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TEXT-Fitch affirms multiple SLM Student Loan trusts
January 2, 2013 / 6:13 PM / in 5 years

TEXT-Fitch affirms multiple SLM Student Loan trusts

Jan 2 - 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
Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria

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