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      <Form990PartVIISectionAGrp>
        <PersonNm>TAMMY HARRALSON</PersonNm>
        <TitleTxt>CONTROLLER / VP</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>10.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
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        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>35550</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>JANICE WHITE</PersonNm>
        <TitleTxt>VP ADMINISTRATION</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>3.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>205335</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>28416</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>ANDREW ELLIS</PersonNm>
        <TitleTxt>VP, HUMAN RESOURCES</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>180997</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>36459</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>DANIEL REYNA</PersonNm>
        <TitleTxt>INTERNAL AUDIT DIRECTOR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>8.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>153601</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>26630</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JAMES MCINNIS</PersonNm>
        <TitleTxt>TREASURER</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>9.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>112269</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>23321</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>SUSAN DAVIS</PersonNm>
        <TitleTxt>ASSISTANT SECRETARY</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>10.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>103935</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>21930</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>RAY RUSHING</PersonNm>
        <TitleTxt>SECRETARY</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>9.00</AverageHoursPerWeekRltdOrgRt>
        <OfficerInd>X</OfficerInd>
        <ReportableCompFromOrgAmt>0</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>0</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>JUSTIN GREEN</PersonNm>
        <TitleTxt>FINANCIAL SERVICE DIR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>218103</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>42455</OtherCompensationAmt>
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      <Form990PartVIISectionAGrp>
        <PersonNm>JOHN M WRIGHT</PersonNm>
        <TitleTxt>BUSINESS ANALYTICS DIR</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>198562</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>30194</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DEBRA URIAS</PersonNm>
        <TitleTxt>VP CUSTOMER RELATIONS</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>177500</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>27504</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>SARAH MACCARTHY</PersonNm>
        <TitleTxt>PROJECT MANAGEMENT</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>177393</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>29907</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>REBECCA HARLAND</PersonNm>
        <TitleTxt>LOAN ADMIN MANAGER</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <HighestCompensatedEmployeeInd>X</HighestCompensatedEmployeeInd>
        <ReportableCompFromOrgAmt>163465</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>34395</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>DAVID HORNER</PersonNm>
        <TitleTxt>FORMER EVP</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>8.00</AverageHoursPerWeekRltdOrgRt>
        <FormerOfcrDirectorTrusteeInd>X</FormerOfcrDirectorTrusteeInd>
        <ReportableCompFromOrgAmt>403072</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>51287</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>KELLI VILLARRIAL</PersonNm>
        <TitleTxt>FORMER VP, ASSOC GEN COUNSEL</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>8.00</AverageHoursPerWeekRltdOrgRt>
        <FormerOfcrDirectorTrusteeInd>X</FormerOfcrDirectorTrusteeInd>
        <ReportableCompFromOrgAmt>287038</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>40638</OtherCompensationAmt>
      </Form990PartVIISectionAGrp>
      <Form990PartVIISectionAGrp>
        <PersonNm>MILICENT LARSON</PersonNm>
        <TitleTxt>FORMER EXEC DIR / BRAZOS FND</TitleTxt>
        <AverageHoursPerWeekRt>40.00</AverageHoursPerWeekRt>
