Fitch Affirms Senior Note of EFS Volunteer LLC, Series 2010-1

Fitch Ratings affirms the 'AAAsf' ratings on the senior student loan notes issued by EFS Volunteer LLC, series 2010-1. The Rating Outlook on the senior notes, which is tied to the sovereign rating of the U.S. government, 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 ratings on the senior notes are affirmed based on the sufficient level of credit enhancement consisting of overcollateralization and projected minimum excess spread to cover the applicable risk factor stresses.

Fitch has taken the following rating actions:

EFS Volunteer LLC, Series 2010-1:

--Class A-1 affirmed at 'AAAsf'; Outlook Negative.

--Class A-2 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;

--'U.S. FFELP Student Loan ABS Rating 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

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