Fitch to Rate SLM Student Loan Trust 2014-1; Presale Issued

Fitch Ratings expects to rate SLM Student Loan Trust 2014-1 as follows:

--$205,000,000 floating rate class A-1 notes 'AAAsf(exp)'; Rating Watch Negative;

--$137,000,000 floating rate class A-2 notes 'AAAsf(exp)'; Rating Watch Negative;

--$382,500,000 floating rate class A-3 notes 'AAAsf(exp)'; Rating Watch Negative;

--$20,500,000 floating rate class B notes 'A+sf(exp)'; Outlook Stable.

KEY RATING DRIVERS

High Collateral Quality: The trust collateral consists 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: All existing and new issuances of 'AAA' rated tranches of FFELP securitizations are on Negative Watch following the revision of the long-term foreign and local currency Issuer Default Ratings (IDRs) of the U.S.

Sufficient Credit Enhancement: Cash flow scenarios for class A and B notes were satisfactory under Fitch's stresses. At closing, total parity is expected to be 100.80%, and senior parity is expected to be 103.65%. Total credit enhancement (CE) is provided by overcollateralization (OC; about $5.97 million at closing), excess spread and, in the case of class A notes, 2.75% subordination provided by the class B notes. CE must build to the greater of 1.00% of the adjusted pool balance or $1 million before excess cash may be released from the trust.

Adequate Liquidity Support: Liquidity support for SLM 2014-1 notes is provided by a $3.74 million reserve account (0.50% of ending pool balance), funded at closing with note proceeds. On or after the January 2015 distribution date, the specified reserve requirement is reduced to 0.25% of the ending pool balance of the related collection period, with a floor of $747,235.

Satisfactory Servicing Capabilities: Sallie Mae, Inc., as servicer, will be responsible for servicing the 2014-1 portfolio. Fitch believes Sallie Mae is an acceptable servicer of FFELP student loans.

RATING SENSITIVITY

Since FFELP student loan ABS rely 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 CE driven by positive excess spread given favorable basis factor conditions could lead to future upgrades.

Key Rating Drivers and Rating Sensitivities are further described in the pre-sale report titled 'SLM Student Loan Trust 2014-1', dated Jan. 13, 2014, available on www.fitchratings.com, or by clicking on the link.

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: SLM Student Loan Trust 2014-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=729698

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=814331

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