        <AverageHoursPerWeekRltdOrgRt>0.00</AverageHoursPerWeekRltdOrgRt>
        <FormerOfcrDirectorTrusteeInd>X</FormerOfcrDirectorTrusteeInd>
        <ReportableCompFromOrgAmt>142996</ReportableCompFromOrgAmt>
        <ReportableCompFromRltdOrgAmt>0</ReportableCompFromRltdOrgAmt>
        <OtherCompensationAmt>35908</OtherCompensationAmt>
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      <TotalReportableCompFromOrgAmt>6483831</TotalReportableCompFromOrgAmt>
      <TotReportableCompRltdOrgAmt>0</TotReportableCompRltdOrgAmt>
      <TotalOtherCompensationAmt>798692</TotalOtherCompensationAmt>
      <IndivRcvdGreaterThan100KCnt>27</IndivRcvdGreaterThan100KCnt>
      <FormerOfcrEmployeesListedInd>1</FormerOfcrEmployeesListedInd>
      <TotalCompGreaterThan150KInd>1</TotalCompGreaterThan150KInd>
      <CompensationFromOtherSrcsInd>0</CompensationFromOtherSrcsInd>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1>MURRAY WATSON &amp; ASSOCIATES</BusinessNameLine1>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1>2600 WASHINGTON AVE</AddressLine1>
            <City>WACO</City>
            <State>TX</State>
            <ZIPCode>76710</ZIPCode>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>LEGAL</ServicesDesc>
        <CompensationAmt>670965</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1>SAYLOR CONSULTING SERVICES LLC</BusinessNameLine1>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1>9 NORTHVIEW AVE</AddressLine1>
            <City>MONTCLAIR</City>
            <State>NJ</State>
            <ZIPCode>07043</ZIPCode>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSULTING SERVICES</ServicesDesc>
        <CompensationAmt>582977</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1>GRADUATE LEVERAGE</BusinessNameLine1>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1>400 5TH AVE SUITE 205</AddressLine1>
            <City>WALTHAM</City>
            <State>MA</State>
            <ZIPCode>02451</ZIPCode>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>STUDENT LOAN CONSULTING</ServicesDesc>
        <CompensationAmt>500000</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1>ERNST &amp; YOUNG LLP</BusinessNameLine1>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1>3712 SOLUTION CENTER</AddressLine1>
            <City>CHICAGO</City>
            <State>IL</State>
            <ZIPCode>60677</ZIPCode>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>AUDIT SERVICES</ServicesDesc>
        <CompensationAmt>437949</CompensationAmt>
      </ContractorCompensationGrp>
      <ContractorCompensationGrp>
        <ContractorName>
          <BusinessName>
            <BusinessNameLine1>HES NEW VENTURES LLC</BusinessNameLine1>
          </BusinessName>
        </ContractorName>
        <ContractorAddress>
          <USAddress>
            <AddressLine1>245 W CHOCOLATE AVE</AddressLine1>
            <City>HERSHEY</City>
            <State>PA</State>
            <ZIPCode>17033</ZIPCode>
          </USAddress>
        </ContractorAddress>
        <ServicesDesc>CONSULTING SERVICES</ServicesDesc>
        <CompensationAmt>310420</CompensationAmt>
      </ContractorCompensationGrp>
      <CntrctRcvdGreaterThan100KCnt>9</CntrctRcvdGreaterThan100KCnt>
      <ProgramServiceRevenueGrp>
        <Desc>OPERATING INCOME</Desc>
        <BusinessCd>522294</BusinessCd>
        <TotalRevenueColumnAmt>11510486</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>11510486</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>BENEFICIAL INTEREST (M&amp;O)</Desc>
        <BusinessCd>522294</BusinessCd>
        <TotalRevenueColumnAmt>3113096</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>3113096</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>ADMINISTRATIVE SERVICES INCOME</Desc>
        <BusinessCd>522294</BusinessCd>
        <TotalRevenueColumnAmt>572177</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>130000</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>442177</UnrelatedBusinessRevenueAmt>
      </ProgramServiceRevenueGrp>
      <ProgramServiceRevenueGrp>
        <Desc>AMORTIZATION OF DEFERRED INCOME</Desc>
        <BusinessCd>522294</BusinessCd>
        <TotalRevenueColumnAmt>11118</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>11118</RelatedOrExemptFuncIncomeAmt>
      </ProgramServiceRevenueGrp>
      <TotalProgramServiceRevenueAmt>15206877</TotalProgramServiceRevenueAmt>
      <InvestmentIncomeGrp>
        <TotalRevenueColumnAmt>710177</TotalRevenueColumnAmt>
