Page I. Principal Parties to the Transaction 1. VI. Cash Payment Detail and Available Funds for the Time Period 4

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1 Indenture of Trust Series Higher Education Loan Authority of the State of Missouri Monthly Servicing Report Monthly Distribution Date: 7/25/2017 Collection Period Ending: 6/30/2017 Table of Contents Page I. Principal Parties to the Transaction 1 II. Explanations, Definitions, Abbreviations 1 III. Deal Parameters 2 A. Student Loan Portfolio Characteristics B. Notes C. Reserve Fund D. Other Fund Balances IV. Transactions for the Time Period 3 V. Cash Receipts for the Time Period 4 VI. Cash Payment Detail and Available Funds for the Time Period 4 VII. Waterfall for Distribution 5 VIII. Distributions 6 A. Distribution Amounts B. Principal Distribution Amount Reconciliation C. Additional Principal Paid D. Reserve Fund Reconciliation E. Note Balances IX. Portfolio Characteristics 7 X. Portfolio Characteristics by School and Program 7 XI. Servicer Totals 7 XII. Collateral Tables 8 and 9 Distribution of the Student Loans by Geographic Location Distribution of the Student Loans by Guarantee Agency Distribution of the Student Loans by Range of Months Remaining Until Scheduled Maturity Distribution of the Student Loans by Borrower Payment Status Distribution of the Student Loans by Range of Principal Balance Distribution of the Student Loans by Number of Days Delinquent Distribution of the Student Loans by Interest Rate Distribution of the Student Loans by SAP Interest Rate Index Distribution of the Student Loans by Date of Disbursement(Dates Correspond to Changes in Special Allowance Payment) Distribution of the Student Loans by Date of Disbursement(Dates Correspond to Changes in Guaranty Percentage) XIII. Interest Rates for Next Distribution Date 10 XIV. CPR Rate 10 XV. Items to Note 10 I. Principal Parties to the Transaction Issuing Entity Servicers Administrator Trustee Higher Education Loan Authority of the State of Missouri Higher Education Loan Authority of the State of Missouri and as backup servicer Pennsylvania Higher Education Assistance Agency Higher Education Loan Authority of the State of Missouri US Bank National Association II. Explanations / Definitions / Abbreviations Cash Flows Record Date Claim WriteOffs Principal Shortfall Parity Ratio Total Note Factor/ Note Pool Factor Page 1 of 10

2 III. Deal Parameters A. Student Loan Portfolio Characteristics 5/31/2017 Activity 6/30/2017 i. Portfolio Principal Balance 92,331, (1,972,432.96) 90,358, ii. Interest Expected to be Capitalized 819, , iii. Pool Balance (i + ii) 93,150, ,216, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Reserve Fund Balance) 93,534, (1,933,620.86) 91,600, v. Other Accrued Interest 2,164, ,080, vi. Weighted Average Coupon (WAC) 5.756% 5.762% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 25,151 24,587 ix. Number of Borrowers 13,767 13,453 x. Average Borrower Indebtedness 6, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.411% 0.467% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 93,534, ,600, Bond Outstanding after Distribution 86,058, (2,280,506.18) 83,778, Informational purposes only: Cash in Transit at month end 450, , Outstanding Debt Adjusted for Cash in Transit 85,607, ,597, Pool Balance