Corporate Trust Services One Federal Street, 3rd Floor Boston, MA 02110 THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO THE BENEFICIAL OWNERS OF THE SUBJECT SECURITIES. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS AND OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO EXPEDITE RE-TRANSMITTAL TO SUCH BENEFICIAL OWNERS IN A TIMELY MANNER. Informational Notice to Holders of Notes (the “Noteholders”) of THE NATIONAL COLLEGIATE STUDENT LOAN TRUST 2005-3 Student Loan Asset Backed Notes (the “Notes”) and the other parties listed on Schedule A (Classes and CUSIPs are listed on Exhibit A attached hereto) Regarding the Scheduled Bankruptcy Court Hearing for Plan Solicitation and Disclosure Statement Matters We refer you to our prior notice dated January 12, 2010 in which we notified you of the filing of the Motion For An Order (A) Approving the Disclosure Statement, (B) Temporarily Allowing Claims For Voting Purposes, (C) Establishing Procedures For Confirmation of the Plan, (D) Establishing Plan Solicitation and Voting Procedures and (E) Approving Forms of Notices and Ballots (the “Motion”). This notice corrects the information previously provided regarding the Bankruptcy Court location for the scheduled hearing on the Motion. NOTICE IS HEREBY given to the Noteholders that a hearing to consider the Motion has been scheduled for February 8, 2010 at 10:00 a.m. (EST) at the Bankruptcy Court located at United States Courthouse, 300 State Street, Springfield, MA 01105 (not in Worcester as stated in the original notice). Objections, if any, to the entry of an Order approving the Motion should (a) be in writing, (b) comply with the Bankruptcy Rules and the Local Bankruptcy Rules of the Court, (c) set forth the name of the objectant, the nature and amount of any claim or interest alleged by such objectant against the estate or the property of the Debtor, (d) state with particularity the legal and factual basis for the objection, (e) be served upon (i) Goodwin Procter LLP, Exchange Place, Boston, MA, Attention: Daniel M. Glosband and Gina Lynn Martin, (ii) Duane Morris LLP, Counsel to the Official Committee of Unsecured Creditors, 470 Atlantic Avenue, Boston, MA 02210 Attention: Jeffrey D. Sternklar and (iii) the Office of the United States Trustee for the District of Massachusetts, 5 Post Office Square, Suite 1000, Boston, MA 02109 Attention: Eric K. Bradford and (f) be filed with the Clerk at the United States Bankruptcy Court for the District of Massachusetts by no later than 4:30 p.m. (EST) on February 5, 2010. Please be advised that the hearing to consider the Motion may be adjourned from time to time without further notice to creditors or parties-in-interest other than an announcement of the adjourned date at the hearing. Noteholders should not rely on the Indenture Trustee or on this notice as their sole source of information. The Indenture Trustee does not by this notice assume any obligation to provide future notice to the Noteholders. The Indenture Trustee may in its sole discretion determine to inform Noteholders as developments are brought to its attention. The Indenture Trustee may conclude that a specific response to particular inquiries from individual Noteholders is not consistent with equal and full dissemination of 12854433.1 information to all Noteholders. The Indenture Trustee makes no recommendations and gives no legal or investment advice. Noteholders should seek their own legal advice concerning these matters. Noteholders with questions about this notice should direct them, in writing, to: James Byrnes, Vice President, U.S. Bank National Association, One Federal Street, 3rd Floor, Boston, MA 02110 or by email: [email protected]. Noteholders with other questions may contact U.S. Bank at (800) 934-6802, option #4. U.S. Bank National Association, January 19, 2010 as Indenture Trustee 12854433.1 - 2 - EXHIBIT A Class CUSIP A-5-1 (no cusip) A-5-2 (no cusip) A-5-3 (no cusip) A-5-4 (no cusip) A-5-5 (no cusip) A-5-6 (no cusip) A-5-7 (no cusip) A-5-8 (no cusip) A-5-9 (no cusip) A-5-10 (no cusip) A-5-11 (no cusip) A-5-12 (no cusip) A-5-13 (no cusip) A-5-14 (no cusip) A-5-15 (no cusip) A-5-16 (no cusip) A-5-17 (no cusip) A-5-18 (no cusip) A-5-19 (no cusip) A-5-20 (no cusip) A-5-21 (no cusip) A-5-22 (no cusip) A-5-23 (no cusip) *The above CUSIP numbers are included solely for the convenience of the Noteholders. The Indenture Trustee is not responsible for the selection or use of the CUSIP numbers, or for the accuracy of CUSIP numbers printed on the securities or indicated in this notice. 12854433.1 Schedule A Other Addressees Wilmington Trust Company, as Owner Trustee First Marblehead Data Services, Inc. Rodney Square North The Prudential Tower 1100 North Market Street 800 Boylston Street Wilmington , Delaware 19890 34th Floor Attention: Corporate Trust Boston, Massachusetts 02199-8157 Administration Attention: Ms. Rosalyn Bonaventure The First Marblehead Corporation First Marblehead Data Services, Inc. The Prudential Tower The Prudential Tower 800 Boylston Street 800 Boylston Street 34th Floor 34th Floor Boston, Massachusetts 02199-8157 Boston, Massachusetts 02199-8157 Attention: Controller Attention: Corporate Law Department The First Marblehead Corporation The Prudential Tower 800 Boylston Street 34th Floor Boston, Massachusetts 02199-8157 Attention: Corporate Law Department 12854433.1 .