        <UnrelatedBusinessRevenueAmt>82984</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>627193</ExclusionAmt>
      </InvestmentIncomeGrp>
      <GrossRentsGrp>
        <RealAmt>22309</RealAmt>
      </GrossRentsGrp>
      <LessRentalExpensesGrp>
        <RealAmt>0</RealAmt>
      </LessRentalExpensesGrp>
      <RentalIncomeOrLossGrp>
        <RealAmt>22309</RealAmt>
      </RentalIncomeOrLossGrp>
      <NetRentalIncomeOrLossGrp>
        <TotalRevenueColumnAmt>22309</TotalRevenueColumnAmt>
        <ExclusionAmt>22309</ExclusionAmt>
      </NetRentalIncomeOrLossGrp>
      <GrossAmountSalesAssetsGrp>
        <SecuritiesAmt>5049000</SecuritiesAmt>
      </GrossAmountSalesAssetsGrp>
      <LessCostOthBasisSalesExpnssGrp>
        <SecuritiesAmt>4743000</SecuritiesAmt>
        <OtherAmt>7660000</OtherAmt>
      </LessCostOthBasisSalesExpnssGrp>
      <GainOrLossGrp>
        <SecuritiesAmt>306000</SecuritiesAmt>
        <OtherAmt>-7660000</OtherAmt>
      </GainOrLossGrp>
      <NetGainOrLossInvestmentsGrp>
        <TotalRevenueColumnAmt>-7354000</TotalRevenueColumnAmt>
        <ExclusionAmt>-7354000</ExclusionAmt>
      </NetGainOrLossInvestmentsGrp>
      <OtherRevenueMiscGrp>
        <Desc>MISCELLANEOUS REVENUE</Desc>
        <BusinessCd>522294</BusinessCd>
        <TotalRevenueColumnAmt>144307</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>144307</RelatedOrExemptFuncIncomeAmt>
      </OtherRevenueMiscGrp>
      <OtherRevenueTotalAmt>144307</OtherRevenueTotalAmt>
      <TotalRevenueGrp>
        <TotalRevenueColumnAmt>8729670</TotalRevenueColumnAmt>
        <RelatedOrExemptFuncIncomeAmt>14909007</RelatedOrExemptFuncIncomeAmt>
        <UnrelatedBusinessRevenueAmt>525161</UnrelatedBusinessRevenueAmt>
        <ExclusionAmt>-6704498</ExclusionAmt>
      </TotalRevenueGrp>
      <GrantsToDomesticOrgsGrp>
        <TotalAmt>139160</TotalAmt>
        <ProgramServicesAmt>139160</ProgramServicesAmt>
      </GrantsToDomesticOrgsGrp>
      <CompCurrentOfcrDirectorsGrp>
        <TotalAmt>6343650</TotalAmt>
        <ProgramServicesAmt>5709285</ProgramServicesAmt>
        <ManagementAndGeneralAmt>634365</ManagementAndGeneralAmt>
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      <OtherSalariesAndWagesGrp>
        <TotalAmt>2288207</TotalAmt>
        <ProgramServicesAmt>2131284</ProgramServicesAmt>
        <ManagementAndGeneralAmt>156923</ManagementAndGeneralAmt>
      </OtherSalariesAndWagesGrp>
      <PensionPlanContributionsGrp>
        <TotalAmt>333044</TotalAmt>
        <ProgramServicesAmt>306991</ProgramServicesAmt>
        <ManagementAndGeneralAmt>26053</ManagementAndGeneralAmt>
      </PensionPlanContributionsGrp>
      <OtherEmployeeBenefitsGrp>
        <TotalAmt>874869</TotalAmt>
        <ProgramServicesAmt>791946</ProgramServicesAmt>
        <ManagementAndGeneralAmt>82923</ManagementAndGeneralAmt>
      </OtherEmployeeBenefitsGrp>
      <PayrollTaxesGrp>
        <TotalAmt>419447</TotalAmt>
        <ProgramServicesAmt>382314</ProgramServicesAmt>
        <ManagementAndGeneralAmt>37133</ManagementAndGeneralAmt>
      </PayrollTaxesGrp>
      <FeesForServicesManagementGrp>
        <TotalAmt>1150603</TotalAmt>
        <ProgramServicesAmt>117753</ProgramServicesAmt>
        <ManagementAndGeneralAmt>1032850</ManagementAndGeneralAmt>
      </FeesForServicesManagementGrp>
      <FeesForServicesLegalGrp>
        <TotalAmt>687297</TotalAmt>
        <ProgramServicesAmt>618652</ProgramServicesAmt>
        <ManagementAndGeneralAmt>68645</ManagementAndGeneralAmt>
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      <FeesForServicesAccountingGrp>
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        <ProgramServicesAmt>342723</ProgramServicesAmt>
        <ManagementAndGeneralAmt>37525</ManagementAndGeneralAmt>
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      <FeesForServicesLobbyingGrp>
        <TotalAmt>348000</TotalAmt>
        <ProgramServicesAmt>348000</ProgramServicesAmt>
      </FeesForServicesLobbyingGrp>
      <FeesForServicesOtherGrp>
        <TotalAmt>15406</TotalAmt>
        <ManagementAndGeneralAmt>15406</ManagementAndGeneralAmt>
      </FeesForServicesOtherGrp>
      <AdvertisingGrp>
        <TotalAmt>60257</TotalAmt>
        <ProgramServicesAmt>60257</ProgramServicesAmt>
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      <OfficeExpensesGrp>
        <TotalAmt>524011</TotalAmt>
        <ProgramServicesAmt>445177</ProgramServicesAmt>
        <ManagementAndGeneralAmt>78834</ManagementAndGeneralAmt>
      </OfficeExpensesGrp>
      <InformationTechnologyGrp>
