NorthStar Education Finance, Inc. Student Loan Asset-Backed Notes, Series 2006-A Monthly Servicing Report Report Date: October 25, 2006

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1 Parity Financed Eligible Student Loans Accrued Interest: Total Portfolio Student Loan Portfolio 08/31/2006 Activity 09/30/2006 $558,285,848 ($1,980,244) $556,305,604 $32,750,491 $1,381,789 $34,132,280 $591,036,340 ($598,455) $590,437,885 Bank Accounts and Cash in Transit 08/31/2006 Change 09/30/2006 Acquisition Account $0 $0 $0 Capitalized Interest Account $42,731,193 ($49,742) $42,681,451 Collection Account $297,716 $4,563,560 $4,861,276 Policy Payments Account $0 $0 $0 Reserve Account $5,986,537 ($2,114) $5,984,424 Total Account Balances $49,015,447 $4,511,704 $53,527,151 Servicer Receivable $1,683,962 ($731,923) $952,039 Net Funds in Process ($271,328) ($3,761) ($275,090) Other $0 $0 $0 Total Cash in Transit $1,412,633 ($735,684) $676,949 Total Account Balances and Cash in Transit $50,428,080 $3,776,020 $54,204,101 Notes Outstanding 08/31/2006 % of O/S 09/30/2006 % of O/S Pool Notes and Certificates Balance Securities Balance Securities Factor Student Loan Asset-Backed Notes, Series 2006-A Class A-1 $141,850, % $141,850, % Student Loan Asset-Backed Notes, Series 2006-A Class A-2 $111,290, % $111,290, % Student Loan Asset-Backed Notes, Series 2006-A Class A-3 $112,931, % $112,931, % Student Loan Asset-Backed Notes, Series 2006-A Class A-4 $208,056, % $208,056, % Student Loan Asset-Backed Notes, Series 2006-A Class B $65,260, % $65,260, % $639,387, % $639,387, % Accrued Interest $409,313 $3,411,274 Parity Ratio 08/31/2006 Change 09/30/2006 Student Loan Portfolio $591,036,340 ($598,455) $590,437,885 Account Balances $49,015,447 $4,511,704 $53,527,151 Cash in Transit $1,412,633 ($735,684) $676,949 Less Defaults in Process ($107,313) ($58,819) ($166,132) Total Collateral Value $641,357,107 $3,118,746 $644,475,853 Principal Amount of Notes Outstanding $574,127,000 $0 $574,127,000 Accrued Interest on Notes $366,169 $2,678,380 $3,044,549 Accrued Note Fees $14,353 $0 $14,353 Total Debt $574,507,522 $2,678,380 $577,185,902 Senior Parity Percentage % 0.08% % Principal Amount of Notes Outstanding $639,387,000 $0 $639,387,000 Accrued Interest on Notes $409,313 $3,001,961 $3,411,274 Accrued Note Fees $5,328 $5,328 Total Debt $639,801,641 $3,001,961 $642,803,602 Total Parity Percentage % 0.02% % 1

2 Portfolio Transactions and Accruals Principal Interest Beginning Balance 08/31/2006 $558,285,848 $32,750,491 Student Loan Cash Activity Principal Interest Payments Received ($2,279,150) ($1,358,195) THE Bonus Applied ($26,006) ($179,588) Requirement Met? Yes New Acquisitions $0 $0 (see Triggers Page 9) Subsequent Disbursements Refunds Total Cash Activity $8,120 ($9,560) ($2,306,596) ($1,537,784) Student Loan Non-Cash Activity Principal Interest Interest Accruals $3,646,823 Realized Losses/Loans Charged Off ($392,026) ($17,743) Capitalized Interest $709,507 ($709,507) Capitalized Origination Fees Other Adjustments Total Non-Cash Activity $8,870 $0 $326,352 $2,919,573 Total Student Loan Activity ($1,980,244) $1,381,789 Ending Balance 09/30/2006 $556,305,604 $34,132,280 $0.00 $0.00 2

