Below are the servicing reports for the VRDN Trusts (Tax-Exempt). These reports detail interest rates and results over the
quarter(s) indicated for the multiple series contained within these lists.

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VRDN Redemption Notices

1988A VRDN Report (Cusip Number 709163AF6)

1988B VRDN Report (Cusip Number 709163AG4)

1988C VRDN Report (Cusip Number 709163BF5)

1988E VRDN Report (Cusip Number 709163BH1)

1994A VRDN Report (Cusip Number 709163BJ7)

1995A VRDN Report (Cusip Number 709163BL2)

Additional Reports

1997A VRDN Report (Cusip Number 709163BM0)

1999A VRDN Report (Cusip Number 709163BT5)

Additional Reports

2000A VRDN Report (Cusip Number 709163BU2)

2001A VRDN Report (Cusip Number 709163CG2)

2001B VRDN Report (Cusip Number 709163CL1)

2002A VRDN Report (Cusip Number 709163CM9)

2002B VRDN Report (Cusip Number 709163CQ0)

2003A VRDN Report (Cusip numbers = 709163DN6 & 709163DP1)

2006A VRDN Report (Cusip Number 709163GE3)

2007A VRDN Report (Cusip Number 709163HC6)

Important Legal Information Concerning PHEAA Student Loan Trust Asset-Backed Securities

Investment considerations. Investment in securities issued by a PHEAA Student Loan Trust entails certain risks described in the applicable offering documents. Prospective investors should consult their own financial and legal advisors about risks associated with investment in a particular issue of securities and the suitability of investing in the securities in light of their particular circumstances.

No offer or solicitation. This website and the information contained in the Prospectuses and Prospectus Supplements do not constitute an offer or the solicitation of an offer for the purchase or sale of any securities. The Prospectus and Prospectus Supplements have been put on this website for informational purposes only. The securities described therein may be offered and sold only by means of a printed (but not downloaded and printed from this website) Prospectus and Prospectus Supplement and only to qualified institutional investors and certain other persons in accordance with applicable federal and state securities laws, by dealers authorized to make such offers and sales. By viewing a Prospectus or Prospectus Supplement online, you consent to receive an electronic Prospectus or Prospectus Supplement for purposes of federal and state securities laws. The securities described in the Prospectuses and Prospectus Supplements are traded in the secondary market. For further information concerning secondary market trading, consult with an investment advisor or broker.

No liability. The Prospectuses have been electronically converted from the magnetic media format from which the original version of each such document was printed, and no PHEAA Student Loan Trust has tested or verified the accuracy or completeness of any of these documents on this website. Neither PHEAA nor any PHEAA Student Loan Trust or underwriter assumes any responsibility for errors or omissions in any Prospectus or other documents which are referenced by or linked thereto resulting from such electronic conversion. In no event shall PHEAA, any PHEAA Student Loan Trust, or underwriter be liable for any special, incidental, indirect or consequential damages of any kind, or any damages whatsoever, on any theory of liability arising out of or in connection with the use of any Prospectus.