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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 Iowa Student Loan Liquidity Corp Series 2005-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ‘AAAsf’ rating on the senior notes and the ‘A+’ rating on the subordinate notes issued by Iowa Student Loan Liquidity Corporation (Iowa Student Loan) student loan asset-backed notes, series 2005-1. The Rating Outlook remains Stable for the senior and subordinate notes. A detailed list of rating actions follows at the end of this press release.

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. Fitch currently rates the U.S. sovereign ‘AAA’ with a Stable Outlook.

Sufficient Credit Enhancement (CE):

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 September 2014, total parity is 101.77% (1.74% CE) and senior parity is 118.63% (15.70% CE). Although total parity is 101.77%, Fitch only gives credit to the 100.50% cash release level.

Adequate Liquidity Support:

Liquidity support is provided by a debt service reserve fund sized at the greater of 0.50% of the outstanding pool balance and $1,014,938.

Acceptable Servicing Capabilities:

As of Jan. 1, 2014, servicing for the Iowa Student Loan Liquidity Corporation (ISL) 2005-1 trust was transferred to ISL’s subsidiary, Aspire Resources, Inc. Fitch believes Aspire Resources, Inc. 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 affirmed the following ratings:

Iowa Student Loan Liquidity Corporation 2005-1

–Senior class A-2 notes at ‘AAAsf’; Outlook Stable;

–Senior class A-3 notes at ‘AAAsf’; Outlook Stable;

–Subordinate class B notes at ‘A+sf’; Outlook Stable.

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

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated August 2014;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria’ dated June 2014.

Applicable Criteria and Related Research:

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=979313

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

Primary Analyst

Jeffrey Prackup

Director

+1-212-908-0839

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

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 […]

Fitch Affirms Rhode Island Student Loan Authority 2009 Trust

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the ratings of the bonds issued by the Rhode Island Student Loan Authority (RISLA) 2009 Trust at ‘Asf’. The Outlook remains Stable.

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

The affirmations are based on a sufficient level of enhancement to cover the applicable risk factor stresses. The collateral consists of 100% private student loans.

KEY RATING DRIVERS

Adequate Collateral Quality: The trust is collateralized by approximately $147.1 million of private student loans as of September 2014. The loans were originated under the Rhode Island Family Education Loan program by RISLA. The projected rating defaults are expected to range between 9%-11% as a percentage of the current pool balance. A recovery rate of 55% 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. Total parity is currently 110.36% as of September 2014. Cash may be released to the issuer until Dec. 1, 2017 provided that parity exceeds 121%.

Satisfactory Servicing Capabilities: Day-to-day servicing is provided by RISLA. Fitch believes the servicing operations are acceptable 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.

A comparison of the transaction’s Representations, Warranties and Enforcement Mechanisms (RW&E) to those of typical RW&Es for that asset class is available at www.fitchratings.com

Fitch affirms the following ratings:

Rhode Island Student Loan Authority Series 2009

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2017* at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2019* at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Term 2030 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2010A

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable;

–Serial 2026 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2010B

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2012A

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable.

Rhode Island Student Loan Authority Series 2013A

–Serial 2015 at ‘Asf’; Outlook Stable;

–Serial 2016 at ‘Asf’; Outlook Stable;

–Serial 2017 at ‘Asf’; Outlook Stable;

–Serial 2018 at ‘Asf’; Outlook Stable;

–Serial 2019 at ‘Asf’; Outlook Stable;

–Serial 2020 at ‘Asf’; Outlook Stable;

–Serial 2021 at ‘Asf’; Outlook Stable;

–Serial 2022 at ‘Asf’; Outlook Stable;

–Serial 2023 at ‘Asf’; Outlook Stable;

–Serial 2024 at ‘Asf’; Outlook Stable;

–Serial 2025 at ‘Asf’; Outlook Stable;

–Serial 2026 at ‘Asf’; Outlook Stable;

–Serial 2027 at ‘Asf’; Outlook Stable;

–Serial 2028 at ‘Asf’; Outlook Stable;

