Page I. Principal Parties to the Transaction 1

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1 Indenture of Trust Series Higher Education Loan Authority of the State of Missouri Quarterly Servicing Report Quarterly Distribution Date: 3/27/2017 Collection Period Ending: 2/28/2017 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 810 Distribution of the Student Loans by Geographic Location Distribution of the Student Loans by Guarantee Agency Distribution of the Student Loans by Number 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 11/30/2016 Activity 2/28/2017 i. Portfolio Principal Balance 239,749, ,876, ,873, ii. Interest Expected to be Capitalized 1,764, ,058, iii. Pool Balance (i + ii) 241,513, ,931, iv. Adjusted Pool Balance (Pool Balance + Capitalized Interest Fund + Reserve Fund Balance) 242,388, ,806, v. Other Accrued Interest 4,345, ,079, vi. Weighted Average Coupon (WAC) 5.009% 5.008% vii. Weighted Average Remaining Months to Maturity (WARM) viii. Number of Loans 47,866 45,913 ix. Number of Borrowers 26,989 25,831 x. Average Borrower Indebtedness 8, , xi. Portfolio Yield ((Trust Income Trust Expenses) / (Student Loans + Cash)) 0.014% 0.023% xii. Parity Ratio (Adjusted Pool Balance / Bond Outstanding after Distributions) % % Adjusted Pool Balance 242,388, ,806, Bond Outstanding after Distribution 223,840, ,257, Informational Purposes Only: Cash in Transit at month end 521, , Outstanding Debt Adjusted for Cash in Transit 223,318, ,512, Pool Balance to Original Pool Balance 41.40% 39.93% Adjusted Parity Ratio (includes cash in transit used to pay down debt) % % B. Notes CUSIP Spread Coupon Rate 12/26/2016 % Interest Due 3/27/2017 % i. Class A1 Notes KZ8 0.85% % 223,840, ,033, ,257, iii. Total Notes 223,840, ,033, ,257, LIBOR Rate Notes: Collection Period: Record Date 3/24/2017 LIBOR Rate for Accrual Period % First Date in Collection Period 12/1/2016 Distribution Date 3/27/2017 First Date in Accrual Period 12/27/2016 Last Date in Collection Period 2/28/2017 Last Date in Accrual Period 3/26/2017 Days in Accrual Period 90 C. Reserve Fund 11/30/2016 2/28/2017 i. Required Reserve Fund Balance 0.25% 0.25% ii. Specified Reserve Fund Balance 874, , iii. Reserve Fund Floor Balance 874, , iv. Reserve Fund Balance after Distribution Date 874, , D. Other Fund Balances 11/30/2016 2/28/2017 i. Collection Fund* 10,862, ,311, ii. Capitalized Interest Fund iii. Department Rebate Fund 1,334, ,190, iv. Acquisition Fund (* For further information regarding Fund detail, see Section VI K, "Collection Fund Reconciliation".) Total Fund Balances 13,071, ,377, Page 2 of 10

3 IV. Transactions for the Time Period 12/1/20162/28/2017 A. Student Loan Principal Collection Activity i. Regular Principal Collections 4,768, ii. Principal Collections from Guarantor 2,308, iii. Principal Repurchases/Reimbursements by Servicer iv. Principal Repurchases/Reimbursements by Seller v. Paydown due to Loan Consolidation 3,397, vi. Other System Adjustments vii. Total Principal Collections 10,474, B. Student Loan NonCash Principal Activity i. Principal Realized Losses Claim WriteOffs 2, ii. Principal Realized Losses Other iii. Other Adjustments 9, iv. Capitalized Interest (1,110,796.17) v. Total NonCash Principal Activity (1,099,324.10) C. Student Loan Principal Additions i. New Loan Additions (499,221.12) ii. Total Principal Additions (499,221.12) D. Total Student Loan Principal Activity (Avii + Bv + Cii) 8,876, E. Student Loan Interest Activity i. Regular Interest Collections 1,333, ii. Interest Claims Received from Guarantors 72, iii. Late Fees & Other 20, iv. Interest Repurchases/Reimbursements by Servicer v. Interest Repurchases/Reimbursements by Seller vi. Interest due to Loan Consolidation 63, vii. Other System Adjustments viii. Special Allowance Payments (1,262,105.62) ix. Interest Benefit Payments 266, x. Total Interest Collections 493, F. Student Loan NonCash Interest Activity i. Interest Losses Claim Writeoffs 43, ii. Interest Losses Other iii. Other Adjustments (1,862,694.79) iv. Capitalized Interest 1,110, v. Total NonCash Interest Adjustments (708,710.91) G. Student Loan Interest Additions i. New Loan Additions (22,274.07) ii. Total Interest Additions (22,274.07) H. Total Student Loan Interest Activity (Ex + Fv + Gii) (237,078.15) I. Defaults Paid this Quarter (Aii + Eii) 2,381, J. Cumulative Defaults Paid to Date 122,650, K. Interest Expected to be Capitalized Interest Expected to be Capitalized Beginning (III Aii) 11/30/2016 1,764, Interest Capitalized into Principal During Collection Period (Biv) (1,110,796.17) Change in Interest Expected to be Capitalized 1,404, Interest Expected to be Capitalized Ending (III Aii) 2/28/2017 2,058, Page 3 of 10

