邢唷��>� ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� g2�羳����\p深夜福利 B�a�=  ���=��b%-8X@�"��1����Arial1�?�jCalibri1�?�jCalibri1�?�jCalibri1���jArial1���jArial1���jArial1���jArial1���jArial1���jArial1���jArial1��jCalibri1� �jCalibri1��jCalibri1� �jCalibri1� �jCalibri1��jCalibri1��jCalibri1,>�jCalibri1>�jCalibri1�>�jCalibri1� �jArial1�>�jCalibri1� �jCalibri1��jCalibri1@��jHelv1�?�jCalibri1h>�jCambria1��jCalibri1���jArial1���jArial1���jArial1���jArial1h��jArial1��jArial1���jArial1���jArial1���jArial1���jArial1���jArial1.���jTimes New Roman1���jArial1���jArial1���jArial1���jArial1.���jTimes New Roman1���jArial1���jArial1���jArial1���jArial1���jArial"$"#,##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% �"$"#,##0� m\/d\/yyyy� "$"#,##0.00�0.0 �#,##0.0� 0.0_);\(0.0\)�"$"#,##0;\("$"#,##0\)�� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � � � � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� �� �� �� �� � � �� 攆f��� �+� �� �3)� �� � +� �� �0+� �� �3,� �� �3*� �� �� �� �� �� �� �P@ @� �� �P@ � � �� � @ � � �� �� ���� �� �� � � �� �`@ @� �� �� ��� � � � � �%� � �%� � � � � � � �  � �� ���� � � �� � � �� �0 � �� �� �� �� �a@ 8� �� �� � � � @ @ � � @ @ � � @ @ � �  @ @ � � @ @ � � � � @ @ � � (� � @ @ � � `� �  (@ @ � �  h� � @ @ � � `@ @ � � @ @ � � @ @ � �  � �  (� �  ( @ @ � �  ( @ @ � � "@ @ � � h� � h@ @ � �x� �  ("@ @ � � "@ @ � �  (� � (@ @ � � @ @ � � @ @ � � (@ @ � �"8 @ @ � �  @ @ � �! (� �  ( @ @ � �  ( @ @ � � `@ @ � � 0@ @ � � 0� �#8@ @ � �#8 @ @ � � h@ @ � � @� � h@ @ � � `@ @ � � h@ @ � � ` @ @ � �  h @ @ � � h @ @ � � ` @ @ � � ` @ @ � �  H� �  (� �  h� �  h@ @ � �  h@ @ � �  h@ @ � �  h @ @ � � (@ @ � � h@ @ � � �"|@ @ � � �"|@ @ � � + L� �$ �� �& �� �'� �( �� �'8@ @� �)� �* �� �)� �)<�@ � �)<�a@ � �)<�`@ @� �!p @ @ � � � �"< @ @ � �"| @ @ � �$ � �,�� �- �� �- � �& � �( � �* � �+ � � $� � $ @ @ � � $ a@ @ � � $� � 4 @ @ � � $ @ @ � � !#| @ @ � � !#| @ @ � � �"|@ @ � � �"|@ @ � � h@ @ � � $@ @ � ��� l@ @ � ��� l@ @ � � �"|@ @ � � �"|@ @ � �  L� � L� �� $ @ @ � �� $@ @ � �)<�@ @� �.� �/ �� �.� �.<�`@ @� �+ � �* �� �  l� �  h@ @ � �  h @ @ � �  h @ @ � �"x@ @ � � !"| @ @ � � !"| @ @ � � � l@ @ � � !"|� �  h@ @ � �"x@ @ � �"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@ @ � � "| @ @ � �� 4 @ @ � � @ @ � �� 4@ @ � � !@ @ � � !@ @ � �� $!@ @ � �� 4!@ @ � � ! @ @ � �#� �%� � h @ @ � �1 h@ @ � �  h@ @ � �  h@ @ � �"x@ @ � ��!#|@ @ � ��!#|@ @ � �� l @ @ � � � L� �� l @ @ � �� � �"x@ @ � �"x@ @ � � H� �  L� �!x@ @ � �!x� �q!�� � !x @ @ � � h@ @ � �  h@ @ � � ! l@ @ � � "x@ @ � � "x@ @ � � �!"|@ @ � � !"|@ @ � � "|!@ @ � � "x@ @ � � "x@ @ � � �!"|@ @ � � !"|@ @ � � !"| @ @ � � "x@ @ � � "x@ @ � � !"|@ @ � � !"|@ @ � � !"| @ @ � �  h@ @ � �  h@ @ � � ! l@ @ � � !"|@ @ � � !"| @ @ � �  h@ @ � �  l@ @ � �  h @ @ � �  H� �  h @ @ � � H� �  h@ @ � � �#|@ @ � � �#|@ @ � � �#|!@ @ � � �#|@ @ � � #|� � �#|!@ @ � �#|@ @ � �#|� ��#|!@ @ � �  h@ @ � �  h@ @ � � ! |@ @ � � ! | @ @ � � � |@ @ � � � | @ @ � �  |@ @ � �  l@ @ � �  |!@ @ � � � |@ @ � �  l@ @ � � � |!@ @ � � #|@ @ � �  h@ @ � � #| @ @ � � h@ @ � � �#|@ @ � � #|@ @ � � #|@ @ � �#|@ @ � �#|!@ @ � �  h@ @ � �  h!@ @ � � "x!@ @ � � "x!@ @ � � H� � L� � �� l @ @ � � D� �  L� �#|@ @ � � #|@ @ � � #|� � #|!@ @ � � !#|@ @ � � !#|!@ @ � � !