Fitch Affirms Three SLM Student Loan Trusts

NEW YORK--(BUSINESS WIRE)--Fitch Ratings has affirmed the senior and subordinate student loan notes issued by SLM Student Loan Trust 2008-3 at 'AAAsf' and 'A+sf' respectively, the senior and subordinate student loan notes issued by SLM Student Loan Trust 2008-4 at 'AAAsf' and 'AA+sf' respectively, and the senior and subordinate student loan notes issued by SLM Student Loan Trust 2008-6 at 'AAAsf' and 'Asf' respectively. The Rating Outlooks for the 'AAAsf' notes, which are tied to the sovereign rating of the U.S. government, remain Negative. The Rating Outlooks for all other notes remain Stable.

Fitch affirms the ratings on the notes based on the sufficient level of credit enhancement to cover the applicable risk factor stresses. Credit enhancement for the senior and subordinate notes consists of overcollateralization and projected minimum excess spread, while the senior notes also benefit from subordination provided by the class B notes.

Fitch used its 'Global Structured Finance Rating Criteria' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

Fitch has affirmed the following ratings:

SLM Student Loan Trust 2008-3:
--A-2 at 'AAAsf'; Outlook Negative;
--A-3 at 'AAAsf'; Outlook Negative;
--B at 'A+sf'; Outlook Stable.

SLM Student Loan Trust 2008-4:
--A-2 at 'AAAsf'; Outlook Negative;
--A-3 at 'AAAsf'; Outlook Negative;
--A-4 at 'AAAsf'; Outlook Negative;
--B at 'AA+sf'; Outlook Stable.

SLM Student Loan Trust 2008-6:
--A-2 at 'AAAsf'; Outlook Negative;
--A-3 at 'AAAsf'; Outlook Negative;
--A-4 at 'AAAsf'; Outlook Negative;
--B at 'Asf'; Outlook Stable.

Additional information is available at www.fitchratings.com. The ratings above were solicited by, or on behalf of, the issuer, and therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (June 6, 2012);
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS' (April 3, 2012).

Applicable Criteria and Related Research:
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202
Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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