4 V. Cash Receipts for the Time Period 12/1/20162/28/2017 A. Principal Collections i. Principal Payments Received Cash 7,076, ii. Principal Received from Loans Consolidated 3,397, iii. Principal Payments Received Servicer Repurchases/Reimbursements iv. Principal Payments Received Seller Repurchases/Reimbursements v. Total Principal Collections 10,474, B. Interest Collections i. Interest Payments Received Cash 1,406, ii. Interest Received from Loans Consolidated 63, iii. Interest Payments Received Special Allowance and Interest Benefit Payments (996,045.75) iv. Interest Payments Received Servicer Repurchases/Reimbursements v. Interest Payments Received Seller Repurchases/Reimbursements vi. Late Fees & Other 20, vii. Total Interest Collections 493, C. Other Reimbursements D. Investment Earnings 7, E. Total Cash Receipts during Collection Period 10,976, VI. Cash Payment Detail and Available Funds for the Time Period 12/1/20162/28/2017 Funds Previously Remitted: Collection Account A. Joint Sharing Agreement Payments B. Trustee Fees C. Servicing Fees (422,590.75) D. Senior Administration Fees and Subordinate Administration Fees (30,185.05) E. Transfer to Department Rebate Fund (852,879.86) F. Monthly Rebate Fees (239,139.67) G. Interest Payments on Notes (1,015,981.57) H. Transfer to Reserve Fund I. Principal Payments on Notes, including Principal Distribution Amount and any additional principal payments (9,096,651.73) J. Carryover Servicing Fees K. Collection Fund Reconciliation i. Beginning Balance: 11/30/ ,862, ii. Principal Paid During Collection Period (I) (9,096,651.73) iii. Interest Paid During Collection Period (G) (1,015,981.57) iv. Deposits During Collection Period (VAv + VBvii + VC) 10,968, v. Deposits in Transit 129, vi. Payments out During Collection Period (A + B + C + D + E + F + H + J) (1,544,795.33) vii. Total Investment Income Received for Quarter (VD) 7, viii. Funds transferred from the Acquisition Fund 0.00 ix. Funds transferred from the Capitalized Interest Fund 0.00 x. Funds transferred from the Department Rebate Fund 0.00 xi. Funds transferred from the Reserve Fund 0.00 xii. Funds Available for Distribution 10,311, Page 4 of 10

5 VII. Waterfall for Distribution Distributions Remaining Funds Balance A. Total Available Funds For Distribution 10,311, ,311, B. Joint Sharing Agreement Payments, repurchases, misc wire receipt ,311, C. Trustee Fee 12, ,298, D. Senior Servicing Fee 137, ,161, E. Senior Administration Fee 9, ,151, F. Department Rebate Fund 253, ,898, G. Monthly Rebate Fees 78, ,819, H. Interest Payments on Notes 1,033, ,786, I. Reserve Fund Deposits 8,786, J. Principal Distribution Amount 8,582, , L. Subordinate Administration Fee 203, N. Carryover Servicing Fees 0.00 O. Additional Principal 0.00 Page 5 of 10