Rhode Island Student Loan Authority Series 2014

–A(2015) at ‘Asf’; Outlook Stable;

–A(2016) at ‘Asf’; Outlook Stable;

–A(2017) at ‘Asf’; Outlook Stable;

–A(2018) at ‘Asf’; Outlook Stable;

–A(2019) at ‘Asf’; Outlook Stable;

–A(2020) at ‘Asf’; Outlook Stable;

–A(2021) at ‘Asf’; Outlook Stable;

–A(2022) at ‘Asf’; Outlook Stable;

–A(2023) at ‘Asf’; Outlook Stable;

–A(2024) at ‘Asf’; Outlook Stable;

–A(2025) at ‘Asf’; Outlook Stable;

–A(2026) at ‘Asf’; Outlook Stable;

–A(2027) at ‘Asf’; Outlook Stable;

–A(2028) at ‘Asf’; Outlook Stable;

–A(2029) 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’ (Aug. 4, 2014);

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

–‘Rhode Island Student Loan Authority 2014 Senior Series A–Appendix’ (April 1, 2014).

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=754389

Representations, Warranties and Enforcement Mechanisms in Global Structured Finance Transactions

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

Rhode Island Student Loan Authority 2014 Senior Series A — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=739055

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=978947

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.

Investment & Company InformationFinanceFitch Ratings Contact:

Fitch Ratings

Primary Analyst

Charlene M. Davis

Director

+1 212-908-0213

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 Ratings on Two SLC Student Loan Trusts

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has affirmed the notes currently rated ‘AAAsf’ issued by both SLC Student Loan Trust 2009-1 and SLC Student Loan Trust 2010-1. The Rating Outlook remains Stable for 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. For SLC 2009-1, the trust has maintained its target OC of 10% and current parity is 111.11% as of July 2014. For SLC 2010-1, current parity is 115.62% (CE 13.51%) as of July 2014. The 2010-1 trust is a turbo structure; therefore no cash is released until the note is paid in full.

Adequate Liquidity Support: Liquidity support is provided by a reserve account for SLC 2009-1 sized equal to the greater of 0.25% of the pool balance and $905,785. SLC 2010-1 is supported by both a reserve account and a capitalized interest account. The reserve is sized equal to the greater of 0.25% of the pool balance and $1,200,450. The current capitalized interest account of $21,000,000 will be released based on a predetermined schedule. Any remaining amounts in the account will be released on the October 2016 quarterly distribution date.

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.

Fitch has affirmed the following:

SLC Student Loan Trust 2009-1:

— Class A-2 at ‘AAAsf’; Outlook Stable.

SLC Student Loan Trust 2010-1:

–Class A 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=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=907174

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

Media Relations

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

sandro.scenga@fitchratings.com

or

Primary Analyst

Paul Jiang, +1-212-908-9120

Analyst

Fitch Ratings, Inc.

33 Whitehall St.

New York, NY 10004

or

Committee Chairperson

Steven Stubbs, +1-212-908-9676

Senior Director

[…]

Fitch to Rate South Carolina Student Loan Corp, 2014 Series; Presale Issued

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings expects to rate the South Carolina Student Loan Corporation (SCSLC) Education Loan Revenue bonds, 2014 series, issued from the South Carolina Student Loan Corp. – 1996 General Resolution, as follows:

–$328,000,000 floating rate class A-1 notes ‘AAAsf(exp)’; Outlook Stable;

–$100,000,000 floating rate class A-2 notes ‘AAAsf(exp)’; Outlook Stable;

–$73,000,000 floating rate class B notes ‘AAsf(exp)’; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral is comprised 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. Fitch currently rates the U.S. ‘AAA’ with Outlook Stable.

Sufficient Credit Enhancement: The cash flow results for the senior and subordinate bonds were satisfactory under Fitch’s ‘AAA’ stresses. At closing, senior and total parities are expected to be 112.00% and 105.46%, respectively. Credit enhancement (CE) is provided by overcollateralization, excess spread, and for the senior bonds, subordination provided by the class B bonds. Excess cash cannot be released from the trust until all the bonds are paid-in-full, with the exception of a one-time cash release to the issuer on or before Sept. 3, 2014, provided the parity test is met.