#|@ @ � �  h@ @ � �  h @ @ � �  h@ @ � �  h@ @ � �  h@ @ � � h@ @ � � � |@ @ � � �! |@ @ � � � |@ @ � � �! |@ @ � � � l@ @ � �  h @ @ � � � |@ @ � � � L� � � |@ @ � � �! |@ @ � � � l @ @ � �  h@ @ � �  h@ @ � �  h @ @ � � `@ @ � � L� �� l@ @ � � !x@ @ � � (x@ @ � � (x @ @ � � h@ @ � �+�"|@ @ � �+�"|@ @ � �"x!@ @ � � )#|@ @ � � )#|@ @ � � �#|@ @ � � #|@ @ � � #|!@ @ � �� D� � )#|@ @ � � �#|@ @ � � #|@ @ � � #|!@ @ � �)� l@ @ � � � l@ @ � � � l!@ @ � � ! l@ @ � � ! l @ @ � � ! l @ @ � � ! l @ @ � �  h"@ @ � �+�"x@ @ � �+�"x@ @ � � ! l� � ! l @ @ � �  h@ @ � �  h@ @ � �  h@ @ � �  h @ @ � �� l @ @ � �� l @ @ � �� l @ @ � �!x@ @ � �"| @ @ � �!x @ @ � �"| @ @ � �"x@ @ � �"x@ @ � �"x @ @ � �"x@ @ � �!x@ @ � �!x� �!x @ @ � �!x @ @ � �!x@ @ � �!x@ @ � �"X� � !x� � !x @ @ � � !|� �q!� @ @ � � !x @ @ � � !x @ @ � � x� � !x@ @ � � !x @ @ � �"x@ @ � �"x @ @ � �"x@ @ � �"x @ @ � � ` @ @ � � ` @ @ � �!8@ @ � �!8@ @ � �!8 @ @ � �!8 @ @ � �)8@ @ � �)8� �x� �!4@ @ � �!0@ @ � �!0 @ @ � �!0 @ @ � �!0 @ @ � �%� �#� � 20% - Accent1�0�� 20% - Accent1� 20% - Accent2�0�"� 20% - Accent2� 20% - Accent3�0�&� 20% - Accent3� 20% - Accent4�0�*� 20% - Accent4� 20% - Accent5�0�.� 20% - Accent5� 20% - Accent6�0�2� 20% - Accent6� 40% - Accent1�0�� 40% - Accent1� 40% - Accent2�0�#� 40% - Accent2� 40% - Accent3�0�'� 40% - Accent3� 40% - Accent4�0�+� 40% - Accent4� 40% - Accent5�0�/� 40% - Accent5� 40% - Accent6�0�3� 40% - Accent6� 60% - Accent1�0� � 60% - Accent1� 60% - Accent2�0�$� 60% - Accent2� 60% - Accent3�0�(� 60% - Accent3� 60% - Accent4�0�,� 60% - Accent4� 60% - Accent5�0�0� 60% - Accent5�! 60% - Accent6�0�4� 60% - Accent6� "Accent1�$��Accent1� #Accent2�$�!�Accent2� $Accent3�$�%�Accent3� %Accent4�$�)�Accent4� &Accent5�$�-�Accent5� 'Accent6�$�1�Accent6�(Bad���Bad�) Calculation�,�� Calculation�* Check Cell�*�� Check Cell�+€�� ��Comma�,€��(�� Comma [0]� -Comma 2� .Comma 3�/€��&��Currency�0€��.�� Currency [0]�1Explanatory Text�6�5�Explanatory Text� 2Good���Good�3 Heading 1�(�� Heading 1�4 Heading 2�(�� Heading 2�5 Heading 3�(�� Heading 3�6 Heading 4�(�� Heading 4�7€��(�� Hyperlink� 8Input� ��Input�9 Linked Cell�,�� Linked Cell� :Neutral�$��Neutral�€��"��Normal�;Normal - Style1� <�Normal 2�= Normal 2 2� >Normal 3� ?Normal 4� @Note�� �Note� AOutput�"��Output�B€��$��Percent�C Percent 2�D Percent 3� ETitle� ��Title� FTotal� ��Total�G Warning Text�.� � Warning Text�X��TableStyleMedium2PivotStyleLight16��8�������������€€€€€€€€€览�€€€櫃��3f�����ff�€€f�烫�€������€€€€€���������櫶��櫶虣��虣3f�3烫櫶�����fff�枛�3f3檉333�3�3f33�333\���`�'hPrivate� �Collection and Waterfall�m$ Balance Sheet��=Income Statement������  ;6  ;e  ;4  ;�   ;�  ; ����8�Z餜�3 ���A�@@�  �� �?Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest AccrualPrincipal 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 LoansMaturity Total BalanceAverage Borrower IndebtednessRate# Accrued Interest on Senior Bonds Total Liabilities and Net Assets Balance Sheet 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 Cumulative 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 Refunds Due&深夜福利 Cash and Equivalents 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 Education! 