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Fitch Affirms SLM 2007-7 and SLM 2014-2 Trusts

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed at ‘AAAsf’ the senior notes issued by SLM Student Loan Trust 2007-7 and SLM Student Loan Trust 2014-2. In addition, Fitch affirms the subordinate notes for both trusts. The Rating Outlook remains Stable for both classes.

Under certain stress scenarios, SLM Student Loan Trust 2007-7’s class A-3 note misses its legal final maturity on April 25, 2017 based on Fitch’s cash flow runs. In such scenarios, this could result in a technical default where the note misses its maturity date although Fitch would expect ultimate repayment of full principal and interest shortly thereafter. Also, recent servicing agreement amendments dated Jan. 22, 2015 allow Navient Solutions (Navient) to make optional purchase up to 10% of the initial pool balance, which if exercised would help meet the maturity date.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The current U.S. sovereign rating is ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE): While both the senior and subordinate notes will benefit from overcollateralization (OC) and future excess spread, the senior notes also benefit from subordination provided by the class B note. As of December 2014, total parity is 100% and senior parity is 107.72% (7.16% CE) for SLM 2007-7; 101.01% (1% CE) and 104.15% (3.98% CE) for SLM 2014-2. Cash will be released from both trusts given that the specified OC amount is maintained. For SLM 2007-7, the target is 100% total parity; for SLM 2014-2 the target is the greater of 1% of the adjusted pool balance or $1.25 million.

Adequate Liquidity Support: Liquidity support for the notes is provided by a reserve account. The reserve for SLM 2007-7 is sized equal to the greater of 0.25% of the pool balance and $1,951,617; for SLM 2014-2, the reserve is sized equal to the greater of 0.50% of the pool balance and $995,345. On or after the April 2015 distribution date, the specified reserve requirement is reduced to 0.25% of the pool balance and $995,345.

Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), as servicer, will be responsible for servicing both trusts. Fitch has reviewed the servicing operations of Navient Solutions and believes it to be acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

A comparison of the transaction’s representations, warranties, and enforcement mechanisms (RW&Es) to those of typical RW&Es for FFELP asset-backed securities is available in the presale appendix. This presale appendix and Fitch’s special report on ‘Representations, Warranties, and Enforcement Mechanisms on Global Structured Finance Transactions,’ may be accessed via the links provided below.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2007-7:

–Class A-3 affirmed at ‘AAAsf’; Outlook Stable;

–Class A-4 affirmed at ‘AAAsf’; Outlook Stable;

–Class B affirmed at ‘Asf’; Outlook Stable.

SLM Student Loan Trust 2014-2:

–Class A-1 affirmed at ‘AAAsf’; Outlook Stable;

–Class A-2 affirmed at ‘AAAsf’; Outlook Stable;

–Class A-3 affirmed at ‘AAAsf’; Outlook Stable;

–Class B affirmed at ‘A+sf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 20, 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014);

–‘SLM Student Loan Trust 2014-2 — Appendix’ (Mar. 17, 2014);

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (October 31, 2014).

–‘Fitch Comments on SLM Omnibus Amendment to Servicing Agreements’ (Jan. 22, 2015).

Applicable Criteria and Related Research:

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=799248

SLM Student Loan Trust 2014-2 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=741220

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=981234

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

FinanceInvestment & Company InformationFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Paul Jiang

Associate Director

+1 212-908-9120

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1 212-908-9171

or

Media Relations:

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms Ratings on Two SLM Student Loan Trusts

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms both the senior note at ‘AAAsf’ and subordinate note at ‘Asf’ issued by SLM Student Loan Trust 2010-1 and affirms both the senior notes at ‘AAAsf’ and subordinate note at ‘A+sf’ issued by SLM Student Loan Trust 2013-6. The Rating Outlook remains Stable for all classes of both trusts.