        <TotalAmt>240996</TotalAmt>
        <ProgramServicesAmt>216906</ProgramServicesAmt>
        <ManagementAndGeneralAmt>24090</ManagementAndGeneralAmt>
      </InformationTechnologyGrp>
      <OccupancyGrp>
        <TotalAmt>294415</TotalAmt>
        <ProgramServicesAmt>266923</ProgramServicesAmt>
        <ManagementAndGeneralAmt>27492</ManagementAndGeneralAmt>
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      <TravelGrp>
        <TotalAmt>149869</TotalAmt>
        <ProgramServicesAmt>135807</ProgramServicesAmt>
        <ManagementAndGeneralAmt>14062</ManagementAndGeneralAmt>
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      <ConferencesMeetingsGrp>
        <TotalAmt>40184</TotalAmt>
        <ProgramServicesAmt>36643</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3541</ManagementAndGeneralAmt>
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      <DepreciationDepletionGrp>
        <TotalAmt>117065</TotalAmt>
        <ProgramServicesAmt>105692</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11373</ManagementAndGeneralAmt>
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      <InsuranceGrp>
        <TotalAmt>329979</TotalAmt>
        <ProgramServicesAmt>296981</ProgramServicesAmt>
        <ManagementAndGeneralAmt>32998</ManagementAndGeneralAmt>
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        <Desc>DUES/SUBSCRIPTIONS</Desc>
        <TotalAmt>112391</TotalAmt>
        <ProgramServicesAmt>101304</ProgramServicesAmt>
        <ManagementAndGeneralAmt>11087</ManagementAndGeneralAmt>
      </OtherExpensesGrp>
      <OtherExpensesGrp>
        <Desc>MISCELLANEOUS EXPENSE</Desc>
        <TotalAmt>95270</TotalAmt>
        <ProgramServicesAmt>76650</ProgramServicesAmt>
        <ManagementAndGeneralAmt>18620</ManagementAndGeneralAmt>
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      <OtherExpensesGrp>
        <Desc>ENTERTAINMENT</Desc>
        <TotalAmt>53746</TotalAmt>
        <ProgramServicesAmt>7272</ProgramServicesAmt>
        <ManagementAndGeneralAmt>46474</ManagementAndGeneralAmt>
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      <OtherExpensesGrp>
        <Desc>ADMINISTRATIVE EXPENSE</Desc>
        <TotalAmt>36171</TotalAmt>
        <ProgramServicesAmt>32554</ProgramServicesAmt>
        <ManagementAndGeneralAmt>3617</ManagementAndGeneralAmt>
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      <AllOtherExpensesGrp>
        <TotalAmt>16433</TotalAmt>
        <ProgramServicesAmt>16433</ProgramServicesAmt>
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      <TotalFunctionalExpensesGrp>
        <TotalAmt>15050718</TotalAmt>
        <ProgramServicesAmt>12686707</ProgramServicesAmt>
        <ManagementAndGeneralAmt>2364011</ManagementAndGeneralAmt>
        <FundraisingAmt>0</FundraisingAmt>
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      <CashNonInterestBearingGrp>
        <BOYAmt>10261251</BOYAmt>
        <EOYAmt>8879326</EOYAmt>
      </CashNonInterestBearingGrp>
      <SavingsAndTempCashInvstGrp>
        <BOYAmt>302890</BOYAmt>
        <EOYAmt>5140344</EOYAmt>
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      <AccountsReceivableGrp>
        <BOYAmt>237637</BOYAmt>
        <EOYAmt>605</EOYAmt>
      </AccountsReceivableGrp>
      <ReceivablesFromOfficersEtcGrp>
        <BOYAmt>579752</BOYAmt>
        <EOYAmt>630912</EOYAmt>
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      <OthNotesLoansReceivableNetGrp>
        <BOYAmt>7634306</BOYAmt>
        <EOYAmt>500000</EOYAmt>
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      <PrepaidExpensesDefrdChargesGrp>
        <BOYAmt>210844</BOYAmt>
        <EOYAmt>150409</EOYAmt>
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      <LandBldgEquipCostOrOtherBssAmt>2710834</LandBldgEquipCostOrOtherBssAmt>
      <LandBldgEquipAccumDeprecAmt>1565733</LandBldgEquipAccumDeprecAmt>
      <LandBldgEquipBasisNetGrp>
        <BOYAmt>1216378</BOYAmt>
        <EOYAmt>1145101</EOYAmt>
      </LandBldgEquipBasisNetGrp>
      <InvestmentsPubTradedSecGrp>
        <BOYAmt>9370535</BOYAmt>
        <EOYAmt>6620190</EOYAmt>
      </InvestmentsPubTradedSecGrp>
      <InvestmentsOtherSecuritiesGrp>
        <BOYAmt>3323076</BOYAmt>
        <EOYAmt>7323076</EOYAmt>
      </InvestmentsOtherSecuritiesGrp>
      <OtherAssetsTotalGrp>
        <BOYAmt>24082950</BOYAmt>
        <EOYAmt>20217896</EOYAmt>
      </OtherAssetsTotalGrp>
      <TotalAssetsGrp>
        <BOYAmt>57219619</BOYAmt>
        <EOYAmt>50607859</EOYAmt>
      </TotalAssetsGrp>