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 LossTotal Fees and Program ExpensesBorrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offs Other FeesD Loans for which claims have been filed as of Distribution Date www.vsac.orgAccrued Interest CarryoverExempt IRS Status2010A-1 92428C FQ 2 92428C FR 0 92428C FS 8 92428C FT 6 92428C FU 3 92428C FV 1 92428C FW 9 92428C FX 7 92428C FY 5 92428C FZ 2 92428C GA 6 92428C GB 4 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$Debt Service Fund - Interest Account%Debt Service Fund - Principal Account&Debt Service Fund - Retirement AccountDebt Service Reserve Fund4Fourth: To the Debt Service Fund - Principal AccountFFirst: To the Rebate Fund for Rebate or Excess Earnings Tax ComplianceiFifth: To the Debt Service Reserve Fund if necessary to restore the Debt Service Reserve Fund RequirementEServicing Fees, Indenture and Program Expenses Due for Current PeriodIndenture Expenses<�Sixth: To the Operating Fund for payment of Program ExpensesISeventh: To the Student Loan Fund during any applicable Recycling PeriodTEighth: To the Debt Service Retirement Account (after any Recycling Period end date)_Ninth: Released to the Corporation if Senior Parity Percentage conditions are met after release!Servicing and Administrative FeesProgram Expenses2010 A Indenture2010 A Debt Service Reserve Cap Int! Debt Service - Interest" Debt Service - Principal FIB SAP Bond Premium/Discount Notes Payable Revenue Account" Loan Acquisition Account Cap Interest Account& Debt Service Reserve Account) Debt Service Account - Interest* Debt Service Account - Principal! Accrued Interest on Investment Deferred Bond Issuance Costs Total Accounts/Funds Balance Prepaid Expenses Allowance for Bad Debt Unearned Student Loan Fees Bond Discount/Premium Due To/From other FundsTotal Repayment (a)investorrelations@vsac.org 1-29 Days Delinquent 240-269 Days Delinquent 270+ Days Delinquent Portfolio by Current Loan StatusSemi-Annual Interest DueSemi-Annual Interest Paid 650 - 699 700 - 749 750 - 799 2010A-1 TrustQuarterly Income StatementBond Direct Contribution Revenue# Federal Interest Benefits$ Special Allowance Payments! Interest on Investments) Interest and Fees/Student Loans Other Income Total Revenue Bond Expenses Bond/Note Interest/ Amortization of Bond Discount/Premium, 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 ASSETSPortfolio Interest RatesFixed Rate Loans ForbearanceInterim/Grace(a) 2Interim/Grace status loans are not fully disbursedSemi-Annual Interest AccruedSenior Parity % (a)Total Parity % (a) Rating Agency FeesNParity calculation excludes non-cash items as outlined in the Master IndenturebIncludes loans in Repayment, Interest Only Repayment, or Reduced Payment plans, net of Refunds DueWeighted Average Payments MadeW.A. Time until (a) % of PoolConversion to Repayment In Schoolmonths GraceTotal Not ConvertedW.A. Time since Claim FiledTotal Converted=W.A. Time until Conversion to Repayment includes Grace period!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 DuePeriodic Principal PaidPrincipal Shortfall+Principal and Interest Distribution Summary<�@ 3/31/20124/1/12 - 6/30/12Collateral Pool Characteristics Amount ($).Cumulative Interest Capitalized on above loans$Cumulative Entered Repayment BalanceCurrent amount in repayment ($)>Cumulative Principal Collections (Scheduled and Voluntary) ($)Cumulative Defaults ($)Original Pool Balance<�Cumulative original pool balance acquired through prefunding 1;Cumulative original pool balance acquired through recycling 1JCumulative original pool balance acquired through additional note issuance 1FCumulative original pool balance removed through loan sales / buybacks 1Ending Original Pool Balance2 6/30/20124/1/2012- 6/30/2012=(a) Footnotes: Variance to SLR assets is Cancelled Fees to be. posted in next periodN/A�B-C 旵t"D矰�ZE9蘀��IG(H�郒�朓uBJ!K�癒�� M^ � 桹v € Q� uQT肦�漈|XV7!WCX"'Y龴�篫�蚚�踈�籡��y_X繾�maL b�錬�莄�qe.cc��B����� g2�羳 (�瑘跅 �挷难<�  d褚MbP?