to Original Pool Balance 36.44% 35.68% Adjusted Parity Ratio (includes cash in transit used to pay down debt) % % B. Notes CUSIP Spread Coupon Rate 6/26/2017 % Interest Due 7/25/2017 % i. Notes LA2 0.83% % 86,058, , ,778, iii. Total Notes 86,058, , ,778, LIBOR Rate Notes: Collection Period: Record Date 7/24/2017 LIBOR Rate for Accrual Period % First Date in Collection Period 6/1/2017 Distribution Date 7/25/2017 First Date in Accrual Period 6/26/2017 Last Date in Collection Period 6/30/2017 Last Date in Accrual Period 7/24/2017 Days in Accrual Period 29 C. Reserve Fund 5/31/2017 6/30/2017 i. Required Reserve Fund Balance 0.25% 0.25% ii. Specified Reserve Fund Balance iii. Reserve Fund Floor Balance iv. Reserve Fund Balance after Distribution Date D. Other Fund Balances 5/31/2017 6/30/2017 i. Collection Fund* 1,852, ,713, ii. Capitalized Interest Fund iii. Department Rebate Fund 152, , iv. Acquisition Fund (* For further information regarding Fund detail, see Section VI K, "Collection Fund Reconciliation".) Total Fund Balances 2,388, ,419, Page 2 of 10

3 IV. Transactions for the Time Period 6/1/17 6/30/17 A. Student Loan Principal Collection Activity i. Regular Principal Collections 683, ii. Principal Collections from Guarantor 1,118, iii. Principal Repurchases/Reimbursements by Servicer iv. Principal Repurchases/Reimbursements by Seller v. Paydown due to Loan Consolidation 419, vi. Other System Adjustments vii. Total Principal Collections 2,221, B. Student Loan NonCash Principal Activity i. Principal Realized Losses Claim WriteOffs 2, ii. Principal Realized Losses Other iii. Other Adjustments iv. Capitalized Interest (216,217.53) v. Total NonCash Principal Activity (213,254.21) C. Student Loan Principal Additions i. New Loan Additions (35,884.45) ii. Total Principal Additions (35,884.45) D. Total Student Loan Principal Activity (Avii + Bv + Cii) 1,972, E. Student Loan Interest Activity i. Regular Interest Collections 172, ii. Interest Claims Received from Guarantors 35, iii. Late Fees & Other 2, iv. Interest Repurchases/Reimbursements by Servicer v. Interest Repurchases/Reimbursements by Seller vi. Interest due to Loan Consolidation 8, vii. Other System Adjustments viii. Special Allowance Payments ix. Interest Benefit Payments x. Total Interest Collections 219, F. Student Loan NonCash Interest Activity i. Interest Losses Claim Writeoffs 23, ii. Interest Losses Other iii. Other Adjustments (282,551.23) iv. Capitalized Interest 216, v. Total NonCash Interest Adjustments (42,943.10) G. Student Loan Interest Additions i. New Loan Additions (3,155.34) ii. Total Interest Additions (3,155.34) H. Total Student Loan Interest Activity (Ex + Fv + Gii) 173, I. Defaults Paid this Month (Aii + Eii) 1,154, J. Cumulative Defaults Paid to Date 49,304, K. Interest Expected to be Capitalized Interest Expected to be Capitalized Beginning (III Aii) 5/31/ , Interest Capitalized into Principal During Collection Period (Biv) (216,217.53) Change in Interest Expected to be Capitalized 255, Interest Expected to be Capitalized Ending (III Aii) 6/30/ , Page 3 of 10

