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Related Issuers
Arizona Education Loan Marketing Corporation, 1992-2003 Senior Subordinate Trust
Arizona Education Loan Marketing Corporation, 1992-2004 Senior Subordinate Trust
Florida Educational Loan Marketing Corporation - 1998 Indenture
SLC Student Loan Trust 2004-1
SLC Student Loan Trust 2005-1
SLC Student Loan Trust 2005-2
SLC Student Loan Trust 2005-3
SLC Student Loan Trust 2006-1
SLC Student Loan Trust 2006-2
SLC Student Loan Trust 2007-1
SLC Student Loan Trust 2007-2
SLC Student Loan Trust 2008-2
SLC Student Loan Trust 2009-1
SLC Student Loan Trust 2009-2
SLC Student Loan Trust 2009-3
SLC Student Loan Trust 2010-1
SLM Student Loan ABS Repackaging Trust 2009-I
SLM Student Loan Trust 2001-4
SLM Student Loan Trust 2002-1
SLM Student Loan Trust 2002-4
SLM Student Loan Trust 2002-5
SLM Student Loan Trust 2002-6
SLM Student Loan Trust 2002-7
SLM Student Loan Trust 2003-1
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 2003-2
SLM Student Loan Trust 2003-3
SLM Student Loan Trust 2003-4
SLM Student Loan Trust 2003-5
SLM Student Loan Trust 2003-6
SLM Student Loan Trust 2003-7
SLM Student Loan Trust 2003-8
SLM Student Loan Trust 2003-9
SLM Student Loan Trust 2004-1
SLM Student Loan Trust 2004-10
SLM Student Loan Trust 2004-2
SLM Student Loan Trust 2004-3
SLM Student Loan Trust 2004-4
SLM Student Loan Trust 2004-5
SLM Student Loan Trust 2004-6
SLM Student Loan Trust 2004-7
SLM Student Loan Trust 2004-8
SLM Student Loan Trust 2004-9
SLM Student Loan Trust 2005-1
SLM Student Loan Trust 2005-10
SLM Student Loan Trust 2005-2
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 2006-1
SLM Student Loan Trust 2006-10
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 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
SMS Student Loan Trust 1998-A
SMS Student Loan Trust 1999-A
SMS Student Loan Trust 1999-B
SMS Student Loan Trust 2000-A
SMS Student Loan Trust 2000-B
Student Loan Funding Corporation, Series 1997A and 1997B
Washington Student Loan Finance Association -1998 Indenture (formerly Student Loan Finance Association)
Rating Action:

Moody's affirms 394 classes of notes from 109 Sallie Mae FFELP student loan securitizations

06 Jun 2013

Approximately $103.6 billion of asset-backed securities affected

New York, June 06, 2013 -- Moody's Investors Service has affirmed the ratings on 394 classes of notes in 109 student loan securitizations sponsored, administered and currently serviced by Sallie Mae, Inc., a wholly owned subsidiary of SLM Corporation (SLM). The underlying collateral consists of student loans that are guaranteed under the Federal Family Education Loan Program (FFELP).

RATINGS RATIONALE

Moody's has affirmed the ratings because the large scale of the servicer and existing successor servicer arrangements in SLM's FFELP student loan securitizations will mitigate servicing disruption risk, which would increase only marginally if SLM separates its education loan management business and consumer banking business as announced on 29 May 2013. In response to SLM's announcement, Moody's placed SLM's corporate family and long-term senior unsecured Ba1 ratings on review for possible downgrade; however, the risk of a servicing disruption for the FFELP securitizations remains very low.

First, the future servicing entity will have a low risk of a servicing disruption. Under the plan, the new entity that will focus on the student loan management business will service the FFELP student loans. The new entity will be slightly smaller and less diversified than SLM but will retain the scale and operational infrastructure of SLM's current servicing platform as well as its expertise in servicing FFELP loans. Furthermore, the new entity will remain the largest servicer of FFELP loans and a large servicer for the government's Direct Lending Program.

Second, the servicing of FFELP loans is highly commoditized and easily transferrable, which further reduces the likelihood of an adverse impact in the unlikely event of a servicing transfer.

Third, even in the event of a servicing transfer, indenture provisions in most of the SLM FFELP securitizations will provide protection against the servicing disruption. These provisions call for the indenture trustee to become the successor servicer or to appoint a successor servicer should the current servicer become unable to service the loans.

The methodologies used in these ratings were "Moody's Approach to Rating Securities Backed by FFELP Student Loans" published in April 2012, and "Global Structured Finance Operational Risk Guidelines" published in June 2013. Please see the Credit Policy page on www.moodys.com for a copy of these methodologies.

