Fitch Affirms SLM Student Loan Trust 2008-5 Notes

Fitch Ratings has affirmed the senior and subordinate student loan notes issued by SLM Student Loan Trust 2008-5 at 'AAAsf', respectively. The Rating Outlook for the notes, which is tied to the sovereign rating of the U.S. government, remains Negative.

Fitch affirms the ratings on the notes based on the sufficient level of credit enhancement 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 notes.

Fitch used its 'Global Structured Finance Rating Criteria' and 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' to review the ratings.

Fitch has affirmed the following ratings:

SLM Student Loan Trust 2008-5:

-- A-2 at 'AAAsf'; Outlook Negative;

-- A-3 at 'AAAsf'; Outlook Negative;

-- A-4 at 'AAAsf'; Outlook Negative;

-- B 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' (June 6, 2012);

-- 'Rating U.S. Federal Family Education Loan Program Student Loan ABS' (April 3, 2012).

Applicable Criteria and Related Research:

Global Structured Finance Rating Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=679923

Rating U.S. Federal Family Education Loan Program Student Loan ABS Criteria
http://www.fitchratings.com/creditdesk/reports/report_frame.cfm?rpt_id=675202

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