   h@ @    h@ @   h@ @    h@ @   h @ @  !x@ @    h@ @   #|!@ @   !x@ @    h@ @   !x@ @    h@ @   #|!@ @   #| @ @   !x@ @    h@ @   "| @ @   "| @ @   !x @ @   "| @ @  "x@ @  #|@ @  #|@ @  $ h@ @    h@ @   h @ @    h@ @   l @ @   l @ @   l @ @   h  h@ @    h@ @    h @ @    h@ @    h @ @   `@ @   `@ @    h@ @    h @ @   h@ @   1#| @ @   1#| @ @   h@ @   h @ @   h@ @   "| "| @ @  !x "x@ @  "x@ @   H  H !x@ @  !x a!  !x @ @   h@ @    h@ @    l@ @   "x@ @   "|@ @   "|@ @   "| @ @    h@ @   "x@ @   "|@ @   "|@ @   "| @ @   "x@ @   "|@ @   "|@ @   "| @ @    h@ @    l@ @   "|@ @   "| @ @    h@ @    l@ @    h @ @    H   h @ @    h @ @   h@ @   h@ @   H   h@ @   #|@ @   #| @ @   #|@ @   #|@ @   #| @ @  #|@ @  #| @ @    |@ @    | @ @    |@ @    | @ @    |@ @   % |@ @    | @ @    |@ @    | @ @   #|@ @   #| @ @   #|@ @   #|!@ @   #|@ @   #|@ @  #|@ @  #|!@ @    h@ @    h!@ @   "x@ @   "x!@ @   "x@ @   "x!@ @    l @ @    L #|@ @  #|  #|  D  #|@ @   #|@ @   #|@ @   #|  #|!@ @   #|@ @   #|!@ @   #|@ @   h@ @    h@ @    h@ @    h@ @   h@ @    |@ @    |@ @    |@ @    |@ @    l@ @   l @ @    h @ @    |@ @    |@ @    |@ @    |@ @    h@ @    h@ @    l@ @   l@ @   (x@ @   (x @ @   h@ @  +"|@ @  +"|@ @  "x!@ @   )#|@ @   #|@ @   #|!@ @   )#|@ @   #|@ @   #|!@ @    h@ @  ) l@ @    l@ @    l!@ @    l@ @    l @ @    l @ @    l @ @    l  h@ @   h @ @   h @ @  )#|@ @  #|@ @   #|!@ @  )#|@ @  #|@ @   #|!@ @   h@ @   h@ @    h"@ @  +"x@ @  +"x@ @   #|@ @   #| @ @   #|@ @   #|@ @   #| @ @   h % l   l   l @ @   h @ @    l @ @    l @ @    h@ @    h@ @   #|!@ @    h@ @    h@ @    h@ @   #|@ @   #|@ @    h @ @    h"@ @   `"@ @    h  `@ @   ` @ @  "x @ @   d @ @   l @ @   ` @ @   d @ @   d a@ @   `@ @   ` @ @  "P ! h  h @ @    H  h @ @   ` "@ @  #x@ @  #x @ @   d  d  D  d@ @    h  h@ @   p@ @   t @ @   p  d @ @   d  t @ @   ` @ @   `@ @   `!@ @   `@ @   `!@ @   d@ @   d!@ @   t@ @   t!@ @   ` @ @   `! @ @  "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@ @  )x@ @  )x x !t@ @  !p@ @  !p @ @  !p @ @  !p @ @   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 2 2 =Normal 3 >Normal 4 ?Note Note @Output"OutputA$PercentB Percent 2C Percent 3 DTitle Title ETotal TotalF Warning Text. Warning TextXTableStyleMedium2PivotStyleLight1683ffff̙̙3f3fff3f3f33333f33333\`\Private 'Collection and Waterfall  ;   ;   ;  ; 8ZR3 A@@  Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalPrincipal Paid End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPortfolio SummaryPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceTotal Trust AssetsWeghted Average Maturity (WAM)Weighted Average Coupon (WAC)Number of LoansNumber of BorrowersFunds and Accounts Total Assets Repayment CurrentClaims in Progress Claims Denied # of Loans BeginningEnding % of BalanceTotal PortfolioBalancePortfolio by School TypeTotal%Monthly/Quarterly Distribution ReportOvercollateralization Amount3Specified Overcollateralization Amount (no Trigger)Balance Sheet and ParityAssets Loans Receivable Liabilities Bonds PayableTotal Liabilities( Accrued Interest Receivable on Loans Total BalanceAverage Borrower IndebtednessRate# Accrued Interest on Senior Bonds Proprietary Total Balance$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 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 / Unknown&й@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net LossBorrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offs Other Fees www.vsac.orgAccrued Interest CarryoverExempt IRS Status PrincipalIn School DeferredInterest Only Repayment Notes/Bonds-Student Loan Backed Reporting - Private Loans Revenue 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 - 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!Servicing and Administrative FeesProgram Expenses 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 - 799Portfolio Interest RatesFixed Rate Loans ForbearanceInterim/Grace(a) 2Interim/Grace status loans are not fully disbursedSemi-Annual Interest AccruedSenior Parity % (a)Total Parity % (a)NParity calculation excludes non-cash items as outlined in the Master IndentureWeighted Average Payments MadeW.A. Time until (a) % of PoolConversion to Repayment In Schoolmonths GraceTotal Not ConvertedW.A. Time sinceTotal Converted=W.A. Time until Conversion to Repayment includes Grace period2011A-1 92428C GD 0 92428C GE 8 92428C GF 5 92428C GG 3 92428C GH 1 92428C GJ 7 92428C GK 4 92428C GL 2 92428C GM 0 92428C GN 8 92428C GP 3 92428C GQ 1 92428C GR 9 92428C GC 2Matdate!Student Loans Receivable ActivityBeginning Balance Interest CapsClaim PaymentsConsolidation Payments DisbursementsRefunds to