Pheaa Student Loan Foundation Inc.

“The Foundation does not have any committees.”

“Address of Directors that cannot be reached at the Foundation's mailing address: Raye D. Goldsborough Monarch Management Services 1314 King Street Wilmington, DE 19801 Lori E. Cooney Monarch Management Services 1314 King Street Wilmington, DE 19801”

“The PHEAA Student Loan Foundation engages an independent accounting firm to assist in the compilation and completion of Form 990. It was reviewed by outside legal counsel, who provided comments and advised as to any potential factual issues. The 990 is then provided to each Director for their review prior to submission to the IRS.”

“The PHEAA Student Loan Foundation (the "Foundation") has two (2) independent directors whose compensation was contractually negotiated based upon the market rate of compensation paid to independent directors of similarly situated bankruptcy-remote special purpose entities. The officers of the Foundation receive compensation from The Pennsylvania Higher Education Assistance Agency.”

“The Foundation makes its governing documents and financial statements available to the general public upon request.”

“The Foundation formed four special purpose trusts during the reporting period. Each was organized to acquire and own student loans and other assets, issue notes to investors and make principal and interest payments to investors. The first, known as the PHEAA Warehouse Facility Trust 2013-1 (the "Warehouse 2013-1 Trust") was a line of credit issued with a limit on $400,000,000, which was increased to $700,000,000 during the year. The second, known as the PHEAA Student Loan Trust 2013-3 ("Trust 2013-3") issued notes in the amount of $517,850,000 on November 20, 2013. The third special purpose trust, known as PHEAA Student Loan Trust 2014-1 ("Trust 2014-1") issued notes in the amount of $573,800,000 on March 14, 2014. The fourth special purpose trust, known as PHEAA Student Loan Trust 2014-2 ("Trust 2014-2") issued notes in the amount of $611,850,000 on June 17, 2014. Additionally, the PHEAA Student Loan Trust 2013-2 ("Trust 2013-2") that was created in the prior fiscal year (2012) issued notes in the amount of $331,300,000 on July 30, 2013. Substantially all of the proceeds of the notes from each of these transactions were used by the related trust to finance the purchase of student loans which serve as collateral for the related notes.”

“On July 20, 2013, PHEAA Student Loan Company II, LLC and PHEAA Student Loan Company III, LLC repaid its outstanding debt obligation under the Straight-A Funding Short-Term Note Facility (Straight-A Program). Following the release of the related lien under the Straight-A Program, the related student loans were sold to PHEAA, which sold them to the Foundation for subsequent sale to the PHEAA Student Loan Trust 2013-2.”

“The financial statements of the Foundation are not compiled or reviewed by an independent accountant, nor are they audited by an independent accountant. However, each of the PHEAA Student Loan Trust I, Trust 2011-1, Trust 2012-1, Trust 2013-1, Trust 2013-2, Warehouse Trust 2013-1, Trust 2013-3, Trust 2014-1 and Trust 2014-2 have annual independent audits of their respective financial statements prepared annually, and the financial statements for the PHEAA Student Loan Foundation, INC, PHEAA Student Loan Company, LLC, PHEAA Student Loan Company II, LLC and PHEAA Student Loan Company III, LLC are part of the annual financial statement audit performed for PA Higher Education Assistance Agency.”

“1099'S ARE NOT ISSUED BY THE ORGANIZATION FOR THE INDEPENDENT CONTRACTORS REPORTED IN PART VII, SECTION B BECAUSE THE PAYMENTS ARE MADE TO CORPORATIONS AND THEREFORE ARE NOT REQUIRED TO BE REPORTED TO THE PAYEE ON A FORM 1099, PER THE IRS INSTRUCTIONS. Form 990, Part VI, Line 7A All Directors shall be appointed by resolution of the Executive Committee of the Pennsylvania Higher Education Assistance Agency ("PHEAA"). If PHEAA's Executive Committee fails to appoint Directors, the President Judge of the Commonwealth Court of Pennsylvania shall have the power to appoint the directors. Judge of the Commonwealth Court of Pennsylvania shall have the power to appoint the directors.”

“Residual Transfers to PHEAA (PHEAA SLC II, III) (9,295,340) Residual Transfers to Counter Parties (PHEAA SLC II, III) (94,517) Residual Transfers to PHEAA (Trusts) (1,396,223) Equity Contribution 36,304,461 PY Reclass of DFC (24,469,090) Total 1,049,291”

“The PHEAA Student Loan Foundation (the "Foundation") uses the cash method of accounting. As of the end of the reporting period, the Foundation had formed nine special purpose trusts known as the PHEAA Student Loan Trust I ( "Trust I"), PHEAA Student Loan Trust 2011-1 ("Trust 2011-1"), PHEAA Student Loan Trust 2012-1 ("Trust 2012-1), PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") and PHEAA Student Loan Trust 2013-2 ("Trust 2013-2" "), PHEAA Warehouse Facility Trust ("Warehouse Trust 2013-1"), PHEAA Student Loan Trust 2013-3 ("Trust 2013-3"), PHEAA Student Loan Trust 2014-1 ("Trust 2014-1") and PHEAA Student Loan Trust 2014-2 ("Trust 2014-2", and collectively with Trust I, Trust 2011-1, Trust 2012-1 Trust 2013-1, Trust 2013-2, Warehouse Trust 2013-1, Trust 2013-3, Trust 2014-1 and Trust 2014-2, Collectively the "Trusts") and three special purpose Delaware Limited Liability Companies: PHEAA Student Loan Company, LLC ("SLC I"), PHEAA Student Loan Company II, LLC ("SLC II") and PHEAA Student Loan Company III, LLC ("SLC III"). The Trusts, SLC I, SLC II, and SLC III were organized to acquire, own and manage the student loans and other assets of such entities, issue notes to investors and make principal and interest payments on the notes to such investors. The Trusts, SLC I, SLC II and SLC III are disregarded for federal income tax purposes and their activities are included in the Foundation's Form 990. The Trusts, SLC I, SLC II and SLC III use the accrual method of accounting.”