Fitch Affirms Multiple SLM Student Loan Trusts

NEW YORK--(BUSINESS WIRE)--

Fitch Ratings affirms the senior and subordinate notes issued by SLM Student Loan Trust 2008-7, SLM Student Loan Trust 2008-8 and SLM Student Loan Trust 2012-1. The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, remains Negative, while the Rating Outlook on the subordinate note remains Stable. Fitch used its 'Global Structured Finance Rating Criteria', and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

The ratings on the senior and subordinate notes are affirmed based on the sufficient level of credit 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 note.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2008-7:

--Class A-1 PIF

--Class A-2 affirmed at 'AAAsf'; Outlook Negative;

--Class A-3 affirmed at 'AAAsf'; Outlook Negative;

--Class A-4 affirmed at 'AAAsf'; Outlook Negative;

--Class B affirmed at 'Asf'; Outlook Stable.

SLM Student Loan Trust 2008-8:

--Class A-1 PIF

--Class A-2 affirmed at 'AAAsf'; Outlook Negative;

--Class A-3 affirmed at 'AAAsf'; Outlook Negative;

--Class A-4 affirmed at 'AAAsf'; Outlook Negative;

--Class B affirmed at 'AA+sf'; Outlook Stable.

SLM Student Loan Trust 2012-1:

--Class A-1 affirmed at 'AAAsf'; Outlook Negative;

--Class A-2 affirmed at 'AAAsf'; Outlook Negative;

--Class A-3 affirmed at 'AAAsf'; Outlook Negative;

--Class B affirmed 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' dated June 6, 2012;

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' dated April 3, 2012.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

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

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

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