邢唷��>� ����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������� g2�羳����\p B�a�=  ���=��K�8�@�"��1����Arial1�?�2Calibri1�?�2Calibri1�?�2Calibri1���2Arial1���2Arial1���2Arial1���2Arial1���2Arial1���2Arial1���2Arial1��2Calibri1� �2Calibri1��2Calibri1� �2Calibri1� �2Calibri1��2Calibri1��2Calibri1,>�2Calibri1>�2Calibri1�>�2Calibri1� �2Arial1�>�2Calibri1� �2Calibri1��2Calibri1@��2Helv1�?�2Calibri1h>�2Cambria1��2Calibri1���2Arial1���2Arial1���2Arial1���2Arial1h��2Arial1��2Arial1���2Arial1���2Arial1���2Arial1���2Arial1���2Arial1.���2Times New Roman1���2Arial1���2Arial1���2Arial1���2Arial1���2Arial1.���2Times New Roman1���2Arial1���2Arial1� �2Arial"$"#,##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�0.0 �#,##0.0� 0.0_);\(0.0\)�"$"#,##0;\("$"#,##0\)� "$"#,##0.00�� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � �� � � � � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� � � �� �� �� �� �� � � �� 攆f��� �+� �� �)� �� � +� �� �,� �� �*� �� �� �� �� �� �� �P@ @� �� �P@ � � �� � @ � � �� �� ���� �� �� � � �� �`@ @� �� �� ��� � � � � �%� � �%� � � � � � � �  � �� ���� � � �� � � �� � � �� �� �� �� �a@ 8� �� �� � `� �  h� � `@ @ � � h� � h@ @ � �x� � `@ @ � � @� � `@ @ � � h@ @ � � h @ @ � � ` @ @ � � ` @ @ � �  H� �  h� �  h@ @ � �  h@ @ � �  h@ @ � �  h @ @ � � h@ @ � � �"|@ @ � � �"|@ @ � � + L� �$ �� �& �� �'� �( �� �'8@ @� �)� �* �� �)� �)<�@ � �)<�a@ � �)<�`@ @� �!p @ @ � �$ � �,�� �- �� �- � �& � �( � �* � �+ � � �"|@ @ � � �"|@ @ � ��� l@ @ � ��� l@ @ � � �"|@ @ � � �"|@ @ � �  L� � L� �)<�@ @� �/� �0 �� �/� �/<�`@ @� �+ � �* �� �  h@ @ � �  h @ @ � �  h @ @ � �"x@ @ � � � l@ @ � �  h@ @ � �  h@ @ � � *x @ @ � �"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 @ @ � � 1#| @ @ � � 1#| @ @ � � h@ @ � � h @ @ � �"x@ @ � �*x@ @ � � "|@ @ � � "|@ @ � �� l@ @ � � !x@ @ � �!x@ @ � � *x@ @ � � *x @ @ � �*x@ @ � �(x@ @ � � h@ @ � �"x!@ @ � �"x!@ @ � ��#| @ @ � ��#| @ @ � � "| @ @ � �"x!@ @ � ��#|!@ @ � ��#|!@ @ � �  |!@ @ � � *x @ @ � � *x @ @ � � )x@ @ � �"x@ @ � �"x @ @ � �"x@ @ � � H� �!x@ @ � �!x� �a!�� � !x� � !x @ @ � � h@ @ � �  h@ @ � � h@ @ � �"x@ @ � � "|@ @ � � "x@ @ � � "x@ @ � � �"|@ @ � � "|@ @ � � "|!@ @ � � "x@ @ � � "x@ @ � � �"|@ @ � � "|@ @ � � "| @ @ � � "x@ @ � � "x@ @ � � "|@ @ � � "|@ @ � � "| @ @ � �  h@ @ � �  h@ @ � �  l@ @ � � "|@ @ � � "| @ @ � �  h@ @ � �� l@ @ � � l@ @ � � h@ @ � �  h @ @ � �  H� �  h @ @ � �  h @ @ � � h@ @ � � H� �  h@ @ � � �#|@ @ � � �#| @ @ � � �#|@ @ � � #|@ @ � � �#| @ @ � ��#|@ @ � �#|@ @ � ��#| @ @ � �  h@ @ � �  |@ @ � �  | @ @ � � � |@ @ � � � | @ @ � �  |@ @ � � % |@ @ � �  | @ @ � � � |@ @ � � � | @ @ � � #|@ @ � � #| @ @ � � D� � �#|!@ @ � � �#|@ @ � �  h@ @ � �  h@ @ � � #|@ @ � � #|@ @ � �� l @ @ � �#|@ @ � �#|!@ @ � �  h @ @ � �  h@ @ � �  h!@ @ � � "x!@ @ � � "x!@ @ � �  h@ @ � � �� l @ @ � � #|� �  L� � #X� � h@ @ � � � |@ @ � � � |@ @ � � � |@ @ � � � |@ @ � � � l@ @ � � #|@ @ � � #|@ @ � �#|@ @ � �#|� � � |@ @ � � � |@ @ � � � |@ @ � � � |@ @ � �  h@ @ � �  h@ @ � �  h!@ @ � � � l@ @ � �� l@ @ � � (x@ @ � � (x @ @ � � #|@ @ � � #|� � #|!@ @ � � #|@ @ � � #|!@ @ � � #|@ @ � � h@ @ � � h@ @ � �+�"|@ @ � �+�"|@ @ � �"x!@ @ � � )#|@ @ � � �#|@ @ � � #|@ @ � � #| @ @ � � #|@ @ � � )#|@ @ � � �#|@ @ � � #|@ @ � � #| @ @ � �  h@ @ � �)� l@ @ � � � l@ @ � � � l!@ @ � �  l@ @ � �  l @ @ � �  l @ @ � �  l @ @ � �  l� � #|!@ @ � � #|!@ @ � �  h"@ @ � �+�"x@ @ � �+�"x@ @ � � h� �2% l� �  l @ @ � �  h@ @ � � #|!