_*+�€%���q A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&= 祝p=�?' 祝p= �?(呺Q�呟?)祝p= 足?M \\bolton2\3A-S16-FINANCE�,C�€� odXXLetter����DINU"D �]�BDSMTJ�HP Universal Printing PCL 6InputBinFORMSOURCERESDLLUniresDLLHPDocUISUITrueESPRITSupportedTrueFastRes1bppResolution600dpiPrintQualityGroupPQGroup_2HPColorSmartAutomaticHPColorSmart_ColorOptions_EdgeControlNoCmdHPColorSmart_ColorOptions_HalftoneNoCmdHPColorSmart_Text_NeutralGraysNoCmdHPColorSmart_Text_HalftoneNoCmdHPColorSmart_Text_RGBColorNoCmdHPColorSmart_Graphics_NeutralGraysNoCmdHPColorSmart_Graphics_HalftoneNoCmdHPColorSmart_Graphics_RGBColorNoCmdHPColorSmart_Photo_NeutralGraysNoCmdHPColorSmart_Photo_HalftoneNoCmdHPColorSmart_Photo_RGBColorNoCmdOrientationPORTRAITHPOrientRotate180FalseDuplexVERTICALHPPrintOnBothSidesManuallyFalsePaperSizeLETTERHPConsumerCustomPaperTrueMediaTypeAUTOCollateOFFHPNUseDiffFirstPageChoiceTRUEHPPageExceptionsFileHPCPE118HPPageExceptionsInterfaceShowPageExceptionsHPPageExceptionsLowEndHPPageExceptionsLowEndVerHPPageExceptionsCoverInsertionHPOutputBinOrientationFACEDOWNPunchingNoneStaplingNoneHPStaplingOpposedFalseEconomodeFalseTextAsBlackFalseAlternateLetterHeadFalseHPSmartHubInet_SID_263_BID_514_HID_265OutputBinAutoHPDocPropResourceDatahpchl118.cabHPLpiSelectionNoneJPEGEnableAutoHPEasyColorOnHPMHDLLNameHPFIE118HP_DIBStitch_TintTestDisabledHPMediaTypeTreeviewPopupTrueHPColorModeCOLOR_MODEColorMode24bppTTAsBitmapsSettingTTModeOutlineHPPDLTypePDL_PCL6HPPJLEncodingUTF8HPJobAccountingHPJOBACCT_JOBACNT_GROUPNAMEHPBornOnDateHPBODHPColorPlaneHPCPHPJobByJobOverrideJBJOHPJobAccWoPinTrueHPXMLFileUsedhpcu1186.xmlHPSmartDuplexSinglePageJobTrueHPDuplicateJobNameOverrideSWFWHPEnableRAWSpoolingTrueRGBColorNoCmdJRConstraintsJRCHDFullJRHDInstalledJRHDOffJRHDNotInstalledJRHDOffHPBestGlossDefaultPSAlignmentFileHPCLS118�IUPH!x滍櫷jQ�觻7 軾卼�; BjE'7m1冶 � 蓢b��..婙 >偩D�>€[q[��澻萿�4 柖�/锡�縻渟�7 TL�<��'密悅�X跮k 扣Y]C [恅鱿w嬂O�茇O愌泺�9�.�6靴答�?�/�Z!騅�霍萬 �?碠啶y牔o襖Y�4脗�喪谂︰劏O^L%w个埕êx崡�h囝I�8d瘱~�,热竳�篅}臮⒆nT钭麛婥b�魃翚"w岇H兙Omz?;'齀BL贮F�1z.�(1"Ngl2_潞{训鵚l#q翚�4M竒z攙篬 镨wL鐦維q:ㄒ#k�6#�烗 辖跻秠rb)�炞 €〨Χ`昶昰遃嶤诧-G娇\鲶)荣x炡�.瓄抡出渴浗谜毂畎[~暫潠坟孪軥�%u巐P肂�6�EY =龕�=茒!+qU譃V謼虑Q-~+餀穇据渳带郂噸_w瘆7锆钸鷛q鐂達蚙|刃B!�B!��S蓌/�"/XX�?�?�&�U} �|} �|} $|} �|} m|} m|} �|} I|} �|} m|} I|} $|} �|} m |} m|} �|} $ |� ; ;   � � � � �   �   ; �@ � � ��������������€"�€"! ;� �� *� ��� �e� ���� �� � ��� ��� ���� �� �  �� � ��~ �@銨� ���� �� �  �� � ��� �,� ����  �� � O� �� ��� ��� ��� ���� ~~� ��� ����������� � €~~~~~~~~~~~�  � r� r� ���  7� r � r� r� r � r � �U� r � �4€� ~��  ��  ��0 @�€O"A�€O"A�堾��€O"A�€O"A  �a�+�?~   @€� ~�� �� ��@�`�6A�`�6A�VUUUU栅@���`�6A�`�6A  ^Cy �5�?~  噗銨€� ~�� �� �霶�呺�?��@w;A�@w;A�啷@���@w;A�@w;A   剳v珸�?~  € 錊€� ~�� �� ��@�€�>A�€�>A�莙莙\盄���€�>A�€�>A  (紗蚝?~   7錊€� ~�� �� ��@�€�>A�€�>A�r莙谦@���€�>A�€�>A  (紗蚝?~  纃錊€� ~�� �� �霶�呺�?��j8A�j8A�莙莙���j8A�j8A  鞽�0規�?~  €掑@€� ~�� �� ��@�`�6A�`�6A�VUUUU栅@���`�6A�`�6A  ^Cy �5�?~   厘@€� ~�� �� ��@� �3A� �3A��8庛8��� �3A� �3A  Ai� 劚?~  理錊€� ~�� �� ��@�€O2A�€O2A�燖���€O2A�€O2A  �a�+�?~  `鍬€� ~�� �� ��@�€�A�€�A�r莙菋@���€�A�€�A  (紗驓?~   I鍬€� ~�� �� �/�$仴?��CA�CA�VUUUUi睝���CA�CA  +F诒�?~  [鏎€� ~�� �� ��0€@�BA�BA�€贡@��BA�BA  � 剳v?~  [鏎� ������� �� _)� ���rA��rA�r莙虤郂����rA��rA  �������? �  � ��T��� ��T�!T � x� �����������#T  ~� ��������� sssss �DlDRRD660$�������������$�22  �@!