The trust collateral of approximately $1.2 billion consists entirely of FFELP consolidation loans authorized for origination under the Higher Education Act of 1965 and all subsequent amendments. The loans are guaranteed to at least 97% of principal and accrued interest by an eligible guarantor(s), depending on loan origination date, and are reinsured by the U.S. Department of Education up to the same amounts. JPMorgan Chase Bank, National Association ('JPMorgan Chase Bank') will act as master servicer and CFS-Suntech Servicing LLC ('CFS-SunTech') will act as subservicer for the loan portfolio. CFS-SunTech is a wholly owned indirect subsidiary of JPMorgan Chase Bank.

The ratings are based on the transaction's credit enhancement, which reflects the high credit quality of the Federal Family Education Loan Program (FFELP) consolidation student loan collateral and the transaction's legal and financial structure. The expected ratings reflect the ability of the trust to pay note principal at maturity and timely interest as reflected in the cash flow stress scenarios.

The credit enhancement will consist of the excess spread, a reserve account funded at $2.9 million with a reserve minimum of the greater of 0.25% of the student loan principal balance or $1.77 million; and a capitalized interest account with an initial balance equal to $29 million. In addition the class A notes will also benefit from subordination provided by the class B notes. Additionally, the trust has entered into an investment agreement with Depfa Bank Plc., dated as of July 2, 2007.

Interest on the class A and class B notes is based on the three-month London Interbank Offered Rate (LIBOR) plus a spread. Interest is paid quarterly on the 28th day or next business day of each March, June, September and December, commencing September 28, 2007.