KEY RATING DRIVERS

High Collateral Quality: Both trusts’ collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch currently rates the U.S. sovereign ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE): The CE is provided by overcollateralization (OC) and future excess spread. Additionally, the senior notes also benefits from subordination provided by the subordinate note. For SLM 2010-1, total parity is 100.58% (0.57% CE) and senior parity is 108.24% (7.61% CE) as of September 2014. Cash is being released from the trust given that the $3 million OC amount is maintained. For SLM 2013-6, total parity is 101.01% (1% CE) and senior parity is 104.28% (4.10% CE) as of September 2014. Cash is being released from the trust given that the targeted CE (greater of 1.00% of the adjusted pool balance, or $1.25 million) is maintained.

Adequate Liquidity Support: Liquidity support is provided by a reserve account for SLM 2010-1 sized equal to the greater of 0.25% of the pool balance and $1,211,252. SLM 2013-6 is supported by a reserve account sized equal to the greater of 0.25% of the pool balance and $998,463.

Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), as servicer, will be responsible for servicing both trusts. Fitch has reviewed the servicing operations of Navient Solutions and believes it to be an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

A comparison of the SLM 2013-6’s representations, warranties, and enforcement mechanisms (RW&Es) to those of typical RW&Es for FFELP asset-backed securities is available in the presale appendix. This presale appendix and Fitch’s special report on ‘Representations, Warranties, and Enforcement Mechanisms on Global Structured Finance Transactions,’ may be accessed via the links provided below.

Fitch has affirmed the following:

SLM Student Loan Trust 2010-1:

— Class A at ‘AAAsf’; Outlook Stable;

— Class B at ‘Asf’; Outlook Stable.

SLM Student Loan Trust 2013-6:

–Class A1 at ‘AAAsf’; Outlook Stable;

–Class A2 at ‘AAAsf’; Outlook Stable;

–Class A3 at ‘AAAsf’; Outlook Stable;

–Class B at ‘A+sf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 20, 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (June 23, 2014).

–‘SLM Student Loan Trust 2013-6 — Appendix’ dated Nov. 4, 2013;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions – Amended’ dated April 17, 2012.

Applicable Criteria and Related Research:

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

SLM Student Loan Trust 2013-6 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=722749

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=754389

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=910954

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsFFELP Contact:

Fitch Ratings

Primary Analyst

Paul Jiang

Analyst

+1-212-908-9120

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms Multiple SLM Student Loan 2008 Trusts

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed at ‘AAAsf’ the senior notes issued by SLM Student Loan Trust 2008-1, SLM Student Loan Trust 2008-2, and SLM Student Loan Trust 2008-5. In addition, Fitch affirms the subordinate notes for all three trusts. The Rating Outlooks for all three trusts remains Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. The current U.S. sovereign rating is at ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE): While both the senior and subordinate notes will benefit from excess spread, the senior notes also benefit from subordination provided by the class B note. As of April 2014, total parity is 100% and senior parity is 106% (5.66% CE) for SLM 2008-1; 100% and 105.78% (5.46% CE) for SLM 2008-2; 103.79% (3.65%) and 109.86% (8.98% CE) for SLM 2008-5. Cash is being released from the three trusts if the target parity or overcollateralization amount is maintained. For SLM 2008-1 and SLM 2008-2, the target is 100%; for SLM 2008-5, the target is 103.79%.

Adequate Liquidity Support: Liquidity support is provided by a reserve account. The reserve for SLM 2008-1 is sized equal to the greater of 0.25% of the pool balance and $1,499,914; for SLM 2008-2, the reserve is sized equal to the greater of 0.25% of the pool balance and $2,199,978; for SLM 2008-5, the reserve is sized equal to the greater of 0.25% of the pool balance and $4,124,895.

Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), as servicer, will be responsible for servicing all three trusts. Fitch has reviewed the servicing operations of Navient Solutions and believes it to be acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has affirmed the following rating:

SLM Student Loan Trust Series 2008-1:

–Class A-2 at ‘AAAsf’; Outlook Stable;

–Class A-3 at ‘AAAsf’; Outlook Stable;

–Class A-4 at ‘AAAsf’; Outlook Stable;

–Class B at ‘Asf’; Outlook Stable.