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      <InvestmentIncomePYPct>0.05760</InvestmentIncomePYPct>
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      <VolunteersInd>0</VolunteersInd>
      <PaidStaffOrManagementInd>0</PaidStaffOrManagementInd>
      <MediaAdvertisementsInd>0</MediaAdvertisementsInd>
      <MailingsMembersInd>0</MailingsMembersInd>
      <PublicationsOrBroadcastInd>0</PublicationsOrBroadcastInd>
      <GrantsOtherOrganizationsInd>0</GrantsOtherOrganizationsInd>
      <DirectContactLegislatorsInd>0</DirectContactLegislatorsInd>
      <RalliesDemonstrationsInd>0</RalliesDemonstrationsInd>
      <OtherActivitiesInd>1</OtherActivitiesInd>
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      <TotalLobbyingExpendituresAmt>348000</TotalLobbyingExpendituresAmt>
      <NotDescribedSection501c3Ind>0</NotDescribedSection501c3Ind>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I-A, LINE 1:</FormAndLineReferenceDesc>
        <ExplanationTxt>OUTSIDE LOBBYISTS WERE HIRED TO ADVISE BRAZOS ON APPROPRIATE STRATEGIES AND ACTIONS REGARDING LEGISLATION THAT WOULD HAVE A HARMFUL IMPACT ON BRAZOS INTEREST. IN ADDITION, LOBBYISTS WERE CHARGED WITH MONITORING THE INTRODUCTION AND THE PROGRESS ON LEGISLATION/RULES THAT REQUIRED BRAZOS COMPLIACE IN ALL AREAS OF THE BUSINESS. LEGISLATION ISSUES INCLUDED BUDGET RECONCILIATION, REAUTHORIZATION OF THE HIGHER EDUCATION ACT, TAX-EXEMPT ISSUES AND PRIVACY ISSUES.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART II-B, LINE 1:</FormAndLineReferenceDesc>
        <ExplanationTxt>OUTSIDE LOBBYISTS WERE HIRED TO ADVISE BRAZOS ON APPROPRIATE STRATEGIES AND ACTIONS REGARDING LEGISLATION THAT WOULD HAVE A HARMFUL IMPACT ON BRAZOS INTEREST. IN ADDITION, LOBBYISTS WERE CHARGED WITH MONITORING THE INTRODUCTION AND THE PROGRESS ON LEGISLATION/RULES THAT REQUIRED BRAZOS COMPLIACE IN ALL AREAS OF THE BUSINESS. LEGISLATION ISSUES INCLUDED BUDGET RECONCILIATION, REAUTHORIZATION OF THE HIGHER EDUCATION ACT, TAX-EXEMPT ISSUES AND PRIVACY ISSUES.</ExplanationTxt>
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      <BuildingsGrp>
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        <MethodValuationCd>C</MethodValuationCd>
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        <MethodValuationCd>C</MethodValuationCd>
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      <OtherLiabilitiesOrgGrp>
        <Desc>PREFUNDED BENEFIT PAYABLE</Desc>
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      <FootnoteTextInd>X</FootnoteTextInd>
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      <RevenueNotReportedFinclStmtAmt>0</RevenueNotReportedFinclStmtAmt>
      <TotalRevenuePerForm990Amt>8729670</TotalRevenuePerForm990Amt>
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      <ExpensesNotRptFinclStmtAmt>0</ExpensesNotRptFinclStmtAmt>
      <TotalExpensesPerForm990Amt>15050718</TotalExpensesPerForm990Amt>
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        <FormAndLineReferenceDesc>PART X, LINE 2:</FormAndLineReferenceDesc>
        <ExplanationTxt>THE COMPANY FOLLOWS THE ACCOUNTING STANDARD RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES. THE STANDARD PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE COMPANY CURRENTLY HAS NO UNCERTAIN TAX POSITIONS.</ExplanationTxt>
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      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART XII, LINE 2D - OTHER ADJUSTMENTS:</FormAndLineReferenceDesc>
        <ExplanationTxt>LOSS ON IMPAIRMENT REPORTED AS EXPENSE ON AUDIT 7,660,000. INTERVIEWSTREAM EXPENSES CONSOLIDATED WITH BHESC ON AUDIT 7,100,820.</ExplanationTxt>
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      <RecipientTable>
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        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>THOMAS LITLE</PersonNm>
        <TitleTxt>SVP GENERAL COUNSEL</TitleTxt>
        <BaseCompensationFilingOrgAmt>207396</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>113345</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>10751</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>32287</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>13549</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>377328</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SAMUEL REDDEN</PersonNm>
        <TitleTxt>SVP / CHIEF INFO OFFICER</TitleTxt>