3 Collection Activity Collection Account Activity During Collection Period Beginning Account Balance 08/31/2006 $297,716 Principal Payments Received $2,840,257 Interest Payments Received $1,744,166 Recoveries on Defaulted Alternative Loans (net of collection agency fees) $538 Investment Income (including Investment Income from Other Trust Accounts) $267,206 Transfers From Other Trust Accounts $0 Total Funds Received $4,852,167 Trustee Fee $12,806 Servicing Fee $66,051 Marketing Fee $0 THE Bonus $205,899 Interest Payments $0 Transfers To Other Trust Accounts (Adjustment on Loan Sale) $3,850 Total Use of Funds $288,607 Ending Account Balance 09/30/2006 $4,861,276 Collection Account Activity Subsequent to Collection Period Principal Payments Received $1,859,471 Interest Payments Received $1,111,071 Recoveries on Defaulted Alternative Loans (net of collection agency fees) ($1,117) Investment Income (including Investment Income from Other Trust Accounts) $211,524 Transfer From Other Trust Account $0 Total Funds Received $3,180,949 Trustee Fee ($7,178) Servicing Fee ($66,357) Marketing Fee $0 THE Bonus ($205,084) Interest Payments $0 Transfers To Other Trust Accounts (Refunds/Reissues on Student Loans) $0 Total Use of Funds ($278,620) Ending Account Balance 10/24/2006 $7,763,605 3

4 Security Detail Floating Rate Securities Paid During Collection Period Payment Interest Number Start End Principal Interest Security Description Date Rate of Days Date Date Payment Payment Series 2006-A Class A-1 Notes November 28, % 92 08/28/ /27/2006 $0 $0 Series 2006-A Class A-2 Notes November 28, % 92 08/28/ /27/2006 $0 Series 2006-A Class A-3 Notes November 28, % 92 08/28/ /27/2006 $0 Series 2006-A Class A-4 Notes November 28, % 92 08/28/ /27/2006 $0 Series 2006-A Class B Notes November 28, % 92 08/28/ /27/2006 $0 $0 $0 Trustee Fee $12,806 Total Payments Made During Collection Period $12,806 Detail of Accrued Interest on Notes Payment Interest Number Start End Interest Security Description Date Rate of Days Date Date Due Series 2006-A Class A-1 Notes November 28, % 92 08/28/ /27/2006 $728,794 Series 2006-A Class A-2 Notes November 28, % 92 08/28/ /27/2006 $587,549 Series 2006-A Class A-3 Notes November 28, % 92 08/28/ /27/2006 $598,346 Series 2006-A Class A-4 Notes November 28, % 92 08/28/ /27/2006 $1,129,860 Series 2006-A Class B Notes November 28, % 92 08/28/ /27/2006 $366,725 $3,411,274 Trustee Fee $5,328 Total Funds Set Aside $3,416,602 4

5 Alternative Loan Recoveries, Defaults and Delinquencies Outstanding Loans In Repayment Defaults and Recoveries 08/31/06 09/30/06 Balance Activity Balance $219,241,024 $2,781,665 $222,022,688 Cumulative Principal Balance of Defaulted Student Loans $653,725 $389,160 $1,042,885 Cumulative Accrued Interest Balance of Defaulted Student Loans $28,178 $17,674 $45,852 Current Principal Balance of Defaulted Student Loans $653,725 $389,160 $1,042,885 Current Accrued Interest Balance of Defaulted Student Loans $28,178 $17,674 $45,852 Gross Recoveries on Defaulted Student Loans $0 $0 $0 Recovery Costs $0 $0 $0 Net Recoveries on Defaulted Student Loans $0 $0 $0 5

6 Portfolio Status Status In School Borrower Status Principal Amount % # of Loans 08/31/ /30/ /31/ /30/ /31/ /30/2006 $184,645,287 $177,916, % 31.98% 15,930 15,410 Deferment (In-school) $10,845,193 $12,471, % 2.24% 1,256 1,429 Grace Forbearance Repayment Grand Total $136,838,501 $138,096, % 24.82% 12,638 12,552 $6,715,844 $5,798, % 1.04% $219,241,024 $222,022, % 39.91% 22,294 22,668 $558,285,848 $556,305, % % 52,776 52,612 Repayment Current Day Delinquent Day Delinquent Day Delinquent Day Delinquent Days Delinquent > 180 Days (Default Pending) Total Repayment 30 + Days Delinquent 60 + Days Delinquent 90 + Days Delinquent Delinquency Statistics $206,967,342 $210,300, % 94.72% 21,186 21,565 $4,415,993 $4,379, % 1.97% $1,985,361 $1,895, % 0.85% $2,471,300 $2,113, % 0.95% $2,272,421 $1,603, % 0.72% $1,025,173 $1,569, % 0.71% $103,434 $159, % 0.07% 8 12 $219,241,024 $222,022, % % 22,294 22,668 $12,273,681 $11,721, % 5.28% 1,108 1,103 $7,857,688 $7,342, % 3.31% $5,872,328 $5,446, % 2.45%