@ @ � �  h@ @ � �  l� �  h@ @ � � �#|@ @ � � �#|@ @ � �  h @ @ � �  h"@ @ � � `"@ @ � �  h� � `@ @ � � ` @ @ � �"| @ @ � �"x @ @ � � d @ @ � � ` @ @ � � d @ @ � � d a@ @ � � `@ @ � � ` @ @ � �"P� �! h� � h @ @ � �  H� � h @ @ � � h @ @ � � ` "@ @ � �#x@ @ � �#x @ @ � � d� � d� � D� � d@ @ � �  h� � h@ @ � � p@ @ � � t @ @ � � p� �� d @ @ � �� t� �� d� � ` @ @ � � `@ @ � � `!@ @ � � `@ @ � � `!@ @ � �� d@ @ � �� d!@ @ � �� t@ @ � �� t!@ @ � � ` @ @ � � `! @ @ � �"x@ @ � �"x@ @ � �"x@ @ � �"x @ @ � �"X� � !x� � !x @ @ � � !|� �a!� @ @ � � !x @ @ � � !x @ @ � � x� � !x@ @ � � !x @ @ � �!x@ @ � �!x� �!x @ @ � �!x @ @ � �!x@ @ � �!x@ @ � �)x@ @ � �)x� �x� �!t@ @ � �!p@ @ � �!p @ @ � �!p @ @ � �!p @ @ � �#� �%� ||�谔緘(}[ ��(* "-"??� 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�$�1�Accent6�(Bad���Bad�) Calculation�,�� Calculation�* Check Cell�*�� Check Cell�+€�� ��Comma�,€��(�� Comma [0]� -Comma 2�.€��&��Currency�/€��.�� Currency [0]�0Explanatory Text�6�5�Explanatory Text� 1Good���Good�2 Heading 1�(�� Heading 1�3 Heading 2�(�� Heading 2�4 Heading 3�(�� Heading 3�5 Heading 4�(�� Heading 4�6€��(�� Hyperlink� 7Input� ��Input�8 Linked Cell�,�� Linked Cell� 9Neutral�$��Neutral�€��"��Normal�:Normal - Style1� ;Normal 2�<� Normal 2 2� =Normal 3� >Normal 4� ?Note�� �Note� @Output�"��Output�A€��$��Percent�B Percent 2�C Percent 3� DTitle� ��Title� ETotal� ��Total�F Warning Text�.� � Warning Text�X��TableStyleMedium2PivotStyleLight16��8�������������€€€€€€€€€览�€€€櫃��3f�����ff�€€f�烫�€������€€€€€���������櫶��櫶虣��虣3f�3烫櫶�����fff�枛�3f3檉333�3�3f33�333\���`�kPrivate� 忂Collection and Waterfall�e& Balance Sheet��;Income Statement������  ;8  ;�   ;3  ;�   ;�  ; ����8�Z餜�3 ���A�@@�  �� x]Issuer Deal NameDistribution DateWebsiteClassCollection Period CUSIP Beg Princ BalInterest Accrual End Princ BalOriginal Balance% of Securities (a) Footnotes (b) FootnotesPortfolio SummaryPrincipal Balance Beg Balance End BalanceActivityAccrued InterestTotal Pool BalanceTotal Accounts BalanceTotal Trust AssetsWeghted Average Maturity (WAM)Weighted Average Coupon (WAC)Number of LoansNumber of BorrowersFunds and Accounts Total Assets Repayment CurrentClaims in Progress Claims Denied # of Loans BeginningEnding % of BalanceTotal PortfolioBalancePortfolio by School TypeTotal%Monthly/Quarterly Distribution ReportOvercollateralization Amount3Specified Overcollateralization Amount (no Trigger)Balance Sheet and ParityAssets Loans Receivable Liabilities Bonds PayableTotal Liabilities( Accrued Interest Receivable on Loans Total BalanceAverage Borrower IndebtednessRate# Accrued Interest on Senior Bonds Total Liabilities and Net Assets Balance Sheet Proprietary Total Balance$Monitoring Waterfall and CollectionsCollection PeriodCollection ActivityCollection Amount ReceivedInterest Shortfall RecoveriesInterest Carryover DueInterest Carryover PaidInterest CarryoverTotal Distribution AmountInvestment IncomeTotal 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&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' Restricted by Bond Resolution Total Net Assets@Cumulative Recoveries (including reimbursements and collections) Payments from Guarantor Borrower RecoveriesCumulative Net LossTotal Fees and Program ExpensesBorrower Payments) Current Period Defaults and Write-offs% Cumulative Defaults and Write-offs 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$Debt Service Fund - Interest Account%Debt Service Fund - Principal Account&Debt Service Fund - Retirement AccountDebt Service Reserve Fund4Fourth: To the Debt Service Fund - Principal AccountFFirst: To the Rebate Fund for Rebate or Excess Earnings Tax ComplianceiFifth: To the Debt Service Reserve Fund if necessary to restore the Debt Service Reserve Fund RequirementEServicing Fees, Indenture and Program Expenses Due for Current PeriodIndenture Expenses!Servicing and Administrative Fees Debt Service Reserve Cap Int! Debt Service - Interest" Debt Service - Principal FIB SAP Bond Premium/Discount Notes Payable Revenue Account" Loan Acquisition Account Cap Interest Account& Debt Service Reserve Account) Debt Service Account - Interest* Debt Service Account - Principal! Accrued Interest on Investment Deferred Bond Issuance Costs Total Accounts/Funds Balance Prepaid Expenses Allowance for Bad Debt Unearned Student Loan Fees Bond Discount/Premium Due To/From other FundsTotal Repayment (a)investorrelations@vsac.org 1-29 Days Delinquent 240-269 Days Delinquent 270+ Days Delinquent Portfolio by Current Loan StatusSemi-Annual Interest DueSemi-Annual Interest Paid 650 - 699 700 - 749 750 - 799Quarterly Income StatementBond Direct Contribution Revenue# Federal Interest Benefits$ 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 IndentureWeighted Average Payments MadeW.A. Time until (a) % of Pool In School GraceTotal Not ConvertedW.A. Time sinceTotal ConvertedMatdate!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 ($)Original Pool Balance <�Cumulative original pool balance acquired through prefunding . ;Cumulative original pool balance acquired through recycling . JCumulative original pool balance acquired through additional note issuance . FCumulative original pool balance removed through loan sales / buybacks . .Cumulative Interest Capitalized on above loansEnding Original Pool Balance1$Cumulative Entered Repayment BalanceCurrent amount in repayment ($)>Cumulative Principal Collections (Scheduled and Voluntary) ($)KIncludes loans in Repayment and Interest Only Repayment, net of Refunds Due2012A-1 92428C GS 7 92428C GT 5 92428C GU 2 92428C HF 4 92428C GV 0 92428C GW 8 92428C HG 2 92428C GX 6 92428C GY 4 92428C GZ 1 92428C HA 5 92428C HB 3 92428C HC 1 92428C HD 9 92428C HE 72012 A Indenture2012 A 2012A-1 TrustImmediate RepaymentDeferred Repayment&Portfolio by Original Repayment OptionProgram Expens<�esU 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 Originations2013A-1 92428C HK 3 92428C HL 1 92428C HM 9 92428C HN 7 92428C HP 2 92428C HQ 0 92428C HR 8 92428C HS 6 92428C HT 4 92428C HU 1 92428C HV 9 92428C HW 7Principal Paid/(Issued)%Cumulative Defaults and Write-offs($)2012A Master Indenture 2012A Trust) Debt Service Retirement Account Temporary COI Net Assets+ Debt Service Account - Retirement) Accrued Yield and Rebate - US Treasury,Principal and Interest Distributions 2012A-1,Principal and Interest Distributions 2013A-1/W.A. Time until Repayment includes Grace periodRepayment (months)Purchases and TransfersReduced Payment ForbearanceReduced Payment Forb 3/31/2015LSixth: To the Debt Service Fund - Interest Account for any Subordinate BondsPSeventh: To the Debt Service Fund - Principal Account for any Subordinate Bonds <�Eighth: To the Student Loan Fund during any Recycling Period 5Ninth: To the Debt Service Fund - Retirement Account  _Tenth: Released to the Corporation if Senior Parity Percentage conditions are met after release 4/1/15 - 6/30/15 6/30/20154/1/2015- 6/30/2015$Other Amounts Received in CollectionN/A�b;B t3C袰�lD=銬�睧�凢U:G 霨�婬\XI)鳬�譐�荎� 週� 鞰� 筃� 豋� v碦�稴�筎�沀lHVSW$sXDNYCZ[�\�瀄oD],^�錩� a�|aM頰�c�禿c&e�馿�g�鱤�cc��B����� g2�羳 ,�wmm�繜Q�徑┧�  d褚MbP?