The performance expectations for a given variable indicate Moody's forward-looking view of the likely range of performance over the medium term. From time to time, Moody's may, if warranted, change these expectations. Performance that falls outside the given range may indicate that the collateral's credit quality is stronger or weaker than Moody's had anticipated when the related securities ratings were issued. Even so, a deviation from the expected range will not necessarily result in a rating action nor does performance within expectations preclude such actions. The decision to take (or not take) a rating action is dependent on an assessment of a range of factors including, but not exclusively, the performance metrics.

RATINGS

Issuer: Arizona Education Loan Marketing Corporation, 1992-2003 Senior Subordinate Trust

1998 Class B, Affirmed A2 (sf); previously on Sep 1, 1998 Assigned A2 (sf)

2000 Ser. B-1, Affirmed A2 (sf); previously on May 4, 2001 Assigned A2 (sf)

2001 Ser. B-2, Affirmed A2 (sf); previously on May 4, 2001 Assigned A2 (sf)

2003 Ser. B, Affirmed A2 (sf); previously on Feb 17, 2003 Assigned A2 (sf)

Issuer: Arizona Education Loan Marketing Corporation, 1992-2004 Senior Subordinate Trust

2003C-1, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003D, Affirmed A2 (sf); previously on Aug 26, 2003 Assigned A2 (sf)

2004A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004B-1, Affirmed A2 (sf); previously on Mar 10, 2004 Assigned A2 (sf)

2004B-2, Affirmed A2 (sf); previously on Mar 10, 2004 Assigned A2 (sf)

2004B-3, Affirmed A2 (sf); previously on Mar 10, 2004 Assigned A2 (sf)

Issuer: Florida Educational Loan Marketing Corporation - 1998 Indenture

Sub. Ser. 2003B, Affirmed A2 (sf); previously on Jan 21, 2003 Assigned A2 (sf)

2003D-1, Affirmed A2 (sf); previously on Jan 5, 2004 Assigned A2 (sf)

2003D-2, Affirmed A2 (sf); previously on Jan 23, 2004 Assigned A2 (sf)

Issuer: SLC Student Loan Trust 2004-1

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 8, 2004 Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2005-1

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 16, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2005-2

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 30, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2005-3

Cl. A-1, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 27, 2005 Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2006-1

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 29, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2006-2

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 22, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2007-1

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 28, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2007-2

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jul 1, 2009 Confirmed at Aa1 (sf)

Issuer: SLC Student Loan Trust 2008-1

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Mar 31, 2008 Definitive Rating Assigned Aa1 (sf)

Issuer: SLC Student Loan Trust 2008-2

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 1, 2012 Confirmed at Aaa (sf)

Cl. B, Affirmed Baa1 (sf); previously on Aug 1, 2012 Downgraded to Baa1 (sf)

Issuer: SLC Student Loan Trust 2009-1

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLC Student Loan Trust 2009-2

Cl. A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLC Student Loan Trust 2009-3

Cl. A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLC Student Loan Trust 2010-1

Class A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan ABS Repackaging Trust 2009-I

Float Rate Cl. A Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan Trust 2001-4

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan Trust 2002-1

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan Trust 2002-4

Class A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Jul 9, 2002 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2002-5

Class A-4L, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-4CP, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Sep 12, 2002 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2002-6

Class A-4L, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-4CP, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Nov 7, 2002 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2002-7

Class A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-8, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-9, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-10, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-11, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Dec 3, 2002 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-1

Class A-5A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-5B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-5C, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Mar 19, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-10

Cl. A-1A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1C, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1D, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1E, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1F, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1G, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-1H, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa2 (sf); previously on Oct 3, 2003 Assigned Aa2 (sf)

Issuer: SLM Student Loan Trust 2003-11

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Nov 3, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-12

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Nov 27, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-14

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 15, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-2

Class A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-8, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-9, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Mar 19, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-3

Class A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Apr 1, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-4

Class A5-A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A5-B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A5-C, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A5-D, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A5-E, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on May 8, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-5

Class A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-8, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-9, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on May 22, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-6

Class A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Jun 6, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-7

Cl. A-5A, Affirmed Baa1 (sf); previously on Nov 23, 2011 Downgraded to Baa1 (sf)

Cl. A-5B, Affirmed Baa1 (sf); previously on Nov 23, 2011 Downgraded to Baa1 (sf)

Cl. B, Affirmed Ba1 (sf); previously on Nov 23, 2011 Downgraded to Ba1 (sf)

Issuer: SLM Student Loan Trust 2003-8

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 18, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2003-9

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 3, 2003 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-1

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 19, 2008 Confirmed at Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-10