SLM Student Loan Trust Series 2008-2:

–Class A-2 at ‘AAAsf’; Outlook Stable;

–Class A-3 at ‘AAAsf’; Outlook Stable;

–Class B at ‘Asf’; Outlook Stable.

SLM Student Loan Trust Series 2008-5:

–Class A-3 at ‘AAAsf’; Outlook Stable;

–Class A-4 at ‘AAAsf’; Outlook Stable;

–Class B at ‘AAAsf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 20, 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria'(June 23, 2014).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=750530

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=840731

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Paul Jiang

Analyst

+1-212-908-9120

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

Sandro Scenga, +1-212-908-0278 (New York)

sandro.scenga@fitchratings.com […]

Fitch Affirms SLM 2002-7 and SLM 2003-7

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the senior notes at ‘AAAsf’ and the subordinate notes at ‘Asf’ issued by SLM Student Loan Trust 2002-7, and affirms the senior notes at ‘AAAsf’ and subordinate notes at ‘BBBsf’ issued by SLM Student Loan Trust 2003-7. The Rating Outlook remains Stable for all classes.

KEY RATING DRIVERS

High Collateral Quality: Both SLM 2002-7 and SLM 2003-7 collateral consists of 100% Federal Family Education Loan Program (FFELP) loans. The credit quality of the trusts collateral is high and based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. Fitch affirmed and removed the U.S. ‘AAA’ sovereign rating from Rating Watch Negative on March 24, 2014. The Rating Outlook is Stable for the sovereign rating.

Sufficient Credit Enhancement (CE): While both the senior and subordinate notes will benefit from excess spread, the senior notes also benefit from subordination of the class B notes. As of March 2014, reported senior parity is 109.17% and reported total parity is 100% for SLM 2002-7; 104.85% and 100% for SLM 2003-7. Cash is being released from both trusts given that the 100% total parities are maintained.

Adequate Liquidity Support: Liquidity support is provided by a Reserve Fund sized at the greater of 0.25% of the pool balance and $1,975,947 for SLM Student Loan Trust 2002-7; and for SLM Student Loan Trust 2003-7, the greater of 0.25% of the pool balance and $3,761,650.

Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly known as Sallie Mae, Inc.), as servicer, will be responsible for servicing the portfolios. Fitch has reviewed the servicing operations of Navient Solutions and believes it to be an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has affirmed the following ratings and Outlooks:

SLM Student Loan Trust 2002-7

— Class A-5 at ‘AAAsf’; Outlook Stable;

— Class A-6 at ‘AAAsf’; Outlook Stable;

— Class A-7 at ‘AAAsf’; Outlook Stable;

— Class A-8 at ‘AAAsf’; Outlook Stable;

— Class A-9 at ‘AAAsf’; Outlook Stable;

— Class A-10 at ‘AAAsf’; Outlook Stable;

— Class A-11 at ‘AAAsf’; Outlook Stable;

— Class B at ‘Asf’; Outlook Stable;

SLM Student Loan Trust 2003-7

— Class A-5A at ‘AAAsf’; Outlook Stable;

— Class A-5B at ‘AAAsf’; Outlook Stable;

— Class B at ‘BBBsf’; Outlook Stable

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 20, 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (May 17, 2013).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=832636

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Jared Smith

Analyst

+1-212-908-0371

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Steven Stubbs

Senior Director

+1-212-908-0500

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms SLM Student Loan EDC Repackaging Trust 2013-M1; Outlook Remains Stable

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the senior notes at ‘BBBsf’ issued by SLM Student Loan EDC Repackaging Trust 2013-M1. The Rating Outlook remains Stable.

KEY RATING DRIVERS

Ratings on the Underlying Trusts: Fitch currently rates the senior and subordinate notes issued from the underlying trusts ‘AAAsf’/Outlook Stable and ‘Asf’/Outlook Stable, respectively. Since excess cash can only be released from the underlying trusts after interest and principal payments are made to the senior and subordinate notes, Fitch does not expect the ratings on the class M notes to be higher than the ratings on the subordinate notes of the underlying trusts. However, the rating of the class M notes is not directly linked to the ratings of the underlying subordinate notes.