_*+�€%���m A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&= 祝p=�?' 祝p= �?(呺Q�呟?)祝p= 足?M����dXX�",XX�?�?�&�U} �T} �T} $T} �T} mT} $T} �T} IT} IT} $T} $T} mT} T} mT} �T} $ T� ; ;   � � � � �   �   ; �@ �@ � � � � � � � � � � � � � � � � � �� ��� �)� ��� �_� ���� �� � ��� �D� ���� �� �  �� � ��~ � 欎@� ���� �� �  �� � ��� �X� ����  �� � �K�� ��� ���� ��� ��� ���� UU� ��� ������������ � WUUUUUUUUUUU�  �� �� �� ��� �5� � � �� �� �B� � � �Q� � � ��W� U� �� ����@[j(A[j(A[莙邱廆��rj(A[j(A  ��[耈崣?~  �狉銨W� U� �� ���褚Mb�?�\€OA\€OA\z@��s€OA\€OA  �腝*�?~  �@ 錊W� U� �� ���霶�呺�?�\€匎@\€匎@\�8庛8Nh@��s€匎@\€匎@  �b神2o?~  �郙錊W� U� �� ����@\恦2A\恦2A\莙���s恦2A\恦2A  �G讛t釸�?~  �郙錊W� U� �� ����@\�<;A\�<;A\UUUUU@��s�<;A\�<;A  �鶏mF瓉�?~  �爗錊W� U� �� ���#垸~j激?�*\@w A\@w A\Py@�s@w A\@w A  �rh縷?~  �@╁@W� U� �� ����@\j8A\j8A\r莙谦@��sj8A\j8A  ��[耈崺?~  �@╁@W� U� �� ����@\p(BA\p(BA\9庛8帍盄��sp(BA\p(BA  ��.�?~  �嘀錊W� U� �� ����€@\訥AA\訥AA\*4盄��s訥AA\訥AA  �僴逆 �?~  �€鍬W� U� �� ���0�@\燼j\�*AA\TUUUUA疈�� �As堫:A\堫:A  �甹��/�?~  �€熺@W� U5� �6� ���/�$仌?�\x錏A\x錏A\VUUUU恧@��sx錏A\x錏A  �Uら兟甓?~  �狉銨W� U5� �7� ����&1��?�\jHA\jHA\UUUUUU珸��sjHA\jHA  ��[耈嵐?~  �@ 錊W� U5� �8� ����@\jA\jA\€@��sjA\jA  ��[耈崏?~  �郙錊�D�lDRRD660$������������������ �! �" �# �$ �% �& �' �( �) �* �+ �€�, �€� -  . ;/ �@0 �€�1 �2 �3 �4 �5 �€�6 �7 �8 �9 �: �; �<� �= �€�> €� ?   W� U5� �9� ��� � @\�<;A\�<;A \�$� �s�<;A\�<;A  �鶏mF瓉�?~ �爗錊!W� !U5� !�:� !��!�;逴崡n�?�!\ �-A\ �-A!\�����?楡�!�s �-A\ �-A ! �€_b^麨?~ ! �@╁@"W� "U5� "�;� "��"�+�傥鳎?�"\癝0A\癝0A"\淍�"�s癝0A\癝0A " �8�,崉�?~ " �嘀錊#W� #U5� #�<� #��#�sh戫|?�?�#\ e!A\ e!A#\UUUUUm怈�#�s e!A\ e!A # �扣鄝�4�?~ # �€鍬$W� $U5� $�=� $���$�@\ e!A\ e!A$\怈�$�s e!A\ e!A $ �扣鄝�4�?~ $ �@2鍬%W� %U5� %�>� %��%�兝省E�?�%\P�6A\P�6A%\UUUUU仸@�%�sP�6A\P�6A % �d興C炈�?~ % �郷鍬&W� &U5� &�?� &��&�bX9慈�?�&\谸9A\谸9A&\莙莙挬@�&�s谸9A\谸9A & ��(謥1n�?~ & �€嶆@'W� 'U5� '�@� '��'�矟铵芀�?�'\PK$A\PK$A'\q莙旲�'�sPK$A\PK$A ' � 玔|=�?~ ' � 绘@(W� (U5� (�A� (��(�+�傥�?�(\繺A\繺A(\獨咢�(�s繺A\繺A ( �懄 玔�?~ ( � D鏎� )�V���vvvvwv�� *�� *K(� *����*t翸�t�*t����叱隌�*� �Au偵�t偵� * ��������?* �� +� �+XXHXX����HX� � ,� �,YYYYYYYYYYY� � .��.�������� . ��� . ��N �/WUUUUUU��/ WH�N �0������ 0�� 0�� 0��0T���N 1�� 1�� 1���1�徛�掗€A1�祝pcd �1��叿-蝷A1x� 1 ��1 �1 �徛�掗€A1 N2W� 2U� 2UUU2���+馑7A2��瓽G��2�挋橸P�2A2x� 2 ��2 �~ 2 �;郾 2 N3W� 3J� 3JJJ3呺Q,瘰丄~ 3繝耱3呺Q:e丄� 3 ��3 �~ 3 ��=憋3 N4W� 4U� 4UUU4�)\廱VA4�忍烫�%�4�惵鮄L碨A4]� 4 ��4 �~ 4 �4 N5P� 5J� 5JJJ5 祝r凙5dff�2�5祝p谩蹆A5y� 5 ��5 �~ 5 �5 N�6WUUUU�� 6 �O6 �~ 6 �6 N7W� 7U� 7UUU7�>�?椝�?77u0媳?� 7 ��7 �~ 7 �7 N8W� 8U� 8UUU8 ovVc@88j}檢薚c@� 8 ��8 �~ 8 �近+A8 N9W� 9U� 9UUU�9啯@ H� &〡� 9 ��9 �~ 9 �9 N:W� :U� :UUU�:姠@ A� F� : ��: �~ : �!;憷: N;W� ;U4� ;UUU; 5酲&51虭;�€棇g轙^@; dx戕m虭� ; ��; �~ ; �i$_�; N<��� <�V� <�VVV<� 穄珸謬@<��<�綰f伵諊@� <� ��<� �~ <� �� =� �=XXXXXH�� = �= X= ��叿-蝷A= � >� �>YYYYYY��> ���N �? �Y�N �D l���������$�00D,R�����J��tt�|Z8@ ;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�[�\�]�^�_�� @��@��������AWUUUUUU��B������ B�� B�� B�� B �� B ��� CW� CU�� CUUU~ C�/�C惵�(�-A~ C��� C  � C � DW� DU�� DUUU�D��� D � � D �X ~ D �EW� EU�� EUUU�E��6#A€驮@�(�#A� E W � E UH E �兀p藉顏AFW� FU�� FUUU~ F�'rfTF€隥竴O羱 F�軮A� F W � F UH ~ F �GW� GU�� GUUU�G�K┸穣.