Fitch Maintains Negative Watch on SLM Student Loan Trust 2003-11 Senior Notes; Upgrades Sub Notes

Fitch Ratings maintains the Rating Watch Negative on the 'AAAsf' senior notes and upgrades the subordinate notes to 'Asf' from 'BBB-sf' issued by SLM Student Loan Trust 2003-11. The Rating Outlook remains Stable for the subordinate notes.

KEY RATING DRIVERS

High Collateral Quality:

The trust collateral is comprised of 100% of Federal Family Education Loan Program (FFELP) loans with guaranties provided by eligible guarantors and reinsurance provided by the U.S. Department of Education (ED) for at least 97% of principal and accrued interest.

Rating Watch Negative:

'AAAsf' rated tranches of U.S. FFELP student loan ABS are maintained on Rating Watch Negative following the revision of the U.S. sovereign rating on Oct. 15, 2013.

Sufficient Credit Enhancement:

Credit enhancement (CE) is provided by overcollateralization, excess spread and for the class A notes, subordination provided by the class B notes. As of the December 2013 distribution date, total parity is 100% and senior parity is 104.76% (4.54% CE). Cash is being released from the trust given the trust has reached its release level threshold of 100% parity.

Adequate Liquidity Support:

Liquidity support is provided by a reserve account where the balance is determined as the greater of 0.25% of the pool balance and $3,008,024.

Acceptable Servicing Capabilities:

Sallie Mae Inc., as the servicer, is responsible for the day-to-day servicing of this trust. In Fitch's opinion, Sallie Mae is an acceptable servicer of FFELP student loans.

RATING SENSITIVITIES

Since the FFELP student loan ABS relies on the U.S. government to reimburse defaults, 'AAAsf' FFELP ABS ratings will likely move in tandem with the 'AAA' U.S. sovereign rating. Aside from the U.S. sovereign rating, defaults and basis risk account for the majority of the risk embedded in FFELP student loan transactions. Additional defaults and basis shock beyond Fitch's published stresses could result in future downgrades. Likewise, a buildup of credit enhancement driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2003-11:

--Class A-4 note at 'AAAsf'; Rating Watch Negative Maintained;

--Class A-5 note at 'AAAsf'; Rating Watch Negative Maintained;

--Class A-6 note at 'AAAsf'; Rating Watch Negative Maintained;

--Class A-7 note at 'AAAsf'; Rating Watch Negative Maintained;

--Class B note upgraded to 'Asf' from 'BBB-sf'; Outlook Stable.

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

Applicable Criteria and Related Research:

--'Global Structured Finance Rating Criteria' (May 24, 2013);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (May 17, 2013).

Applicable Criteria and Related Research:

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708795

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=708661

Additional Disclosure

Solicitation Status

http://www.fitchratings.com/gws/en/disclosure/solicitation?pr_id=814099

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