4 V. Cash Receipts for the Time Period 6/1/17 6/30/17 A. Principal Collections i. Principal Payments Received Cash 1,802, ii. Principal Received from Loans Consolidated 419, iii. Principal Payments Received Servicer Repurchases/Reimbursements iv. Principal Payments Received Seller Repurchases/Reimbursements v. Total Principal Collections 2,221, B. Interest Collections i. Interest Payments Received Cash 208, ii. Interest Received from Loans Consolidated 8, iii. Interest Payments Received Special Allowance and Interest Benefit Payments iv. Interest Payments Received Servicer Repurchases/Reimbursements v. Interest Payments Received Seller Repurchases/Reimbursements vi. Late Fees & Other 2, vii. Total Interest Collections 219, C. Other Reimbursements D. Investment Earnings 1, E. Total Cash Receipts during Collection Period 2,442, VI. Cash Payment Detail and Available Funds for the Time Period 6/1/17 6/30/17 Funds Previously Remitted: Collection Account A. Joint Sharing Agreement Payments B. Trustee Fees (3,779.21) C. Servicing Fees (54,337.83) D. Senior Administration Fees and Subordinate Administration Fees (3,881.27) E. Transfer to Department Rebate Fund (170,807.27) F. Monthly Rebate Fees (4,542.79) G. Interest Payments on Notes (144,155.25) H. Transfer to Reserve Fund I. Principal Payments on Notes, including Principal Distribution Amount and any additional principal payments (1,434,896.44) J. Carryover Servicing Fees K. Collection Fund Reconciliation i. Beginning Balance: 5/31/2017 1,852, ii. Principal Paid During Collection Period (I) (1,434,896.44) iii. Interest Paid During Collection Period (G) (144,155.25) iv. Deposits During Collection Period (VAv + VBvii + VC) 2,440, v. Deposits in Transit 233, vi. Payments out During Collection Period (A + B + C + D + E + F + H + J) (237,348.37) vii. Total Investment Income Received for Month (VD) 1, viii. Funds transferred from the Acquisition Fund ix. Funds transferred from the Capitalized Interest Fund x. Funds transferred from the Department Rebate Fund xi. Funds transferred from the Reserve Fund xii. Funds Available for Distribution 2,713, Page 4 of 10

5 VII. Waterfall for Distribution Remaining Distributions Funds Balance A. Total Available Funds For Distribution 2,713, ,713, B. Joint Sharing Agreement Payments, repurchases, misc wire receipt 97, ,615, C. Trustee Fee 1, ,613, D. Senior Servicing Fee 53, ,560, E. Senior Administration Fee 3, ,556, F. Department Rebate Fund 106, ,450, G. Monthly Rebate Fees 4, ,445, H. Interest Payments on Notes 141, ,303, I. Reserve Fund Deposits 2,303, J. Principal Distribution Amount 1,933, , K Subordinate Administration Fee 23, , L Carryover Servicing Fees 346, M Additional Principal to Noteholders 346, (0.00) Page 5 of 10

6 VIII. Distributions A. Distribution Amounts Combined Class A1 i. Monthly Interest Due 141, , ii. Monthly Interest Paid 141, , iii. Interest Shortfall iv. Interest Carryover Due v. Interest Carryover Paid vi. Interest Carryover vii. Monthly Principal Paid 2,280, ,280, viii. Total Distribution Amount 2,422, ,422, B. E. Principal Distribution Amount Reconciliation Note Balances 6/26/2017 Paydown Factors 7/25/2017 i. Adjusted Pool Balance as of 5/31/ ,534, ii. Adjusted Pool Balance as of 6/30/ ,600, iii. Excess 1,933, Note Balance 86,058, ,778, iv. Principal Shortfall for preceding Distribution Date Note Pool Factor v. Amounts Due on a Note Final Maturity Date vi. Total Principal Distribution Amount as defined by Indenture 1,933, vii. Actual Principal Distribution