High Collateral Quality of the Underlying Trusts: The underlying trusts are collateralized by consolidation loans originated under the Federal Family Education Loan Program (FFELP), with guaranties provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Stable Performance of the Underlying Trusts: The underlying trusts have been generating more than 100 basis points (bps) of annualized excess spreads since late 2009. The excess spreads came under pressure during the financial crisis due to basis risk spikes but remained in the positive territory. Prepayments have remained relatively low with the exception of two periods of heightened levels driven by one-off regulatory events.

Sufficient Credit Enhancement: While there is no hard credit enhancement for the class M notes, Fitch expects that the excess cash released from the underlying trusts will be sufficient to cover interest and principal payments of the class M notes under Fitch’s ‘BBBsf’ stresses.

Adequate Liquidity Support: Liquidity support for the class M notes is provided by a reserve account, which was fully funded at closing and will be maintained at 6.3% of the outstanding balance of the class M notes, or $800,000, whichever is higher.

Acceptable Servicing Capabilities: Navient Solutions, Inc., as servicer, is responsible for servicing the three underlying trust. Fitch believes Navient Solutions, Inc. is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Fitch does not expect the ratings on the class M notes to be higher than the ratings on the subordinate notes of the underlying trusts. However, the rating of the class M notes is not directly linked to the ratings of the underlying subordinate notes, i.e. an upgrade to the underlying subordinate notes does not automatically lead to an upgrade to the class M notes.

Fitch conducts a sensitivity analysis for each deal by stressing prepayments and basis spread between 3ML and 1ML. Increases of 50% and 100% are applied to the base case prepayment rate (7.5%). Separately, increases of 7.5 bps and 15 bps are applied to the base case basis spread (1 bp).

Fitch’s stress analysis is discussed in the presale titled ‘SLM Student Loan EDC Repackaging Trust 2013-M1’, dated April 11, 2013.

Fitch has affirmed the following rating:

SLM Student Loan EDC Repackaging Trust 2013-M1:

–Class M at ‘BBBsf’; Outlook Stable.

A comparison of the transaction’s Representations, Warranties & Enforcement Mechanisms (RW&Es) to those of typical RW&Es for that asset class is available by accessing the appendix that accompanies the initial Presale Report. Please refer to ‘ SLM Student Loan EDC Repackaging Trust 2013-M1 — Appendix ‘, published on April 11, 2013 at www.fitchratings.com.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 2014);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (May 17, 2013);

–‘SLM Student Loan EDC Repackaging Trust 2013-M1 (US ABS)’ (April 11, 2013);

–‘SLM Student Loan EDC Repackaging Trust 2013-M1 — Appendix’ (April 11, 2013);

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions’ (April 17, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=748821

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

SLM Student Loan EDC Repackaging Trust 2013-M1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=705260

SLM Student Loan EDC Repackaging Trust 2013-M1 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=705495

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=832559

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch RatingsStudent Loan Contact:

Fitch Ratings

Media Relations

Sandro Scenga, New York

Tel: +1 212-908-0278

Email:

sandro.scenga@fitchratings.com

or

Primary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Steven Stubbs

Senior Director

+1-212-908-0676

[…]

Fitch Upgrades Sub Notes for SLM Student Loan Trust 2012-4; Outlook Stable

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the senior class notes at ‘AAAsf’, upgrades the subordinate notes to ‘AAsf’ from ‘A+sf’, and maintains the Stable Outlook for the senior and subordinate notes issued by SLM Student Loan Trust 2012-4. On March 24, 2014, Fitch took rating action to remove the ratings from the Negative Watch and assigned Stable Outlooks on all senior class notes, currently rated ‘AAAsf’, backed by collateral consisting of Federal Family Education Loan Program (FFELP) student loans.

KEY RATING DRIVERS

High Collateral Quality:

The collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest. On March 24, 2014, Fitch affirmed the U.S. sovereign rating at ‘AAA’ and assigned a Stable Outlook.