�€$"�#�$�%�&�'�€$(�)�*�+�,�-�.�/�€"0€"!1 2;3�@4�€$5�6�7�8�9�:�;�€$<��@=�>�?�€"� €~~~~~~�� sssss �!�rrrr� !r� !�� !��!|sssss "�� "%� "%%%"&z甂XsA"'L醶劉誁"(吞天€]sA�"�sssss #€� #~� #~~~~ #)僉#*埪�(�,隼#+霶笧頍#A�#�sssss $€� $~d� $~~~�$)*pS�+pS��$ sssss %€� %^� %^^^%)烫蘌D tA%*p= 尤鹄%+\徛}{鷖A�% sssss &€� &~� &~~~~ &)縊阣&*瓽o晾~ &+墼砫�&�sssss 'v� '^� '^^^',=xA'-€233出蚶'.p= 鳜xA�'�sssss �(€~~~~/0��( sssss )€� )~� )~~~)1-�/y某?)0)2�侞馇�?�) sssss *€� *~� *~~~*3瑍黦尙c@*0*4鎞�桨c@�* sssss +€� +~� +~~~�+5臑@63�7x濦�+ sssss ,€� ,~� ,~~~�,5\欯60�7欯�, sssss -€� -~6� -~~~-8"�V蕒茾-9€Yv R `@-:垚Q烕磺@�- sssss .�� .$� ..;�:伽>园.<.=r.%N園�. sssss � / �/�����T!�/ sssss � 0x�0������#�0 sssss �1 sssss � 2��2��������3€~~~~~~��4�rrrr� 4>� 4>� 4��4 ||||| 5€� 5~�� 5~~~�5?��?簚(痴�5 $$$$$ 6€� 6~�� 6~~~�6@3]�@xt槔�W-�7€� 7~�� 7~~~�7@€1A@�€1A8€� 8~�� 8~~~�8@莧-@�莧-9€� 9~�� 9~~~�9@3y@泮嗿�@:€� :~�� :~~~�:AA�;v� ;^� ;^^^~ ;B縊阣;B瓽o晾~ ;C墼砫�<�€~~~~DDE=€� =~+�=~~~F>�� >,�>G� ? �?������!�? ||||| �D� l.TtpXrlt.jjXXrj::&RXDDDDDV..@�€"!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�€"[�€"!\�€"!];€"^�€"_�€"� @x�@������#�A HI"""s� B�-�B�������� B ��B ��sss�C€~~~~~~��C €T�sss�D�rrrr� D>� D>� D��D ���sssE�� E�.�E%%%��J� E �E �E �{甂XsA� E KssF€� F~/� F~~~F@呺Q�*XsAF@ 呺!E誁F�吞�|]sAFL� F �F �~ F �藒 � F sssG€� G~�� G~~~~ G@熝侵G@P���#羱 G�邘吳� G ��G �~ G �沑轩� G sssH€� H~3� H~~~~ H@僉H@埪�(�,隼H�霶笧頍#AHL� H �H �~ H �� H sssI€� I~�� I~~~~ I@伃鏎I@堧Q�鮓纞 I��釦� I �I �~ I �� I sssJ€� J~�� J~~~�J@SP鬇朝� �� J �J �~ J �€G闌� J sssK€� K~�� K~~~~ K@縊阣K@瓽o晾~ K�墼砫� K �K �~ K ��#驚� K sssL€� L~�� L~~~�L@眶�@G h麽� L �L �~ L �� L sssM€� M~�� M~~~�MAA�� M � M �M �q= 譙疽谰 M sssN€� N^� N~~~NB�(\S﨣vANBR笧飸!�NCfff謓縰AN�� N �!N �N �櫃櫃Y<纠� N sss�O€^~~~@@�� O �"O �~ O �� O sssP€� P^0�P~~~@@�� P �#P �P �吞�|]sA� P KssQ€� Q~1� Q~~~�Q@�rA@��rA�Q ���sssR€� R~�� R~~~~ R@銙+ R@祝p�7牙~ R�隹 � R �<�R T�sssS€� S~8� S~~~�S@'y@蹓V�幭� S �=�S ��sssT€� T~�� T~~~�TA�#A牨梨雦�T ssssss�U€~~~~UM隥戈t髍AU-€櫃�� �UC�呺O緍A�U�ssssssV€� V^2�V^^^NOP�V ssssss�W€~~~~NOP�W ssssssX€� X~� X~~~XQ洪;� 囚?X�XR'锽眙?�X ssssssY�� Y� YYS洪;� 囚?Y�YR'锽眙?�Y ssssss� Z Z�� Z� �Z����!�Z sssss � [x�[������#�\TTTTTTTTHI ]T� ]� �]����T� ]�-�]���U �^V~~�TWXXX � ^ �.�_V~YY� _� � _�T� _�4� _%�� ~ _ ��D>l&H0Th����z�z~�PhZxfZbD0llN&L.` �€"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�{�|�}�€"~€"!�@ � `V~� `��� `�� `�� `�T� `€5� `~TT ` �瓽u5 tAaV� a~aZ祝p �UAa[衒�9躳�?a�束争�4例 a�aT� a€6� a~TT ~ a �bV� b~~ b\x*Ab]7c櫯X﹢?~ b�鹂� b�bT� b€7� b~TT ~ b �cV� c~c�祝p虴経Ac^�1�&鲅?� c��T� c€8� c~TT ~ c ��dV~��� d�� d�T� d�/� d�� ~ d �38 � eV~� e��� e�� e�� e�T� e�9� e_�� e ���/T唗AfV� f�f`�(\嘗ufAf[錹h�2庘?f�酾賰dz"@� f�fTf agV� g��gb霶竳藬BAgc⒉�W淳?g��灉€%@� g�� gT|sg �hV� h�~ hbWjw hcM���?h�;緆骽&@� h�hT� h�0�hu��d iV� i��ibc�� i��iTWXXX � i �.�jVTeefgT� j�1� jh�� j �瓽狎^躪Aj ikV� k�k�瓽狎^躪Ak^ g€��?� k~�T� k€2� kRTT ~ k �疺�lV� l�&lj吞天€]sA~ l��?� l��T� l�3� lV�� ~ l �W腇�mV�����T� m�)� mz�� m �呺Q0.nAn� n� � nk�nllmT�ox�����TT�"p~~~~~~~~~""""" � q���q����������~~ qs�$r€~~~~~~~~~�ssss�s�rrrn� s�"s�� s�s�� s �%�s �ssss�t�rrrn� t#� t$� to#� tp$� t #� t q$�t �sssu€� u~� u~~~�ur饓@s鞈@ut吞烫€_Aut�(\嘗ufAu u;q"A?u v錹h�2庘?�u wsssv€� v~� v~~~�vs*@s,@t€孄@tx*Av u憰Ex葀?v v7c櫯X﹢?�v ssssw€� w~�� w~~~�ws纐@s爇@t桸Lwt霶竳藬BAw u輺T*u"�?w v⒉�W淳?�w ssssx€� x~�� x~~~�xsp堾s饊@xtfff�<`Axt祝p �UAx u虇�1碹�?x v衒�9躳�?�x ssssy€� y~� y~~~�ys<@s:@t�AtWjw y u7�k嵘�?y vM���?�y ssssz€� z~ � z~~~�*zssttuv �z ssss{€� {~!� {~~~�*{xxyyz{ �{ ssss|�� |_&� |<�||臑@|x濦|�{甂XsA|�吞天€]sA�| }�?