NOTE TO INVESTORS: On December 17, 2014, we received a letter from Xerox Education Services, Inc. (XES) informing us that XES has failed to properly make certain financial adjustments for some FFELP student loan accounts it services for its FFELP loan servicing customers. XES informed us that it believes the issue affects only a small percentage of borrowers whose loans it services and estimates that the aggregate amount of the adjustments is not more than 0.2% of the principal balance of all of the FFELP loans XES services for its customers.
XES subsequently made disclosures to us concerning additional servicing errors. XES informed us that it is working with the Department of Education, the Consumer Financial Protection Bureau and other parties to address the outstanding servicing issues.
Some of the loans in the trusts and certain of the reports on this web site may be affected by XES’s errors. We make no representations about and accept no responsibility for the accuracy or completeness of XES’s disclosures. We intend to continue to fulfill our obligations under the transaction documents, as necessary, including notification of further developments as appropriate.