New York, February 17, 2017 -- Moody's Investors Service ("Moody's") has determined
that the amendment of certain provisions regarding Independent Managers
of the limited liability company operating agreement for each of:
(i) Navient Funding, LLC (formerly known as SLM Funding LLC);
and (ii) Navient Credit Funding, LLC (formerly known as SLM Education
Credit Funding, LLC), would not, in and of itself and
at this time, result in a downgrade or withdrawal of the current
ratings of the notes issued by the following SLM student loan trusts:
SLM Student Loan Trust 2002-7
SLM Student Loan Trust 2003-1
SLM Student Loan Trust 2003-2
SLM Student Loan Trust 2003-4
SLM Student Loan Trust 2003-5
SLM Student Loan Trust 2003-7
SLM Student Loan Trust 2003-10
SLM Student Loan Trust 2003-11
SLM Student Loan Trust 2003-12
SLM Student Loan Trust 2003-14
SLM Student Loan Trust 2004-1
SLM Student Loan Trust 2004-2
SLM Student Loan Trust 2004-3
SLM Student Loan Trust 2004-5
SLM Student Loan Trust 2004-8
SLM Student Loan Trust 2004-10
SLM Student Loan Trust 2005-3
SLM Student Loan Trust 2005-4
SLM Student Loan Trust 2005-5
SLM Student Loan Trust 2005-6
SLM Student Loan Trust 2005-7
SLM Student Loan Trust 2005-8
SLM Student Loan Trust 2005-9
SLM Student Loan Trust 2005-10
SLM Student Loan Trust 2006-1
SLM Student Loan Trust 2006-2
SLM Student Loan Trust 2006-3
SLM Student Loan Trust 2006-4
SLM Student Loan Trust 2006-5
SLM Student Loan Trust 2006-6
SLM Student Loan Trust 2006-7
SLM Student Loan Trust 2006-8
SLM Student Loan Trust 2006-9
SLM Student Loan Trust 2006-10
SLM Student Loan Trust 2007-1
SLM Student Loan Trust 2007-2
SLM Student Loan Trust 2007-3
SLM Student Loan Trust 2007-4
SLM Student Loan Trust 2007-5
SLM Student Loan Trust 2007-6
SLM Student Loan Trust 2007-7
SLM Student Loan Trust 2007-8
SLM Student Loan Trust 2008-1
SLM Student Loan Trust 2008-2
SLM Student Loan Trust 2008-3
SLM Student Loan Trust 2008-4
SLM Student Loan Trust 2008-5
SLM Student Loan Trust 2008-6
SLM Student Loan Trust 2008-7
SLM Student Loan Trust 2008-8
SLM Student Loan Trust 2008-9
SLM Student Loan Trust 2009-1
SLM Student Loan Trust 2009-2
SLM Student Loan Trust 2009-3
SLM Student Loan Trust 2010-1
SLM Student Loan Trust 2010-2
SLM Student Loan Trust 2011-1
SLM Student Loan Trust 2011-2
SLM Student Loan Trust 2011-3
SLM Student Loan Trust 2012-1
SLM Student Loan Trust 2012-2
SLM Student Loan Trust 2012-3
SLM Student Loan Trust 2012-4
SLM Student Loan Trust 2012-5
SLM Student Loan Trust 2012-6
SLM Student Loan Trust 2012-7
SLM Student Loan Trust 2012-8
SLM Student Loan Trust 2013-1
SLM Student Loan Trust 2013-2
SLM Student Loan Trust 2013-3
SLM Student Loan Trust 2013-4
SLM Student Loan Trust 2013-5
SLM Student Loan Trust 2013-6
SLM Student Loan Trust 2014-1
SLM Student Loan Trust 2014-2
SLM Student Loan ABS Repackaging Trust 2009-I
Navient Student Loan Trust 2014-1
Navient Student Loan Trust 2014-2
Navient Student Loan Trust 2014-3
Navient Student Loan Trust 2014-4
Navient Student Loan Trust 2014-5
Navient Student Loan Trust 2014-6
Navient Student Loan Trust 2014-7
Navient Student Loan Trust 2014-8
Navient Student Loan Trust 2015-1
Navient Student Loan Trust 2015-2
Navient Student Loan Trust 2015-3
Navient Student Loan Trust 2016-1
Navient Student Loan Trust 2016-2
Navient Student Loan Trust 2016-4
Navient Student Loan Trust 2016-5
Navient Student Loan Trust 2016-6
Navient Student Loan Trust 2016-7
SLM Private Credit Student Loan Trust 2002-A
SLM Private Credit Student Loan Trust 2003-A
SLM Private Credit Student Loan Trust 2003-B
SLM Private Credit Student Loan Trust 2003-C
SLM Private Credit Student Loan Trust 2004-A
SLM Private Credit Student Loan Trust 2004-B
SLM Private Credit Student Loan Trust 2005-A
SLM Private Credit Student Loan Trust 2005-B
SLM Private Credit Student Loan Trust 2006-A
SLM Private Credit Student Loan Trust 2006-B
SLM Private Credit Student Loan Trust 2006-C
SLM Private Credit Student Loan Trust 2007-A
SLM Private Education Loan Trust 2010-A
SLM Private Education Loan Trust 2010-C
SLM Private Education Loan Trust 2011-A
SLM Private Education Loan Trust 2011-B
SLM Private Education Loan Trust 2011-C
SLM Private Education Loan Trust 2012-A
SLM Private Education Loan Trust 2012-B
SLM Private Education Loan Trust 2012-C
SLM Private Education Loan Trust 2012-D
SLM Private Education Loan Trust 2012-E
SLM Private Education Loan Trust 2013-A
SLM Private Education Loan Trust 2014-A
Navient Private Education Loan Trust 2014-A
Navient Private Education Loan Trust 2014-CT
Navient Private Education Loan Trust 2015-A
Navient Private Education Loan Trust 2015-B
Navient Private Education Loan Trust 2016-A
Moody's opinion addresses only the credit impact of the proposed amendments
and Moody's is not expressing any opinion as to whether the action has,
or could have, other non-credit related effects that may
have a detrimental impact on the interest of holders and/ or counterparties.
This publication does not announce a credit rating action. For
any credit ratings referenced in this publication, please see the
ratings tab on the issuer/entity page on www.moodys.com
for the most updated credit rating action information and rating history.
Jinwen Chen
Asst Vice President - Analyst
Structured Finance Group
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Caroline Pichon
Vice President - Senior Analyst
Structured Finance Group
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653
Releasing Office:
Moody's Investors Service, Inc.
250 Greenwich Street
New York, NY 10007
U.S.A.
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653