Fitch Rates SLM Private Credit Student Loan Trust 2005-B

Business Wire, Oct 27, 2005

NEW YORK -- Fitch rates the following notes issued by SLM Private Credit Student Loan Trust 2005-B:

Ratings for New Issuance:

--$476,000,000 floating-rate student loan-backed notes, class A-1, 'AAA';

--$593,000,000 floating-rate student loan-backed notes, class A-2, 'AAA';

--$100,000,000 floating-rate student loan-backed notes, class A-3, 'AAA';

--$400,109,000 floating-rate student loan-backed notes, class A-4, 'AAA';

--$55,581,000 floating-rate student loan-backed notes, class B, 'AA';

--$76,957,000 floating-rate student loan-backed notes, class C, 'A'.

The ratings are based on the quality of the collateral, the credit enhancement provided, and the sound legal structure. Additionally, the ratings rely on the basis swap agreements between the trust and Royal Bank of Scotland plc, rated 'AA+/F1+' by Fitch.

The assigned ratings reflect the ability of the trust estate to pay note principal at 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.

Interest on the class A, B, and C notes will be indexed to the three-month London Interbank Offered Rate (LIBOR) plus a spread and paid quarterly on the 15th of each March, June, September, and December, commencing on Dec. 15, 2005.

The collateral securing the notes are credit-tested private student loans originated under the Student Loan Marketing Association's Signature Loans, LAWLOANS, MBA Loans, and MEDLOANS programs. The loans are self-insured from borrower fees paid at repayment and capitalized to the borrower's balance; borrower payments, including those received from collection activities on defaulted loans; and excess spread. Sallie Mae, Inc. will service the loans.

Fitch's rating definitions and the terms of use of such ratings are available on the agency's public site, www.fitchratings.com. Published ratings, criteria and methodologies are available from this site, at all times. Fitch's code of conduct, confidentiality, conflicts of interest, affiliate firewall, compliance and other relevant policies and procedures are also available from the 'Code of Conduct' section of this site.