Fitch Comments on SLM Omnibus Amendment to Servicing Agreements

NEW YORK--()--Fitch Ratings currently maintains ratings on student loan bonds issued by Sallie Mae (collectively referred to as the SLM Trusts, full list detailed below).

Navient has notified Fitch of the Omnibus Amendment to Servicing Agreements, executed in December 2014, affecting the SLM Trusts. Previously, loans could be purchased out of the trusts, but the cumulative purchased amount could not exceed 2% of the initial pool balance of each trust. After execution of the amendment, the cumulative purchase amount of student loans can be up to 10% of the initial pool balance of each trust, as long as the A-1 note maturity date has passed.

Navient has provided the Omnibus Amendment to Servicing Agreements for the SLM Trusts, and consistent with Fitch's statements on policies regarding rating confirmations in structured finance transactions (Jan. 13, 2009) and student loan confirms (May 8, 2009), Fitch is treating this request as a notification.

Based on the information provided, Fitch has determined that these amendments will not have an impact on the existing ratings. This determination only addresses the effect of the agreements on the current ratings assigned by Fitch to the securities listed below. This determination does not address whether this change is permitted by the terms of the documents, nor does it address whether this change is in the best interests of, or prejudicial to, some or all of the holders of the securities listed.

Fitch's ratings on the below-mentioned trusts remain unchanged:

--SLM Student Loan Trust 2002-1

--SLM Student Loan Trust 2002-7

--SLM Student Loan Trust 2003-2

--SLM Student Loan Trust 2003-3

--SLM Student Loan Trust 2006-3

--SLM Student Loan Trust 2007-2

--SLM Student Loan Trust 2007-3

--SLM Student Loan Trust 2007-7

--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

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);

--'Counterparty Criteria for Structured Finance and Covered Bonds' (May 14, 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

Counterparty Criteria for Structured Finance and Covered Bonds

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=744158

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Contacts

Fitch Ratings
Primary Analyst
Harry Kohl
Associate Director
+1 212-908-0837
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1 212-908-9171
or
Media Relations, New York
Sandro Scenga
+1 212-908-0278
sandro.scenga@fitchratings.com

Contacts

Fitch Ratings
Primary Analyst
Harry Kohl
Associate Director
+1 212-908-0837
Fitch Ratings, Inc.
33 Whitehall Street
New York, NY 10004
or
Committee Chairperson
Tracy Wan
Senior Director
+1 212-908-9171
or
Media Relations, New York
Sandro Scenga
+1 212-908-0278
sandro.scenga@fitchratings.com