BorrowerBorrower Benefit RebatesSchool Refunds Write-offs Miscellaneous AdjustmentsEnding BalanceWeighted Average FICO ScoreAvailable FundsCapitalized Interest Fund*Periodic Principal Distribution Amount DuePrincipal Shortfall+Principal and Interest Distribution SummaryPeriodic Principal PaidCollateral Pool Characteristics Amount ($)Original Pool Balance<Cumulative original pool balance acquired through prefunding $;Cumulative original pool balance acquired through recycling $JCumulative original pool balance acquired through additional note issuance $FCumulative original pool balance removed through loan sales / buybacks $.Cumulative Interest Capitalized on above loansEnding Original Pool Balance%$Cumulative Entered Repayment BalanceCurrent amount in repayment ($)>Cumulative Principal Collections (Scheduled and Voluntary) ($)KIncludes loans in Repayment and Interest Only Repayment, net of Refunds Due&Portfolio by Original Repayment OptionImmediate RepaymentDeferred RepaymentU Loans for which claims have been filed but not yet paid as of Distribution Date( Cumulative Purchases and OriginationsCumulative Default Rate (1)Recovery Rate (2)Cumulative Net Loss (3)g1) (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 OriginationsInterest Accrual(Debt Service Fund - Interest Account (a)Excluded from Available Funds&Cumulative Defaults and Write-offs ($)+ Debt Service Account - Retirement) Accrued Yield and Rebate - US TreasuryReduced Payment ForbearanceReduced Payment%Remaining amounts in Retirement Fund LSixth: To the Debt Service Fund - Interest Account for any Subordinate BondsOSeventh: To the Debt Service Fund - Principal Account for any Subordinate BondsLEighth: To the Operating Fund for payment of Subordinate Administrative Fees;Ninth: To the Student Loan Fund during any Recycling Period5Tenth: To the Debt Service Fund - Retirement Account LEleventh: To the Statefor any unreimbursed amounts appropriated by the StateITwelfth: Released to the Corporation is certain parity conditions are met!Total Fees and Indenture Expenses7/1/15 - 9/30/15N/A=> >t3??l@;@AoB>;C DDvtECFGGr !I J K LM]bN15OOSP"PQURN?TUWpX [ccB g2 ,_my)i˳i  dMbP?_*+%t A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N&= ףp=?' ףp= ?(Q?)ףp= ?MC odXXLetter"/XX??