髷\*�@� G W � G UH ~ G �HW� HU�� HUUU�H��� H W� H UH ~ H �IW� IUI� IUUU�I�偔雧R鴻� I �� I V� ~ I 7紼#JP� JJ� JJJJJ)\廱VAJ忍烫�%�J惵鮄L碨A� J �� J Y J �r= ~A�KWUUUU�K ���� LW� LU*�LUUU��� L N� M�� MV+�MVVV��� M �� M O�� � N� �NXXXXXX�� N  � N � � O� �OYYYYYY�� O �� O �X O �= 變)髖A� P W� P GH ~ P �骫籘P N� Q�,�Q�������� Q �C� Q I� Q �(\廱饫Q N�RWUUUUUU�� R �(� R RY R ��呺翸}AR N�S������ S�� S�� S�S NT�� T�-�T����� T ��� T ��� UW� UU.� UUUUU�徛�掗€AU 祝pcd �U��叿-蝷A�U!WVV� VW� VU�� VUUU~ V�砋%�V 皃= 蜁A~ V�織鴿�V"W## � V ��WW� WU2� WUUU~ W�g�.%W x瓽G��W�殭橸P�2A� W!W � W ��� W ��� W �NXW� XU�� XUUU~ X��'葽X 瓽醶黦@~ X�Q這� X W�X $= 壮6荾AX %4�囙Y�?X �%w�嫘2�YW� YU�� YUUU�Y� �� Y W�~ Y &幍@Y 'm鶡趰�$?~ Y �鹂ZW� ZU�� ZUUUZ�)\廱VAZ 忍烫�%�Z�惵鮄L碨A� Z W�Z �= �3毺]AZ (24嬯_�?Z �[W� [U�� [UUU�[� �� [ W�� � [ ��\W� \U�� \UUU�\)*�\ W� \ ��� \ ��� \ �N]W� ]J� ]UUU]+zKi侫],瓽! q0�] 祝L缅丄]]� ] �] -)\忁 塽A] .�3s讇�?] �q蕷荟91@�^WJUUU� �� ^ ��~ ^ /G_蟂^ 0�*XO瘓�?^ �K�0α5@_W� _J/�_UUU� �� _ ��_ /徛�(Z�0A_ 0薾歬�-�?_ �am^$@�D l&\tnr€nnn�,<�LDT4^RHLrv��€�bx�Z`�a�b�c�d�e�f g�h�i�j�€�k�€� l�@ m;n�@o�€�p�€�q�r�s�t�u�v�w�x�y�z�€�{€� |€� };€�~����€�`W� `U0� `UUU�`��  �翑偵�� ` �Q~ ` /7G` 0x啯�(簓?` �l�i耼1@aW� aU�� aUUU~ a�3″a 0\徛u#死~ a�c覑�a �123 bW� bU6� bUUU�b�煟8 驻!鴶喑隌� b ��b 4醶�4)zAb (�2]�?梃?b �cW� cUJ� cUUU�c�忁Z �忁Z � c �%c 5�叿-蝷A~ c ��?c �dW� dU�� dUUU~ d)�*d*�呺1藐纞 d����d ���� �eWUUUUe+櫃�7 €Ae,爖.1�*�e]徛錢8Ae]� e � � e �M� e 67 fW� fJ1�fJJJ89:�f ���� �gWUUUU89:�g NNNNN hW� hU�� hUUUh;�痓弁�?h�h<€鏞D7吏?�h NNNNN i�� iV�� iVVVi=�痓弁�?i�i<€鏞D7吏?�i NNNNN � j> jX� j���jXXXX��j NNNN � k� �kYYYYYY�� lUUUUUUUUU���� � m��� m����������UUN �"nWUUUUUUUUU�NNN �o����?� o�!o�� o�o�� o �$�o �NNN �p����?� p�"� p�#� p@"� pA#� p �"� p B#� p NNN qW� qU� qUUU�qC淍C鉅@qD徛��qAqD)\忁 塽Aq E�9鏙�,�?q F�3s讇�?� q NNN rW� rU�� rUUU�$rCC�?DD幍@G r Fm鶡趰�$?� r NNN sW� sUP� sUUU�sC;@C8@D_$*D7Gs G讠o苾?s Fx啯�(簓?� s NNN tW� tU�� tUUU�tCpz@C€r@tDfffΒ豏A~ tDG_蟂t G�絚[粤?t F�*XO瘓�?� t NNN uW� uU�� uUUU�uC袓@C垊@uDH醶臓纄AuD= 壮6荾Au G浔�6斣?u F4�囙Y�?� u NNN vW� vU�� vUUU�vC繮@CT@D�TvD徛�(Z�0Av G�,m偲潣?v F薾歬�-�?� v NNN wW� wU� wUUU�*wCCDDGF � w NNN xW� xU � xUUU�*xHHIIJK � x NNN y�� yK%� yVVL�yM啯@M&〡yt惵�掗€Ayt�叿-蝷Ay N������?~ y O�?� y NNN � z� zX� z���zXXXXXXPQNNN � {� � {YYYYYYYYRSNNN �"|YYHHHHHHHTTNNN � }�*� }����������NNN �"~WUUUUUUUUU�NNN �����?� �!�� ���  �$� �NNN �DJl�h€|h~@.jjL&$2&dx�r~���ff�F2&2&€�€���€���€���@����� � �;��@��€���€���������@������������������€��€� � �;��@�������€����?� €�"� €�#� €@"� €A#� € �"� € B#� € NNN �W� �U(� �UUU��Ch傽C傽�D祝p=锎WA�C> 變�WA� U^l噈�?� U⿳�3昱?� � NNN �W� �U�� �UUU��CX堾C堾�D瓽岷蚡`A�C=梳`A� Uq邵�8?� U`轔晽?� � NNN �W� �U)� �UUU��H瑴@H<淍�IR�墎祍A�H徛�(耐sA� V 傞Oモ?� V*7挖�?� � NN ��� �K%� �VVL��M啯@M&〡�t惵�掗€A�t�叿-蝷A� N�������?~ � O�?� � NNN � �� � �X�XXXXXXPQNNN � �� � �YYYYYYYYRSNNN ��WWUUUUUUU� � NNN � ��L� �����������NNN �"�WUUUUUUUUU�NNN ������?� ��!��� ����� � �$�� �NNN ������?� ��"� ��#� �X"� �Y#� � �"� � B#� � NNN �W� �U� �UUU��C礋@C�DR�邀踫A�D= 拽$趗A� E6サ�?� F*仿9L茈?� � NNN �W� �U�� �UUU��Cb@C@l@DS�$D�*�;� G爐祕y鞍?� FyQ彊�^�?� � NNN �W� �US� �UUU��C€A@C€C@D�!] D�:% � G �n-�?� F绠紕賺?� � NNN �W� �UT� �UUU��C6@C4@DSD 瀔� G��B[�?� F俤佴眮?� � NNN �W� �UU� �UUU��C @C@D飥D陈� G臛偼糿?� F�汢訋j?� � NNN �W� �UW� �UUU��C@C @D荾D�6� G�8 鑕€`?� FD�%G杴{?� � NNN �W� �UV� �UUU��C@C@�D徛�(舂鉆~ �D€|貮� G�x躋m\?� F�?甔;?P?� � NNN �W� �UX� �UUU�*�CCDDGF � � NNN �W� �UY� �UUU�*�CCDDGF � � NNN �W� �U�� �UUU�*�CCDDGF � � NNN �W� �U�� �UUU�*�HHIIJK � � NNN ��� �K�� �VVL��M尅@Mb�tH醶酞"vA�t��?OyA� N�������?� O�?� � NNN � �� �H� �Z��HH[[[[T\NNN � �� � �YYYYYYYYRSNNN � � NN � ��'������������ ��WUUUUUUUUU� ���]]]]� ��!��� ����� � �$� ����]]]]� ��"� ��#� ��"� ��#� � �"� � B#�W� �U[� �UUU��C8侤C`€@�D祝p解~WA�DH醶�;逿A� E�,閊e:�?� ^�2儠)呙?