        <BaseCompensationFilingOrgAmt>170254</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>96164</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>37686</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>32089</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>13390</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>349583</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>RANDALL LARSON</PersonNm>
        <TitleTxt>SPECIAL PROJECTS VP</TitleTxt>
        <BaseCompensationFilingOrgAmt>166391</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>84324</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>32154</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>8273</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>291142</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>TAMMY HARRALSON</PersonNm>
        <TitleTxt>CONTROLLER / VP</TitleTxt>
        <BaseCompensationFilingOrgAmt>127936</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>73964</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>17548</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>27548</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>8002</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>254998</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JANICE WHITE</PersonNm>
        <TitleTxt>VP ADMINISTRATION</TitleTxt>
        <BaseCompensationFilingOrgAmt>105627</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>65727</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>33981</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>25446</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>2970</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>233751</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>ANDREW ELLIS</PersonNm>
        <TitleTxt>VP, HUMAN RESOURCES</TitleTxt>
        <BaseCompensationFilingOrgAmt>104267</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>62645</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>14085</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>24148</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>12311</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>217456</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DANIEL REYNA</PersonNm>
        <TitleTxt>INTERNAL AUDIT DIRECTOR</TitleTxt>
        <BaseCompensationFilingOrgAmt>100684</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>51847</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>1070</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>19293</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>7337</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>180231</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JUSTIN GREEN</PersonNm>
        <TitleTxt>FINANCIAL SERVICE DIR</TitleTxt>
        <BaseCompensationFilingOrgAmt>133866</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>70431</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>13806</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>25721</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>16734</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>260558</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>JOHN M WRIGHT</PersonNm>
        <TitleTxt>BUSINESS ANALYTICS DIR</TitleTxt>
        <BaseCompensationFilingOrgAmt>109858</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>64235</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>24469</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>24240</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>5954</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>228756</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DEBRA URIAS</PersonNm>
        <TitleTxt>VP CUSTOMER RELATIONS</TitleTxt>
        <BaseCompensationFilingOrgAmt>101373</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>60689</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>15438</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>19171</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>8333</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>205004</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>SARAH MACCARTHY</PersonNm>
        <TitleTxt>PROJECT MANAGEMENT</TitleTxt>
        <BaseCompensationFilingOrgAmt>109085</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>46987</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>21321</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>22824</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>7083</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>207300</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>REBECCA HARLAND</PersonNm>
