118,000,000 Class A-1 Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 0.50%
144A CUSIP: 784456AA3
Reg S CUSIP: U83064AA0

68,000,000 Class A-2a Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 3.05%
144A CUSIP: 784456AB1
Reg S CUSIP: U83064AB8

68,000,000 Class A-2b Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.15%
144A CUSIP: 784456AC9
Reg S CUSIP: U83064AC6

50,000,000 Class A-3 Private Education Loan-Backed Notes
Security Details:

Floating Rate: One Month LIBOR + 1.50%
144A CUSIP: 784456AD7
Reg S CUSIP: U83064AD4

36,000,000 Class B Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 4.00%
144A CUSIP: 784456AE5
Reg S CUSIP: U83064AE2

42,000,000 Class C Private Education Loan-Backed Notes
Security Details:

Fixed Rate: 4.50%
144A CUSIP: 784456AF2
Reg S CUSIP: U83064AF9

100,000 Excess Distribution Certificates
Security Details:

144A CUSIP: 784456AG0
Reg S CUSIP: U83064AG7

Date of Issue: August 7, 2014

Issue Amount: $382,000,000

Master Servicer:
Sallie Mae Bank

Sub Servicer:
Navient Solutions, Inc.

Indenture Trustee:
Deutsche Bank National Trust Company

Administrator:
Sallie Mae Bank

Underwriters:
Credit Suisse
Royal Bank of Scotland