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-8, Affirmed A1 (sf); previously on Nov 23, 2011 Downgraded to A1 (sf)

Cl. B, Affirmed Ba3 (sf); previously on Nov 23, 2011 Downgraded to Ba3 (sf)

Issuer: SLM Student Loan Trust 2004-2

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Apr 22, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-3

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Apr 22, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-4

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 18, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-5

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 22, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-6

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jul 6, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-7

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 2, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-8

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 10, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2004-9

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 30, 2004 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-1

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jan 27, 2005 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-10

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 19, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-2

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Feb 17, 2005 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-3

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Apr 13, 2005 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-4

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on May 24, 2005 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-5

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 30, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-6

Cl. A-5A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jul 29, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-7

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 12, 2005 Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-8

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 27, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2005-9

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7a, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-7b, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Nov 17, 2005 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-1

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 1, 2012 Confirmed at Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-10

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 4, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-2

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Feb 24, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-3

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 1, 2012 Confirmed at Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-4

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Apr 21, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-5

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6C, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jun 23, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-6

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Jul 20, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-7

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6C, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 6, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-8

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Sep 19, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2006-9

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Oct 12, 2006 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-1

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Feb 2, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-2

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 1, 2012 Confirmed at Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-3

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Aug 1, 2012 Confirmed at Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-4

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4B, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B-1, Affirmed Aa1 (sf); previously on Apr 5, 2007 Definitive Rating Assigned Aa1 (sf)

Cl. B-2A, Affirmed Aa1 (sf); previously on Apr 5, 2007 Definitive Rating Assigned Aa1 (sf)

Cl. B-2B, Affirmed Aa1 (sf); previously on Apr 5, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-5

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B-1, Affirmed Aa1 (sf); previously on Jul 20, 2007 Definitive Rating Assigned Aa1 (sf)

Cl. B-2, Affirmed Aa1 (sf); previously on Jul 20, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-6

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Oct 25, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2007-7

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed A1 (sf); previously on Aug 1, 2012 Downgraded to A1 (sf)

Issuer: SLM Student Loan Trust 2007-8

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-5, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa1 (sf); previously on Dec 11, 2007 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2008-1

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Baa1 (sf); previously on Aug 1, 2012 Downgraded to Baa1 (sf)

Issuer: SLM Student Loan Trust 2008-2

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Baa1 (sf); previously on Aug 1, 2012 Downgraded to Baa1 (sf)

Issuer: SLM Student Loan Trust 2008-3

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed A2 (sf); previously on Aug 1, 2012 Downgraded to A2 (sf)

Issuer: SLM Student Loan Trust 2008-4

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Baa2 (sf); previously on Aug 1, 2012 Downgraded to Baa2 (sf)

Issuer: SLM Student Loan Trust 2008-5

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed A2 (sf); previously on Aug 1, 2012 Downgraded to A2 (sf)

Issuer: SLM Student Loan Trust 2008-6

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Baa1 (sf); previously on Aug 1, 2012 Downgraded to Baa1 (sf)

Issuer: SLM Student Loan Trust 2008-7

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed A1 (sf); previously on Aug 1, 2012 Downgraded to A1 (sf)

Issuer: SLM Student Loan Trust 2008-8

Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed Aa3 (sf); previously on Aug 1, 2012 Downgraded to Aa3 (sf)

Issuer: SLM Student Loan Trust 2008-9

Cl. A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Cl. B, Affirmed A1 (sf); previously on Aug 1, 2012 Downgraded to A1 (sf)

Issuer: SLM Student Loan Trust 2009-1

Class A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan Trust 2009-2

Cl. A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan Trust 2009-3

Cl. A, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SLM Student Loan Trust 2010-1

Class A Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B Notes, Affirmed Aa1 (sf); previously on Aug 1, 2012 Upgraded to Aa1 (sf)

Issuer: SLM Student Loan Trust 2010-2

Class A Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B Notes, Affirmed Aa1 (sf); previously on Aug 1, 2012 Upgraded to Aa1 (sf)

Issuer: SLM Student Loan Trust 2011-1

Class A-1 Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-2 Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B Notes, Affirmed Aa1 (sf); previously on Aug 1, 2012 Upgraded to Aa1 (sf)

Issuer: SLM Student Loan Trust 2011-2

Class A-1 Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-2 Notes, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Aug 1, 2012 Upgraded to Aa1 (sf)

Issuer: SLM Student Loan Trust 2011-3

Floating Rate Cl. A Note, Affirmed Aaa (sf); previously on Nov 18, 2011 Definitive Rating Assigned Aaa (sf)

Floating Rate Cl. B Notes, Affirmed Aa1 (sf); previously on Aug 6, 2012 Upgraded to Aa1 (sf)