Adequate Liquidity Support: Liquidity support is provided by a $8,751,230 reserve account which will be funded at closing with the bond proceeds. The required reserve account balance is the greater of (a) 1% of the outstanding balance of the prior bonds and 0.25% of the outstanding balance of the 2014 series bonds, (b) 0.10% of the original principal of all bonds outstanding and (c) $750,000.

Acceptable Servicing Capabilities: Day-to-day servicing will be provided by South Carolina Student Loan Corporation and Nelnet Servicing, LLC will be the back-up servicer. All servicers have demonstrated adequate servicing capabilities.

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.

Key Rating Drivers and Rating Sensitivities are further described in the pre-sale report titled ‘South Carolina Student Loan Corporation, 2014 Series’, dated August 4, 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 2014);

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

Applicable Criteria and Related Research: South Carolina Student Loan Corporation 2014 Series (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=753292

Global Structured Finance Rating Criteria – Effective from 20 May 2014 to 4 August 2014

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=846194

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 & DowngradesBondsFitch RatingsFFELPEducation LoanSouth Carolina Contact:

Fitch Ratings

Primary Analyst

Emily Lee

Director

+1-212-908-0667

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Secondary Analyst

Harry Kohl

Associate Director

+1-212-908-0837

or

Committee Chairperson

Tracy Wan

Senior Director

+1-212-908-9171

or

Media Relations

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

sandro.scenga@fitchratings.com […]

Fitch Upgrades Sub Notes for SLM Student Loan Trust 2012-5; Outlook Stable

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings affirms the SLM Student Loan Trust 2012-5 senior class notes at ‘AAAsf’ and upgrades the subordinate notes to ‘AAsf’ from ‘A+sf’. The Rating Outlook remains Stable. On March 24, 2014, Fitch removed the ratings from Rating Watch Negative and assigned Stable Outlooks to all senior class notes, currently rated ‘AAAsf’, backed by collateral consisting of Federal Family Education Loan Program (FFELP) student loans.

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 April 2014 distribution month, total parity is 101.00% and senior parity is 104.72%. 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 1% of the current adjustable pool balance and $1,300,000, 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 $1,250,460.

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 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 2012-5:

–Class A1 notes affirmed at ‘AAAsf’; Outlook Stable;

–Class A2 notes affirmed at ‘AAAsf’; Outlook Stable;

–Class A3 notes affirmed at ‘AAAsf’; Outlook Stable;

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

Additional information is available at ‘www.fitchratings.com

A comparison of the transaction’s RW&E to those of typical RW&E for student loans is available by accessing the reports below.

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 2014);

–‘SLM Student Loan Trust 2012-5 (US ABS) Presale Report’ (July 10, 2012);

–‘SLM Student Loan Trust 2012-5-Appendix’ (July 10, 2012);

–‘Representations, Warranties, and Enforcement Mechanisms in Global Structure Finance Transactions – Amended’ (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 Trust 2012-5 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683443

SLM Student Loan Trust 2012-5 – Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=683596

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=833162

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

Autumn Mascio, +1-212-908-0896

Director

Fitch Ratings, Inc.

33 Whitehall Street

New York, NY 10004

or

Committee Chairperson

Steven Stubbs, +1-212-908-0676

Senior Director

or

Media Relations

Sandro Scenga, New York, +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 Rates SLM Student Loan Trust 2014-1

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings has assigned ratings to SLM Student Loan Trust 2014-1 as follows:

–$272,100,000 floating rate class A-1 notes ‘AAAsf’; Rating Watch Negative;

–$184,000,000 floating rate class A-2 notes ‘AAAsf’; Rating Watch Negative;

–$510,600,000 floating rate class A-3 notes ‘AAAsf’; Rating Watch Negative;

–$27,300,000 floating rate class B notes ‘A+sf’; 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 103.64%. Total credit enhancement (CE) is provided by overcollateralization (OC; about $7.93 million at closing), excess spread and, in the case of class A notes, 2.75% subordination provided by the class B notes.