Amount based on amounts in Collection Fund 2,280, viii. Principal Distribution Amount Shortfall (346,885.32) ix. Noteholders' Principal Distribution Amount 2,280, Total Principal Distribution Amount Paid 2,280, C. Additional Principal Paid Additional Principal Balance Paid 346, D. Reserve Fund Reconciliation i. Beginning Balance 5/31/2017 ii. Amounts, if any, necessary to reinstate the balance iii. Total Reserve Fund Balance Available iv. Required Reserve Fund Balance v. Excess Reserve Apply to Collection Fund vi. Ending Reserve Fund Balance Page 6 of 10

7 IX. Portfolio Characteristics WAC Number of Loans WARM Principal Amount % Status 5/31/2017 6/30/2017 5/31/2017 6/30/2017 5/31/2017 6/30/2017 5/31/2017 6/30/2017 5/31/2017 6/30/2017 Interim: In School Subsidized Loans 6.401% 6.366% , , % 0.30% Unsubsidized Loans 6.350% 6.298% , , % 0.18% Grace Subsidized Loans 6.139% 6.195% , , % 0.16% Unsubsidized Loans 6.037% 6.618% , , % 0.07% Total Interim 6.291% 6.336% , , % 0.71% Repayment Active 030 Days Delinquent 5.748% 5.766% 18,595 17, ,906, ,604, % 68.18% 3160 Days Delinquent 5.795% 5.907% ,750, ,230, % 3.58% 6190 Days Delinquent 6.330% 5.691% ,812, ,487, % 1.65% Days Delinquent 5.816% 6.056% ,320, ,260, % 1.40% Days Delinquent 4.961% 5.764% ,169, ,155, % 1.28% Days Delinquent 5.498% 4.550% , , % 0.88% Days Delinquent 6.110% 5.507% , , % 0.55% Days Delinquent 5.269% 6.197% , , % 0.70% Days Delinquent 5.652% 5.174% , , % 0.52% Days Delinquent 6.430% 5.493% , , % 0.29% >300 Days Delinquent 6.800% 6.804% , % 0.00% Deferment Subsidized Loans 5.291% 5.309% 1,284 1, ,788, ,903, % 4.32% Unsubsidized Loans 5.628% 5.683% ,944, ,165, % 4.61% 0.00% 0.00% Forbearance 0.00% 0.00% Subsidized Loans 5.406% 5.321% ,936, ,224, % 3.57% Unsubsidized Loans 6.421% 6.295% ,031, ,555, % 6.15% Total Repayment 5.754% 5.754% 24,404 24, ,313, ,235, % 97.65% Claims In Process 5.680% 5.998% ,311, ,480, % 1.64% Aged Claims Rejected 0.00% 0.00% Grand Total 5.76% 5.76% 25,151 24, ,331, ,358, X. Portfolio Characteristics by School and Program as of 6/30/2017 XI. Servicer Totals 6/30/ ,358, Mohela Loan Type WAC WARM Number of Loans Principal Amount % AES Consolidation Subsidized 5.068% ,057, % 90,358, Total Consolidation Unsubsidized 6.023% ,887, % Stafford Subsidized 5.409% ,300 35,937, % Stafford Unsubsidized 5.461% 140 9,603 38,069, % PLUS Loans 7.934% 130 1,392 11,406, % Total 5.76% ,587 90,358, School Type 4 Year College 5.827% ,583 66,179, % Graduate *** 6.137% , % Proprietary, Tech, Vocational and Other 5.545% 146 3,094 12,907, % 2 Year College 5.626% 128 3,907 11,260, % Total 5.76% ,587 90,358, *** Category changed from "Unidentified" to "Graduate". Unidentified included in "Proprietory, Tech, Vocational, & Other" Page 7 of 10

8 XII. Collateral Tables as of 6/30/2017 Distribution of the Student Loans by Geographic Location * Distribution of the Student Loans by Guarantee Agency Location Number of Loans Principal Balance Percent by Principal Guarantee Agency Number of Loans Principal Balance Percent by Principal Unknown , % 705 SLGFA % Armed Forces Americas % 706 CSAC 374 2,003, % Armed Forces Africa 9 51, % 708 CSLP 14 62, % Alaska 25 60, % 712 FGLP 4 11, % Alabama 425 1,822, % 717 ISAC 689 1,838, % Armed Forces Pacific 1 9, % % Arkansas 785 2,734, % 721 KHEAA 605 2,411, % American