Fitch Rates SLM Student Loan Trust 2012-1

Fitch Ratings has assigned the following ratings to the SLM Student Loan Trust 2012-1, student loan-backed notes:

--$170,000,000 floating rate class A-1 notes 'AAAsf'; Outlook Negative;

--$225,000,000 floating rate class A-2 notes 'AAAsf'; Outlook Negative;

--$346,500,000 floating rate class A-3 notes 'AAAsf'; Outlook Negative;

--$23,140,000 fixed rate class B notes 'Asf'; Outlook Stable.

Fitch's stress analysis is discussed in the presale titled 'SLM Student Loan Trust 2012-1', dated Jan. 5, 2012.

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' (Aug. 4, 2011);

--'Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria' (April 7, 2011);

--'SLM Student Loan Trust 2012-1', (Jan. 5, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria

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

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

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

SLM Student Loan Trust 2012-1 (US ABS)

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=665616

SLM Student Loan Trust 2012-1 -- Appendix

http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=665622

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