        <TitleTxt>LOAN ADMIN MANAGER</TitleTxt>
        <BaseCompensationFilingOrgAmt>101469</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>57543</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>4453</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>21592</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>12803</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>197860</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>DAVID HORNER</PersonNm>
        <TitleTxt>FORMER EVP</TitleTxt>
        <BaseCompensationFilingOrgAmt>95948</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>7425</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>299699</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>33500</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>17787</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>454359</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>KELLI VILLARRIAL</PersonNm>
        <TitleTxt>FORMER VP, ASSOC GEN COUNSEL</TitleTxt>
        <BaseCompensationFilingOrgAmt>173648</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>96228</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>17162</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>33500</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>7138</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>327676</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <RltdOrgOfficerTrstKeyEmplGrp>
        <PersonNm>MILICENT LARSON</PersonNm>
        <TitleTxt>FORMER EXEC DIR / BRAZOS FND</TitleTxt>
        <BaseCompensationFilingOrgAmt>116300</BaseCompensationFilingOrgAmt>
        <CompensationBasedOnRltdOrgsAmt>0</CompensationBasedOnRltdOrgsAmt>
        <BonusFilingOrganizationAmount>26696</BonusFilingOrganizationAmount>
        <BonusRelatedOrganizationsAmt>0</BonusRelatedOrganizationsAmt>
        <OtherCompensationFilingOrgAmt>0</OtherCompensationFilingOrgAmt>
        <OtherCompensationRltdOrgsAmt>0</OtherCompensationRltdOrgsAmt>
        <DeferredCompensationFlngOrgAmt>19120</DeferredCompensationFlngOrgAmt>
        <DeferredCompRltdOrgsAmt>0</DeferredCompRltdOrgsAmt>
        <NontaxableBenefitsFilingOrgAmt>16788</NontaxableBenefitsFilingOrgAmt>
        <NontaxableBenefitsRltdOrgsAmt>0</NontaxableBenefitsRltdOrgsAmt>
        <TotalCompensationFilingOrgAmt>178904</TotalCompensationFilingOrgAmt>
        <TotalCompensationRltdOrgsAmt>0</TotalCompensationRltdOrgsAmt>
        <CompReportPrior990FilingOrgAmt>0</CompReportPrior990FilingOrgAmt>
        <CompReportPrior990RltdOrgsAmt>0</CompReportPrior990RltdOrgsAmt>
      </RltdOrgOfficerTrstKeyEmplGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>PART I, LINE 4A</FormAndLineReferenceDesc>
        <ExplanationTxt>DAVID HORNER RECEIVED A SEVERANCE PAYMENT FROM BHESC IN THE AMOUNT OF $287,686.32.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleJ>
    <IRS990ScheduleL documentId="RetDoc1042800001">
      <LoansBtwnOrgInterestedPrsnGrp>
        <PersonNm>MURRAY WATSON JR</PersonNm>
        <RelationshipWithOrgTxt>OFFICER</RelationshipWithOrgTxt>
        <LoanPurposeTxt>PERSONAL LIFE INSURANCE FOR MR WATSON &amp; SPOUSE.</LoanPurposeTxt>
        <LoanFromOrganizationInd>X</LoanFromOrganizationInd>
        <BalanceDueAmt>630912</BalanceDueAmt>
        <DefaultInd>0</DefaultInd>
        <BoardOrCommitteeApprovalInd>1</BoardOrCommitteeApprovalInd>
        <WrittenAgreementInd>1</WrittenAgreementInd>
      </LoansBtwnOrgInterestedPrsnGrp>
      <TotalBalanceDueAmt>630912</TotalBalanceDueAmt>
      <BusTrInvolveInterestedPrsnGrp>
        <NameOfInterested>
          <PersonNm>MURRAY WATSON JR</PersonNm>
        </NameOfInterested>
        <RelationshipDescriptionTxt>OFFICER OF ORGANIZATION</RelationshipDescriptionTxt>
        <TransactionAmt>679027</TransactionAmt>
        <TransactionDesc>LEGAL SERVICES</TransactionDesc>
        <SharingOfRevenuesInd>0</SharingOfRevenuesInd>
      </BusTrInvolveInterestedPrsnGrp>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>SCHEDULE L, PART II</FormAndLineReferenceDesc>
        <ExplanationTxt>BRAZOS HIGHER EDUCATION SERVICE CORPORATION PAYS PREMIUMS FOR A LIFE INSURANCE POLICY OWNED BY MURRAY WATSON, JR. AND HIS SPOUSE. THE AGREEMENT BETWEEN THE COMPANY AND MR. WATSON IS THAT THE LOAN IS DUE AND PAYABLE FROM THE ESTATE AT THE DEATH OF BOTH HIM AND HIS SPOUSE. INTEREST ON THE LOAN IS CALCULATED AND INCLUDED IN MR. WATSON'S ANNUAL W-2 AS TAXABLE INCOME.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleL>