&U} T} T} $T} T} mT} $T} T} IT} T} mT} IT} $T} T} m T} mT} T} $ T ; ;             ; @    p )  _    ~ ~~   || ~ @ ~~   ||  } ~~  || K  yy  h  UU o eeeeeeeeeef WUUUUUUUUUUUg    k 5     Q W m  j<@[A[[[[[R@ W   j<@\A\\\\\@ W   j0@\.A\.A\@\\.A\.A  K?~  @W   j0@\.A\.A\L@\\.A\.A  K?~  @W   j0@\\5A\\5A\h@\\\5A\\5A  N^?~  @W   j0@\`6A\`6A\@\\`6A\`6A  G@?~  7@W   j0@\`6A\`6A\@\\`6A\`6A  G@?~  d@W   j0@\`6A\`6A\@@\\`6A\`6A  G@?~  @W   j@\0A\0A\d@\\0A\0A  Mozӻ?~  @W   j0@\0A\0A\@\\0A\0A  Mozӻ?~  @W   j0@\O"A\@\q@\\@\@  ^0`?~  `@W   j<@\A\\\\\ I@ W   j<@\A\\\\\v@ W   j<@\0AA\\\\\@ aaaaaa  K( *_8lA_hMcA_@_`hMcA_hMcA  ?  XXHXXHXH  YYYYYYYYYYYH Dn lDRRD660$ttttt$r2  !;"@#$%&'()*+,-./01 2 3;4@56789:;<=>@? U !!eeeeef! NNNNN "WUUUUUUg" NNNNN # # # ##TNNNNN $ $ $$R}cA$`= B$gfffEcA$bNNNNN %W %U %UUU%ңp= A%(\"%LJ A%bNNNNN &W &J &JJJ&zedA&&zͯcA& NNNNN 'W 'U 'UUU~ 'ժU'GzA~ 'Ř`']NNNNN (P (J (JJJ(05@kA(@@(jkA(cNNNNN )WUUUUg) NNNNN *W *U *UUU*D?**N0 ?* NNNNN +W +U +UUU+B}a@++lβ4a@+ NNNNN ,W ,U ,UUU,,@;@, NNNNN -W -U -UUU- @7@- NNNNN .W .U4 .UUU.U .@.ؓ\.MN@. NNNNN / /V /VVV/ag)p@//OMȵ@/ NNNNN 0 0XXXXXH0 NNNNN 1 1YYYYYY1 NNNNN 2 NNNNN 33eeeeeef4WUUUUUUg5 5 5 55 TTTTT 6W 6U 6UUU~ 6j@6z@~ 6,"6 7W 7U 7UUU78W 8U 8UUU8mDm9W 9U 9UUU~ 99PK~ 9g:W :U :UUU:`@@`A;W ;U ;UUU;\%AOA.A<W < <UUU<=P =J =JJJ~ =ժU=GzA~ =Ř`>WUUUU?W ?U*?UUUD l :.Tttrlt.jjXXrj::&RjDDVDDDV@AB C D;E@FGHIJKLMNOPQRSTU VWXYZ[\]^ _ @ @V+@VVV A AXXXXXXA TTTTT B BYYYYYYC N D,Deeeeeef D D fNNNEWUUUUUUgE WHgNNNF F F FF NNNG G-Gmm G G G R}cA G NNNHW HU. HUUUHR}cAH= BHffffEcAH H H ~ H H H NNNIW IU IUUUIc:c:IN I dI I q= ߸ I NNNJW JU2 JUUU~ JJ(\"~ J.J J J ~ J J NNNKW KU KUUU~ KA@KQe`@~ K@ K K ~ K K NNNLW LU LUUUL L L ~ L L NNNMW MU MUUU~ MժUMGzA~ MŘ` M M ~ M ѐ@ M NNNNW NU NUUUN N N ~ N N NNNOW OU OUUUO O O ~ O O NNNPW PJ PUUUPp=hAPHz@P433iAP] P P ~ P P P NNNQWJUUU Q Q ~ Q Q NNNRW RJ/RUUU R R XR ffffEcA R NNSW SU0 SUUUShMcAhMcAS NNNTW TU TUUUT= ף@T(\~ T3jT HNNNUW UU6 UUUUU,u @U YNNNVW VU VUUU~ VÇVdfff@~ VGV xHNNNWW WU WUUUWq= ׳5W]RAvW NNNNNNXWUUUUXTcAX(AXzldAX]NNNNNNYW YJ1YJJJY NNNNNNZWUUUUZ NNNNNN[W [U [UUU[)LF?[[e^?[ NNNNNN\ \V \VVV\)LF?\\e^?