Alan Gray is the Editor-in-Chief of Baret News. He is fanatical about spelling and grammar, but sometimes has problems with American word usage, such as "momentarily." When told his plane will land momentarily, he expects a "touch and go" landing, not to land in a few moments!

Fitch Ratings affirmed the senior student loan notes and subordinate notes issued by SLM Student Loan Trust 2005-1.

The Rating Outlook remains Stable. Fitch used its Global Structured Finance
Rating Criteria, U.S. FFELP Student Loan ABS Surveillance
Criteria, as well as  the Rating U.S. Federal Family Education Loan Program
Student Loan ABS  to review the ratings.

The ratings on the senior and subordinate notes are affirmed based on
the sufficient level of credit to cover the applicable risk factor
stresses.

Credit enhancement for the senior and subordinate notes
consists of overcollateralization and projected minimum excess spread,
while the senior notes also benefit from subordination provided by the
class B note.

Fitch has taken the following rating actions:

SLM Student Loan Trust 2005-1:

–Class A-2 affirmed at ‘AAAsf’; Outlook Stable;

–Class B affirmed at ‘AAsf’; Outlook Stable.

Additional information is available at ‘www.fitchratings.com’.
The ratings above were solicited by, or on behalf of, the issuer, and
therefore, Fitch has been compensated for the provision of the ratings.

Applicable Criteria and Related Research:

–‘Global Structured Finance Rating Criteria’ dated Aug. 4, 2011;

–‘U.S. FFELP Student Loan ABS Surveillance Criteria’ dated May 10, 2011;

–‘Rating U.S. Federal Family Education Loan Program Student Loan ABS’
dated April 7, 2011.

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=646569

U.S. FFELP Student Loan ABS Surveillance Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=597566

Rating U.S. Federal Family Education Loan Program Student Loan ABS
Criteria

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=616766

ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND
DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING
THIS LINK: HTTP://FITCHRATINGS.COM/UNDERSTANDINGCREDITRATINGS.
IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE
AVAILABLE ON THE AGENCY’S PUBLIC WEBSITE ‘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.

Fitch Affirms Bonds of SLM Student Loan Trust 3

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Alan Gray is the Editor-in-Chief of Baret News. He is fanatical about spelling and grammar, but sometimes has problems with American word usage, such as "momentarily."

When told his plane will land momentarily, he expects a "touch and go" landing, not to land in a few moments!