Somoa % 722 LASFAC , % Arizona , % 723FAME % California 632 3,692, % 725 ASA 627 2,339, % Colorado , % 726 MHEAA % Connecticut 342 1,019, % 729 MDHE 13,732 46,334, % District of Columbia , % 730 MGSLP % Delaware 9 136, % 731 NSLP 2,179 9,701, % Florida 405 1,563, % 734 NJ HIGHER ED 7 28, % Georgia 354 1,464, % 736 NYSHESC 525 2,226, % Guam 5 3, % 740 OGSLP , % Hawaii 21 93, % 741 OSAC % Iowa , % 742 PHEAA , % Idaho 21 76, % 744 RIHEAA , % Illinois 1,301 4,393, % 746 EAC % Indiana , % 747 TSAC % Kansas 600 2,222, % 748 TGSLC 1,296 4,563, % Kentucky , % 751 ECMC % Louisiana , % 753 NELA , % Massachusetts 411 1,043, % 755 GLHEC 1,029 3,487, % Maryland , % 800 USAF 1,724 7,873, % Maine 20 98, % 836 USAF % Michigam , % 927 ECMC 406 1,779, % Minnesota , % 951 ECMC 1,077 4,550, % Missouri 10,884 34,972, % Mariana Islands % 24,587 90,358, Mississippi 3,347 13,621, % Montana 18 60, % Distribution of the Student Loans by # of Months Remaining Until Scheduled Maturity North Carolina 250 1,394, % Number of Months Number of Loans Principal Balance Percent by Principal North Dakota 10 30, % 0 TO 23 2,553 1,772, % Nebraska , % 24 TO 35 1,960 2,590, % New Hampshire , % 36 TO 47 1,915 3,786, % New Jersey , % 48 TO 59 1,689 4,017, % New Mexico , % 60 TO 71 1,325 3,846, % Nevada , % 72 TO 83 1,208 3,923, % New York 583 2,760, % 84 TO 95 1,006 3,957, % Ohio , % 96 TO 107 1,266 5,567, % Oklahoma , % 108 TO 119 1,846 8,476, % Oregon , % 120 TO 131 1,985 7,996, % Pennsylvania , % 132 TO 143 2,526 11,030, % Puerto Rico 7 21, % 144 TO 155 1,517 7,657, % Rhode Island , % 156 TO ,753, % South Carolina , % 168 TO ,770, % South Dakota 8 15, % 180 TO ,380, % Tennessee 323 1,292, % 192 TO ,942, % Texas 1,030 3,612, % 204 TO ,985, % Utah , % 216 TO ,945, % Virginia , % 228 TO ,760, % Virgin Islands 4 12, % 240 TO ,462, % Vermont 8 29, % 252 TO ,081, % Washington , % 264 TO , % Wisconsin , % 276 TO , % West Virginia 14 74, % 288 TO , % Wyoming 14 30, % 300 TO , % 312 TO , % 324 TO , % 336 TO , % 24,587 90,358, TO , % *Based on billing addresses of borrowers shown on servicer's records. 361 AND GREATER , % 24,587 90,358, Page 8 of 10

9 XII. Collateral Tables as of 6/30/2017 (continued from previous page) Distribution of the Student Loans by Borrower Payment Status Distribution of the Student Loans by Number of Days Delinquent Payment Status Number of Loans Principal Balance Percent by Principal Days Delinquent Number of Loans Principal Balance Percent by Principal 0 to 30 22,066 79,095, % REPAY YEAR ,145, % 31 to ,230, % REPAY YEAR , % 61 to ,487, % REPAY YEAR ,271, % 91 to ,260, % REPAY YEAR 4 23,736 87,085, % 121 and Greater 1,223 5,284, % Total 24,587 90,358, ,587 90,358, Distribution of the Student Loans by Range of Principal Balance Principal balance Number of Loans Principal Balance Percent by Principal Distribution of the Student Loans by Interest Rate CREDIT BALANCE 99 (20,758.85) 0.02% Interest Rate Number of Loans Principal Balance Percent by Principal OR LESS 2, , % 1.99% OR LESS , % TO ,831 2,138, % 2.00% TO 2.49% 2,104 4,865, % TO ,920 7,292, % 2.50% TO 2.99% 6,223 16,884, % TO ,953 9,894, % 3.00% TO 3.49% 293 1,353, % TO ,047 10,611, % 3.50% TO 3.99% 279 1,284, % TO ,543 17,557, % 4.00% TO 4.49% , % TO ,865 12,794, % 4.50% TO 4.99% , % TO ,396, % 5.00% TO 5.49% , % TO ,304, % 