Fitch Affirms New Jersey Higher Education Student Assistance Authority 2010 FFELP

NEW YORK--(BUSINESS WIRE)--Fitch Ratings affirms the senior notes issued by New Jersey Higher Education Student Assistance Authority 2010 FFELP at 'AAA'. The Rating Outlook remains Stable for both senior notes. A full ratings list is shown below.

The ratings on the senior notes are affirmed based on the sufficient level of credit enhancement to cover the applicable basis factor stress.

Credit enhancement consists of overcollateralization and projected minimum excess spread.

The loans are serviced by the Pennsylvania Higher Education Assistance Agency (PHEAA) and Sallie Mae Servicing, a division of Sallie Mae Inc. (SLM).Fitch has assigned SLM Corp. a long- and short-term Issuer Default Ratings (IDRs) of 'BBB-' and 'F3', respectively. PHEAA is not rated by Fitch.

New Jersey Higher Education Student Authority Assistance 2010 FFELP:

--Class A-1 affirmed at 'AAA/LS1'; Outlook Stable;

--Class A-2 affirmed at 'AAA/LS1'; Outlook Stable;

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (Aug. 13, 2010);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS' (April 7, 2011);

--'Fitch to Begin Review of U.S. FFELP SLABS Applying Updated Criteria' (June 29, 2010).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=547326

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766

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