7 Portfolio Characteristics Loan Type Amount % # of Loans 08/31/ /30/ /31/ /30/ /31/ /30/2006 Med $242,834,957 $242,148, % 43.53% 24,534 24,468 Law $257,759,154 $256,782, % 46.16% 22,004 21,934 MBA $15,445,600 $15,282, % 2.75% 1, Other - Graduate $9,482,917 $9,400, % 1.69% 1,042 1,035 Other - Undergraduate $32,378,883 $32,298, % 5.81% 4,108 4,095 Proprietary/Vocational $384,337 $393, % 0.07% Total $558,285,848 $556,305, % % 52,776 52,612 School Type Amount % # of Loans 08/31/ /30/ /31/ /30/ /31/ /30/2006 Two Year Institution $379,130 $388, % 0.07% Proprietary School $5,207 $5, % 0.00% 1 1 Undergraduate - 4 Year Institution $65,738,493 $65,583, % 11.79% 7,679 7,654 Graduate $492,163,018 $490,328, % 88.14% 45,009 44,868 Total $558,285,848 $556,305, % % 52,776 52,612 FICO Score Distribution Original Pool of Loans 09/30/2006 FICO scores as of loan origination Amount % # of Loans Amount % # of Loans > 750 $192,161, % 17,283 $186,773, % 16, $163,756, % 15,545 $160,234, % 15, $98,707, % 9,481 $96,644, % 9, $57,937, % 5,640 $56,720, % 5, $36,503, % 3,505 $35,634, % 3,442 <620 $18,683, % 1,947 $18,152, % 1,919 No Data $2,169, % 232 $2,145, % 229 Total $569,919, % 53,633 $556,305, % 52,612 08/31/ /30/2006 Weighted Average Coupon (WAC ) 7.97% 7.97% Weighted Average Remaining Term: Number of Loans 52,776 52,612 Number of Borrowers 24,752 24,658 Outstanding Loans Indexed to Libor $422,355,232 $421,560,784 Outstanding Loans Indexed to T-bill $135,930,616 $134,744,821 7

8 Triggers Triggers Reserve (i) Minimum Requirement Based Upon Current Balance Pool Balance $590,437,885 Reserve Requirement 1.00% $5,904,379 Actual Reserve 1.01% $5,984,424 Has condition been met? Yes (ii) Minimum Requirement Based Upon Original Issue Initial Pool Balance $595,842,262 Reserve Requirement 0.50% $2,979,211 Actual Reserve 1.00% $5,984,424 Has condition been met? Yes THE Bonus Suspension Test Parity Ratio % Parity From To Requirement Result Action August 28, 2006 May 28, % % August 28, 2007 May 28, % August 28, 2008 May 28, % August 28, 2009 May 28, % August 28, 2010 and thereafter % Has condition been met? Yes Servicing and Marketing Expense Allowance Requirement (Indenture Section 5.03 (b)) Requirement Result i (a) Total Assets less Accrued Interest and Fees Payable $641,059, % % (b) Outstanding Amount of all Notes $639,387,000 ii (a) Total Assets less Accrued Interest and Fees Payable $641,059, % 0.26% (b) minus: Outstanding Amount of all Notes $639,387,000 Total Value of Assets in Trust Estate on the Date of Issuance $650,577,097 Has condition been met? No Class B Interest Trigger Event Requirement Result (i) Trust Assets Less Reserve Fund and Less Accrued Interest and Fees on Class A Notes $635,074,828 (ii) Principal Amount of Class A Notes Outstanding $574,127,000 Ratio % % Has condition been met? Yes 8