~�? �| ssss� } }�� }��}������€ssss� ~x�"~����������ssss���~~~~~~~�  sss �D$lv��xZvpv�dRxtH8&:(fz�€��€hh�H4€;��@��€$��€$��������������������������€"�€"!� �;��@��@������������������€"�€"!� €�P�€����������~~ €s�$�€~~~~~~~~~�ssss���rrrn� ��"��� ����� � �%�� �ssss���rrrn� �#� �$� ��#� ��$� � #� � q$�� ssss�€� �~� �~~~��r怈s揁�t醶�dA�tH醶細YhA� u繆aMt犿?� v�<涂�?�� ssss�€� �~�� �~~~��s€O@s繻@�t= 祝JJ"A�t悯(滭�0A� uVv���?� v扛�o�?�� ssss�€� �~X� �~~~��s(@s,@tS蠈t?� uB紜J&W�?� v�v庲鶇?�� ssss�€� �~Y� �~~~��s$@s @t3dt��� uR&}榘0?� v呸酖€噣?�� ssss�€� �~Z� �~~~��s@s@t_z!t?缗� u豊*�'q?� vf半N眀?�� ssss�€� �~\� �~~~�$�ss�?tt�Au � vD輂厌�3?�� ssss�€� �~[� �~~~�$�ss@tt焷�u � vo瞘羃?�� ssss�€� �~]� �~~~��ss�?t�t瓽狷&~ � u� vC▽j噉%?�� ssss�€� �~^� �~~~�*�ssttuv �� ssss�€� �~�� �~~~�*�ssttuv �� ssss�€� �~�� �~~~�*�xxyyz{ �� ssss��� �_�� �<��|h慇|h旲��吞�42歟A��r= 痷kA~ � }�?� ~�������?�� ssss� �V �T� �T ��TTTTTT��ssss� �x�"�����������ssss�� ssss� ��(�"�����������ssss�$�€~~~~~~~~~�ssss�� ����� ��"��� ����� � �%�� �ssss�� ����� �#� �$� �#� �$� � #� � q$�� ssss�€� �~`� �~~~��r`u@s u@t蟿週tW|N� u5F雨臱�?� v3想�<滥?�� ssss�€� �~_� �~~~��st朄s8朄�t祝pm怇kA�t�叓}韐A� u敚'�?� vj�;��?�� ssss�€� �~a� �~~~��s.@s.@�t徛�(p�A~ �t;唗� u8��"}?� v鮭<�;}?�� ssss�€� �~;� �~~~��s€_@s€_@t�ⅱ$t�4F$� u俣l\琩�?� vJ7萿a.�?�� ssss�€� �~b� �~~~��s€H@s€H@t擗�to庋� u彈W�怠?� v�}-郎�?�� ssss�€� �~c� �~~~�*�xxyyz{ �� ssss��� �_5� ���|臑@|x濦��z甂XsA��吞天€]sA�� }�?~�? �� ssss� � �"����������!ssss� �x�"����������#ssss�D~l:(fz��€€€tt�hhh�H44(fz€��€€h�4� �;�����������������������������  �  � ;� �� �� �� �� �� �� �� �� �� ��  � � sss � �������������� ��€~~~~~~~~~� ���%%%�� ��"��� ��'��� � �%� �� � ������� �#� �$� �#� �$� � #� � q$�€~ ��@� �~~0��r@s@t摖�t�,�� u禂�!5z[?� v沦J�蚘?�€��D媗琨┍?� �~~0��s€n@s續@�t殭欩 怉A~ �t�+5� u沢蕘� �?� v7輠┲ �?�€��7堿`逍�?� �~~0��s€m@s`m@�t= 譪紹@A�t瓽'@A� u敆5婧?� v5h 焙?�€~ ��@� �~~0��sW@s@V@to�toG�� u�盘��?� v蟬��?�€~ ��@� �~~0��sH廆s廆�t徛貘栩bA�t祝p鞬/cA� u�6俼漍�?� v��<コ�?�€��覯bX9�?� �~~0��s繾@s繾@t{螚)t�)� utR鮎��?� v荵��?�€~ ��!@� �~~0��s0p@sp@tIt彾臝� u鎃Qz:Z�?� v<�7伱?��€~~~0ssttuv ��€~~~0xxyyz{ ��� �_� ���|臑@|x濦��z甂XsA��吞天€]sA� }�?~ � ~�?� �V ��TTTT~~~~~� � �x������_____� � ��Q������������ ��€~~~~~~~~~� �� ����� ��"��� ��'��� � �%� ��� ����� �#� �$� �#� �$� � #� � q$�€� �~R� �~~~�*�rsttuv �€� �~�� �~~~��s€A@s€A@tSg� t骫 � uM񔳘螖?� v婼殌b\�?�€� �~�� �~~~��s衻@s爛@�t烫蘬鋛UA�t��Q€UA� u� 璖蛹�?� v髌Z 拭�?�€� �~�� �~~~��sp岪s8岪�t祝pヨbA�t祝p輰bA� u敠棱�?� vzn濸a遢?�€� �~S� �~~~��x`|@x|@�y徛鯃4:RA~ �yw�q� ze瘀0'�?� {盝�?��� �_<�� ���|臑@|x濦��{甂XsA��烫天€]sA� }�������?� ~�?� �V ��TTTT~~~~~� � �x������_____� �@0 D, \tn��n�rn �,,, \hVn����,��疖�鹉�( � �餱 � � ���€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c    ??€����`T�9`T`T@`€���������p�?AutoShape 1S"���0e� �@�%/�/�] `�n餱 � � ���€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c    ??€����`T�9`T`T@`€���������p�?AutoShape 3S"���0e� �@�%#�#�] `�n餱 � � ���€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c    ??€����`T�9`T`T@`€���������p�?AutoShape 5S"���0e� �@�%&�&�] `�n餱 � � ���€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c    ??€����`T�9`T`T@`€���������p�?AutoShape 6S"���0e� �@� '� ���] `�n餱 � � ���€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c    ??€����`T�9`T`T@`€���������p�?AutoShape 8S"���0e� �@� '� ���] `�n餱 � � ���€�0e�槻�0e�槻��������@AB`TC`TDE�F�Q�&R�U�V�W�X€�澒�������Z�d�@��澒���>���€€€8c8c    ??€����`T�9`T`T@`€���������p�?AutoShape 9S"���0e� �@�%����] `>�?