Adequate Liquidity Support: Liquidity support for SLM 2014-1 notes is provided by a $4.98 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 $1.25 million before excess cash may be released from the trust.

Satisfactory Servicing Capabilities: Sallie Mae, Inc., as servicer, will be responsible for servicing the 2014-1 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 2014-1’, dated Jan. 13, 2014, available on www.fitchratings.com.

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);

–‘SLM Student Loan Trust 2014-1’ (Jan. 13, 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

SLM Student Loan Trust 2014-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=729698

SLM Student Loan Trust 2014-1 — Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=729736

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=817635

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

Emily Lee

Director

+1-212-908-0667

Fitch Ratings, Inc.

One State Street Plaza

New York, NY 10004

or

Secondary Analyst

Victoria Ohorodnyk

Analyst

+1-212-908-0866

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 Maintains 3 SLC Student Loan Trusts Sr Bonds on Rating Watch; Upgrades Sub Bonds

NEW YORK–(BUSINESS WIRE)–

Fitch Ratings maintains the senior bonds currently rated ‘AAAsf’ issued by SLC Student Loan Trust 2005-2 (SLC 2005-2); SLC Student Loan Trust 2005-3(SLC 2005-3) and SLC Student Loan Trust 2006-1 (SLC 2006-1) on Rating Watch Negative. In addition, Fitch upgrades the subordinate bonds issued from SLC 2005-2 to ‘Asf’ from ‘BBB-sf’, and upgrades the subordinate bonds issued from SLC 2005-3 and SLC 2006-1 to ‘Asf’ from ‘BBBsf’; each trust has a Stable Outlook. A detailed list of rating actions follows at the end of this press release.

KEY RATING DRIVERS:

High Collateral Quality: The SLC 2005-2, SLC 2005-3 and SLC 2006-1 trust collateral consists of 100% 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 Maintained: 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 (CE): The upgrade of the subordinate notes is based on the sufficient level of CE to cover applicable risk factor stresses. The senior notes will benefit from the CE provided by overcollateralization (OC; the excess of trust’s asset balance over bond balance) and excess spread. The senior notes also benefit from the subordination of the class B notes. The senior parity ratios for the SLC 2005-2, SLC 2005-3 and SLC 2006-1 trusts (total assets to senior liabilities) are currently 104.49%, 104.57%, and 104.95% respectively, each including their reserve accounts. The trusts have met their cash release levels of 100% total parity and are currently releasing cash from their trusts. In Fitch’s analysis, the bonds passed the cash flows corresponding to their rating stresses.

Adequate Liquidity Support: Liquidity support is provided by the reserve account for each trust, which is equal to the greater of 0.25% of the respective outstanding bonds, and $1,515,458 for SLC 2005-2; $1,828,029 for SLC 2005-3; and $3,312,780 for SLC 2006-1.

Satisfactory Servicing Capabilities: For each trust, day-to-day servicing is provided by SLM Servicing, Inc., a subsidiary of SLC Corporation, which is rated ‘BB+/B’, Rating Watch Negative by Fitch. Fitch believes the servicing operations are acceptable at this time.

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:

SLC Student Loan Trust 2005-2:

–Class A-2; Rating Watch Negative maintained;

–Class A-3; Rating Watch Negative maintained;

–Class A-4; Rating Watch Negative maintained;

–Class B; Upgraded to ‘Asf’ from ‘BBB-sf’, Outlook Stable.

SLC Student Loan Trust 2005-3:

–Class A-2; Rating Watch Negative maintained;

–Class A-3; Rating Watch Negative maintained;

–Class A-4; Rating Watch Negative maintained;

–Class B; Upgraded to ‘Asf’ from ‘BBBsf’, Outlook Stable.

SLC Student Loan Trust 2006-1:

–Class A-4; Rating Watch Negative maintained;

–Class A-5; Rating Watch Negative maintained;

–Class A-6; Rating Watch Negative maintained;

–Class B; Upgraded to ‘Asf’ from ‘BBBsf’, Outlook Stable.

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:

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

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http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=815411

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