Sufficient Credit Enhancement:

While both the senior and subordinate notes will benefit from overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread, the senior notes also benefit from subordination provided by the class B note. As of March 2014, total parity is 104.71% (4.50% CE) and senior parity is 108.80% (8.09% CE). The upgrade of the subordinate notes is due to the sufficient credit enhancement necessary to support the ‘AAsf’ rating. Cash is being released from the trust, given the specified OC amount, which is equal to the greater of 4.5% of the current adjustable pool balance and $15,000,000, has been achieved.

Adequate Liquidity Support:

Liquidity support is provided by a Debt Service Reserve Fund sized at the greater of 0.25% of the pool balance and 0.15% of the initial pool balance.

Acceptable Servicing Capabilities:

SLM Servicing Inc. (SLM) is responsible for day-to-day servicing of the trust. Fitch believes SLM is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2012-4:

–Class A notes affirmed at ‘AAAsf’; Outlook Stable;

–Class B notes upgraded to ‘AAsf’ from ‘A+sf’; Outlook Stable.

A comparison of the transaction’s Representations, Warranties, and Enforcement Mechanisms (RW&Es) to those of typical RW&Es for student loans is available by accessing the reports and links below:

–‘SLM Student Loan Trust 2012-4 – Appendix’, dated May 11, 2012;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, dated May 11, 2012.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated May 24, 2013;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ dated May 17, 2013.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria — Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

SLM Student Loan Trust 2012-4 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=678956

Additional Disclosure

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratingsstudent loansFFELP Contact:

Fitch Ratings

Primary Analyst

Jeffrey Prackup

Director

+1-212-908-0839

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Paul Jiang

Analyst

+1-212-908-9120

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch Affirms SLM Private Education Loan Trust 2013-B

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ratings of the senior and subordinate notes issued by SLM Private Education Loan Trust 2013-B. The Rating Outlook remains Stable.

A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS

Collateral Quality: The trust is collateralized by approximately $1.3 billion of private student loans as of February 2014 and consists of credit-tested private student loans originated under SLM’s private student loan programs and underwritten to the respective guidelines. the weighted average Fair Isaac Corp. (FICO) score at origination was 740; 95% of the loans in the pool were made to four-year schools, and 80% of the loans in the pool were co-signed. Fitch projected remaining defaults to range between 9%-11% as of the current principal balance based on data provided by SLM. A recovery rate of 10% was applied which was determined to be appropriate based on data provided by the issuer.

Sufficient Credit Enhancement (CE): CE is provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread. Class A notes benefits from subordination provided by the class B notes. As of February 2014, senior and total parity ratio is at 136.64% and 121.79%, respectively. The trust currently cannot release any excess cash until it reaches its specified OC amount, which is the greater of 40% of the Pool Balance and $13,063,940.

Adequate Liquidity Support: Liquidity support is provided by a reserve account sized at approximately $3.27 million.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by Sallie Mae Servicing, L.P. Fitch believes the servicing operations are satisfactory at this time.

RATING SENSITIVITIES

As Fitch’s base case default proxy is derived primarily from historical collateral performance, actual performance may differ from the expected performance, resulting in higher loss levels than the base case. This will result in a decline in CE and remaining loss coverage levels available to the notes and may make certain note ratings susceptible to potential negative rating actions, depending on the extent of the decline in coverage. Fitch will continue to monitor the performance of the trust.

Fitch affirms the following ratings:

SLM Private Education Loan Trust 2013-B:

–Class A-1 at ‘AAAsf’; Outlook Stable;
–Class A-2A at ‘AAAsf’; Outlook Stable;
–Class A-2B at ‘AAAsf’; Outlook Stable;
–Class B at ‘Asf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:
–‘U.S. Private Student Loan ABS Criteria’, Jan 29, 2014;
–‘Global Structured Finance Rating Criteria’, May 24, 2013;
–‘SLM Private Education Loan Trust 2013-B (US ABS), April 23, 2013.

A comparison of the transaction’s RW&Es to those of typical RW&Es for student loans is available by accessing the reports and links below:

–SLM Private Education Loan Trust 2013-B — Appendix’ dated April 23, 2013;
–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance
Transactions – Amended’, dated April 17, 2012.