6 VIII. Distributions A. Distribution Amounts Combined Class A1 i. Quarterly Interest Due 1,033, ,033, ii. Quarterly Interest Paid 1,033, ,033, iii. Interest Shortfall iv. Interest Carryover Due v. Interest Carryover Paid vi. Interest Carryover vii. Quarterly Principal Paid 8,582, ,582, viii. Total Distribution Amount 9,616, ,616, B. E. Principal Distribution Amount Reconciliation Note Balances 12/26/2016 Paydown Factors 3/27/2017 i. Adjusted Pool Balance as of 11/30/ ,388, i. Total Note Factor ii. Adjusted Pool Balance as of 2/28/ ,806, iii. Excess 8,582, ii. A1 Note Balance 223,840, ,257, iv. Principal Shortfall for preceding Distribution Date A1 Note Pool Factor v. Amounts Due on a Note Final Maturity Date vi. Total Principal Distribution Amount as defined by Indenture 8,582, vii. Actual Principal Distribution Amount based on amounts in Collection Fund 8,582, viii. Principal Distribution Amount Shortfall ix. Noteholders' Principal Distribution Amount 8,582, Total Principal Distribution Amount Paid 8,582, C. Additional Principal Paid Additional Principal Balance Paid D. Reserve Fund Reconciliation i. Beginning Balance 11/30/ , ii. Amounts, if any, necessary to reinstate the balance iii. Total Reserve Fund Balance Available 874, iv. Required Reserve Fund Balance 874, v. Excess Reserve Apply to Unpaid Collection Fund vi. Ending Reserve Fund Balance 874, Page 6 of 10

7 IX. Portfolio Characteristics WAC Number of Loans WARM Principal Amount % Status 11/30/2016 2/28/ /30/2016 2/28/ /30/2016 2/28/ /30/2016 2/28/ /30/2016 2/28/2017 Interim: In School Subsidized Loans 3.649% 3.735% , , % 0.26% Unsubsidized Loans 3.387% 3.444% , , % 0.23% Grace Subsidized Loans 3.424% 3.112% , , % 0.08% Unsubsidized Loans 3.596% 3.003% , , % 0.09% Total Interim 3.520% 3.459% ,642, ,508, % 0.65% Repayment Active 030 Days Delinquent 5.036% 5.020% 34,355 31, ,641, ,221, % 65.50% 3160 Days Delinquent 4.958% 5.248% 1,647 1, ,029, ,899, % 3.42% 6190 Days Delinquent 5.072% 5.188% 1, ,649, ,189, % 1.81% Days Delinquent 5.168% 4.977% ,794, ,987, % 1.29% Days Delinquent 5.109% 4.604% ,551, ,521, % 1.09% Days Delinquent 5.210% 4.766% 1, ,503, ,105, % 0.91% Days Delinquent 4.640% 5.281% ,300, ,186, % 0.51% Days Delinquent 5.440% 4.928% ,241, ,159, % 0.50% Days Delinquent 4.793% 5.109% ,223, ,641, % 1.14% Days Delinquent 4.754% 4.733% , ,919, % 0.83% >300 Days Delinquent 6.800% 6.800% , , % 0.00% Deferment Subsidized Loans 4.360% 4.404% 2,365 2, ,881, ,247, % 3.57% Unsubsidized Loans 4.701% 4.818% 2,004 1, ,045, ,493, % 4.54% Forbearance Subsidized Loans 4.778% 4.749% 1,098 2, ,454, ,137, % 4.82% Unsubsidized Loans 5.720% 5.527% 1,121 2, ,160, ,107, % 8.28% Total Repayment 5.017% 5.021% 46,881 45, ,091, ,820, % 98.24% Claims In Process 5.154% 4.782% ,015, ,544, % 1.10% Aged Claims Rejected 0.00% 0.00% Grand Total 5.009% 5.008% 47,866 45, ,749, ,873, X. Portfolio Characteristics by School and Program as of 2/28/2017 XI. Servicer Totals 2/28/ ,873, Mohela Loan Type WAC WARM Number of Loans Principal Amount % AES Consolidation Subsidized 6.209% 167 2,058 22,777, % 230,873, Total Consolidation Unsubsidized 5.788% 169 4,896 64,415, % Stafford Subsidized 4.046% ,052 62,786, % Stafford Unsubsidized 4.109% ,749 67,322, % PLUS Loans 8.201% 112 2,158 13,570, % Total 5.008% , ,873, School Type 4 Year College 5.057% , ,714, % Graduate 4.220% , % Proprietary, Tech, Vocational and Other 4.769% 157 6,467 39,988, % 2 Year College 5.068% 137 6,868 25,043, % Total 5.008% , ,873, Page 7 of 10

