sallie mae student loan servicing

Fitch Rates SLM Student Loan Trust 2006-6 Issue

The ratings are based on the quality of Federal Family Education Loan Program (FFELP) student loan portfolio, the quality of the servicing provided by Sallie Mae Inc. (rated ABPS/S1 by Fitch), the transaction's legal structure and level of credit enhancement. The ratings reflect the ability of the trust estate to pay note principal at the legal final maturity and timely interest. The ratings do not address the ability of the indenture trustee to auction the collateral pool prior to the stated maturity of the notes.

Credit enhancement for the trust consists of the initial overcollateralization and excess spread, a reserve account sized at 25 basis points (bps) of the current student loan pool balance with a floor of $2,261,609 or 15bps of the original student loan principal balance, and the $44,000,000 capitalized interest account.

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Fitch Rates SLM Student Loan Trust 2006-5 Issue

The ratings are based on the quality of Federal Family Education Loan Program (FFELP) student loan portfolio, the quality of the servicing provided by Sallie Mae Inc., rated ABPS/S1, the transaction's legal structure and level of credit enhancement. The ratings reflect the ability of the trust estate to pay note principal at the legal final maturity and timely interest. The ratings do not address the ability of the reset-rate noteholders to tender their notes at a remarketing date nor do they address the ability of the indenture trustee to auction the collateral pool prior to the stated maturity of the notes.

Credit enhancement for the trust consists of the reserve account, sized at 25 basis points (bps) of the current student loan pool balance and the add-on consolidation loan account balance with a floor of $4,524,559 or 15 bp.

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