�D�lx����22,2&dx�~~~~~�ffff�F2, \h� �� �� �� �� �� �� ��  �  � ;� �@� �� �� �� �� �� �� �� �� �� ��  �  � ;� �@� �� �� �� �� �� �� ��W� �UZ� �UUU��CfC@�Dfff�xA�D悯(L蛒A� G f粡M规?� U�7獘聹�?�W� �U\� �UUU��C>@C>@D�;D吭F� G �;飪?� U孀啠A,�?�W� �U9� �UUU��C鄅@C€h@D婬 ;D#@�;� G�0O姹?� U鞥艠%�?�W� �U]� �UUU��CY@C€S@D#[�D/蒸� G M�$耿?� UxM镊萘�?�W� �U^� �UUU�*�HHIIJV ��� �K3� �VVV��M啯@M&〡�t徛�掗€A�t�叿-蝷A~ � N�?� O�?� �� ��XXXXXXXXX� � �� ��YYYYYYYYY� � ��������������� ��WUUUUUUUUU� ������� ��!��� ��&��� � �$� �� �����]]]_� ��"� ��#� ��"� ��#� � �"� � B#�W�`y�&1?� �UUa��C衦@C`r@D悔鸏b贤桱� E礷�JN�?� Fi�y瞎�?�W~ �`@� �UUa��Cpw@CPw@�D瓽馚PA~ �b焋鉩� G臬XM.p�?� FK惠7痭�?�W�`L7堿`灏?� �UUa��C餾@C爏@D3kGb廆'E� Gr溥S儍�?� FALI��?�W�`D媗琨┍?� �UUa��C婡C鄪@�D醶&家cA�b殭櫛凔cA� G�5圳隼�?� F,﹞[�?�W�`霶�呺�?� �UUa��C`{@C{@D3XyhbW礶� G熐�0虪�?� F[鳨J慄�?�W�`覯bX9�?� �UUa��H8嶡H悕@�I\徛嵞攃A�cR�崣渃A� J睔�W喴?� K,詋淆?��� �K� �VVV��M啯@M&〡�t徛�掗€A�t�叿-蝷A�� N�?O�? � �� ��HHHHUUUUU� � �� ��YYYYd � ��M������������ ��WUUUUUUUUU� ���]]]]� ��!��� ��&��� � �$� ����]]]]� ��"� ��#� ��"� ��#� � �"� � B#�W� �UN� �UUU�*�CCDDE^ �W� �U�� �UUU��C0p@Cp@�D= �.3DA~ �D说@� G褉4�?� Ulˊ碌劤?�W� �U�� �UUU��C貙@Cx孈�DR�)*cA�D吞虒x鯾A� G萋x賩!�?� U=~ �?�W� �U�� �UUU��C爾@C<朄�D�匸B賜A�Dp= 荓攏A� G捹�88/�?� U8e7{"�?�W� �UO� �UUU��H鑳@H▋@�IH醶#,YA�I霶羹�YA� J�榸}星?� V阙t3虹�?�D� l�nnnV�,,, \tr�r�r�x,,, \hV���� �� ��  ��� �K:� �VVV��M啯@M&〡�t徛�掗€A�t�叿-蝷A� N�?~ � O�?� �� ��HHHHUUUUU� � �� ��YYYYd � (�,��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� �@�&2�2�] `�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� �@�&4�4�] `�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� �@�%����] `>�@U���= == �������� �� �� ������ ��������  oo oo oo�7��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 (�镝濕+�O��#�%  d褚MbP?_*+�€%���F € B?&L&"Arial,Bold"Vermont Student Assi9stance Corp.&RPage &P of &N��&霶�呺�?'�呺Q肝?(ffffff�?)祝p= 子?M����dXX�"6XX�?呺Q��?�&��U} $N} �N} IN} � N} $N} mN} $N} �N} mN} IN} �N} $ N} $ N} "� N} ##�N} $$ N�$$;$;@$ $�$ $ $; $; $x@ $�@ $� $� $� $�$�$�$�$�$ $$ $ $;$�$�$�$�$�$�$�$�$ � ��� �;�  �� L�  �� � LL� �� ��~ � 欎@� ���  �� � LL� �<�� ��� �X� ��� LL� e=� fffffffMGGGGG �&gGGGGGGGGGGGGGGG�,JGGGGGGGGGGGGGGGGGG#�hOOOOOOi� hOOOi �,GGGGGGGGGGGGGGGGGGG#� P� GGGGGG~ j 欎@� ��� ��� ~ j 欎@�, GGGGGGGGGGGGGGGGGGG#� PGGGGGGk� PGGGk �, GGGGGGGGGGGGGGGGGGG#� PG� J�� GGGGl� M�� GGG ~ l';��, GGGGGGGGGGGGGGGGGGG# M� U�� GGGGG~ l�/�� M�� GGG ~ l^蔃�, GGGGGGGGGGGGGGGGGGG# M� U�� GGGGG~ l�6#A� W+� GGG ~ l�, GGGGGGGGGGGGGGGGGGG#M� U�GGGGG~ l'rfT� WGGGl �,GGGGGGGGGGGGGGGGGGG#�MGGGGGGm� MGGGl �,GGGGGGGGGGGGGGGGGGG#M� G>�GGGGG~ l�)�� MGGGl �,GGGGGGGGGGGGGGGGGGG#M� G@�GGGGG~ lA�A� MGGGn �,GGGGGGGGGGGGGGGGGGG#M� GE�GGGGG~ l憂駺 M�  J€�  GG ~  o鐮�,GGGGGGGGGGGGGGGGGGG#M� U[�GGGGG~ l� pIIIq �,GGGGGGGGGGGGGGGGGGG#�MGGGGGGm� �RRRS �,GGGGGGGGGGGGGGGGGGG#M� G��GGGGG~ lK┸�,GGGGGGGGGGGGGGGGGGG#M� G��GGGGG~ l�  �R� OOO� �,GGGGGGGGGGGGGGGGGGG#M� G��GGGGG~ l� ����� �,GGGGGGGGGGGGGGGGGGG#�MGGGGGGm� ���� ~  j 欎@�,GGGGGGGGGGGGGGGGGGG#�MGGGGGGl� �HHH� �,GGGGGGGGGGGGGGGGGGG#�MGGGGGGl�  M��  GGG ~  lGG� r�,GGGGGGGGGGGGGGGGGGG#�MGGGGGGl�  M��  GGG ~  l籑8� �MGGGGGGl�  W,�  GGG ~  l�MGGGGGGl�  W-�  HHH  l�匫Ζ侫�MGGGGGGl�  P.�  GGG  �蒚<�?� MG� JF�GGGGo呺a鍌VA�  M|� GGGi �D�l&TF2Z^�^���~^~~�~^j�~j^�TFJJ !�€u"€u!#�€u$�€u%�€u&�€u'�€u(€u!) *; +; ,x@-�.�@/�0�1�2�3�4�5�6�7�8�9�:�;�<��=�>�?�� pIKIIIIq� M}� GGG ~ l� !� �!ZsZZZZt� ! M~� ! GGG ~ ! l�€� "� �"vvvvvvw� " P/� " GGG " �訸�P槐?�#HZZZZZZZ� # W� # GGG ~ # l/H��$HZZZZZZZ� $ Z0� $ III $ �觌蛣顑}?