5.50% TO 5.99% , % TO ,821, % 6.00% TO 6.49% , % TO ,703, % 6.50% TO 6.99% 13,643 50,922, % TO ,792, % 7.00% TO 7.49% , % TO ,601, % 7.50% TO 7.99% 4 117, % TO , % 8.00% TO 8.49% 175 1,786, % TO ,304, % 8.50% TO 8.99% 924 8,661, % TO , % 9.00% OR GREATER , % TO , % 24,587 90,358, TO , % TO , % TO , % TO , % Distribution of the Student Loans by SAP Interest Rate Index TO , % SAP Interest Rate Number of Loans Principal Balance Percent by Principal TO , % 1 MONTH LIBOR 24,382 89,254, % TO % 91 DAY TBILL INDEX 205 1,104, % AND GREATER 6 770, % Total 24,587 90,358, ,587 90,358, Distribution of the Student Loans by Date of Disbursement(Dates Correspond to changes in Special Distribution of the Student Loans by Date of Disbursement (Date Corresponds to Changes in Guaranty Percentages) Allowance Payment) Disbursement Date Number of Loans Principal Balance Percent by Principal Disbursement Date Number of Loans Principal Balance Percent by Principal PRIOR TO OCTOBER 1, , % POSTOCTOBER 1, ,657 11,866, % OCTOBER 1, 1993 JUNE 30, ,125 26,308, % PREAPRIL 1, ,841 25,549, % JULY 1, 2006 PRESENT 15,430 63,990, % PREOCTOBER 1, , % Total 24,587 90,358, PREOCTOBER 1, ,057 52,883, % Total 24,587 90,358, Page 9 of 10

10 XIII. Interest Rates for Next Distribution Date Notes CUSIP Spread Coupon Rate Notes LA2 0.83% % LIBOR Rate for Accrual Period % First Date in Accrual Period 6/26/17 Last Date in Accrual Period 7/24/17 Days in Accrual Period 29 XIV. CPR Rate Distribution Date Adjusted Pool Balance Current Monthly CPR *** Annual Cumulative CPR Prepayment Volume 8/27/ ,645, % 18.30% 11,693, /25/ ,052, % 21.64% 6,747, /25/ ,317, % 23.65% 6,748, /26/ ,549, % 21.75% 2,608, /26/ ,171, % 19.99% 2,005, /25/ ,125, % 19.25% 3,010, /25/ ,079, % 18.20% 2,082, /25/ ,046, % 17.44% 2,247, /25/ ,767, % 16.80% 2,220, /28/ ,229, % 16.40% 2,568, /25/ ,216, % 15.89% 2,075, /25/ ,210, % 15.37% 1,832, /26/ ,174, % 14.87% 2,430, /25/ ,973, % 13.55% 2,458, /25/ ,560, % 11.44% 1,291, /25/ ,278, % 11.51% 2,376, /26/ ,985, % 12.15% 3,122, /27/ ,021, % 12.13% 2,476, /25/ ,762, % 12.16% 1,784, /25/ ,112, % 12.36% 2,274, /25/ ,082, % 12.73% 2,589, /27/ ,454, % 14.43% 5,341, /25/ ,891, % 14.55% 1,879, /25/ ,113, % 15.03% 2,370, /25/ ,809, % 15.14% 2,150, /25/ ,855, % 15.28% 2,226, /27/ ,676, % 15.93% 2,191, /25/ ,928, % 16.18% 2,324, /26/ ,987, % 15.43% 1,240, /26/ ,890, % 15.47% 2,058, /25/ ,169, % 15.72% 1,821, /25/ ,705, % 15.80% 1,944, /27/ ,140, % 15.92% 2,216, /26/ ,202, % 14.11% 1,696, /25/ ,832, % 14.15% 1,547, /27/ ,557, % 14.04% 1,725, /25/ ,285, % 13.87% 1,464, /25/ ,181, % 13.55% 1,275, /26/ ,210, % 13.28% 1,395, /25/ ,218, % 12.88% 1,316, /28/ ,218, % 12.97% 1,106, /25/ ,496, % 12.85% 1,531, /25/ ,404, % 12.63% 1,177, /25/ ,679, % 12.44% 1,351, /25/ ,092, % 12.17% 1,470, /25/ ,094, % 12.03% 1,219, /27/ ,326, % 12.27% 1,593, /25/ ,264, % 11.87% 912, /25/ ,765, % 11.62% 897, /26/ ,282, % 11.96% 1,478, /25/ ,363, % 11.96% 1,155, /25/ ,733, % 11.63% 668, /27/ ,536, % 11.91% 1,250, /25/ ,788, % 11.75% 1,084, /27/ ,350, % 11.76% 996, /27/ ,976, % 11.72% 1,110, /25/ ,532, % 11.90% 1,444, /25/ ,670, % 11.87% 981, /26/ ,160, % 11.87% 1,340, /25/ ,534, % 12.71% 1,671, *** Revised Annual Cumulative CPR to only include last 12 periods or annualize if less than 12 periods XV. Items to Note Page 10 of 10