Applicable Criteria and Related Research:
U.S. Private Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=730956
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661
SLM Private Education Loan Trust 2013-B (US ABS)
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706656
SLM Private Education Loan Trust 2013-B — Appendix
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=706818
Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=676496

Additional Disclosure
Solicitation Status
http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=827340
ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings, New York

Media Relations

Sandro Scenga, +1-212-908-0278

sandro.scenga@fitchratings.com

or

Primary Analyst

Director

Charlene Davis, +1-212-908-0213

or

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Committee Chairperson

Senior Director

Tracy Wan, +1-212-908-9171

[…]

Fitch to Rate SLM Student Loan Trust 2014-2; Presale Issued

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings expects to rate SLM Student Loan Trust 2014-2 as follows:

–$201,200,000 floating rate class A-1 notes ‘AAAsf(exp)’; Rating Watch Negative;

–$143,800,000 floating rate class A-2 notes ‘AAAsf(exp)’; Rating Watch Negative;

–$378,200,000 floating rate class A-3 notes ‘AAAsf(exp)’; Rating Watch Negative;

–$20,400,000 floating rate class B notes ‘A+sf(exp)’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Rating Watch Negative: All existing and new issuances of ‘AAA’ rated tranches of FFELP securitizations are on Rating Watch Negative following the revision of the long-term foreign and local currency Issuer Default Ratings (IDRs) of the U.S.

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch’s stresses. At closing, total parity is expected to be 100.81%, and senior parity is expected to be 103.71%. Total credit enhancement (CE) is provided by overcollateralization (OC; about $6 million at closing), excess spread and, in the case of class A notes, 2.74% subordination provided by the class B notes. CE must build to the greater of 1.00% of the adjusted pool balance or $1 million before excess cash may be released from the trust.

Adequate Liquidity Support: Liquidity support for SLM 2014-2 notes is provided by a $3.73 million reserve account (0.50% of ending pool balance), funded at closing with note proceeds. On or after the April 25, 2015 distribution date, the specified reserve requirement is reduced to 0.25% of the ending pool balance of the related collection period, with a floor of $745,875.

Satisfactory Servicing Capabilities: Sallie Mae, Inc., as servicer, will be responsible for servicing the 2014-2 portfolio. Fitch believes Sallie Mae is an acceptable servicer of FFELP student loans.

RATING SENSITIVITY

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Key Rating Drivers and Rating Sensitivities are further described in the presale report titled ‘SLM Student Loan Trust 2014-2’, dated March 17, 2014, available on www.fitchratings.com, or by clicking on the link.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 24, 2013);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (May 17, 2013).

Applicable Criteria and Related Research: SLM Student Loan Trust 2014-2 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=740617

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria — Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=824076

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings

Primary Analyst

Jeffrey Prackup

Director

+1-212-908-0839

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Victoria Ohorodnyk

Analyst

+1-212-908-0866

or

Committee Chairperson

Steven Stubbs

Senior Director

+1-212-908-0676

or

Media Relations:

Sandro Scenga, +1-212-908-0278 (New York)

sandro.scenga@fitchratings.com […]

Fitch Maintains Rating Watch Negative on SLM Student Loan Trust 2013-2 Senior Notes

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the Rating Watch Negative on the SLM Student Loan Trust 2013-2 senior notes (currently rated ‘AAAsf’). Fitch also affirms the subordinate note at ‘A+sf’ with a Stable Outlook.

KEY RATING DRIVERS

High Collateral Quality: The collateral consists of 100% of Federal Family Education Loan Program (FFELP) loans. The credit quality of the trust collateral is high, in Fitch’s opinion, based on the guarantees provided by the transaction’s eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Rating Watch Maintained: ‘AAAsf’ rated tranches of U.S. FFELP student loan ABS remain on Rating Watch Negative following the revision of the U.S. sovereign rating on Oct. 15, 2013.

Sufficient Credit Enhancement: While both the senior and subordinate notes will benefit from overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread, the senior notes also benefit from subordination provided by the class B note. As of December 2013, total parity is 101.01% (1% CE) and senior parity is 104.16% (3.99% CE). Cash is being released from the trust given that the target OC level of the greater of 1% of the adjusted pool balance and $2,000,000 has been maintained.