8 XII. Collateral Tables as of 2/28/2017 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 1,722 7,300, % Armed Forces Africa 17 56, % 708 CSLP % Alaska , % 712 FGLP % Alabama 301 1,773, % 717 ISAC , % Armed Forces Pacific 5 6, % % Arkansas 2,703 14,321, % 721 KHEAA , % American Somoa % 722 LASFAC % Arizona 411 2,920, % 723FAME % California 2,551 15,557, % 725 ASA , % Colorado 401 2,179, % 726 MHEAA % Connecticut , % 729 MDHE 28, ,230, % District of Columbia , % 730 MGSLP 3 5, % Delaware , % 731 NSLP 3,506 17,301, % Florida 702 4,176, % 734 NJ HIGHER ED % Georgia 654 4,637, % 736 NYSHESC 6 43, % Guam 2 1, % 740 OGSLP 6 3, % Hawaii , % 741 OSAC % Iowa , % 742 PHEAA 2,822 41,188, % Idaho , % 744 RIHEAA % Illinois 1,822 9,402, % 746 EAC % Indiana 189 1,170, % 747 TSAC % Kansas 1,209 5,140, % 748 TGSLC 499 2,002, % Kentucky , % 751 ECMC 1 12, % Louisiana 264 1,669, % 753 NELA 1 3, % Massachusetts 157 1,080, % 755 GLHEC 2,653 10,471, % Maryland 205 1,340, % 800 USAF 4,231 19,519, % Maine , % 836 USAF , % Michigam 151 1,034, % 927 ECMC 631 2,769, % Minnesota 201 1,481, % 951 ECMC 1,345 6,553, % Missouri 22,106 98,259, % Mariana Islands 2 4, % 45, ,873, Mississippi 5,339 26,479, % Montana , % Distribution of the Student Loans by # of Months Remaining Until Scheduled Maturity North Carolina 346 2,218, % Number of Months Number of Loans Principal Balance Percent by Principal North Dakota , % 0 TO 23 3,496 2,519, % Nebraska , % 24 TO 35 3,047 4,008, % New Hampshire , % 36 TO 47 3,105 6,177, % New Jersey , % 48 TO 59 2,907 7,721, % New Mexico , % 60 TO 71 2,706 9,442, % Nevada 122 1,101, % 72 TO 83 2,287 8,634, % New York 278 1,999, % 84 TO 95 1,951 8,451, % Ohio 191 1,109, % 96 TO 107 2,384 12,421, % Oklahoma 368 1,645, % 108 TO 119 3,738 20,998, % Oregon 347 1,850, % 120 TO 131 5,433 29,424, % Pennsylvania 166 1,631, % 132 TO 143 5,308 31,155, % Puerto Rico , % 144 TO 155 2,613 17,580, % Rhode Island 22 80, % 156 TO 167 1,401 10,638, % South Carolina 164 1,114, % 168 TO 179 1,025 9,484, % South Dakota , % 180 TO ,245, % Tennessee 642 3,457, % 192 TO ,865, % Texas 1,845 10,355, % 204 TO ,643, % Utah , % 216 TO ,901, % Virginia 254 1,718, % 228 TO ,819, % Virgin Islands 3 7, % 240 TO ,560, % Vermont 11 76, % 252 TO ,558, % Washington 379 1,810, % 264 TO ,739, % Wisconsin , % 276 TO ,612, % West Virginia , % 288 TO ,599, % Wyoming 12 22, % 300 TO , % 312 TO , % 324 TO , % 336 TO , % 45, ,873, TO , % *Based on billing addresses of borrowers shown on servicer's records. 361 AND GREATER 75 1,365, % 45, ,873, Page 8 of 10

