Fitch Ratings Upgrades Various SLM Student Loan Trusts

Business Wire, Sept 30, 2005

NEW YORK -- Fitch Ratings upgrades the following classes of the notes issued from various SLM Student Loan Trusts:

--1996-3 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1996-4 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1997-1 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1997-2 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1997-3 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1997-4 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1998-1 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1998-2 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1999-1 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1999-2 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--1999-3 floating-rate student loan-backed certificates to 'AAA' from 'AA ';

--2001-4 floating-rate student loan-backed certificates to 'AA ' from 'A ';

--2002-7 floating-rate student loan-backed class B notes to 'AAA' from 'AA ';

--2003-2 floating-rate student loan-backed class B notes to 'AAA' from 'AA ';

--2003-5 floating-rate student loan-backed class B notes to 'AAA' from 'AA'.

Additionally, Fitch affirms all of the class A ratings on the outstanding classes of notes issued from each of the above-referenced trusts.

The reason for the upgrades is that the collateral continues to perform within Fitch's expectations and, under the credit enhancement structure, the securities can now withstand stress scenarios consistent with the upgraded ratings and still make full payments to investors in accordance with the terms of the documents. The ratings are based on the high quality of the Federal Family Education Loan Program (FFELP) collateral; the credit enhancement within the trust; the ability of the notes to pass stressful cash flow tests at each rating level; and the sound legal structure.

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.