Fitch Assigns Access Group Student Loan Servicer Ratings

Business Wire, Feb 25, 2008

NEW YORK -- Fitch Ratings has assigned its top ABS servicer rating of 'Proficient Plus' to Access Group, Inc. (Access Group) for FFELP loan servicing. The FFELP servicer rating is based on effective technology and due diligence procedures that exceed Department of Education guidelines for servicing FFELP loans.

Fitch has also assigned Access Group a Private Student Loan Seller/Servicer Rating of 'Proficient.' The private student loan rating reflects the company's collection practices, which resemble consumer loan collection practices, as well as the company's disciplined approach to establishing the servicing platform over time. As Access Group's platform matures it is expected that the operations will continually improve as the company gains further experience.

Access Group, located in Wilmington, DE, is a not-for-profit 501(c)(3) Delaware non-stock corporation organized to promote access to legal and other postgraduate education through financing and related services. The Access Group Loan Program was established in 1983 as the 'Law School Assured Access Program,' whereby Federal Family Education Loan Program (FFELP) loans were administered to law students to help fund the cost of education. This program was expanded in 1986 to include private student loans to bridge the gap between the cost of education and what FFELP affords. Subsequently, the business model was changed in 1998 such that Access Group became a loan holder. In 2004 Access Group began its servicing operations for both the FFELP and private student loan portfolios.

Prior to creating its servicing platform, Access Group outsourced the servicing function to Kentucky Higher Education Student Loan Corporation (KHESLC) which continues to service loans that were already on its platform as well as new loans to serial borrowers whose loans it already services. As of Dec. 31, 2007 Access Group serviced about $3 billion in student loans consisting of 80,000 borrowers and 290,000 loans. About 20% of the portfolio is in repayment.

Access Group's default aversion process for FFELP loans exceeds the demands required by the Department of Education. Servicing of private student loans resembles traditional consumer loan collections and loss mitigation practices preferred for this asset class. Access Group uses the Student Loan Servicing System (SLSS) for both FFELP and private student loan servicing. The system was developed by Idaho Financial Associates (IFA), and is owned by NelNet. Access Group's disaster recovery and business continuity plans are appropriate.

Fitch expects to publish a full report detailing the qualities of Access Group that support the assigned ratings.

Fitch rates ABS seller/servicers as Proficient Plus, Proficient or Proficiency Unproven. For further information about Fitch Student Loan ABS seller/servicer ratings, refer to the report titled 'Rating U.S. Student Loan Seller/Servicers,' dated Aug. 1, 2007, available on the Fitch Ratings web site at 'www.fitchratings.com.'

Contact: Howard Miller 212-908-0737 or Stephanie Petosa 212-908-0720, New York.

Fitch Ratings has assigned its top ABS servicer rating of 'Proficient Plus' to Access Group, Inc. (Access Group) for FFELP loan servicing. The FFELP servicer rating is based on effective technology and due diligence procedures that exceed Department of Education guidelines for servicing FFELP loans.

Fitch has also assigned Access Group a Private Student Loan Seller/Servicer Rating of 'Proficient.' The private student loan rating reflects the company's collection practices, which resemble consumer loan collection practices, as well as the company's disciplined approach to establishing the servicing platform over time. As Access Group's platform matures it is expected that the operations will continually improve as the company gains further experience.

Access Group, located in Wilmington, DE, is a not-for-profit 501(c)(3) Delaware non-stock corporation organized to promote access to legal and other postgraduate education through financing and related services. The Access Group Loan Program was established in 1983 as the 'Law School Assured Access Program,' whereby Federal Family Education Loan Program (FFELP) loans were administered to law students to help fund the cost of education. This program was expanded in 1986 to include private student loans to bridge the gap between the cost of education and what FFELP affords. Subsequently, the business model was changed in 1998 such that Access Group became a loan holder. In 2004 Access Group began its servicing operations for both the FFELP and private student loan portfolios.

Prior to creating its servicing platform, Access Group outsourced the servicing function to Kentucky Higher Education Student Loan Corporation (KHESLC) which continues to service loans that were already on its platform as well as new loans to serial borrowers whose loans it already services. As of Dec. 31, 2007 Access Group serviced about $3 billion in student loans consisting of 80,000 borrowers and 290,000 loans. About 20% of the portfolio is in repayment.