Fitch Ratings affirms the SLM Student Loan Trust 2008-9 senior and
subordinate notes at 'AAAsf'. Fitch also affirms the SLM Student Loan
Trust 2011-3 senior notes at 'AAAsf' and subordinate notes at 'AAsf'.
The Rating Outlook for all of the classes remains Stable.
KEY RATING DRIVERS
High Collateral Quality: Both SLM 2008-9 and SLM 2011-3 collateral
consists of 100% Federal Family Education Loan Program (FFELP) loans.
The credit quality of the trusts collateral is high, in Fitch's opinion,
based on the guarantees provided by the transaction's eligible
guarantors and reinsurance provided by the U.S. Department of Education
(ED) for at least 97% of principal and accrued interest. Fitch currently
rates the U.S. 'AAA' with Outlook Stable.
Sufficient Credit Enhancement (CE): The notes for both trusts benefit
from overcollateralization (the excess of trust's asset balance over
bond balance) and excess spread. As of June 2014, senior and total
parity is 110.33% and 104.17% for SLM 2008-9. Senior and total parity is
109.89% and 105.82% respectively for SLM 2011-3. Both trusts are
releasing cash as they have maintained their specified cash release
Adequate Liquidity Support: Liquidity support is provided by a Reserve
Fund sized at the greater of 0.25% of the pool balance and $4,175,980
for SLM Student Loan Trust 2008-9; and for SLM Student Loan Trust
2011-3, the greater of 0.25% of the pool balance and $1,197,171.
Acceptable Servicing Capabilities: Navient Solutions, Inc. (formerly
known as Sallie Mae, Inc.), as servicer, will be responsible for
servicing the portfolios, with Xerox-ES as subservicer for SLM 2011-3.
Fitch has reviewed the servicing operations of both Navient Solutions
and Xerox-ES and believes them to be an acceptable servicer of FFELP
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 ould lead to
Fitch has affirmed the following ratings:
SLM Student Loan Trust 2008-9
--Class A at 'AAAsf'; Outlook Stable
--Class B at 'AAAsf'; Outlook Stable.
SLM Student Loan Trust 2011-3
--Class A at 'AAAsf'; Outlook Stable;
--Class B at 'AAsf'; Outlook Stable.
Additional information is available at 'www.fitchratings.com'.
Applicable Criteria and Related Research:
--'Global Structured Finance Rating Criteria' (May 20, 2014);
--'Rating U.S. Federal Family Education Loan Program Student Loan ABS
Criteria' (June 23, 2014).
--'SLM Student Loan Trust 2011-3 - Appendix' (Nov. 9, 2011).
Global Structured Finance Rating Criteria
Rating U.S. Federal Family Education Loan Program Student Loan ABS
SLM Student Loan Trust 2011-3 - Appendix
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AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'.
PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS
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CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH
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