Issuer: SLM Student Loan Trust 2012-1

Class A-1, Affirmed Aaa (sf); previously on Jan 19, 2012 Definitive Rating Assigned Aaa (sf)

Class A-2, Affirmed Aaa (sf); previously on Jan 19, 2012 Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on Jan 19, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Jan 19, 2012 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2012-2

Class A, Affirmed Aaa (sf); previously on Mar 15, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Mar 15, 2012 Definitive Rating Assigned Aa1 (sf)

Issuer: SLM Student Loan Trust 2012-3

Class A, Affirmed Aaa (sf); previously on May 3, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed Aa3 (sf); previously on May 3, 2012 Definitive Rating Assigned Aa3 (sf)

Issuer: SLM Student Loan Trust 2012-4

Class A, Affirmed Aaa (sf); previously on Jun 14, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed A2 (sf); previously on Jun 14, 2012 Definitive Rating Assigned A2 (sf)

Issuer: SLM Student Loan Trust 2012-5

Class A-1, Affirmed Aaa (sf); previously on Jul 19, 2012 Definitive Rating Assigned Aaa (sf)

Class A-2, Affirmed Aaa (sf); previously on Jul 19, 2012 Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on Jul 19, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed Aa3 (sf); previously on Jul 19, 2012 Definitive Rating Assigned Aa3 (sf)

Issuer: SLM Student Loan Trust 2012-6

Class A-1, Affirmed Aaa (sf); previously on Sep 21, 2012 Definitive Rating Assigned Aaa (sf)

Class A-2, Affirmed Aaa (sf); previously on Sep 21, 2012 Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on Sep 21, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed Aa2 (sf); previously on Sep 21, 2012 Definitive Rating Assigned Aa2 (sf)

Issuer: SLM Student Loan Trust 2012-7

Class A-1, Affirmed Aaa (sf); previously on Nov 8, 2012 Definitive Rating Assigned Aaa (sf)

Class A-2, Affirmed Aaa (sf); previously on Nov 8, 2012 Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on Nov 8, 2012 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed A1 (sf); previously on Nov 8, 2012 Definitive Rating Assigned A1 (sf)

Issuer: SLM Student Loan Trust 2012-8

Class A Notes, Affirmed Aaa (sf); previously on Dec 20, 2012 Definitive Rating Assigned Aaa (sf)

Class B Notes, Affirmed A1 (sf); previously on Dec 20, 2012 Definitive Rating Assigned A1 (sf)

Issuer: SLM Student Loan Trust 2013-1

Class A-1, Affirmed Aaa (sf); previously on Feb 14, 2013 Definitive Rating Assigned Aaa (sf)

Class A-2, Affirmed Aaa (sf); previously on Feb 14, 2013 Definitive Rating Assigned Aaa (sf)

Class A-3, Affirmed Aaa (sf); previously on Feb 14, 2013 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed A1 (sf); previously on Feb 14, 2013 Definitive Rating Assigned A1 (sf)

Issuer: SLM Student Loan Trust 2013-2

Class A, Affirmed Aaa (sf); previously on Apr 11, 2013 Definitive Rating Assigned Aaa (sf)

Class B, Affirmed Aa1 (sf); previously on Apr 11, 2013 Definitive Rating Assigned Aa1 (sf)

Issuer: SMS Student Loan Trust 1998-A

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Subordinate, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SMS Student Loan Trust 1999-A

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Subordinate, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SMS Student Loan Trust 1999-B

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Subordinate, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SMS Student Loan Trust 2000-A

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Subordinate, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: SMS Student Loan Trust 2000-B

Class A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Subordinate, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Student Loan Funding Corporation, Series 1997A and 1997B

Class A-7, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Class A-6, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Issuer: Washington Student Loan Finance Association -1998 Indenture (formerly Student Loan Finance Association)

Class A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

2000A-1, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Ser. 2001 Cl. A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Ser. 2002 Cl. A-3, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

Ser. 2002 Cl. A-4, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

2003 Cl. A-1, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004A-1, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

2004A-2, Affirmed Aaa (sf); previously on Aug 2, 2011 Confirmed at Aaa (sf)

For the detailed list of affirmed securities, please use the link below:

http://www.moodys.com/viewresearchdoc.aspx?docid=PBS_SF332197

REGULATORY DISCLOSURES

Moody's did not receive or take into account a third-party assessment on the due diligence performed regarding the underlying assets or financial instruments related to the monitoring of this transaction in the past six months.

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

JingJing Dang
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

John Park
MD - Structured Finance
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.
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Moody's affirms 394 classes of notes from 109 Sallie Mae FFELP student loan securitizations
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