\ NNNNNN ] ]X ]]XXXX] NNNNN ^ ^YYYYYY_HHHHHHHHD"l.:&H0ThzzzPhZpZlfbD0llN&` ;a b c d e f g h  i j  k ;l m n o p qr s@ t;u@vwxyz{|}~` `|`eeefH ``e aUVVUgH a bU b bH b bXX ~ b cU chl cw c cH cW cUHH c Hz$0!iAd dU~ d k% d ϩ?duU)ݢ9 didH dW dUHH ~ d e eUe  v ejeH eW eUHH ~ e f fU~ fkk% f ϩ? fliH fW fUHH ~ f gUm g gH g gV ~ g = hU hhl hh h hH h hYY h gffKkAi ixip=j`Ai'M?i4m@@ iniHj jxn~ j#j$9P?j ]ūE@ jo jHTNj Tk kx~ kkI?kSY$[:@ kokH kkO l l~ lwylqpMmq?leV<@ lolH l mHH m mXX m QhLbAn nynQhLbAn c? nUgH nW nGHH ~ n >_Xo oz%ogfffEcAop? ostH o oI o  ףpAp{{{{}H p( pRYY p QRjAq q~ qqHHrqqqqrHH"sUUUUUUUUU tteeeeeeeeefUU tN$uWUUUUUUUUUgNNNNv v!v vv v $v NNNNw w" w# w" w# w " w #w NNNNxW xU xUUUx@p@x,BaAxp=j`Ax ;?x 'M?x NNNNyW yU yUUU*y   y NNNNzW z zUUUz*@2@vwyz z?z qpMmq?z NNNN{W {Un {UUU{>@6@o#{ B޲9?{ $9P?{ NNNN|W |Um |UUU|P@J@ k% | .Nr?| ϩ?| NNNN}W }U }UUU}?@C@ } (X]Ç?} I?} NNNN~W ~U ~UUU*~   ~ NNNNW U UUU*!!""##  NNNNDlL.ZvxtZvfrzHx|H:&:(fzhh  ;@  ;@@ K% VV$%,@%@_Q}cA_gfffEcA &? '? NNNN X XXXXXX()NNNN "YYYYYYYY*+NNNN$YYHHHHHHH,,NNNN "---------.NNNN"/NNN  !  $ UU N " # " # " # NNNN  0d@0 d@0h34A~ 1?~ 2\5? 2I4? NNNN n 0 r@0r@0gffBA1q= 5\BA 2N֭r? 2V|? NNNN  0@0x@0̌~YA1zN$|XA 2e#v? 2?sS? NNNN$334455NNNN K% 667%,@%@_R}cA_gfffEcA &?'?  NNNN X XXXXXX()NNNN "YYYYYYYY*+NNNN88UUUUUUU NNNN L"eeeeeeeeefNNNN$WUUUUUUUUUgNNNN !  $ NNNN " # 9" :# " # NNNNW U UUU@@p=Z]AGQ]A ;Y@? <cB.? NNNNW U UUU@X@T@{ =xZ? <>#y? NNNNW US UUU:@8@N =ۭt? <[K? NNNNW UT UUU1@ @_sA =Ys8? <FG? NNNNW UU UUU@@+#! =? < Q6σ? NNNNW UW UUU@@\@G @ =M? <ERuMm? NNNNW UV UUU@@Sgl =/ly? < əuz? NNNNW UX UUU*=<  NNNNW UY UUU*=<  NNNNW U UUU*=<  NNNNW U UUU*!!"">?  NNNN K VV$%@%X@_(,rbA_caA~ &? '? NNNND0lH4(4&lz(H4.4(fzhhhh  ;@    ; @              H @HHAAAABCNNNN "YYYYDDDDEFNNNN NNN 'eeeeeeeeef WUUUUUUUUUg GHHHH !  $ GHHHH " # " # " #W U[ UUUh@g@&KF$ ;ݥ_? IMЋcF?W UZ UUU8@@oo]A \A =X? JJ* X?W U\ UUU??ON =L3PT? g6!T?W U7 UUUR@R@*( =I8+? "l?W U] UUU3@3@/ =?jg\? Rwo?W U^ UUU*!!"">#  K3 VVV%,@%@_R}cA_gfffEcA &? '? XXXXXXXXX YYYYYYYYY eeeeeeeeef WUUUUUUUUUg J ! & $  GHHHK " # " # " #W~ d@ UUL@@sM ;Z;l? <\)l?WdDl? UUL*M=< Wd7A`в? UUL*M=< W~ d@ UUL@d@c@&3A~ M =q݀S¿? <87?W~ d@ UUL*M=< WdMbX9? UUL r@r@fffBAMq= 5\BA =N֭r? <V|?W~ d!@ UUL@h@fffFuYAMG:sXA =??yn? <-}<^L?WUUULM=< WUUUL!!"N>?  K VVV%,@%@_R}cA_ffffEcA &?~ '? HHHHUUUUUg D lH4, \hnnnnV,,, \tnZZV      ; @           YYYYO Meeeeeeeeef WUUUUUUUUUg GHHHH ! & $ GHHHH " # " # " #W UN UUU*;I W U UUU@V@U@7Pp =5z ? V߲?W U UUUr@0r@fff&CAp= oBA =+rs? )yjf?W U UUUx@@`+w> cMPRA =RgÚ? *h?W UO UUU!j@!j@"&1"1 >O}7? #+X? K8 VVV%,@%@_R}cA_ffffEcA &?'