Fitch Affirms Scholar Funding Series 2011A Note

Fitch Ratings affirms Scholar Funding Series 2011A note at 'AAAsf'. The Rating Outlook remains Negative. Fitch used its 'Global Structured Finance Rating Criteria', and 'U.S. FFELP Student Loan ABS Surveillance Criteria', as well as 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

The rating is affirmed based on the sufficient level of credit to cover the applicable risk factor stresses. Credit enhancement consists of overcollateralization and projected minimum excess spread.

Fitch has taken the following rating action:

Scholar Funding Series 2011A:

--Class A affirmed at 'AAAsf'; Outlook Negative.

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;

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

--'U.S. FFELP Student Loan ABS Surveillance Criteria' dated May 10, 2011.

Applicable Criteria and Related Research:

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

Global Structured Finance Rating Criteria

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

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