9 Principal Distribution Capitalized Interest Account Step-down and Principal Distribution Date Amount From To Requirement Capitalized Interest Account Step-down Dates May 11, 2006 August 27, 2006 $50,800,000 August 28, 2006 November 27, 2006 $42,500,000 November 28, 2006 February 27, 2007 $37,000,000 February 28, 2007 May 27, 2007 $30,000,000 May 28, 2007 August 27, 2007 $23,000,000 August 28, 2007 November 27, 2007 $18,000,000 November 28, 2007 February 27, 2008 $13,000,000 February 28, 2008 May 28, 2008 $8,000,000 May 29, 2008 August 27, 2008 $6,000,000 August 28, 2008 and thereafter $0 Principal Distribution Amount (Shown Quarterly) (i) Outstanding Amount of Notes Pool Balance Capitalized Interest Account Reserve Fund Pool Balance Plus Capitalized Interest Account Plus Reserve Fund Quotient Result (i) Principal Distribution Amount (ii) Outstanding Amount of Notes Pool Balance Capitalized Interest Account Reserve Fund Pool Balance Plus Capitalized Interest Account Plus Reserve Fund Total Value of Assets in Trust Estate on the Date of Issuance Product Result (ii) Principal Distribution Amount Principal Distribution Amount Greater of condition (i) or (ii) Class A Principal Distribution Amount Class B Principal Distribution Amount Step-down Date February

10 Waterfall for Distributions Waterfall Remaining Fund Balance Calculation Date 10/25/2006 Deposits 10/24/2006 Total Available Funds (Collection Account Balance Plus Transfers from Other Trust Funds) $7,763,605 First pro rata Trustee Fee $5,328 Marketing Services Expense Allowance $0 School Services Expense Allowance $66,357 $7,691,920 Second Class A Note holders Interest $5,492,127 $2,199,793 Third Class B Note holders Interest $661,543 $1,538,250 Fourth Reserve Fund $0 $1,538,250 Fifth T.H.E. Deposit Amount $205,084 $1,333,165 Sixth Class A Note holders Principal Class A-1 Note holders Until Notes Paid-in-full $0 $1,333,165 Class A-2 Note holders Until Notes Paid-in-full $0 $1,333,165 Class A-3 Note holders Until Notes Paid-in-full $0 $1,333,165 Class A-4 Note holders Until Notes Paid-in-full $0 $1,333,165 Seventh Class B Note holders Principal $0 $1,333,165 Eighth NorthStar Capital Markets Services, Inc. Marketing Services Expense Allowance $0 School Services Expense Allowance $0 $1,333,165 Ninth NorthStar Education Finance, Inc. as Issuer $0 $1,333,165 10

11 Trend Analysis Key Statistics Jan-00 Jan-00 Jan-00 May-06 Jun-06 Jul-06 Aug-06 Sep-06 Asset Backed Securities Total Loan Portfolio Principal Total Loan Portfolio Accrued Interest Total Loan Portfolio Number of Loans Number of Borrowers $0 $0 $0 $652,600,000 $652,600,000 $652,600,000 $639,387,000 $639,387,000 $0 $0 $0 $566,925,332 $563,756,990 $560,992,273 $558,285,848 $556,305,604 $0 $0 $0 $27,320,229 $29,036,865 $30,888,040 $32,750,491 $34,132,280 $0 $0 $0 $594,245,561 $592,793,855 $591,880,313 $591,036,340 $590,437, ,419 53,183 52,994 52,776 52, ,095 24,974 24,870 24,752 24, Day Delinquent $0 $0 $0 $6,057,356 $4,722,970 $5,442,260 $4,415,993 $4,379, Day Delinquent $0 $0 $0 $2,246,510 $3,806,035 $1,946,206 $1,985,361 $1,895, Day Delinquent $0 $0 $0 $2,076,145 $2,190,447 $3,356,316 $2,471,300 $2,113, Day Delinquent $0 $0 $0 $970,273 $1,093,719 $1,506,880 $2,272,421 $1,603, Days Delinquent $0 $0 $0 $521,202 $681,376 $593,792 $1,025,173 $1,569,432 > 180 Days (Default Pending) $0 $0 $0 $0 $0 $56,905 $103,434 $159,919 Monthly Defaults $0 $0 $0 $0 $316,714 $263,546 $73,465 $0 Recoveries $0 $0 $0 $0 $0 $0 $0 $0 Borrower Principal Payments Borrower Interest Payments Weighted Average Coupon (WAC) Weighted Average Remaining Term $0 $0 $0 $3,308,031 $2,927,567 $2,794,115 $3,015,916 $2,279,150 $0 $0 $0 $1,294,339 $1,286,853 $1,334,592 $1,313,762 $1,358, % 0.00% 0.00% 7.56% 7.56% 7.97% 7.97% 7.97% Parity Ratio 0.00% 0.00% 0.00% % % % % % 11

12 Posted 10/25/