Fitch Assigns Ratings to GMAC ELF Student Loan Notes

Business Wire, March 24, 2003

Business Editors

NEW YORK--(BUSINESS WIRE)--March 24, 2003

On March 21, 2003, Fitch assigned the following ratings to GMAC Education Loan Funding (GMAC ELF) Student Loan Asset-Backed Notes, Series 2003-1, issued by the GMAC Education Loan Funding Trust-I:

-- $78,000,000 Class A-1AR 'AAA';

-- $78,000,000 Class A-2AR 'AAA';

-- $50,000,000 Class A-3AR 'AAA';

-- $14,000,000 Class B-1AR 'A'.

The ratings are based on the quality of the student loan portfolio, comprised entirely of Federal Family Education Loan Program (FFELP) consolidation loans; the credit enhancement provided in the trust; the ability of the transaction to pass cash flow stresses at each rating level; and the sound legal structure of the transaction. Credit enhancement consists of excess spread, subordination, and a reserve account sized to the greater of $500,000, or an amount equal to 1.0% of the principal amount of bonds outstanding. The ratings address the ability of the trust to pay principal at maturity and pay timely accrued interest. The ratings do not address the ability of the trust to pay carry-over interest or the ability of auction-rate bondholders to successfully redeem their bonds at an auction now or in the future.

The proceeds of sale of the 2003-1 notes will be used to acquire federal consolidation loans through October 1, 2003, make deposits to the reserve account and capitalized interest account, and pay the costs issuance.

Interest on the 2003-1 notes is based on the results of 28-day auctions and is payable on the first day following each auction period. All series 2003-1 notes have a legal final maturity of June 1, 2040.

The trust has entered into two London Interbank Offered Rate (LIBOR) derivative product agreements with Citibank, N.A. ('AA+/F1+') that will terminate on February 2, 2004 and March 1, 2005, respectively. The notional amounts for each period will be $75,000,000 and $50,000,000, respectively. Under the terms of the agreements, Citibank will pay to the trust monthly a floating amount based on one-month LIBOR and receive from the trust 1.44% per annum and 1.638% per annum for each derivative product agreement period, respectively.

The current collateral securing the bonds consists entirely of FFELP consolidation loans, which are guaranteed 100% or 98% by an eligible guarantor and re-insured by the U.S. Department of Education (ED) depending on their disbursement date.

The sponsor, GMAC ELF LLC, is a bankruptcy remote, Delaware limited liability company in which GMAC Commercial Holding Capital Corp., a Colorado corporation, is the only economic member. GMAC ELF was formed to acquire and hold student loans and to sell these student loans to the issuer trust (GMAC Education Loan Funding Trust-I). Because GMAC ELF and the trust are not institutions eligible to hold legal title to student loans, an eligible lender trustee, Zions First National Bank ('A-/F1'), will hold legal title to the student loans on behalf of the trust and GMAC ELF.

GMAC Commercial Holding Capital Corp. is the servicing contractor and will contract with various other loan servicers or subservicers on the trust's behalf and will not be obligated to perform the loan servicing. At this time, the only other loan servicer includes Great Lakes Educational Loan Services.

The lead underwriter on this transaction is Salomon Smith Barney Inc.