    <IRS990ScheduleO documentId="RetDoc1044400001">
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION A, LINE 2</FormAndLineReferenceDesc>
        <ExplanationTxt>MURRY WATSON, JR. IS THE PRESIDENT OF BRAZOS HIGHER EDUCATION SERVICE CORPORATION (BHESC). RANDAL LARSON (OFFICER AND EMPLOYEE OF BHESC), AND MILICENT LARSON (FORMER OFFICER AND CURRENT EMPLOYEE) ARE HIS SON IN-LAW AND DAUGHTER, RESPECTIVELY. MR. WATSON'S LAW FIRM, WATSON AND ASSOCIATES, ALSO EMPLOYS RAY RUSHING, WHO IS AN OFFICER OF BHESC.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 11</FormAndLineReferenceDesc>
        <ExplanationTxt>THE FORM 990 IS PROVIDED TO SENIOR MANAGEMENT FOR REVIEW. AFTER THIS REVIEW, THE RETURN IS POSTED ON A SECURE WEBSITE FOR REVIEW BY THE BOARD OF DIRECTORS. THE BOARD IS NOTIFIED OF THE POSTING AND ASKED TO PROVIDE COMMENTS OR QUESTIONS. COMMENTS OR QUESTIONS ARE INVESTIGATED AND RESOLVED OR DISCLOSED TO THE BOARD. UPON COMPLETION OF THE PROCESS, THE RETURN IS FILED.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 12C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE INTERNAL AUDIT DEPARTMENT PREPARES AND DISTRIBUTES A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL BOARD MEMBERS AND EMPLOYEES ANNUALLY. INCLUDED WITH THE QUESTIONNAIRE IS A LISTING OF VENDORS UTILIZED BY THE ORGANIZATION. THE INTERNAL AUDIT DEPARTMENT REVIEWS THE QUESTIONNAIRES AND COMPILES A LIST OF POTENTIAL CONFLICTS FOR REVIEW BY THE AUDIT COMMITTEE, SENIOR MANAGEMENT, AND THE BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE ASSESSED AND RESOLVED IF DETERMINED TO BE AT RISK.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION B, LINE 15</FormAndLineReferenceDesc>
        <ExplanationTxt>OFFICES &amp; POSITIONS FOR WHICH PROCESS WAS USED, &amp; YEAR PROCESS WAS BEGUN BRAZOS HIGHER EDUCATION SERVICE CORPORATION'S BOARD OF DIRECTORS USES AN INDEPENDENT THIRD PARTY TO REVIEW THE COMPENSATION OF THE PRESIDENT, OFFICERS, AND KEY EMPLOYEES. THE THIRD PARTY REVIEWS EACH ELEMENT OF COMPENSATION TO ENSURE IT IS IN COMPLIANCE WITH IRS GUIDELINES AS WELL AS PERFORMS COMPARABILITY STUDIES TO DETERMINE WHETHER SALARIES ARE REASONABLE.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART VI, SECTION C, LINE 19</FormAndLineReferenceDesc>
        <ExplanationTxt>THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.</ExplanationTxt>
      </SupplementalInformationDetail>
      <SupplementalInformationDetail>
        <FormAndLineReferenceDesc>FORM 990, PART XII, LINE 2C</FormAndLineReferenceDesc>
        <ExplanationTxt>THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR.</ExplanationTxt>
      </SupplementalInformationDetail>
    </IRS990ScheduleO>
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          <City>WACO</City>
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          <BusinessNameLine1>BRAZOS STUDENT FINANCE CORPORATION</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>C</TransactionTypeTxt>
        <InvolvedAmt>1062054</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>BRAZOS HIGHER EDUCATION AUTHORITY INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>D</TransactionTypeTxt>
        <InvolvedAmt>4197250</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>INTERVIEWSTREAM INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>D</TransactionTypeTxt>
        <InvolvedAmt>4425000</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>BRAZOS HIGHER EDUCATION AUTHORITY INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>8562198</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>BRAZOS STUDENT FINANCE CORPORATION</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>1150292</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>FEDERATED STUDENT FINANCE CORPORATION</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>199039</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>ACAPITA EDUCATION FINANCE CORPORATION</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>1165012</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>BRAZOS EDUCATION LOAN AUTHORITY INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>246934</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
      <TransactionsRelatedOrgGrp>
        <OtherOrganizationName>
          <BusinessNameLine1>LEON HIGHER EDUCATION AUTHORITY INC</BusinessNameLine1>
        </OtherOrganizationName>
        <TransactionTypeTxt>L</TransactionTypeTxt>
        <InvolvedAmt>137019</InvolvedAmt>
      </TransactionsRelatedOrgGrp>
    </IRS990ScheduleR>
  </ReturnData>
</Return>