? HHHHUUUUUg YYYYO V,, \hVnznx,(  f   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 1S"0e @%00] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 3S"0e @%%%] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 5S"0e @%''] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 6S"0e @ ' ] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 8S"0e @ ' ] `nf   0e0e@AB`TC`TDEFQ&RUVWXZd@>8c8c    ??`T9`T`T@`p?AutoShape 9S"0e @%] `>@U"    vv vv bbccggvvhhyK investorrelations@vsac.orgyK \mailto:investorrelations@vsac.orgyX;H,]ą'cyK  www.vsac.orgyK Bhttp://www.vsac.org/yX;H,]ą'cggD g2 $}a1g  dMbP?_*+%LB?&L&"Arial,Bold"Vermont Student Assi9stance Corp.&RPage &P of &N&Q?'Q?(ffffff?)ףp= ?MdXX"6XX?Q?&U} $N} N} m N}  N} IN} mN} N} N} N} IN} N} $ N} $ N} " N} ##N} $$ N$$;$;@$ $$ $ $; $; $x@ $@ $ $ $ $$$$$$ $$ $ $;$$$$$$$$$ p 9   L   LL  ~ @    LL :    LL P; QQQQQQQMGGGGG &RGGGGGGGGGGGGGGG,JGGGGGGGGGGGGGGGGGG#SOOOOOOT SOOOT ,GGGGGGGGGGGGGGGGGGG# P GGGGGG~ @ {  ~ @, GGGGGGGGGGGGGGGGGGG# PGGGGGGU PGGGU , GGGGGGGGGGGGGGGGGGG# PG Jr GGGGV M} GGG ~ VCA, GGGGGGGGGGGGGGGGGGG# M Uq GGGGG~ Vj@ M| GGG ~ WiA, GGGGGGGGGGGGGGGGGGG# M Uw GGGGG~ Vm M~ GGG ~ V, GGGGGGGGGGGGGGGGGGG#M UGGGGG~ V  Mg  GGG ~  V,GGGGGGGGGGGGGGGGGGG#MGGGGGGX MGGGV ,GGGGGGGGGGGGGGGGGGG#M G=GGGGG~ VK3  MGGGV ,GGGGGGGGGGGGGGGGGGG#M G?GGGGG~ V@ MGGGY ,GGGGGGGGGGGGGGGGGGG#M GDGGGGG~ V@ M  J  GG ~  Z,GGGGGGGGGGGGGGGGGGG#M GEGGGGG~ V [III\ ,GGGGGGGGGGGGGGGGGGG# MG GGGG~ V RRRS ,GGGGGGGGGGGGGGGGGGG#MGGGGGGX,GGGGGGGGGGGGGGGGGGG#M GGGGGG~ V`@  R OOO ,GGGGGGGGGGGGGGGGGGG#M GuGGGGG~ V\%A ,GGGGGGGGGGGGGGGGGGG#M GvGGGGG~ V ~  @,GGGGGGGGGGGGGGGGGGG#MGGGGGGV HHH ,GGGGGGGGGGGGGGGGGGG#MGGGGGGV  Me  GGG ~  Vχ ],GGGGGGGGGGGGGGGGGGG#MGGGGGGV  Mf  GGG ~  Vf MGGGGGGV   GGG ~  VMGGGGGGV   HHH  Vp=iAMGGGGGGV  P  GGG  ? MG JFGGGG~ Z4hP  M` GGG^ Dl&TF2Z^^^~~~J~^TFJJ !`"`!#`$`%`&`'`(`!) *; +; ,x@-.@/0123456789:;<=>? [IKIIII\ Ma GGG ~ V ! !@^ !@!@@@_ ! Mb ! GGG ~ ! V " "DDDDDDa " P " GGG " crQ?#H@@@@@@@ # c # GGG ~ # VA$H@@@@@@@ $ Z $ III $ W`v5?