�%HZZZZZZZ� % �1�% HHH� �&HZZZZZZZ� & �2�& HHH� �'HZZZZZZZ� ' �3�' HHH� �(HZZZZZZZ� ( �4�( QRRS � *eG� *ffffffffffffx �"+gGGGGGGGGGGGGG �",hOOOOOOOOOOOOi � -PH�-GGGGGGGGGG � - yI- I� - zJ�".MGGGGGGGGGGGGm /M� /JF�/GGGGGGGGG{{ / l呺a鍌VA�"0MGGGGGGGGGG{{l 1M� 1J��1GGGGGGGGG ~ 1 {1 {1 l呺a鍌VA�"2MGGGGGGGGGG{{l 3M� 3J��3GGGGGGGGG ~ 3 {鐮3 {3 l2333�0VA�"4MGGGGGGGGGG{{l 5M� 5J��5GGGGGGGGG ~ 5 {撙�5 {5 l呺a6耈A�"6MGGGGGGGGGG|{l 7M� 7J��7GGGGGGGGG ~ 7 {7 {7 l呺a6耈A�"8MGGGGGGGGGG{{l 9M� 9J��9GGGGGGGGG ~ 9 {9 {9 l呺a6耈A�":MGGGGGGGGGG{{l ;M� ;JS�;GGGGGGGGG ~ ; {; {; l呺a6耈A�"<�MJGGGGGGGGG{{l =M� =JT�=GGGGGGGGG ~ = {= {= l呺a6耈A�">MJGGGGGGGGG{{l ?M� ?JU�?GGGGGGGGG ~ ? {? {? l呺a6耈A�DF lFRVFJ::::2&&R&J&^&^&^&^&^&^&^&@�A�B�C�D�€uE F G�H�I�J�K�L�M�N�O�P �Q �R �S �T �U �V �W �X  Y  Z �[ �\ �] �^ �_ ��"@MJGGGGGGGGG{{l AM� AJV�AGGGGGGGGG A {霶�黉AA {A l徛鯓#UA�$BMGGGGGGGGGG{{l}Cp� CKW�CIIIIIIIII ~ C ~潭AC ~C n徛踟�7SAC}� D� � Dsm � E� �"ERRRRRRRRRRRRS}� G€�GOOOOOOiG�HMGGGGG� H�P~ H� 欎@H�IM� IG��IGGGG�I����V�%AI�JM� JG��JGGGGG~ J�'+�JGKM� KG��KGGGGG~ K�'+�KG� LMG� LG?�LGGGG� L�\LG�MMGGGGGG�GNM� NG��NGGGGGN�喑隌NGOM� OGA�OGGGGG~ O�OGPM� PGB�PGGGGG~ P�PG� QMG� QGC�QGGGGQ�喑隌Q��RMGGGGGG�GSM� SG�SGGGGG~ S�SGTM� TU�TGGGGG~ T� �ATG� UMG� UG�UGGGG� U�\UG�VMGGGGGG�G� WMG� WJD�WGGGG~ W�WG�X�RRRRRRSG� Z€K�ZOOOO� Z�� Z�� Z�� Z�� Z �� Z �� Z �� Z �� [MGGGG�������� \M� \G�� \GGG\�r莙u菮\�猨碄\�庛8庛洟@\�r莙\郂\ �UUUU豕鏎~ \ �@a矦\ �莙莙D錊\ �莙茄汴@]M� ]G�� ]GGG�6]�v艪�啦@��€娸@� 叔@�@瘫@�堛@�啾鐯 ^M� ^G�� ^GGG�6^�v艪�啦@��€娸@� 叔@�@瘫@�堛@�啾鐯 � _MG� _G?� _GG� _�\� _�\� _�\� _�\� _ �\� _ �\� _ �\� _ �\�D� l&b(h24(<�HDDFHDDJDDFF�$�bb` �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 �{ �| �} �~    � `MGGGG�������� aM� aG�� aGGGa� 莙邱廆a�蔼z@a��8庛8Nh@a� 莙�a �PUUUU@~ a �Py@a �p莙谦@a �8庛8帍盄bM� bGA� bGGG�6b�������� cM� cGB� cGGG�6c�������� � dMG� dGC� dGGd� 莙邱廆d�蔼z@d��8庛8Nh@d� 莙�d �PUUUU@~ d �Py@d �p莙谦@d �8庛8帍盄� eMGGGG�������� fM� fG� fGGG�6f�������� gM� gU� gGGG�6g�������� � hMG� hG� hGG� h�\� h�\� h�\� h�\� h �\� h �\� h �\� h �\� iMGGGG�������� � jMG� jJD� jGG�6j�v艪�啦@��€娸@� 叔@�@瘫@�堛@�啾鐯 � k�RRRR�������� � m€K�mOOOO� m�� m�� m� � m�!� m �"� m �#� m �$�nMGGGG������� oM� oG�� oGGGo�UUUU醀闌~ o�@@鍬o�庛8嶴O褸o�z彩@o �獘罖o �忋8巆%螥o �TUUU貅鞞pM� pG�� pGGG�$p�\1鐯�@o銨�靶蠤�悇菮�繞 p �€毺@p ������霡qM� qG�� qGGG�$q�\1鐯�@o銨�靶蠤�悇菮�繞 q �€毺@q ������霡� rMG� rG?� rGG� r�\� r�\� r�\� r�\� r �\� r �\� r �\�sMGGGG������� tM� tG�� tGGGt�í*4盄~ t�瑻t��8庛8陾@t�XUUUUo慇t �蔼咢t �p莙W擛t �PUUUUA疈uM� uGA� uGGG�0u������� vM� vGB� vGGG�0v������� � wMG� wGC� wGGw�í*4盄~ w�瑻w��8庛8陾@w�XUUUUo慇w �蔼咢w �p莙W擛w �PUUUUA疈�xMGGGG������� yM� yG� yGGG�0y������� zM� zU� zGGG�0z������� �A � {MG� {G� {GG� {�\� {�\� {�\� {�\� { �\� { �\� { �\�|MGGGG������� � }MG� }JD� }GG�$}�\1鐯�@o銨�靶蠤�悇菮�繞 } �€毺@~ } ��!�~�RRRR������� �D� l$�bb�$bb�$d$�"�tt�"�\\�"\\�"r"€ �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� �� ��  �  � �� �� �� �� �� �� �� �� �� �� �� �� �� €€L�€OOOO� €�6� €�7� €�8� €�9� € �:� € �;��MGGGG������ �M� �G�� �GGG��VUUU�郂��UUUUU卞@��UUUUU吂@��UUUU%剞@~ � �懸@� ��/諤�M� �G�� �GGG��續軥�$��煦@�p稝�怱蹳� 袬�@`訞 �M� �G�� �GGG��續軥�$��煦@�p稝�怱蹳� 袬�@`訞 � �MG� �G?� �GG� ��\� ��\� ��\� ��\� � �\� � �\��MGGGG������ �M� �G�� �GGG��XUUUU恧@��PUUUUU珸��í€@��í�$~ � �@楡� �蔼淍�M� �GA� �GGG�*������� �M� �GB� �GGG�*������� � �MG� �GC� �GG��XUUUU恧@��PUUUUU珸��í€@��í�$~ � �@楡� �蔼淍��MGGGG������ �M� �G� �GGG�*������� �M� �U� �GGG�*������� � �MG� �G� �GG� ��\� ��\� ��\� ��\� � �\� � �\��MGGGG������ � �MG� �JD� �GG��續軥�$��煦@�p稝�怱蹳� 袬�@`訞 ���RRRR������ � �€L��OOOO� ��<� ��=� ��>� ��?