@P���YYY�� ss ss __``ddssee������ �� �� ������ ���������w��猩陏�寕�K� investorrelations@vsac.org嗌陏�寕�K� \mailto:investorrelations@vsac.orgyX侓;H�,俔膮'cカ��猩陏�寕�K�  www.vsac.org嗌陏�寕�K� Bhttp://www.vsac.org/yX侓;H�,俔膮'cカgg����D g2�羳  fG�����#  d褚MbP?_*+�€%���@A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&霶�呺�?'�呺Q肝?(ffffff�?)祝p= 子?M�Adobe PDF��S飥� o;XXLetterPRIV� ''''�0\KhCFF燆��0EBDAStandard�";XX�?呺Q��?�&��U} $} �} I} � } �} I} �}  } "� } ##�f$$;$;@$ $�$ $ $; $; $x@ $�@ $� $� $� $�$�$�$�$�$ $$ $ $�$�$�$�$�$�$�$�$�$ � H�� H=�  �� `�  �� � ``� �� ��~ �@銨� ���  �� � ``� �>� ��� �,� ��� ``� a?� ]]]]]]]JNNNNN �&cNNNNNNNNRRRRRNN�,PNNNNNNNNNNNNNNNNNN#�fOOOOOOI� fOOOI �,NNNNNNNNNNNNNNNNNNN#� g%� NNNNNN~ �@銨� ��� ��� ~ �@銨�, NNNNNNNNNNNNNNNNNNN#� gNNNNNNh� gNNNh �, NNNNNNNNNNNNNNNNNNN#� gN� P�� NNNN�� J�� NNN  ��!�>蹖錊�, NNNNNNNNNNNNNNNNNNN# J� }�� NNNNN~ ���� J�� NNN ~ �敗@�, NNNNNNNNNNNNNNNNNNN# J� }�� NNNNN~ �€1A� J�� NNN  �z瞆奕 轅�, NNNNNNNNNNNNNNNNNNN#J� }&�NNNNN~ �莧-�  m��  NNN ~  ��,NNNNNNNNNNNNNNNNNNN#�JNNNNNNK� mNNN� �,NNNNNNNNNNNNNNNNNNN#J� NA�NNNNN~ �肠� � JNNN� �,NNNNNNNNNNNNNNNNNNN#J� NC�NNNNN~ �� JNNN� �,NNNNNNNNNNNNNNNNNNN#J� NH�NNNNN�I潃&侣旲 J�  P��  NN  �r= �?垓@�,NNNNNNNNNNNNNNNNNNN#J� NI�NNNNN~ �� UWWWX �,NNNNNNNNNNNNNNNNNNN#�JNNNNNNK� \QQQM �,NNNNNNNNNNNNNNNNNNN#J� N��NNNNN~ �3y� sssss �,NNNNNNNNNNNNNNNNNNN#J� N��NNNNN~ ��  tV�  uuu ~  �@銨�,NNNNNNNNNNNNNNNNNNN#J� N��NNNNN~ �� mRRRw �,NNNNNNNNNNNNNNNNNNN#�JNNNNNNK�  m��  RRR ~  �?↘�,NNNNNNNNNNNNNNNNNNN#�JNNNNNN��  m��  RRR ~  �?↘�,NNNNNNNNNNNNNNNNNNN#�JNNNNNN��  m��  RRR ~  ��,NNNNNNNNNNNNNNNNNNN#�JNNNNNN��  vW�  RRR  �辮鱺b菳?�JNNNNNN��  m�� RRR� �JNNNNNN��  m��  RRR ~  ��JNNNNNN��  m��  RRR ~  �� JN� PJ�NNNN�櫥杙hKA�  v��  RRR ~  ��D�l&TF2Z^�^����^~~�~^~�~vvvJ:FF !�€Y"€Y # $; %; &x@'�(�@)�*�+�,�-�.�/�0�1�2�3�4�5�6�7�8�9�:�;�<��€Y= ? � UW�WWWWX� €�� RRR ~ �?↘� !S �!ZjZZZZ[� ! ��� ! VVV ! �辮鱺b菳?� "\�"kkkkkkl� " x �" yzz{ � $aK� $]]]]]]]]]]]]b �"%cNNNNNNNNNNNNN �"&fOOOOOOOOOOOOI � 'gL�'NNNNNNNNNN � ' pM' W� ' qN�"(JNNNNNNNNNNNNK )J� )PJ�)NNNNNNNNN�� ) �櫥杙hKA�"*JNNNNNNNNNN��� +J� +P��+NNNNNNNNN ~ + �+ �+ �櫥杙hKA�",JNNNNNNNNNN��� -J� -P��-NNNNNNNNN - ��!�>︽@- �- ��n KA�".JNNNNNNNNNN��� /J� /P��/NNNNNNNNN ~ / �s�/ �/ �䅟S釯A�"0JNNNNNNNNNN��� 1J� 1P��1NNNNNNNNN ~ 1 �1 �1 �䅟S釯A�"2JNNNNNNNNNN��� 3J� 3P��3NNNNNNNNN ~ 3 �3 �3 �䅟S釯A�"4JNNNNNNNNNN��� 5J� 5P��5NNNNNNNNN 5 �z瞆奕 轅5 �5 �櫥�JA�"6JPNNNNNNNNN��� 7J� 7P��7NNNNNNNNN ~ 7 �7 �7 �櫥�JA�"8JPNNNNNNNNN��� 9J� 9P��9NNNNNNNNN ~ 9 �9 �9 �櫥�JA�$:JNNNNNNNNNN����;U� ;���;WWWWWWWWW ~ ; �; �; �櫥�JA;�� <�S � <�ZjZZZZZZZZZZK � =\�"=QQQQQQQQQQQQM��B� XFVF2&&R&J&^&b&^&^&^&b&^&^(h24@ �A �B �C �D �E �F �G �H �I �J �K �L �M �N �O �P�Q S T�U�V�W�X�Y�Z�[�\�]�^�_�� @d*�@OOOOOOIN�AJNNNNN� AnT~ A�@銨AoBJ� BN�BNNNNoB�庛8 mABoCJ� CN��CNNNNN~ C�� CNDJ� DN��DNNNNN~ D�� DN� EJN� ENB�ENNNN� E�>EN�FJNNNNNN�NGJ� GR��GNNNNNG�s莙虤郂GNHJ� HND�HNNNNN~ H�HNIJ� INE�INNNNN~ I�IN� JJN� JNF�JNNNNJ�s莙虤郂J��KJNNNNNN��LJ� LR'�LNNNNN~ L�L�MJ� M}(�MNNNNN~ M�M�� NJN� NN)�NNNNN� N�>N��OJNNNNNN�N� PJN� PPG�PNNNNP�€痀APN�QLQQQQQQMN� Td@�TOOOO� Te�� Te�� Te�� Te�� T e�� T e�� T e�� T e�� T e�� Te�� Te�� T���(UJNNNN������������VJ� VN� VNNN~ V�$聾V�這V�€苦@V�9庛8帟闌V �莙莙D錊V ��8庛8戚@V �這V �莙钎跕V �UUUUU呝@V�莙莙D臔V�J1霡~ V� $隌WJ� WN�� WNNN�W�斄@�L軥W�棉@�W�j鐯�堛@ W �X跕�*W �L軥�d貮�p譆�埫@� 溟@�莒鐯XJ� XN�� XNNN�X�斄@�L軥X�棉@�X�j鐯�堛@ X �X跕�*X �L軥�d貮�p譆�埫@� 溟@�莒鐯� YJN� YNB� YNN� Y�>� Y�>� Y�>� Y�>� Y �>� Y �>� Y �>� Y �>� Y �>� Y�>� Y�>� Y�>�(ZJNNNN������������[J� [R�� [NNN~ [�堾[�XUUUU栅@[�啷@[�萹莙\盄[ �p莙谦@[ � 莙莙[ �XUUUU栅@[ ��8庛8[ �í燖[�p莙菋@[�XUUUUi睝~ [�€贡@\J� \ND� \NNN�N\������������]J� ]NE� ]NNN�N]������������� ^JN� ^NF� ^NN~ ^�堾^�XUUUU栅@^�啷@^�萹莙\盄^ �p莙谦@^ � 莙莙^ �XUUUU栅@^ ��8庛8^ �í燖^�p莙菋@^�XUUUUi睝~ ^�€贡@^��(_JNNNN������������_��B� X(<�HDDFHDDJDDFJ�,����,�zz`�a�b�c�d�e `J� `R'� `NNN�N`������������`�aJ� a}(� aNNN�Na������������a�� bJN� bN)� bNN� b�>� b�>� b�>� b�>� b �>� b �>� b �>� b �>� b �>� b�>� b�>� b�>b��(cJNNNN������������c�� dJN� dPG� dNN�d�斄@�L軥d�棉@�d�j鐯�堛@ d �X跕�*d �L軥�d貮�p譆�埫@� 溟@�莒鐯d��(eLQQQQiiiiiiiiiii��pd���6�>�0@UQ��R�ddd�2  �wgg����D g2�羳 8�+85�<  d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(= 祝�?)�?M�Adobe PDF��S飥� oUXXLetterPRIV� ''''�0\KhCFF燆��0EBDAStandard�"UXX�?�?�&�U} ��} #�} m�} m�} ��} � �} $ �8����€�����€�����€��€��€��€� �€� �€� �€� �€� �€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€��€�� �e���������������� ������������������ �:���������������������������������������� ���� ��� ��� ��� ���� �+� �:� ��� �������� �.� ������� �f� �������� �g������痴� ���� �h���3]��W-�� ���� �����€1A�€1A� ���� �����莧-�莧-� ���� �����3y�@� ���� ������� ���� �i���縊阣�墼砫� ��� �j��������� �k���伃鏎��釦� ���� �l��呺Q�*XsA�吞�|]sA� ���� �m���熝侵�邘吳� ���� �n���SP魪� ���� �o����� ���� �p�~ �僉�霶笧頍#A� ���� ������� ���� ������� ���� �q��瓽m熽qA�R�]=竡A� �����������D l$$$::$$FFFFFFF$FTFFFPFFT �€�!�€�"�€�#�€�$�€�%€� &€�'�€�(�€�)�€�*�€�+�€�,�€�-�€�.�€�/�€�0�€�1�€�2�€�3�€�4�€�5�6 7� �r� ������!�� !�s!��!�眶��� !��"�� "�t"��"��� "��#�� #�u#��#�眶��� #���$�������%�� %�%�%��(\S﨣vA%�fff謓縰A� %��� &�v�&������� '�w�'������(�� (�x(��(��rA��rA� (��)�� )��)��)�銙+ �隹 � )��*�� *�y*��*�'y��幭� *��+�� +��+��+��� +��,�� ,�z,��,��� ,��-�� -�{-��-��� -��.�� .�|.��.��� .��/�� /�}/��/��� /��0�� 0�~0��0��#�雦� 0��1�� 1�1�1�霶戈t髍A1��呺O緍A� 1���2�������� 3�€�3������4�� 4��4��4�;k��K� 4��5�� 5��5��5�;k��K� 5��6�� 6�96�6��(\S﨣vA6�fff謓縰A� 6��� 7���4~�$FFFT$$FFFFFFFFFT$FFT>�@d��@@@�� wgg����D g2�羳 6隓qL齉  d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(�?)�?M�Adobe PDF��S飥� o`XXLetterPRIV� ''''�0\KhCFF燆��0EBDAStandard�"`XX�?�?�&�U} $} m!} m} $6�@��@��@���� � � � � �������������������� �e������������ �������������� ����������������������������� ���� ��� ���� �;� ����� ��� ���� ��� ����� ���~ ��� ���~ ��� ����= 祝pC擛�� ���~ �#轑�� ���~ ��� ���~ �{萒� ��� ����� ���~ �k抲�� ���~ �?c��� ���~ ��� ���~ ��� ���~ ��� ���~ ��� ���~ ��� ���~ �垉@�� ���~ ��� ���~ �垉@�� ���~ �鐡u�D.l"""0040000000000000 �!�"�#�$�%�&�'�(�)�*�+�,�-�.�/�0�1�2�3�4 5 �� �� �~ �!�� !��!�~ !�"�� "��"�~ "�#�� #��#�~ #�敗@$�� $� $�~ $�%�� %��%�~ %�K鏀&�� &��&�&�q= 譙犟@� '��� '���(�� (��(�~ (�@囉@)�� )��)�~ )�繼@*�� *��*�*�徛�(\O4@+�� +��+�~ +�眶�,�� ,��,�~ ,�砧@-�� -��-�~ -�{HI .�� .��.�~ .��/����0�� 0��0�~ 0�;k�1����2�� 2��2�~ 2�粰v骶3����4�� 4�4�~ 4��K�0D�00000040040000000>�@d������wgg����D �鄥燆鵒h珣+'迟0�HPp€ � � ���Katharine A. Armstrong深夜福利Microsoft Excel@€婊鉠z�@0]ir朗@Y抴�;��胀諟.摋+,D胀諟.摋+,4� PXh px€� � ��深夜福利  PrivateCollection and WaterfallBalance SheetIncome Statement'Balance Sheet'!Print_Area&'Collection and Waterfall'!Print_Area'Income Statement'!Print_AreaPrivate!Print_Area('Collection and Waterfall'!Print_TitlesPrivate!Print_Titles  Worksheets Named Ranges$ 8@ _PID_HLINKS�A� HOhttp://www.vsac.org/{\"mailto:investorrelations@vsac.org  !"#$%&'()*+,-./0123456789:;<�=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€�����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������Root Entry�������� �F���Workbook������������礡SummaryInformation(�����DocumentSummaryInformation8�������������