Adequate Liquidity Support: Liquidity support is provided by a Debt Service Reserve Fund sized at the greater of 0.25% of the pool balance and $1,248,458.

Acceptable Servicing Capabilities: Sallie Mae Inc. is responsible for day-to-day servicing of the trust. Fitch believes SLM is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Initial Key Rating Drivers and Rating Sensitivity further described in the Presale report published on April 2, 2013.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2013-2:

–Class A note at ‘AAAsf’; Rating Watch Negative maintained;

–Class B note affirmed at ‘A+sf’; Outlook Stable.

A comparison of the transaction’s RW&Es to those of typical RW&Es for student loans is available by accessing the reports and links below:

–‘SLM Student Loan Trust 2013-2 – Appendix’, dated April 2, 2013;

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structured Finance Transactions — Amended’, dated April 17, 2012.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated May 24, 2013;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ dated May 17, 2013.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria — Amended

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=823539

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Security Upgrades & DowngradesFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Lisette Figueroa, +1 212-908-0836

Analyst

Fitch Ratings, Inc.

One State Plaza

New York, NY 10004

or

Committee Chairperson

Kevin Corrigan, +1 212-908-9156

Senior Director

or

Media Relations:

Sandro Scenga, +1 212-908-0278

sandro.scenga@fitchratings.com […]

Fitch to Rate SLM Student Loan Trust 2013-6; Presale Issued

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings expects to rate SLM Student Loan Trust 2013-6 as follows:

–$199,300,000 floating rate class A-1 notes ‘AAAsf(exp)’; Rating Watch Negative;

–$144,600,000 floating rate class A-2 notes ‘AAAsf(exp)’; Rating Watch Negative;

–$382,300,000 floating rate class A-3 notes ‘AAAsf(exp)’; Rating Watch Negative;

–$20,600,000 floating rate class B notes ‘A+sf(exp)’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Rating Watch Negative: All existing and new issuances of ‘AAA’ rated tranches of FFELP securitizations are on Rating Watch Negative following the revision of the long-term foreign and local currency issuer default ratings (IDRs) of the U.S.

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch’s stresses. At closing, total parity is expected to be 100.80%, and senior parity is expected to be 103.65%. Total credit enhancement (CE) is provided by overcollateralization (OC; about $5.94 million at closing), excess spread and, in the case of class A notes, 2.76% subordination provided by the class B notes.

Adequate Liquidity Support: Liquidity support for SLM 2013-6 notes is provided by a $3.74 million reserve account (0.50% of outstanding notes), funded at closing with note proceeds.

Targeted OC Level: CE must build to the greater of 1.00% of the adjusted pool balance or $1.0 million before excess cash may be released from the trust.

Satisfactory Servicing Capabilities: Sallie Mae, Inc., as servicer, will be responsible for servicing the 2013-6 portfolio. Fitch believes Sallie Mae is an acceptable servicer of FFELP student loans.

RATING SENSITIVITY

Since FFELP student loan ABS rely on the U.S. government to reimburse defaults, ‘AAAsf’ FFELP ABS ratings will likely move in tandem with the ‘AAA’ U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch’s published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Key Rating Drivers and Rating Sensitivities are further described in the pre-sale report titled ‘SLM Student Loan Trust 2013-6’, dated November 4, 2013, available on www.fitchratings.com, or by clicking on the link.

Additional information is available at ‘www.fitchratings.com‘.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ (May 24, 2013);

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ (May 17, 2013).

Applicable Criteria and Related Research: SLM Student Loan Trust 2013-6 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=722664

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=806955

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘WWW.FITCHRATINGS.COM‘. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH’S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE ‘CODE OF CONDUCT’ SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

Contact:

Fitch Ratings

Primary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Emily Lee

Associate Director

+1-212-908-0667

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations:

Sandro Scenga, New York, +1 212-908-0278

Email:

sandro.scenga@fitchratings.com […]