� � �@� � �A��MGGGG������ �M� �G�� �GGG��j'葽��UUUU暵葽��UUUU;酅��莙斻@� �莙莂蠤� �jN罖�M� �G�� �GGG����茾�@ㄇ@������撺這���酅�`屚@�€煽@ �M� �G�� �GGG����茾�@ㄇ@������撺這���酅�`屚@�€煽@ � �MG� �G?� �GG� ��\� ��\� ��\� ��\� � �\� � �\��MGGGG������ �M� �G�� �GGG��XUUUUm怈��í怈��XUUUU仸@��纐莙挬@� �p莙旲� �蔼獨咢�M� �GA� �GGG�*������� �M� �GB� �GGG�*������� � �MG� �GC� �GG��XUUUUm怈��í怈��XUUUU仸@��纐莙挬@� �p莙旲� �蔼獨咢��MGGGG������ �M� �G� �GGG�*������� �D� lt �bb~ �VV� VV~ d t �ll~ �VV� � �� �� �� ��  �M� �U� �GGG�*������� � �MG� �G� �GG� ��\� ��\� ��\� ��\� � �\� � �\��MGGGG������ � �MG� �JD� �GG����茾�@ㄇ@������撺這���酅�`屚@�€煽@ ���RRRR������ ��PV~ n>�@UR��R�  �2  �7gg����D g2�羳 :�(j2�:  d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(= 祝�?)�?M��C�€� odXXLetter�����"UXX�?�?�&�U} �q} #q} mq} mq} �q} � q} $ q:��j�€m��j�€j��n�€n�€n�€n�€n �€o �€o �€o �€p �€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p�€p� �_��������kllllll� �%��������^^^^^^^� �8��������_______�_______�_______�_______� ���� `&� `&� aa� ���� bR� bY� aa� �����aa� c-� ����dd� c`� ����dd�� ca��e�/�e��� dd�� cb��ee� dd�� c���e�6#Ae(�#A� dd�� c���e'rfTe軮A� dd�� c���eK┸e\*�@� €d�� c���ee� dd�� cF��e偔e� dd�� cG��ee� dd�� cc�f)\廱VAf徛鮄L碨A� dd� cd�����dd�� ce��e�'葽eQ這� dd�� cf�e徛�掗€Ae�叿-蝷A� dd�� cg��e砋%歟織鴿� dd�� ch��ee� dd�� ci��ee� dd�� cj�~ eg�.%e殭橸P�2A� dd�� c���ee� dd�� c���ee� dd�D@ l$$$::$$FFFFFFFFT$FTFFFPF �€p!�€p"�€p#�€p$�€p%�€p&�€p'€p (€p)�€p*�€p+�€p,�€p-�€p.�€p/�€p0�€p1�€p2�€p3�€p4�€p5€p 6€p7�8 9 �� ck � f霶敢�<A fq= 噑迆A� dd�!�����dd� "cl�"����dd#�� #cm#��#ee� #dd$�� $cn$��$ee� $dd%�� %co%��%ff� %dd�&�����dd'�� 'c'�'g{Ki侫'g 祝L缅丄� 'dd� (cp�(����dd� )cq�)����dd*�� *cr*��*e�e偵�� *dd+�� +c�+��+e3″ec覑� +dd,�� ,cs,��,e煟8 e喑隌� ,dd-�� -c�-��-ee� -dd.�� .ct.��.ee� .dd/�� /cu/��/e忁Z e忁Z � /dd0�� 0cv0��0ee� 0dd1�� 1cw1��1ee� 1dd2�� 2cx2��2e�*e��� 2dd3�� 3cy3�3f殭�7 €A3f\徛錢8A� 3dd�4�����dd� 5�H�5c�ggdd6d� 6cz6d�6e�4e媣_r� 6dd7d� 7c{7d�7f�4f媣_r� 7dd8d� 8c78d8h{Ki侫8h 祝L缅丄� 8dd� 9�8�T$FFFT$$FFFFFFFFFT$FFT>�@d��999�� 7gg����D g2�羳 5�=iE盝  d褚MbP?_*+�€%���A>&L&"Arial,Bold"Vermont Student Assistance Corp.&RPage &P of &N��&�?'�?(�?)�?M��C�€� odXXLetter�����"bXX�?�?�&�U} $} m!} m} $5�@��@��@���� � � � � �������������������� �_�������klll� �'�������^^^^� ���������____�____�____� ___� `E� aaa� bZ� aaaa� c�� ddd� c�� ddd d� c� d~ ed� c�d~ ed� c�d~ e�鰼d� c�d~ e'6�d� c�d~ eA�Ad� c�d~ f?憝� c�� dddd� c�de殭櫃p�Ad� c�d~ e�35�d� c�d~ ed� c�d~ ed� c�d~ ed� c�d~ ed� c�d~ ed� c�d~ ed� c�d~ ed� c�d~ ed� c�deq= 撰z蚶d� c�d~ e�DPl"""00000040000000004 �!�"�#�$�%�&�'�(�)�*�+�,�-�.�/�0�1�2�3 4 d� c� d~ e!d� !c�!d~ !e"d� "c�"d~ "e敱@#d� #c�#d~ #e$d� $c�$d~ $f�%d� %c�%d~ %z沷 � &c�� &ddd'd� 'c�'d~ 'e`傞@(d� (c�(d~ (e@k@)d� )c�)d)eq= 祝pS@*d� *c�*d~ *e+d� +c�+d~ +e榔袬,d� ,c�,d,f徛�(\E馌-d� -c�-d~ -e潭辆.dddd/d� /{�/|~ /}�4�0||||1|� 1{�1|~ 1}階a2||||3|� 3{�3|~ 3~媣_r�.�0000000040040000>�@d~��z&&&��7gg����D �鄥燆鵒h珣+'迟0�@HT` x ���Microsoft Excel@€嘎o枋�@�4巤;��胀諟.摋+,D胀諟.摋+,�HP X`hp x ��  PrivateCollection and WaterfallBalance SheetIncome Statement'Balance Sheet'!Print_Area&'Collection and Waterfall'!Print_Area'Income Statement'!Print_AreaPrivate!Print_Area('Collection and Waterfall'!Print_TitlesPrivate!Print_Titles  Worksheets Named Ranges$ 8@ _PID_HLINKS�A� HOhttp://www.vsac.org/{\"mailto:investorrelations@vsac.org  !"#$%&'()*+,-./0123456789:;<�=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}~€�����������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������������Root Entry�������� �F���Workbook������������gKSummaryInformation(�����DocumentSummaryInformation8�������������