9 XII. Collateral Tables as of 2/28/2017 (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 40, ,716, % REPAY YEAR ,203, % 31 to 60 1,343 7,899, % REPAY YEAR ,075, % 61 to ,189, % REPAY YEAR ,726, % 91 to ,987, % REPAY YEAR 4 44, ,867, % 121 and Greater 2,729 14,081, % Total 45, ,873, Total 45, ,873, Distribution of the Student Loans by Range of Principal Balance Distribution of the Student Loans by Interest Rate Principal balance Number of Loans Principal Balance Percent by Principal Interest Rate Number of Loans Principal Balance Percent by Principal CREDIT BALANCE 70 (3,637.48) 0.00% 1.99% OR LESS 849 1,689, % OR LESS 3, , % 2.00% TO 2.49% 5,453 18,067, % TO ,137 3,130, % 2.50% TO 2.99% 16,658 63,545, % TO ,807 11,588, % 3.00% TO 3.49% 1,049 5,160, % TO ,287 18,331, % 3.50% TO 3.99% 489 4,260, % TO ,987 17,444, % 4.00% TO 4.49% 617 6,595, % TO ,412 37,178, % 4.50% TO 4.99% 681 8,368, % TO ,764 32,390, % 5.00% TO 5.49% 508 7,619, % TO ,763 15,721, % 5.50% TO 5.99% 481 6,858, % TO ,031 25,016, % 6.00% TO 6.49% 762 7,238, % TO ,069, % 6.50% TO 6.99% 14,570 63,199, % TO ,965, % 7.00% TO 7.49% 1,400 18,463, % TO ,413, % 7.50% TO 7.99% 145 2,820, % TO ,242, % 8.00% TO 8.49% 593 6,189, % TO ,140, % 8.50% TO 8.99% 1,653 10,685, % TO ,560, % 9.00% OR GREATER 5 110, % TO ,870, % Total 45, ,873, TO ,684, % TO ,497, % TO ,550, % Distribution of the Student Loans by SAP Interest Rate Index TO ,694, % SAP Interest Rate Number of Loans Principal Balance Percent by Principal TO ,232, % ONE MONTH LIBOR 44, ,494, % TO ,082, % 91 DAY TBILL INDEX 1,341 4,378, % TO , % Total 45, ,873, TO , % AND GREATER 37 4,695, % Total 45, ,873, Distribution of the Student Loans by Date of Disbursement (Dates Correspond to changes in Special Allowance Payment) Disbursement Date Number of Loans Principal Balance Percent by Principal POSTOCTOBER 1, ,220 28,664, % PREAPRIL 1, , ,197, % PREOCTOBER 1, , % PREOCTOBER 1, , ,668, % Total 45, ,873, Page 9 of 10

10 Distribution of the Student Loans by Date of Disbursement (Date Corresponds to Changes in Guaranty Percentages) Disbursement Date Number of Loans Principal Balance Percent by Principal PRIOR TO OCTOBER 1, , % October 1, 1993 JUNE 30, , ,837, % JULY 1, 2006 PRESENT 20, ,693, % Total 45, ,873, XIII. Interest Rates for Next Distribution Date Class of Notes CUSIP Spread Coupon Rate A1 Notes KZ8 0.85% % LIBOR Rate for Accrual Period % First Date in Accrual Period 12/27/16 Last Date in Accrual Period 3/26/17 Days in Accrual Period 90 XIV. CPR Rate Distribution Date Adjusted Pool Balance Current Quarter CPR Cumulative CPR Prepayment Volume 12/27/ ,246, % 2.14% 12,691, /26/ ,635, % 4.54% 14,235, /25/ ,466, % 7.82% 19,474, /25/ ,007, % 12.64% 28,560, /26/ ,440, % 13.30% 13,510, /25/ ,874, % 13.70% 13,883, /25/ ,001, % 13.33% 14,185, ` 9/25/ ,778, % 11.05% 12,176, /26/ ,032, % 10.80% 10,295, /25/ ,436, % 10.57% 10,813, /25/ ,729, % 10.83% 13,252, /25/ ,986, % 11.02% 11,154, /26/ ,309, % 11.70% 11,269, /25/ ,079, % 12.21% 11,054, /25/ ,862, % 12.16% 10,900, /25/ ,373, % 12.21% 9,439, /28/ ,778, % 11.44% 6,830, /25/ ,991, % 11.00% 8,000, /27/ ,668, % 10.63% 8,183, /26/ ,028, % 10.40% 7,445, /27/ ,704, % 10.67% 6,561, /27/ ,388, % 10.61% 6,733, XV. Items to Note Effective 4/1/12, the 90 day CP SAP Index was changed to 1 month LIBOR. VII WATERFALL Reflects Servicing and Admin Fees Accrued for February to be paid March 27th. Page 10 of 10