%H@@@@@@@ % % HHH &H@@@@@@@ & & HHH 'H@@@@@@@ ' ' HHH (H@@@@@@@ ( ( QRRS *PG *QQQQQQQQQQQQb "+RGGGGGGGGGGGGG ",SOOOOOOOOOOOOT -PH-GGGGGGGGGG - cI- I - dJ".MGGGGGGGGGGGGX /M /JF/GGGGGGGGGee ~ / V4hP"0MGGGGGGGGGGeeV 1M 1Jy1GGGGGGGGG ~ 1 e1 e~ 1 V4hP"2MGGGGGGGGGGeeV 3M 3Js3GGGGGGGGG ~ 3 e3 e~ 3 VJO"4MGGGGGGGGGGeeV 5M 5Jt5GGGGGGGGG ~ 5 e@5 e~ 5 V]L5"6MGGGGGGGGGGfeV 7M 7Jx7GGGGGGGGG ~ 7 eOA7 e~ 7 VOtE"8MGGGGGGGGGGeeV 9M 9Jz9GGGGGGGGG ~ 9 e9 e~ 9 VOtE":MGGGGGGGGGGeeV ;M ;J;GGGGGGGGG ~ ; e; e~ ; VOtE"<MJGGGGGGGGGeeV =M =J=GGGGGGGGG ~ = e= e~ = VOtE">MGGGGGGGGGGeeV ?M ?J?GGGGGGGGG ~ ? e? e~ ? VOtEDB lFhVFJ::::2&&R&F&Z&Z&d&Z&Z&Z&Z&@ABCDEFGH`I K LMNOP Q R S T U V W X Y Z [ \ ]  _  $@MGGGGGGGGGGeeVgAM AJAGGGGGGGGG ~ A eA e~ A VOtEAg$BMGGGGGGGGGGeeVgCM CCGGGGGGGGG ~ C eC e~ C VOtECg$DMGGGGGGGGGGeeVgEM EEGGGGGGGGG ~ E eE e~ E VOtEEg$FMGGGGGGGGGGeeVgG[ GKGIIIIIIIII G hq= @G h~ G YӰDGg H Hi^iiiiiiiiiiX I "IRRRRRRRRRRRRSg LjLOOOOOOTGMMGGGGG MkP~ Ml@MmNM NGNGGGGm~ Nn@NmOM OGOGGGGG~ OnOGPM PGPGGGGG~ PnPG QMG QG>QGGGG QnQGRMGGGGGGnGSM SGiSGGGGG~ Sn@SGTM TG@TGGGGG~ TnTGUM UGAUGGGGG~ UnUG VMG VGBVGGGG~ Vn@VoWMGGGGGGnGXM XGXGGGGG~ XpXGYM YUYGGGGG~ YpYG ZMG ZGZGGGG ZnZG[MGGGGGGnG \MG \JC\GGGG~ \n\G]qRRRRRRSG@D(d(d(d(h24(<DDDFDDDFDDFF` 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 { | } ~   `j<`OOOO `r `r `r `r ` r ` r ` saMGGGGttttttu bM bG bGGG0bvvv@vL@vh@v@w@ cM cG cGGG0cvvvvvvw dM dG dGGG0dvvvvvvw eMG eG> eGG ev ev ev ev e v e v e wfMGGGGvvvvvvw gM gGi gGGG0gvvv@vL@vh@v@w@ hM hG@ hGGG0hvvvvvvw iM iGA iGGG0ivvvvvvw jMG jGB jGG0jvvv@vL@vh@v@w@ kMGGGGvvvvvvw lM lG lGGG0lxxxxxxy mM mU mGGG0mxxxxxxy nMG nG nGG nv nv nv nv n v n v n woMGGGGvvvvvvw pMG pJC pGG0pvvvvvvw qqRRRRzzzzzz{ sj<sOOOO sr sr sr sr s r s r s stMGGGGttttttu uM uG uGGG~ uv@@uvd@$uv@vq@vvw vM vG vGGG0vvvvvvvw wM wG wGGG0wvvvvvvw xMG xG> xGG xv xv xv xv x v x v x wyMGGGGvvvvvvw zM zGi zGGG~ zv@@zvd@$zv@vq@vvw {M {G@ {GGG0{vvvvvvw |M |GA |GGG0|vvvvvvw }MG }GB }GG~ }v@@}vd@$}v@vq@vvw ~MGGGGvvvvvvw M G GGG0xxxxxxy D l"\\\"\\\^"\\"^""p\\"p\\r"      M U GGG0xxxxxxy MG G GG v v v v v v wMGGGGvvvvvvw MG JC GG0vvvvvvw qRRRRzzzzzz{ P\"^>@URRSSZ2  ggD Oh+'0@HT` x Microsoft Excel@8ZF4@h䯀;՜.+,D՜.+,pHP X`hp x / PrivateCollection and Waterfall&'Collection and Waterfall'!Print_AreaPrivate!Print_Area('Collection and Waterfall'!Print_TitlesPrivate!Print_Titles  Worksheets Named Ranges$ 8@ _PID_HLINKSA HOhttp://www.vsac.org/{\"mailto:investorrelations@vsac.org  !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~Root Entry FWorkbookSSummaryInformation(DocumentSummaryInformation8